# dont know where to turn



## clzn (28 Jul 2010)

Hi.  I am looking for advice on what to do.  My husband wants me and my 7yr old to emigrate to Australia.  We would have to sell the house we bought in 2006 which would hopefully pay off mortgage.  We also have other stupid debts such as personal bank loan, credit card and credit union.  My question is: has anyone emigrated leaving these debts behind or do you know someone who has.  I am not saying i dont want to pay them, i am just wondering if we did make the move, is it possible to continue to pay them off bit by bit while living in another country.  I would not sleep a wink for the rest of my life if i upped and left them behind without trying to sort them out.  Any opinions or advice would be appreciated.


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## goingforgold (28 Jul 2010)

I can't really give you any advise about families packing up and emigrating but you might get a better overall response if you fill out the money makeover form which will give people a better insight into your financial situation.


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## Lsquared (28 Jul 2010)

I dont think I'd sleep a wink either if I thought another person was jumping ship and leaving their debts behind for the rest of us to absorb one way or another. 

If you decide to move away I dont see why you couldnt set up a new bank account with online banking and manage your monthly payments. I have a son studying abroad and we pay fees and college expenses by internet banking throughout the year and its no problem. You might discuss this with your lenders as you will have to give them your new address or somewhere for correspondence to be sent. Designate one day a month where you sit down and make your payments and it will become second nature. Or arrange for a trusted family member to make payments on your behalf with your money. Im sure there is a way to facilitate regular payments n this computer age.


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## clzn (28 Jul 2010)

Thanks for that and there is no fear of me jumping ship and leaving debts for others to  absorb.  That kind of thing is what has this country the way it is.  I am an ordinary housewife with strong principles and i always try to do whats right .


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## clzn (28 Jul 2010)

Thanks for that but ive tried looking for a template for money makeover and cant see it. Im not used to using these kind of sites.  Basically i owe the bank 10k on a personal loan, 4700 to halifax (credit card cut up since last year and interest charges stopped thankfully,  we owe credit union best part of 30k.  Business went bust last year, i am back at college for last 2 years and going on again to do degree, hubby is unemployed, we have 400 per week between us from s.welfare and one young child, mortgage balance is approx 240K (900 per month).  From this month we have been given interest only for 6 month period.  We do not go out socialising - havent been to a pub since before smoking ban, tried to give up cigs recently but too stressed at minute,


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## niceoneted (28 Jul 2010)

Here is the link to the money makeover section 
http://www.askaboutmoney.com/showthread.php?t=61289
what are the chances of your husband getting any kind of work here?
What are the chances of getting a visa/job if you do go to Australia? Will you be able to continue your studies abroad and at what cost or are you best to get your qualifications before you go?
Any chance of a job in the UK for your husband. 
Have you much shares in the cu which are supporting the loan there. 
Invest in the Alan Carr book in giving up smoking or cut down as best you can. You will feel better on giving them up -I'm an ex smoker.


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## clzn (28 Jul 2010)

Hi - no chance of work here, he's ex self employed plumber/gas fitter. Good opportunities in Aus and we have someone to go to. I have good qualifications and its easy to further studies over there. This is all to do with giving our 7yr old a better standard of living. We brought her there a few years ago so we know what its like there. Im just worried about not being allowed to go by banks etc when i have debts here. Credit union shares are about a fifth of whats owed but ive been a member for over 20 yrs with good record. As i said earlier, i dont want to leave behind debts without ever trying to clear them no matter where i live.  My conscience wouldnt allow it.


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## Starbuck (29 Jul 2010)

Cizn, if I was you I wouldn't give a second thought to the banks. Ireland and its banks are going down the pan anyhow. Your small debts are a drop in the ocean, and you can be sure plenty of people with far bigger debts than you are simply walking away from them. Let the banks go after Sean Fitzpatrick and his developer friends before you worry about them.
Having said that, of course nobody likes to renege on a debt. If you sell your house and can pay off the mortgage I think you've done your best. Unsecured loans etc - forget 'em. I would in your situation.

As to the move - I've just moved to Asia myself. This is where its all at now (Asia/Aus). The balance of financial power in the world is shifting this way. I'm away from all the negativity and media hyped depression in Ireland. The weather is better, the people are freindly, the food is great, and the overall lifestyle is far healthier - they don't spend their nights cooped up in pubs here, it's a more outdoors existence. Jobs are aplenty, if you are prepared to work.

Your child will get the benefit of a multi-national education, and the opportunity to learn Chinese if you want it (and I'd highly recommend it).

You have a great opportunity here. Go for it!!


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## Marietta (29 Jul 2010)

clzn said:


> Thanks for that and there is no fear of me jumping ship and leaving debts for others to absorb. That kind of thing is what has this country the way it is. I am an ordinary housewife with strong principles and i always try to do whats right .


 

You have good honest principals. I would suggest you contact your creditors and tell them you are emigrating and ask them for reduced payments schedules until such time you are back on your feet in your new country. I doubt they will refuse you, they will probably be delighted you are offering them something. You just never know you may have to return to Ireland at some stage and then you will be in hot water. As another poster has already pointed out, most of these payments can now be done through internet banking.

Goodluck on your travels


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## Starbuck (30 Jul 2010)

Cizn, you need money to re-settle in your new home. Unsecured loans are exactly that. The banks have no comeback on you, and anyhow they know the cost of pursuing you would be prohibitive relative to the amounts concerned. By the time you come back it'll be forgotten.


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## PatriciaFox (30 Jul 2010)

I can't advise you on your debts but do lots of research on Australia before leaving Ireland. Getting a working visa for Australia is not that easy and can be costly.

   The fastest route seems to be via company sponsorship - usually a  457 skilled worker visa. The visa lasts for up to 4 years and can cost up to $5k AUD or more which you may have to cover the cost of. This can be transferred to another company (if they are eligible), but it does not extend its duration beyond 4 years. The visa can take up to 8 weeks to process once all paperwork is submitted and conditions are met.

  Another visa type often used by Irish in Australia is Perm. Residence visa (175 visa, I think). This visa can take anywhere from 18 months to 3 years to process, assuming all skills and health criteria are met.  I think this visa costs approx $6kAUD as well as any costs on your side. This visa is usually applied for from outside Australia or sometimes while on a 457 temp visa. You wouldn't be tied to an employer with this visa and can stay in Australia for as long as you want (re-newing visa every 5 years with an RRV I think)

  All in, visa are expensive and time consuming, so do your homework before spending lots on flights etc. A tourist visa will allow you to visit for up to 3 months and is free to apply for. If you over run this and are caught, you can be blacklisted for a number of years from entering the country.

  Check out: http://www.immi.gov.au


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## Complainer (30 Jul 2010)

Starbuck said:


> Unsecured loans are exactly that. The banks have no comeback on you


Not true - there are people with unsecured loans going through the courts every day (though usually these are for bigger amounts than in question here).


Starbuck said:


> they know the cost of pursuing you would be prohibitive relative to the amounts concerned.


True


Starbuck said:


> By the time you come back it'll be forgotten.


Don't think so - they have long memories for PPS numbers.


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## clzn (30 Jul 2010)

Many thanks to all of you for your opinions.  This is the hardest decision I've ever had to make as I am an only child and it would mean leaving my mam on her own here.  I would hope that she would follow me in time -she has no mortgage at this stage.  I am weighing up all the pros and cons and it seems that we will be forever stuck in a rut here and getting nowhere.  I am thinking of my 7 year old only child and how much better off she would be but its so hard to say 'Yes, we'll go'. There is also my husband to think of - how he would have his life back being able to work and not sitting around all day falling deeper into depression.


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## clzn (30 Jul 2010)

Thanks Patricia for the info on visas.  If we do this, we would be applying under an independent skilled migration visa - my husband has a trade.  I know there are costs involved in applying for visa and are non refundable if visa is refused.  I do think however that he would be successful in getting his visa as his trade is on their wanted list as is my qualification (childcare mgr).  He is only waiting for me to say Yes lets do it. and thats the hardest part.  As for my debts, as i said before i have a good record of payments over the years and over the last few days i have begun to feel a bit more positive about paying them from abroad.


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## Mpsox (30 Jul 2010)

clzn said:


> There is also my husband to think of - how he would have his life back being able to work and not sitting around all day falling deeper into depression.


 

Has your husband thought of doing any volunteer work?. On www.volunteer.ie there are loads of vacancies listed, some in the handyman/building type areas. It would at least get him out of the house, keep his skills up, look good on a CV and he'd be making contacts that might lead to something else


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## mainasia (10 Aug 2010)

The banks only care about you making the payments, they won't care so much about where you live. You may be best to make the move there and then inform the bank if it is neccessary after you are setup. Obviously you will have better chance to pay off the loan from there with a job than in Ireland on social welfare. Australia is a great place...and very suitable for your background.


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## mtk (10 Aug 2010)

Sorry to be a realist but if you bought in 2006 as you say - (end of 2006 was peak based on my observations) you would be unusual if seling house pays off mortgage even allowing for 4 years repaymnest. So personal loans may be the least of your worries . Just another very important assumption you seem to be making.


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## David_Dublin (10 Aug 2010)

mtk said:


> Sorry to be a realist but if you bought in 2006 as you say - (end of 2006 was peak based on my observations) you would be unusual if seling house pays off mortgage even allowing for 4 years repaymnest. So personal loans may be the least of your worries . Just another very important assumption you seem to be making.



Is that right? Does it not depend on your initial LTV & term of mortgage, rather than current house prices. I'm not sure some of the advice on here is very helpful or accurate.


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## mtk (10 Aug 2010)

David_Dublin said:


> Is that right? Does it not depend on your initial LTV & term of mortgage, rather than current house prices. I'm not sure some of the advice on here is very helpful or accurate.


 
yes it is right 
Term is more or less irrevelant as in first 4 years you are mainly paying interest unless its very unusual like 10 year term.

Most of us know that most peope borrowed the maximum. Given op stated financial position i doubt they had much equity.

*Of course currnet prices matter - she is going to sell it!!  and Equally most people overestimate the value of their house as they feel attached to it which is what OP needs to consider.*


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## David_Dublin (11 Aug 2010)

mtk said:


> yes it is right
> Term is more or less irrevelant as in first 4 years you are mainly paying interest unless its very unusual like 10 year term.
> 
> Most of us know that most peope borrowed the maximum. Given op stated financial position i doubt they had much equity.
> ...



My typo, I meant to type "rather than just price". Oops.

"Most of us know that most peope borrowed" - I'm not sure that makes any sense, which is the point I was trying to make. 

Also, I understand that one pays mostly interest for the first few years on a mortgage, but the term is very relevant. And quite a few people I know borrowed over 15 year term, though admittedly not having bought at 2006 prices.


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## David_Dublin (11 Aug 2010)

Anyhow, sorry to the OP for taking attention away from the question.

I would suggest getting the house valued. Try to see if there has been any movement of similar houses in your area, and what price they went for. This will give you some indication as to what you *might* be able to sell for. That gives you a better undertsanding of where you are at re other loans and things.

Dont make the mistake of planning your move to Oz until the house is sold, I have a close relative who did this, and you dont want to go there. If the move to Oz is the right one for you, it will be right in another 6 months or so.

Good luck!


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## mtk (11 Aug 2010)

I wish you good luck too but please check your assumption about being be able to pay off mortgage


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## PatriciaFox (12 Aug 2010)

clzn said:


> Thanks Patricia for the info on visas.  If we do this, we would be applying under an independent skilled migration visa - my husband has a trade.  I know there are costs involved in applying for visa and are non refundable if visa is refused.  I do think however that he would be successful in getting his visa as his trade is on their wanted list as is my qualification (childcare mgr).  He is only waiting for me to say Yes lets do it. and thats the hardest part.  As for my debts, as i said before i have a good record of payments over the years and over the last few days i have begun to feel a bit more positive about paying them from abroad.




Thats good he has a trade, however be aware that tradies from all over the world will also be applying for the same type of visa and that it takes approx 18 - 24 months to process if successful. It needs to be applied for from outside Australia and a case worker from UK will most likely be assigned to your case.


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## dafmurray (17 Sep 2010)

Your credit rating would nose dive if you reneged on unsecured debt.


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