I have an outstanding debt for $8500 on a personal loan I got when I was living in New Zealand. I have returned to my home country of Australia & as a full time student I am finding it difficult to repay this loan due to international transfer fees. Banks will not help me to refinance this loan as I am a student and the loan is international. Debt mediators and similar debt relief agencies cannot help me either as it is an international loan. I am seriously considering not paying off the loan as I will never return to NZ. Can the banks trace me in Australia and will this affect my credit rating here?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.