IRD Gets Tough
The IRD is getting tough with overseas based student loan borrowers who don’t keep up with their obligations. In the case of student loan borrowers living in Australia and the UK, who are not meeting their obligations, private debt recovery agencies are being used to aggressively pursue the debt. The IRD is also using local courts to sue student loan debtors. Anyone not meeting their obligation will be at risk of being arrested when they enter or leave New Zealand.
It is common for people with New Zealand student loan debts, and who are living overseas, to overlook their obligations. The important thing to remember is that student loan debts don’t go away. If you don’t pay, the amount owed will increase dramatically and there will be consequences. If you have issues with your debt it is essential that you deal with it. If you can’t pay and you are unable to negotiate an acceptable arrangement you may wish to consider bankruptcy. Bankruptcy is a serious step with serious consequences but it may be the better option than doing nothing – in some circumstances.
If you need assistance with negotiating a debt repayment proposal, or advice on the pros and cons of bankruptcy, please contact us.
It is common for people with New Zealand student loan debts, and who are living overseas, to overlook their obligations. The important thing to remember is that student loan debts don’t go away. If you don’t pay, the amount owed will increase dramatically and there will be consequences. If you have issues with your debt it is essential that you deal with it. If you can’t pay and you are unable to negotiate an acceptable arrangement you may wish to consider bankruptcy. Bankruptcy is a serious step with serious consequences but it may be the better option than doing nothing – in some circumstances.
If you need assistance with negotiating a debt repayment proposal, or advice on the pros and cons of bankruptcy, please contact us.