Originally Posted by COFFEE
I have a small amount of credit card debt here in the UAE and recently been terminated. I have to head back home and will not have paid it all back. Is this debt likely to show on my credit history in Australia? We have a HSBC bank in Aus but I do not have an account with them in Aus and expect the privacy laws will also come into play?
Anyone have any advice? I will head back with no job and what i thought seemed secure is now a mess. Not that I am trying to be shifty or careless but one can only do so much. What seemed like a good idea now seems to be a big mistake coming to the UAE.
When you say small, what do you mean?
I would suggest that until you have paid it off you carry on making international transfers into the account and keep paying at least the minimum payments. That way once you have got yourself on your feet you can then pay more off.
The world of finance is global and banks have to talk to each other to minimise the risks that they take. If you abscond from the UAE without settling your debts then HBME can let HSBC AP know and it could affect your credit rating in Oz. Privacy law doesn't even come into it, if HSBC mark you down as a bad credit risk with the Australian credit bureau they are entirely within their rights to do so if you fail to fulfil a credit agreement.
I know the situation is not looking good for you and I hope that you get things sorted when you return home but for other people out there, do not live on your credit cards, if you can't afford to buy it please save up first unless it is absolutely necessary and have savings to back up the purchase. Always pay the full amount off EVERY month!
Sorry to hear about you losing your job