Overseas-based Student Loan borrower? Now is the time to take control of your obligations!
If you are an overseas-based Student Loan borrower, last week’s headline about the arrest of a Kiwi student loan defaulter at the border may be ringing alarm bells.
This case marks the first time a person has been arrested at our border because of alleged refusal to meet student loan repayment obligations, since new legislation was introduced in 2014.
In July 2015, Inland Revenue said it was looking into 20 student loan defaulters for possible arrest if they attempted to return to the country. With this first arrest now made, the message is clear – Ignoring repayment responsibilities will lead to serious consequences.
If you’re a non-resident Kiwi and significantly behind on your repayments, you don’t have to resign yourself to the life of a fugitive exiled from home soil. Instead, we at Navigator Accounting urge you to take steps to regaining control of your repayment obligations.
Take expert advice now, this is critical to getting back on track with your loan.
If you’re behind on your repayment obligation and you haven’t talked to Inland Revenue recently about your loan repayments, the reality is you may be stopped from leaving New Zealand next time you return home for a visit.
If this applies to you, then an accountant who regularly deals with Inland Revenue will be able to help you work with them to arrange a repayment plan that suits your situation and gets you on the road to compliance again.
Specialist advice could mean the difference between the comforting freedom to come home to New Zealand for visits when you want to, or facing the heart-breaking fact that you may never taste your Mum’s legendary Christmas dinner again.
No matter what stage you’re at with your repayments, or if you’re a borrower planning the move overseas, we can help you get the best possible outcome due to our working knowledge of Inland Revenue policy and processes.
Contact us for a no obligation discussion about your situation.