Sort out finances before the big OE
Have you finally saved up enough for the trip of a lifetime – or have you been selected to work in a foreign branch? Kristina Greene asks what globetrotters should consider before heading overseas.
Wednesday, September 15th 2004, 4:08PM
by The Landlord
It took Sally Watson, a successful media advertisement executive in the South Island, 10 years and a collapsed marriage to sort out debt she had accrued while in Britain.Before she left New Zealand in 1993, she took out a $6700 student loan, planning to be in London for one year. She told the Inland Revenue Department, which asked her to pay 10 per cent of the balance while she was away – but her income dwindled, she met someone special, got married and stayed.
One call to the IRD informed her that she would now be incurring penalty interest rates of 2 per cent on the amount. Her debt soon reached a five-digit sum, then doubled from the original amount. She freaked out.
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