My wife and I moved to Australia seven months ago on 189 Permanent residency visas. We both have individual personal loans and have been struggling to pay them due to my wife's job falling through, and my only just having found fulltime work. About 3 months ago my wife stopped being able to pay her loan in the UK, I have been continuing to pay mine, but it's got to the point now where I am faced with a dilemma - continue paying my loan and risk our life in Australia, or stop paying it, and giving my family a fighting chance at our new life. Even though I witnessed the banks make a very good friend of mine (and his wife and three children) homeless and destitute when his business failed in 2009 - I still struggle with the moral decision of "They were willing to loan me this money, I should pay it back". But immediate self preservation is leading me to stop paying this debt, focus on making things work here in AU and taking my chances. I do see many conflicting opinions about how (in Australia) such a decision could haunt me, with reciprocal legal laws being in place between the UK and Australia. If this the case, then what is the likelihood of being chased and the consequences? As it stands, I would be owing a personal loan of about £13000 and a UK high street bank overdraft of £750 and credit card of £750. I believe my wife owes something along the lines of £18000 to her high street bank in the form of a loan. These are not insignificant amounts and so I would imagine the companies would look to minimise their loss. I'm not proud of my situation.