how to manage debts from abroad???!

What type of visa are you moving to Canada on? as some you have to prove you have £xxx amount in your account.

Hi mshockey

There are some people on here who manage debts/bills from abroad but only a few I know of so it might take some time for any of them to read your post and answer with practical suggestions (euronorris & gfplux are 2 I can think of)

So do keep checking back for replies.

Hi there!

I manage my debts from abroad and it is quite straightforward with some planning.

Firstly, consider what day you will be getting paid each month and how long it will take for money sent from Canada to reach the UK. I had to move a couple of the payment dates after I moved and was late on payments in the first month. So, please check this and change first. You shouldn't receive any late penalty charges then.

OK, next, research the banks in Canada and ask a few of your favourites a) how much they charge to transfer funds abroad and b) how long this will take.

Then, go to http://www.oanda.com/ and have a look at the average exchange rate over the last 6-12 months. This should give you an estimated exchange rate to work from.

OK, next is your budget. I know it may be difficult at this point, but put together your monthly budget for when you are there and see how much surplus you have to pay the debts. Then apply the exchange rate to is. Ask yourself, will this meet my (at least) minimum repayments? If so, great. You will then just send the money home each month and make the payments accordingly. If not, then you need to start thinking about a self managed DMP and offering each company a fair proportion of your surplus income each month.

I have not had any experience in the last part as the exchange rate between UK and Euro is pretty good at the moment so I haven't lost too much in exchanges. So, if you find that you will be in this situation I would advise perhaps speaking to the CCCS etc or even considering not moving.

Don't forget to tell your debtors of your new Canadian address also.

Oh yes, whilst speaking to the banks, ask them about any other cheaper ways you could transfer the money with them. And research this on the net and look at international banks. Most have a minimum income level of about 25K though (not sure what your income is).

OK, I think that's it for now. I'll probably remember some more later though.

One last thing though.....are you sure this move is a good idea for you right now. You mentioned earlier that you would not be able to save any money at the moment and that your salary in Canada would decrease the amount of money available for debt repayments.

I know how tempting it is to move country, but, please, please, please don't do anything that could potentially make things worse for yourself. Think it through long and hard and you know, you could always do it at a later date. That said, I know once someone has decided on this path it can be very hard to dissuade them, so, I wish you luck whichever path you choose

never-in-doubt wrote: »

Other than the serious answer as supplied by euronorris (thanks by the way - enlighting to say the least ) the option i'd suggest is move and don't tell them you're going!

They can't exactly do much (or more to the point they won't - especially if you don't tell them where you're going)...

Problem solved :):)

Ah yes, but this does depend on whether or not the OP wishes to return to the UK at some point.

If more than 6 years then it shouldn't be an issue, but any earlier and this could cause no end of grief upon their return.

What you can do before you leave, and I'm surprised you didn't mention this one Never-in-Doubt is to request copies of the CCA's from each lender and check the enforcibility of the agreement.

And, you know, I have to be serious sometimes! lol. Honestly though, I didn't plan this well before I moved and it caused me no end of grief in the first couple of months. Debt collectors calling my parents house (the last address they had for me) and upsetting my Grandma (who was living with them at the time) 5 times a day is not good.

I hate them! The stupid thing is, I was late on one payment!! Just one! And I had already contacted and advised when the payment would be made and yet they still kept calling my parents house!

My Mum thought I was going bankrupt like my brother did! Grrrrr!

Anyway, that's all over now. Onwards and upwards. I just want to clear them now so I can buy a property in the UK.....mayeb. I dunno, still undecided.

Buying a property here is looking more and more appealing and ......easier. They lend you more as the government pays a certain amount of the interest on the repayments. ie, my Manager's mortgage repayment should be €1.300 pm, but....she only ends up paying out €850 pm! Bit off topic now.

To the OP, don't forget to factor things like healthcare into your monthly budget. I'm not sure how it works in Canada but I have to pay €105,15 in medical insurance each month here. There are lots of differences between countries that I simply had not even considered. Certain things you assume are the same and that's not always the case so do check first.