Wanting to move abroad but do not know how to clear debts

bountyhunter66

I'm thinking of moving abroad to be with my boyfriend but I am currently paying into a Debt Management Plan through Payplan for my debts. On the money I am paying towards it, it will not be paid off for another 6 years. I have enquired about bankruptcy but am told I have too much disposable income to be allowed and am not struggling to pay it. Have been given advice to just leave and let my creditors make me bankrupt once I am gone. Has anyone been down this path or similar and can offer some advice?

Thanks

Tixy

Which country are you considering moving to? For quite a lot of countries you need to demonstrate you have sufficent funds to be able to support yourself - if you are in DMP you won't be able to provide this.

If you don't need any such savings then are you expecting to work once you are in the new country? Could you not continue to pay your DMP from whereever you are working?

euronorris

I wouldn't recommend ignoring the debt once you leave the country. I haven't tried this route myself, but I do know that you will only be creating a headache for yourself and your family (If you are currently living with your parents, they are the ones who will have to put up with the debt collectors calling 24/7 and bailiff's showing up).

If you will be working abroad then there is no reason why you cannot continue to pay your debts whilst abroad. I do.

Also - please, please, please save up at least 2-3 grand for the cost of moving/settling in.

I didn't (foolishly) and the cost of moving, first month's rent etc was sooooo expensive! It crippled me!

Will you be living with your bf straight away? Or do you plan to get your own place?

It is probably worth doing a 'hypothetical' SOA, based on what you will be paying out once you are there. Whilst this won't be entirely accurate, it will give you an idea of your outgoings.

Also, remember things work differently in different countries. ie, you have to pay a fee to the estate agents here to find you a place to live and this is typically one month's rent. Then one month's deposit and first month's rent. All in all, very expensive. Plus, there's no NHS so I have to pay for private medical insurance. Even though this is subsidised by my employer, I still pay €105 per month!

Do as much research, planning and saving as possible beforehand. It will help you immensely in the long run!

bountyhunter66

I'll be moving to Egypt and my boyfriend already has a home that I will be moving into or we may move to Sharm and rent and work there together. The wages there are alot less so the likelihood of being able to pay the money I currently pay to PayPlan and send it back home is very very slim. I will look for work and hopefully get a job when I get there but it simply will not be enough as I am not a skilled worker.
I don't live with my parents, I live with my best friend as her tenant, which is also the big worry for me as I do not want to "blacklist" her or trouble her with mountains of post and queues of debt collectors at the door. I do not want to leave the country and not pay as advised, I would ideally like to leave and then apply for bankruptcy or try to apply for bankruptcy before I leave.

I'm not running from my financial troubles, I have the chance of being very happy and settling down with the man I love. I just am stuck on how to wrap up my financial situation before I go.

Thank you for reading and taking the time to offer advice.

:-)

ILW

If your boyfriend was serious and already owns a house, he would take out a loan and settle your debts for you before you left. I suggest you ask him and see what he says. If he refuses then make your own decisions before burning your bridges.

euronorris

I'm no expert on DMP's but, I think you can arrange for smaller repayments if and when your circumstances change. So, if you move abroad and can't afford to pay as much, then you should be able to arrange for smaller payments instead.

I'm not sure about bankruptcy as it seems quite a drastic measure, but I understand why you are considering it.

I would advise you to research the implications of this course of action and also whether or not it can be done if you are planning to leave the country. They may allow it, they may not (I have no clue so please double check).

I think there is a thread about bankruptcy. The peeps on there will probably be able to offer more/better advice in this respect.

The CCCS or PayPlan should also be able to offer advice on bankruptcy.

Also, I wasn't trying to imply earlier that you were running away from your debt. Sorry if it came accross like that.

It's just, I know how tempting it is to want to move. I did exactly the same thing! lol. I don't regret it at all, I just wish (with the benefit of hindsight) that I had taken some more time to get things together properly, save etc.

As you're going to Egypt, depending on how long you plan to be there for, it would also be advisable to save up for a language course before you leave. That way, you can start learning as soon as you arrive.

Do you have details of employment agencies etc and an idea of the kind of work you can do there? Does your current employer have an office there maybe? Or connections? Does your bf know of any roles within his company or any contacts that he can put you in touch with?

euronorris

ILW wrote: »

If your boyfriend was serious and already owns a house, he would take out a loan and settle your debts for you before you left. I suggest you ask him and see what he says. If he refuses then make your own decisions before burning your bridges.

I don't think that's fair.

It's not his debt after all. By all means, he should be offering some support and help, particularly in the first few months. But I think it is unreasonable to expect him to clear her debts.

DKLS

What sort of work are you looking for in Egypt?, I have just returned from Dahab about an hour up the road from Sharm, Our guide said the credit crunch was affecting them and there was little work available, and what work there was you would earn every penny.

The hotel staff were working 8am - 11pm 7 days a week, with a day off after 3 months.

Do you have any diving qualifications?, that might be a route in as the dive schools were still attracting many customers.

geoffky

sharm is on its knees..no jobs for locals due to credit crunch..trade is down 60% and hurgada is in a worse state......think long and hard before you commit...

bountyhunter66

I added the bit in about me not running away as I didn't want anyone to think that, I didn't say it in response so no worries euronorris.

From other forums that I have been on including those of ex pats in Cairo, I think Cairo may be the best place I can get work, maybe more jobs and better paid. Unfortunately I have no diving qualifications so that isn't an option. I currently work for the NHS so cannot transfer. Apparently lining a job up from England is the way to go instead of going over there and trying to find one, plus it would be more secure. If I thought I could earn enough money to live and send the appropriate amount back home to Payplan then I would and this problem wouldn't be a problem, but then what would happen if I wanted to start a family. It just seems better sense to try and get something sorted before I leave. But I don't think they'll allow me to go bankrupt just because I want to move abroad, hence the leaving then applying for bankruptcy thought.

It's so hard to try and be positive, debt is a dark and lonely place and far more difficult when you're dealing with it on your own, like I am.

Thanks again for all your advice, ideas and support.

euronorris

I think that securing a job before you leave the country is definitely the best idea. It's not easy, but the most secure option for you.

Is you boyfriend planning to stay there forever? Or, is he on secondment for a year or two?

If he's only there for a short time then it would be worth considering staying here until he returns. I know that's not an easy option, but it would be much more secure for you.

If you are planning to move though, do you have any assets you could sell to try and clear the debts first? ie, selling your car?