Loan repayments while abroad...

moneysmart_2

Hi,

I believe in being fully informed before making any decisions and the following question is based on a worst case scenario.

I'm planning on emmigrating to the US and I was contemplating making the most of my very good credit rating here to get an unsecured personal loan, mostly to assist with relocation costs and give me and my wife a better start to our new lives.

My biggest concern is that should I not be able to find work quickly I would be facing large monthly repayments and no way of repaying it.

I'm not advocating abandoning the debt and I'm not saying that I will be unable to make the payments but I believe in being fully informed before making any decisions so should this situation arise what would be my best course of action?

Can I contact the loan company and explain the situation and offer to make a lower payments temporarily?

Are they oblidged to accept a lower monthly payment that I offer or does it have to get to stage of debt recovery?

I've been careful to avoid unmanagable debts in my life and I will continue to be responsible, however I'm just worried that in the current climate the worst case scenario of not finding employment is a possibility(I'm not proud and will do any kind of work until I can find a suitable job within my field) and I'm concerned that a loan that I potentially couldn't afford to pay in full could screw things up...

Hopefully I will find work quickly and it will never become an issue, my partner works but is still carrying a large student debt so we are unable to get a loan in her name in the US.

Kind regards
Nick

jonesMUFCforever

Have you been accepted to stay and work in the US then?
If not pay off your debts here first then !!!!!! off.

moneysmart_2

Yes I've been accepted by immigration and I will have the right to work about 90days after I arrive. I don't have any big debts, a small amount on a credit card but that will been paid off before I leave. The reason for the loan is because I have very limited savings.

Regards
Nick

jonesMUFCforever

So why not clear the decks here first before leaving?

moneysmart_2

There are no debts over here?

If you are refering to my fiancee's student debts they are in the US, I will be moving there with here in about 5months time when we will marry.

I'm just looking for some advice should it all go pear shaped, what is the best way to deal with a loan company if you're in a position where you can't meet the whole monthly payment...

Kind regards
Nick

iolanthe07

I don't think any bank will lend you money if they know you are emigrating to the US. It would just be too risky for them.

never-in-doubt

Alternatively, its unlikely the bank would find you in the US so assuming (worse case scenario) that you got a loan here and moved, then couldn't afford the repayments, nothing could happen unless you tell the bank the US address prior to leaving.

Ignore the comments about paying your debt - obviously as stated, you don't have any!