Emigrating I have Loans with HSBC and HFC

vikty

I am emigrating to Canada. I have a large HSBC loan and a small HFC bank loan. The HFC loan was for a cooker bought from currys.

I was planning on selling the cooker and using the money to pay off HFC. Can I do this? I'm not sure if its classed as a hire purchase agreement or just an unsecured loan.

Also with the HSBC loan I wanted to open a canadian HSBC account and pay off the loan through that. Will they let me transfer the loan to my canadian account?

Thanks

~Brock~

vikty wrote: »

I am emigrating to Canada. I have a large HSBC loan and a small HFC bank loan. The HFC loan was for a cooker bought from currys.

I was planning on selling the cooker and using the money to pay off HFC. Can I do this? I'm not sure if its classed as a hire purchase agreement or just an unsecured loan.

Also with the HSBC loan I wanted to open a canadian HSBC account and pay off the loan through that. Will they let me transfer the loan to my canadian account?

Thanks

First question - yes you can. As far as I am aware the point of sale finance offered by HFC through Currys is not secured on the goods in any way.

Second question - Although a worldwide bank, they will most likely have separate lending criteria in different countries, even when it involves nothing more than the transfer of a HSBC debt from one country to another. There would be nothing wrong in leaving the UK loan where it is and arranging for a monthly payment to be made from your new bank account, although you will need to speak to them about currncy conversion. Best bet is to ask them directly!