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US citizen in the UK with US debts requires urgent help...
Help quite urgently required…
As a background, I am a US citizen, married to a UK citizen and permanently living in the UK. All of my loans are in the United States and are in the total amount of *drum roll* £31,000 (all educational.) I have to wire money over to the United States on a monthly basis, costing me £20 a pop. My monthly payments towards all of these loans is £332. Eep!
To make matters worse, my father is a co-signer on £27,000 of these loans, and owing to the redundancy of both of my parents (bless that Michigan economy) they are going to have to declare bankruptcy. This, of course, means that I would have to pay off this amount in full.
Obviously, there must be a better way!
Ideally, I would like to transfer all of my loans over to the United Kingdom and, preferably, lower my monthly payments. Actually, any amount of advice would be infinitely helpful – i.e. how I could get around this money wiring thing and set up a direct debit from the UK (which, with the current account I have, is not possible.)
Additionally, we are selling a flat and the profit should be enough to cover both my husband’s and my loans. If we apply this amount to our loans and become debt-free, we won’t be able to cover a down-payment on our next house. Which would be a better scenario in getting a mortgage – being debt-free or offering a large down-payment?
As a background, I am a US citizen, married to a UK citizen and permanently living in the UK. All of my loans are in the United States and are in the total amount of *drum roll* £31,000 (all educational.) I have to wire money over to the United States on a monthly basis, costing me £20 a pop. My monthly payments towards all of these loans is £332. Eep!
To make matters worse, my father is a co-signer on £27,000 of these loans, and owing to the redundancy of both of my parents (bless that Michigan economy) they are going to have to declare bankruptcy. This, of course, means that I would have to pay off this amount in full.
Obviously, there must be a better way!
Ideally, I would like to transfer all of my loans over to the United Kingdom and, preferably, lower my monthly payments. Actually, any amount of advice would be infinitely helpful – i.e. how I could get around this money wiring thing and set up a direct debit from the UK (which, with the current account I have, is not possible.)
Additionally, we are selling a flat and the profit should be enough to cover both my husband’s and my loans. If we apply this amount to our loans and become debt-free, we won’t be able to cover a down-payment on our next house. Which would be a better scenario in getting a mortgage – being debt-free or offering a large down-payment?
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Comments
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Guantamano Bay for you me thinks!
LOL
Seriously though do you have a bank account in this country and are you a resident here for tax purposes and are you on our voters roll?
If you have a UK account approach your bank to see if they are willing to lend you any money.
Do you own a property here? Is there any equity which could be used to repay your US debts?0
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