Moving abroad while having UK debt

loopy.magic

Hi

I am currently 7 months into a DMP, it's going very well and the relief for me and family is wonderful.

Been thrown a bit of a curveball recently and I'm now wondering what to do. I met an old friend recently who moved to Canada a few years ago, we both work in the same industry and after meeting him for the 3rd time; out of the blue after catch up talk and talking about our careers he suddenly offered me a job in Vancouver ! The more I think about the work offer and the benefits of moving to Vancouver the more tempted I am.

My question is what happens to my UK debt?, how can I resolve the 2 situations? I've read about people in debt going bankrupt and then moving abroad while in other cases people switch to making token payments. What is the best approach if I do make the leap and move out of the UK? The money from the new job would not stretch as far as making my pro rata DMP payments and living expenses in Canada.

Tixy

I'd speak to your DMP provider about your options. Could you afford to pay lower DMP payments once you are working aboard?

Some people do consider bankruptcy before moving abroad - it would be worth researching if being bankrupt would cause a problem to working in canada and getting a visa etc. And considering whether you'd be accepted as being bankrupt by the OR?

Dropping to token payments might be another option - although of course it could mean creditors couldl get CCJs against you in your absence - which if you decide you don't like it and return to the UK could cause you issues.

loopy.magic

Thanks Tixy, I think I'll look to make lower DMP payments. I would probably have to make token payments for 2-3 months after the move and then calculate new pro-rata payments. If we go ahead I think the move would be long term and permanent but in life you never know and I would like to maintain some DMP payments to hopefully settle the debt at some future point in time.