How do I deal with my debt if I'm a foreigner working in UK?

tonyc78

Hi guys, it is my first message on this forum.

I'm german, I come in UK some years ago for working.

I have 3 different credit cards which I'm heavily dependent, only in the last 4 months I realize that my debt situation is out of control and I'm not able to pay back my cards.

I receive frequently phone calls from my creditors, and trust me, they are not so friendly calls.

So I do not know what to do, also I feel ashamed to speck with anyone about it.

I read on the internet about some debt solution valid in UK… but I do not understand if they could apply even in my position (I'm not a UK citizen but I'm employed).

Please guys could you give me some advice?

Tixy

Hi tony

Presumably these are UK credit cards? If so then I'd consider seeking some advice from one of the debt charities and explaining that you are not a UK citizen. They'll explain which options would be applicable to you - IMPORTANT - Where to seek professional impartial advice about your debts.

You say you can't afford the repayments - have you worked out how much you can afford towards the debts each month? if not this would be useful to work out a monthly income & expenditure account before you contact one of the charities.

tonyc78

Hello Tixy, thanks for your message, I'm a bit surprise I did not aspect any reply :-)

Yes, my problem is my 3 credit cards in the UK, every month is getting worst with interests!!!

I have also still some problem with my Student Loans, I took it when I moved in from Berlin years so.

At the moment I'm trying to figure out my situation and the available options.
Surfing I found out about ivas, but I'm still not sure if I can apply for it, I would be interested in solving even my Student Loans.

Could you point me out some reliable information, on your website or others before I try to contact some companies?

Sorry Tixy if I take your time but your forum seems very reliable an impartial so I try to use as best I can :-)

Thanks for your time on this. Tony

MrsTinks

Tony, as a non-english person living in the UK then the rules relating to debts apply to us just the same as they do someone born here. So long as you live in the UK, work here and pay taxes here then there is nothing stopping you getting credit here and the rules are exactly the same.
Why don't you pop up your full statement of accounts on the DFW board so we can give you the best advice or contact one of the free charities in my signature.

MrsT

izools

In regards to your student loan there's nothing that can be done about this - the Student Loan Company will take a percentage of your earnings over the threshold direct from your salary even if you declare yourself bankrupt. Best to just consider yourself to be on a slightly lower income to account for your student loan payments if you see what I mean.

In regards to your three credit cards - firstly are any of them with the same bank you have your bank account / current account with? If so, you will be wise to take out a basic account with a bank you don't owe any money to.

What you need to do is sit down and work out your income and expenditure so you know how much you have left over each month - how much you can offer your lenders.

There's a nifty budget planner here:

http://www.moneysavingexpert.com/redir/e5897875

Let us know how you get on :beer:

buglawton

Welcome to UK borrowing culture! Second only to the country we ape, the U S of A.

What happened to your prudent German genes?

Start reading all the money saving tips here and you might be able to dig yourself out!

dresdendave

Before getting involved with IVAs it might be worth posting a Statement of Affairs on the Debt Free Wannabe section of this site. Basically you list all your outgoings and income and people will advise you on ways to cut your expenditure and maximise your income, so as you will have more money available to put towards debt repayments.

TakingControl

buglawton wrote: »

.

What happened to your prudent German genes?

QUOTE]

Sorry but I find this a tad offensive. I am too german, moved her many many moons ago and have run up debts which I have nearly cleared by paying them back. German genes? Is that not a tad stereotypical. Maybe you would like to tell us your heritage and we can find something to respond with?

fracturedsun

As well as talking to one of the free debt charities, I would suggest taking a look at the debt free wannabes page and posting a statement of affairs. They give some really great advice on how to make arrangements with creditors but also sensible ways to cut your expenidture and free up some money to cover your debts.

NeverEnough

buglawton wrote: »

Welcome to UK borrowing culture! Second only to the country we ape, the U S of A.

What happened to your prudent German genes?

Start reading all the money saving tips here and you might be able to dig yourself out!

That's an extremely offensive and xenophobic remark. Not something to be welcomed on this forum or indeed anywhere else.

:eek:

buglawton

I am 50% German - the remark was meant to be taken with a sense of humour.
The German characteristic is to be debt-averse for solid historical reasons. Stereotypical maybe, but looking today at Germany's economy compared with much of the rest of Europe, prudence is a virtue.