Moving abroad - any consequences for remaining UK based loans?

MMX1

Hi,

I would like to know if anyone has any experiences in taking out a UK loan, and then moving abroad afterwards. I'm heading abroad as my skillset seems to attract much higher salaries abroad, so I'd be better off even taking into account costs of living.

I do intend on being as up front as I need to be with all my banks and loan providers (and especially with the student loan), but what I am afraid of is finding that if I phone up informing any loan company that I am now moving abroad, they will recall the loan. This would leave me obviously unable to do the move.

We aren't talking horribly massive amounts (£6000-7000), my plan is to consolidate the car loan and credit cards into one monthly repayment before I go, to make it a bit easier to manage. My hope is that it would continue as normal, and I just feed the necessary money back to the UK bank account every month to cover it and the student loan (at least that is how I would hope it would work...).

I would of course be reading any terms and conditions closely specifically looking for this, but would love to hear if anyone has any prior experience or providers they know are good or bad with this.

I would not be confident of getting any loan abroad to cover any recalled loans as I will be on temporary visas/work permits.

Apples2

Not another one!! You must be the fourth this week looking for a lender prepare to throw money at someone disappearing overseas.

mynameistallulah

If your skill set is so attractive to overseas employers, surely you can get a job before you go?

MMX1

mynameistallulah wrote: »

If your skill set is so attractive to overseas employers, surely you can get a job before you go?

Yes, this is what is happening. I'm not using the loan to fund the trip (nor did I say I was going to), I just want everything tidied up before I go and to not have it recalled on me, as it would wipe out the cash I've set aside for the relocation costs that aren't getting covered by the new employer (such as rent bonds etc.)

iolanthe07

When I moved to the US in the nineties I had a balance on my Barclaycard. I kept an English bank account open and paid it off from that, topping up with credit transfers as necessary. It should be even easier these days with on-line banking.

MMX1

Apples2 wrote: »

Not another one!! You must be the fourth this week looking for a lender prepare to throw money at someone disappearing overseas.

I'm not looking for any lender to throw money at me, I'm looking to consolidate existing debts. I'm also not going to disaappear, I will keep any UK bank account going and will be returning.

You seem to be implying that I'm going to take the money and run, which is not the case. Could you at least read my post before attacking me?

MMX1

iolanthe07 wrote: »

When I moved to the US in the nineties I had a balance on my Barclaycard. I kept an English bank account open and paid it off from that, topping up with credit transfers as necessary. It should be even easier these days with on-line banking.

This sounds like credit cards, rather than loans, but it does give me an option of shifting the balance to credit cards via balance transfers if credit cards are less fussy about location. (And assuming I wind up with a loan recalled, which I'm still hopeful won't be the case) This is useful, thanks.

iolanthe07

It's worth keeping a UK bank account open anyway - it makes things much easier if or when you come back.