credit card query

cyprus10

Got a bit of a unusual query, I think?
We used to live in England and have a credit card, we have since moved abroad and have got quite an amount still o/s on the card.
We have a bank account in england, but have VERY little money in it, obviously because we don;t have any money going into the account now.
Therefore we will now struggle to pay an amount off. My query is now we don't live in England what happens to the balance on the card.

jonesMUFCforever

It will still be outstanding and charges and interest will still accrue.
Can you not send money to your UK bank to meet some of the obligations?
Skipping the country does not mean the writing off of the debt or we would all do it!

Tixy

What happens to the balance - it increases by interest every month and decreases by the amount you pay off.

If you mean what happens if you stop paying - they may decide to obtain a CCJ against you, they may sell it on to a debt collector.

If you had assets in the UK they may even consider trying to petition for you to be made bankrupt (not very likely, but possible if you owe the creditor more than £750).

What impact a CCJ or bankruptcy would have on you would depend on where you live now and whether you expect to return to the UK.

If you are struggling to pay your monthly payments and offer to pay a reduced payment then they may well accept this considering you are living abroad.

If the card is the same bank as the UK bank account and you go into arrears then any money that does go into the bank account can be used towards the debt.

There are some fairly cheap ways on transferring money to a UK bank from one abroad - as well as some quite expensive ones. So if you are paying money across research the best way to do this.

cyprus10

don't have assets in the uk, we sold our house ect
Would I be able to transfer it to a 0%

Tixy

If you are not resident in the UK you won't be able to get a new credit card account here.

If you offer reduced monthly payments then you could always ask them to freeze interest on the debt - they don't have to, but they might if they think you are paying what you can afford - and if they think that you might stop paying altogether otherwise and think it would be difficult to recover the debt.

The other thing you could possibly consider if you are in a position to do so - is to offer a reduced full & final settlement to clear the debt, if they know you are living abroad then again they may be more likely to accept this.