Moving abroad with outstanding finance

keelo_1987

Hi,

I was hoping for some help or advice about moving abroad whilst still having outstanding finance.

I have been given the opportunity to go and work in Singapore on a 2 year secondment (so I will be coming back to the UK afterwards). I am going out for a month at some point in April to scope out the plans and if it will go ahead.

If it does all go well, I could potetially move to Singapore later this year, however I have some issues.

My wife has a car on finance where there is a lump sum at the end (had it about 18 months so far, 4 year plan). I also have a car but on a 0% interest plan over 5 years, but have only had it 6 months. So my first question, will i have to pay these off before even thinking about moving?

I also have a credit card, sofa on finance, sky digital etc that are all still outstanding/in contract.

Would these companies allow me to keep a UK account open to keep paying them off? As i said earlier, I will be coming back to UK.

At the end of the day, I dont have several thousand pounds to pay off the cars/credit cards etc, because i would have bought them outsright to start with otherwise.

So i was just looking for some help or advice on my options really if anybody would be so kind :-)

Thanks
Mark

bigadaj

You should, tell them of your plans but if you continue to make payments you are to likely to have any issues I would have thought.

Will you be keeping your place in the uk, renting it out?

What do you do with the cars though, two years isa. Long time for them to be sat around, for these I'd speak to the finance companies and try and come to an arrangement. Probably sell them and pay off the shortfall in time if the lender agrees.

jamesml

Have you spoken to your company about these? I know that my company offers support in paying these sort of things if you are going on secondment.

keelo_1987

Hi, thanks for the replies.

Yes i do intned to keeo my UK house, either renting it to immediate family or to somebody else.

In terms of the cars, i agree its a long time for them to be sat around. Ideally I would just say "you can have them back" and be done with it but I know its not that simple. I guess the only way to find out is call and ask them. I just wondered if anybody had had a similar exprience and see what they did.

I havent spoken to my company yet (they are an aero engine company who are known for there cars, so quite a big company). The plan is to go out for a month sometime in April/May. It is after that point where I will need to make a decision about the 2 year move. I guess i would then talk to them about it then.

Thanks

Mark