Taking out a loan for working holiday

Tombola591

Would you be able to fund yourself if you already had a job secured?

Any one-year posts suitable for you at NYU or Columbia?

Btw, good luck with your doctorate!

SnooksNJ

tomtontom wrote: »

Do you have a job arranged? £6000 is not going to last long in NYC without one.

I know, either add a 0 or do the year somewhere like Mississippi.

view

Becka38940 wrote: »

From a banks point of view emigration means it will be difficult for them to enforce anything if you leave the country as they won't be able to do anything through the Uk courts.

This is most UNTRUE!

Emigration does not mean a debt will not be chased. A UK debt can and will be enforced in many countries. This happens every day and your credit file will be wrecked with defaults and CCJ's etc..

However, in this case there is no reciprocal arrangement between UK and US.

Not that you would not pay the loan, just in case anyone reading thinks they can emigrate anywhere and won't be chased.

slopemaster

Would suggest avoiding the word emigration, but maybe refer to a "working holiday"?

boo_star

view wrote: »

This is most UNTRUE!

Emigration does not mean a debt will not be chased. A UK debt can and will be enforced in many countries. This happens every day and your credit file will be wrecked with defaults and CCJ's etc..

However, in this case there is no reciprocal arrangement between UK and US.

Not that you would not pay the loan, just in case anyone reading thinks they can emigrate anywhere and won't be chased.

While all this is correct, I would suspect that a lender (or DCA) would find it quite difficult to find a debtor who just moved to another country. I doubt most of them would look outside the UK unless they had information that suggested they had.

That's likely to be part of the reason why a lender would be apprehensive about lending in these circumstances.

newyorkstateofmind

Tombola591 wrote: »

Would you be able to fund yourself if you already had a job secured?

Any one-year posts suitable for you at NYU or Columbia?

Btw, good luck with your doctorate!

Hey there, thanks for the reply. I am investigating post-doc work in the States (I'm looking at loads of different options) but it's so competitive so making sure I have other avenues open.

I estimate the £6k would get me the visa via Irish firm USIT who specialise in these visas and the first few weeks while I get set up, start job hunt (if I don't get a job beforehand). There is a chance I could get a paid job before I go, through USIT but I'd like to make the transition over there as smoothly as possible, hence exploring a personal loan option.

Beginning to think a credit union might be a better option than bank?

newyorkstateofmind

tomtontom wrote: »

Do you have a job arranged? £6000 is not going to last long in NYC without one.

Hi there. Going through the USIT visa scheme, I will have access to a job database once I've paid for my visa / tickets etc. Worst case scenario is that I'll land in NYC without a job but with a PhD and 3+ years admin experience under my belt, I would hope it wouldn't take longer than two months to secure some type of work. I think that £6K would last me two months.

newyorkstateofmind

Caz3121 wrote: »

you maybe want to amend the first post.
To emigrate means you are moving abroad with no plan to return...one-way ticket etc
You are actually going to be working abroad for 12 months

not that it is likely to make getting a loan much easier, but it is certainly better than saying you want money to emigrate

Thanks! It is exactly that - a "working holiday" I'm planning. I wonder would banks be more receptive to this? Do you have any advice on this score?

thebritishbloke

I'm more curious about how you've legally obtained two 0% student overdrafts. You're only allowed to have one, you can't have another one opened at another bank.

A lot of fishy business going on here...

newyorkstateofmind

thebritishbloke wrote: »

I'm more curious about how you've legally obtained two 0% student overdrafts. You're only allowed to have one, you can't have another one opened at another bank.

A lot of fishy business going on here...

What? There is absolutely no "fishy business" going on here whatsoever. I am a respectable person, finishing my studies and working part-time with a small but regular income, slowly paying off two small overdraft amounts: one in a student account and another a personal account. I don't know why I should have to justify myself in this manner.