26 y/o American Expat Stranded Overseas....?

Expat1_2

I'll try to keep it brief.

Shortly after an engagement gone bad, I took a job in Asia, and brought a small amount of debt on my AMEX with me.

I had money in the bank to make payments.

4mo into being there, I'm layed off due to an SEC investigation.

I job hunt in Asia for 4 months (didn't go back to America, as I had nothing to go back to.)

Due to flying for interviews, rent, prior debt, etc. It currently sits at about 22k usd now 1.5 years since it began growing.

I currently have a good, solid job. I am also wiring 50% of my monthly take home ($600), back to my bank in America to make my payments. (though 11% goes into a matching epf). Living in Malaysia

I've never missed a payment.

I feel as the debt has me stranded with the company I'm working with, and in a country where I have very little quality of life. Also, the monthly international transfer fees.....yeah.



Being an expat with a work permit, I still am not able to gain a personal loan at a lower interest rate and pay locally.


I've always made my payments, but it's killing me. What options do I have.

I'm I as hopeless as I feel?


note: I do not have any assets in America or abroad (aside from an IRA)


Wise advise recieves prayers in return, as I have little more I can offer.

in_debt_again_but_dealing_with_it

Hi early morning here (5.18am) but someone will be along soon to offer advice! International help isn't my strong point having never left Europe!! Take care.
IDA
x

whitewing

Hi expat, I don't know too much either, but i guess the 'regulars' will want a full list of income and outgoings in order to help you better. You could get cracking on that while the UK wakes up! Try looking at Southernscousers Statement of Affairs (SOA) on the debt-free wannabe board. I expect someone will post a link at some point. Best of luck. Don't feel down - time for some positive action!

Expat1_2

Thanks!!

If I were in America this would not be a problem, but as I am in Malaysia, and unable to go back to America due to both finances and work, I'm really hoping for some options.

dmg24

Expat,

You are very welcome, but you know you are posting on a UK based site don't you? x

Expat1_2

dmg24 wrote: »

Expat,

You are very welcome, but you know you are posting on a UK based site don't you? x

It was the only one I saw on Google that wasn't run by a company that has invested interests

whitewing

dmg24 wrote: »

Expat,

You are very welcome, but you know you are posting on a UK based site don't you? x

I think sometimes people begin to find their own answers to problems, if they just have the courage to start dealing with things. But there may be advice you get,expat, that isn't applicable.

Still, what won't help you will help someone else....

rog2

Expat1 wrote: »

It was the only one I saw on Google that wasn't run by a company that has invested interests

And you are most welcome - debt is debt, wherever you are.

I can appreciate how you feel. Do you have the possibility of a job back in the states?
If so, would it be possible to either service your Malaysion debt from the States or to negotiate a loan, in the states, to pay off all your Malysian debt as you are currently sending money back to the states?

Expat1_2

you have it backwards, sorry.

the debt is in America with American Express.

I live in Malaysia and am stuck due to the debt, and having to wire money monthly.

I earn 2x my minimum payment each month, and have no assets

I have no desire to live in the U.S. anymore (former Marine)

rog2

Expat1 wrote: »

you have it backwards, sorry.

the debt is in America with American Express.

I live in Malaysia and am stuck due to the debt, and having to wire money monthly.

I earn 2x my minimum payment each month, and have no assets

I have no desire to live in the U.S. anymore (former Marine)

I'm sorry Expat - I now see what you are saying.
Normally we would reccomend that you talk with one of the debt counselling charities, with a view to setting up, possibly, a Debt Management Plan - making reduced payments, that you can afford. Of course it is not so easy given your circumstances, but have you written to AMEX and asked them to freeze interest and charges and, after explaining your situation, request them to accept a lower monthly payment till the debt is cleared?
If you look at http://www.nationaldebtline.co.uk there are some good sample letters that, after some adaptation to suit your circumstances, you could use .

Expat1_2

hoping for comments