Non UK resident with UK debts

vanda5976

After moving to france i still have UK credit cards which I have to transfer money to pay every month. As the 0% transfers are now coming to term i would like to try and consolidate the debt into one monthly payment. I am unable to get a loan in france for this purpose and as i am no longer a UK resident my options are limited. A long term loan is needed as I am also currently having great difficulty with the repayments (using credit to pay off credit :mad: ) I do not own any property. Does anybody have any advise please? I am loosing sleep over this......

EssexHebridean

The advise is always the same pretty much - consolidation is a bad idea. I appreciate your situation is different to some but allowing for your comment about struggling to meet the repayments anyway, I think i this situation you need to still take that usual advice on board.

Assuming that you have the card payments set up as DD's then one monthly payment won't be any more convenient anyway. Have you put together a full budget so you can see what money you should have "spare" every month, and have you checked that you do in fact have that money left over? And does that budget currently work or are you continuing to use credit? Assuming that you can currently meet what you're paying my first suggestion would be that you set the monthly payments to the level that is going out now - ie a set amount rather than just the "minimum payment" as this means that the payment will have more impact over time as the capital balance falls.

vanda5976

Thank you for your reply.
i actally do not have any extra money to spare to pay off the cards, this is why I would need something more long term to stretch it further. I sometimes have to use the credit to pay off the credit so the bills are just getting more each month...........not a great solution but i feel currently in a gigantic vicious circle and dont know how to get out.

National_Debtline

Hi Vanda5976

From what you have said it sounds like your existing debts are not affordable, and consolidation is very unlikely to be the answer.

I would suggest you need some specialist advice on your debt options, particularly because you are living abroad. Contact one of the free debt advice agencies for some impartial advice. You may find it easier to use their webchat service if calling would be expensive for you. Good luck.

Susie
@natdebtline