Managing UK CC Debt from Abroad

Redders21

Hello all,

I have a history of being very bad with credit cards, running up some bad debt (£11,000+) in my less responsible years. I am now trying to get this all paid off, but I have recently moved abroad, to Switzerland, and therefore struggle to apply for new 0% cc's, to transfer my balances to. I am therefore stuck paying larger interest on existing cards.

Does anyone have any suggestions on how one can go about managing this debt. I have about 6,000 on an interest free card, but the interest free period will expire in 5 months, and it is the other 5,000 that I am struggling with.

Any suggestions, or assistance is very much appreciated.

National_Debtline

Hi Redders21

Welcome to MSE. I think the first thing to check is whether the repayments on the existing credit cards are actually affordable. You need to complete a statement of affairs (SOA) to do this. You will find one under the Debt Free Wannabe sticky but bear in mind it is in British currency so maybe just use it as a guide.

If the debts aren’t affordable you may have a number of options, even whilst you are living abroad. You could negotiate yourself, or use a free debt management company as long as you still have a UK bank account and enough spare money each month to qualify. If you have very little spare money or assets, and have lived in England or Wales in the last 3 years, a debt relief order could also be an option.

You can contact one of the free debt advice agencies for further advice. You may find it handy to start with their webchat service as you are abroad.

Susie
@natdebtline

Redders21

Hi Susie,

Thank you for your reply and advice. I can manage the repayments of the cards at the moment, the issue is that I dont want all my repayments to be going on interest. I have started a spending tracker so I can watch my money in fine detail going forward, but like I said, the issue is the interest that I dont want to be paying.

Thank you again!

Caz3121

If you are now living an working in Switzerland do you have an in-country bank account there? maybe finance there would be an option but guess that would not be straight away
I would throw as much as you can at the highest interest cards (pay minimum payment + £1 on the interest free ones) to minimise the interest