Moving Abroad When In Debt?

Options
Hubs and I are thinking of moving abroad mainly because of work. Hubs works for an american company who want to relocate him. At the moment I am on a DMP with the CCCS and as you can see from my siggi Im a long way from paying things off. If we were to sell our current home there wouldnt be much money left over to clear my debt so renting it out (rent should cover the mortgage) may be our best option.

We are very much in the early stages of trying to decide what to do, there are a number of issues we have to look into and we have many questions.

Does anyone know, if i keep my uk bank account open and paid money into it, could i continue on my DMP?

Also I dont have a degree but here in the UK i have a well paid job as i have worked my way up, however i have looked at some jobs in he US and they all require degrees so I dont know what my earning potential would be. If i earnt less would the CCCS look at reducing my payments?

I really dont want to run away from my debts, thats not why we are doing this but what if the cccs wont handle things for me whilst im out of the country, what would my creditors do?

One last thing, does anyone know if i have to declare my debt if i move to the US? As some may know my HUbs doesnt know the full extent of it :o

Any help would be great

Pixie
:jDebt Free At Last!:j
«1

Comments

  • Ellen123
    Ellen123 Posts: 21 Forumite
    First Anniversary Combo Breaker
    Options
    Hi,

    I hope this may be helpful to Pixie too.

    If you have defaulted on debts in the UK, when you go to a non-EU country, can you start with a clean record? Or does your credit report from the UK follow you?

    Thanks!
  • itsarichmansworld
    Options
    Dont know about the USA but I lived in the UAE and my credit score didnt follow me the banks wanted to throw credit at me !
    Isn't the knowledge that comes from experience more valuable than the knowledge that doesn't?
  • pixie1
    pixie1 Posts: 1,442 Forumite
    Debt-free and Proud!
    Options
    Dont know about the USA but I lived in the UAE and my credit score didnt follow me the banks wanted to throw credit at me !


    I will never take out or use a cc again, so thats not an issue for me, thanks though. It srepaying my debt that im concerned about.:confused:
    :jDebt Free At Last!:j
  • inmypocketnottheirs
    Options
    If you keep an account in the UK, and transfer funds across, then there is no reason why you should not continue to pay. TBH it is the best solution, as if and when you chose to return to the UK, if it is within the six year statute of limitations, you don't really want your past problems surfacing again.

    I would recommend opening an account with citibank. You can transfer funds instantly between the UK and US, with a £10 monthly subscription that gives other half reasonable benefits.

    HTH
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
    The Lord Giveth and the Government Taketh Away.
    I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
  • pixie1
    pixie1 Posts: 1,442 Forumite
    Debt-free and Proud!
    Options
    If you keep an account in the UK, and transfer funds across, then there is no reason why you should not continue to pay. TBH it is the best solution, as if and when you chose to return to the UK, if it is within the six year statute of limitations, you don't really want your past problems surfacing again.

    I would recommend opening an account with citibank. You can transfer funds instantly between the UK and US, with a £10 monthly subscription that gives other half reasonable benefits.

    HTH

    Thanks for the info, i will look into citibank. I just hope if i cant match my current wage creditors will be understanding and that the cccs will still help me.

    Is the 6 year thing when you run away from debts, if you make 6 years the debt is written off? Im not going down that route - dont fear. We are thinking of going overseas for just 2 years and also its my debt, i got myself into this mess and i really want to pay my way out of it.

    Thanks for your help

    Pixie
    :jDebt Free At Last!:j
  • inmypocketnottheirs
    Options
    pixie1 wrote: »
    Thanks for the info, i will look into citibank. I just hope if i cant match my current wage creditors will be understanding and that the cccs will still help me.

    Is the 6 year thing when you run away from debts, if you make 6 years the debt is written off? Im not going down that route - dont fear. We are thinking of going overseas for just 2 years and also its my debt, i got myself into this mess and i really want to pay my way out of it.

    Thanks for your help

    Pixie

    It is not that the debt is written off after six years, it is just that due to the Statute of Limitations Act prescribes that court action can not be brought about if more than six years has passed since any correspondence concerning the debt has taken place. This only means that the debt can not be legally enforced, it could be argued there is still the moral obligation to pay!

    The reality is, most financial institutions write debts off their books after a couple of years. This is when the debt is sold on to a bunch of cretinous imbesciles such as Cabot Financial, Wescott, Aktic Capital, Link Financial or any other dregs of the dubious debt collecting world.

    HTH
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
    The Lord Giveth and the Government Taketh Away.
    I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
  • planetm_2
    Options
    Hello,

    I have debt in the uk and have moved to the usa. I have credit cards with some american companies (but all credit given in UK). I am paying out large amounts for medical insurance and presciptions now and cannot continue to pay my debts. I have heard that the UK debts cannot be chased on the USA or they can but there is nothing they can do as there is no reciprocal agreement. Is this true? Can I be made bankrupt, can my credit file be affected and can they make me pay in the USA for UK debt?

    I have left some money in my bank account there to keep paying debt for several more months and hope to get on my feet enough to pay so my question is a WHAT IF not a definite but having many sleepless nights with worry on top of my chronic illness and being a single mum!

    Any help woould be appreciated as I see so many conflicting posts on the internet about this issue...
  • System
    System Posts: 178,102 Community Admin
    Photogenic Name Dropper First Post
    Options
    Hiya Pixie, I have no help to offer just say, how you doing, your new life sounds exciting and I am sure that so long as you fulfull your payments things should be ok. Lenny xx
  • System
    System Posts: 178,102 Community Admin
    Photogenic Name Dropper First Post
    Options
    I have the same problem as well, it won't let me report it.
  • planetm_2
    Options
    Why are you trying to report my question as spam when all I am trying to do is get help?
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.6K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.8K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards