USA Credit Card Debt transfer to UK

pearsonville

Hopefully someone can point me to a thread where this is discussed, however I couldn't find it.

Essentially, my step-son ran up (legitimate) debt in the US whilst working there, but having returned to the UK, he is struggling to make the same repayments, as salaries and housing costs in UK are quite a bit less than the USA.

At the moment I'm talking to him about consolidating his US cards into a single 0% card, which goes part way to resolving the issue, but is there a way to bring the whole debt here, so that he can start monitoring the debt locally.

Thanks for any comment

[Deleted User]

If he wants it on a 0% card, he'll need a money transfer option, with the associated forex fees when paying from his current account.

dj1471

As above he'd need to apply for a money transfer card, transfer the money to his UK bank account them use Transferwise or similar to send USD to pay off the US card.

dresdendave

pearsonville wrote: »

Essentially, my step-son ran up (legitimate) debt in the US whilst working there, but having returned to the UK, he is struggling to make the same repayments, as salaries and housing costs in UK are quite a bit less than the USA.

If the housing costs are lower in the UK wouldn't this compensate for the lower salary?

bris

Is the USA debt on USA or UK cards? Most people just ignore foreign debt (outside the EU) if they are not going back.

pearsonville

<<as salaries and housing costs in UK are quite a bit less than the USA.>>

Sorry, that should have read 'As salaries are less and housing costs are more in UK

Also, they do want to go back at some time, so want to stay legit.

PRAISETHESUN

As above, the easiest way would be a 0% money transfer card or a low rate loan - use the cash to transfer to the USA (via transferwise, etc) and then pay off the debt. The MT/loan repayments would then be managed from the UK - see below for the best options: https://www.moneysavingexpert.com/credit-cards/money-transfers/

JayMawds82

If he ain't going back in a hurry then don't pay, acknowledge or contact the companies.

SnooksNJ

JayMawds82 wrote: »

If he ain't going back in a hurry then don't pay, acknowledge or contact the companies.

Would you be giving the same advice if an American came to the UK and ran up credit card bills and left without paying.

JayMawds82

Probably.


Financial institutions are not your friend. Remember that.

fwor

JayMawds82 wrote: »

Financial institutions are not your friend. Remember that.

Debts that don't get paid by the borrower almost always end up getting paid by somebody. Remember that.

It's the main reason why 49% of applicants for a loan don't get the "headline rate".