Unable to pay back Debt

fatbelly

You need immigration advice, which we are not qualified or supposed to give

However...

I can see insolvency being a problem

I can't see a few defaults on your credit file being as bad

Andyjflet

I'm not qualified to advise either way. And your Visa obviously throws in a few curve balls. The purchase of your laptop shows your mindset. mine was the same, but now I would think. If I bought this £1000 laptop that would be X hours of work to pay it off, therefore all my additional hours are wasted hours working, just to pay the laptop which I thought was going to "Buy me financial freedom"

I followed the Dave Ramsey baby steps methods and paid off al my debt to everyone, £65k of it in 5 years. I learned a lot of lessons and my mindset changed forever. 

sourcrates

All we can do on this forum is help you repay your debts, we can advise different strategies and ways to do this.

We cannot give legal advice, nor can we help with immigration issues, that has been repeated a few times now.

At the very least it would break forum rules.

QrizB

babayaga96 said:

RAS fatbelly Andyjflet enthusiasticsaver Grumpelstiltskin QrizB kimwp
If you were in my position, what would your final plan of action be? (Considering the debt, Car HP etc)

I don't know enough about your position to say what I'd do, and even if I did - I'm not you, we might feel very differently about things.

Sorry.

babayaga96

I will come back and let you guys know what the immigration advisor will say. I greatly appreciate everyone's time and advice here on this thread.

babayaga96

Seems like defaulting and DMP does not seem like a problem for the Visa. Spoke to the Car Finance company, they said I can opt for the Default Termination of my agreement - they will take the car away, sell it at auction and arrangement a payment plan for the remaining amount. 

fatbelly

Then why not do a Voluntary Termination? I posted about it earlier.

It is going to limit what you owe

Once the account is defaulted, you no longer have the right to do it

ManyWays

You must look into voluntary termination rather than handing back the car and having it sold. VT will often leave you better off (which is why the finance companies dont like it)

RAS

Another one urging voluntary termination. Since you've already talked to the company you need to make absolutely sure that you request this in writing. An OP here didn't make it explicit and found themselves without a vehicle and still paying back a very large debt. 

If the company have any record of discussing default termination, it's essential you disabuse them and get an agreement based on voluntary termination.

babayaga96

I have not paid 50% of the loan to be able to opt for voluntary termination. Hence, they are suggesting my only option is Default Termination.