possible emigration, outstanding debts?

turok

Hello all, first post, please be gentle!
Please forgive me if this isn't the right forum, but it seems the best fit.
We as a family are considering moving to Canada, on a (probably) permanent basis.
We have approximately £50k outstanding on CC and £30k on personal loans currently.
Asset wise, we have approximately £100k equity assuming our house was sold, which I think it would have to be.
I must stress that I'm not looking to "run" from the debts or do anything illegal at all, but I am wondering if it is feasible to pay off some of the debts and leave some outstanding, and possibly pay whatever is left by ensuring funds are available in a UK bank account to maintain the payments? This is basically to avoid using all of our equity, and making a larger amount available to take abroad, as a safety measure.
I have even thought about the possibility of an IVA, as these debts are making a massive hole in income every month, but, I am assuming that once entered into such an agreement, one of the clauses is likely to be that the debtor has to remain resident in the UK..

any advice would be greatly received.
tia

turok

bump anyone?

HHH_2

anyone any ideas?

floss2

Can you guarantee that you will have a job earning enough to live comfotably AND continue to pay your repayments?

Why not obtain full & final settlement figures, repay the debts and take the balance to Canada? You would still have approx £20k.....

wazza24

Hi there Turok, great idea moving to Canada i wish i could do it myself. If i got this right, after selling your house and clearing debts you will be left with £20,000, if this is the case i would say that you are not in the worst situation to be in, at least you would get somthing after selling which would keeping you going for at least the first 6 months to a year in canada.

Are the loans unsecured and have you defaulted on any payments. Not that i am an expert on this, but once you have defaulted for a while creditors may sometimes be willing to settle for less than what you owe, which my be one way of keeping more of your money. Not sure of the details on this, although i have settled some of my accounts for 50% of what was owed, but then again i did'nt have the money to pay the full amount which you would have after selling tour home.

Hope some of this helped and all the best for the future, watch "Money as debt" on google video and you might get a new perspective on banking and loans which might help ya make your decision on what to do.

turok

thanks for the replys folks.
Wazza, yes all the debts are unsecured, and I've never defaulted.
Floss, you make a good point about living, AND paying the payments, particularly as earned money in Canada sent back here is going to be disadvantaged by the $$ ££ rate!
Maybe another way could be to compromise, and pay off the lumpier debts and keep some that are more affordable..
thanks again so far!;)

Jeffers90

Hi Turok,
In regards to the IVA - I'm not sure whether you would have to stay in the UK, best bet is to check with a professional company, but I'm pretty sure that you would have to release the equity in your property anyway, as part of the agreement, so if your trying to avoid losing any of that money, an IVA might not be the route to go down.

Anyone else have more experience with IVAs?

phildamb

I think the concern here would be the exchange rate....if your earning in canadian dollars and paying off a debt in GBP it will take a long (very long) time to clear that...