no income, big debt, different country

Undersized_Rascal

Hi
I owe £6000 on a balance transfer. I am on disability payment and have been for nearly a year. The debt is on uk cards. I now live in In ireland. The 0% balance transfer comes off in June. I can't afford to pay £2000 but maybe if i stretch myself. this would still leave 4k. Should I call them? forget about them, I live in a different country now and do they trace people to the ROI.

any Q's ask me
tnx
getting worried as 29% day approaches

hectoriess3000

Don't ignore the problem because it won't go away. You need to call them up and explain your circumstances. Together you should be able to come up with a repayment plan that is both accpetable to the company and one that you can afford.

Another possibility may be to get a new card and transfer the money so you have zero rate again for a while. At least your £2000 would give you a bit of breathing space.

Good luck clearing the debt, I'm sure you will do it.:D

Undersized_Rascal

do they chase people from uk to rep. of ireland?

NickX

Be careful here - Republic of Ireland is not too far, it won't cost their debt collectors too much to hop on Ryan air and pay you a visit. And they will whether its legal or not !

If you really wanted to escape the debt, you'd need to move quite a bit further afield - somewhere like Panama might be a good one.

Do speak to them, explain you are struggling to repay the debt and agree a payment plan with them. From a legal standpoint, the courts will always look to see that you have made some effort to repay the debt, even if in very small amounts. Provided you do this, the UK courts should look favourable on you.

Simply trying to escape the debt would be frowned upon and could even be deemed fraudulent.

Good Luck.

Undersized_Rascal

thank you nick X
i do need to call them. I should try work out a payment plan with them. but with no income it will be hard! i can repay some of it but all of it will be difficult but I'll see what they say

NickX

You may get away with paying less than the £6k owed by agreeing something called a "Full and Final Settlement", and I have known as little as 30% (i.e. the £2000 in your case) agreed.

However, to do this takes a lengthy period of negotation. Generally you need to default the account, go into arrears, go onto a Debt Management Plan and probably have them sell the debt on to a DCA (Debt Collection Agency).

If you were in the UK, I would advise that you go to CAB (Citizens Advice Bureau) as they will do the negotiation on your behalf and have access to professional legal advice. I'm not sure if there is an equivalent in Republic of Ireland, but if there is they are definitely worth a visit.

Please do be aware that this process of defaulting, going into arrears and finally agreeing a "Full and Final Settlement" will damage your Credit Rating for up to 6 years.

Also if you post on the DFW (Debt Free Wanabee) board on here, there are many people who have been through this and would be able to advise.

Good Luck.

vwman_3

Undersized_Rascal wrote: »

do they chase people from uk to rep. of ireland?

Canada was not far enough for a relative of mine, and he is now suffering there as a result.

Undersized_Rascal

vwman wrote: »

Canada was not far enough for a relative of mine, and he is now suffering there as a result.

tell me your relative story....I need motivation to do the right thing

I called them there,( A&L CC...run by MBNA) they said call back in a month as the 0% runs out on july 1st and they can't do anything about it until then


HAS ANYONE GOT ANY ADVICE ON DEALING WITH MBNA

vwman_3

Undersized_Rascal wrote: »

tell me your relative story....I need motivation to do the right thing

I called them there,( A&L CC...run by MBNA) they said call back in a month as the 0% runs out on july 1st and they can't do anything about it until then


HAS ANYONE GOT ANY ADVICE ON DEALING WITH MBNA

Sent you a PM.....

Undersized_Rascal

my payment is due in 9 days time, should i make one or default now?
My 0% comes to end 1/07.......
at the moment i pay £5
i can't afford to pay the minimum payments 1/07 so know i will be defaulting.....
A&L/MBNA won't offer disucssions until I default

should also mention i have euro bank account but outstanding amount in sterling

NickX

Well the £5 minimum payment isn't too bad is it ?

Why not pay that for now, wait until they hike the payments up, and tell them that they need to agree a payment plan or you will not be able to pay. Whatsmore from you've said this is exactly this case.

You have until 1\07, so make use of that time.

By paying the £5 you are delaying the confrontation, and you have time to apply for credit elsewhere - why not get another card to balance transfer to ? Or if that is not possible, maybe approach your bank about a loan ?

Once you have defaulted, it is going to be much more difficult to obtain further credit, and you really are stuck with negotiating with MBNA.

I'd just advise weighing up all your options before you go down this route, and with the £5 payments, you really do not need to default.

You obviously had a reasonable credit rating to get a 0% deal in the first place, so why not try for another one before your rating takes a nose dive ?

Good Luck.