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Expat with a problem
undermykilt
Posts: 3 Newbie
Posted this in another forum so please delete if it breaks forum rules
Hi
I have a situation that is probably not so uncommon but let me break this down
I left the UK ten years ago, I am UK born but now am a Swedish citizen with a Swedish passport and only return to the UK to visit family. I have no intention at all about moving to the UK. I own no property, or assets. Since 2010 I have had a bank overdraft that has been paid off with interest. Now the bank has upped the interest to the point where I Am only able to pay of interest. So what Pay in comes out, its a never ending circle.
I have no intention of returning to the UK and it's not running away, I simply have my job, life and family here.
in the ten years I have not missed one payment. But with NatWest is it possible to enter an arrangement as I can not apply for IVA or, bankruptcy?
I am really new to this so go easy on me! Any advice is grateful. I plan to contact NW tomorrow, the overdraft limit is around 5,000 now with interest around 130 a month
Hi
I have a situation that is probably not so uncommon but let me break this down
I left the UK ten years ago, I am UK born but now am a Swedish citizen with a Swedish passport and only return to the UK to visit family. I have no intention at all about moving to the UK. I own no property, or assets. Since 2010 I have had a bank overdraft that has been paid off with interest. Now the bank has upped the interest to the point where I Am only able to pay of interest. So what Pay in comes out, its a never ending circle.
I have no intention of returning to the UK and it's not running away, I simply have my job, life and family here.
in the ten years I have not missed one payment. But with NatWest is it possible to enter an arrangement as I can not apply for IVA or, bankruptcy?
I am really new to this so go easy on me! Any advice is grateful. I plan to contact NW tomorrow, the overdraft limit is around 5,000 now with interest around 130 a month
0
Comments
-
I think debtline may be a good shout
https://www.nationaldebtline.org/EW/information/abroad/Pages/living-outside-the-uk.aspx2021 GC £1365.71/ £24000 -
Thanks! Followed these. Some sounds like a DMP is the option? I have some numbers to call tomorrow so will follow up0
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Can you not get a loan from a Swedish bank to pay the overdraft off?
What kind of account do you hold with NatWest?0 -
Hi
I'd rather not take out a loan to pay off a new one its almost like borrowing more which does not really help me.0 -
If the interest alone is £130/month on £5000, you're getting a very poor rate (~35% APR?)
So long as you ensure you pay off your overdraft, a lower rate loan or 0% balance transfer card would be much more efficient ways of dealing with the debt.0 -
undermykilt wrote: »Hi
I'd rather not take out a loan to pay off a new one its almost like borrowing more which does not really help me.
Well a loan with a monthly repayment of £130 would have paid the loan off............5 years ago!
Up to you.0
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