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k8bug79

Finance to pay overseas debt

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Hi,

I am hoping for some helpful advice. I have read the threads about paying off UK debts from overseas. Long story short we had to make the move over sooner than anticipated and it meant we couldn't clear a few bits in the UK as we had hoped. Add in the end of year tax credits recalculation which resulted in an over payment and we are left with a few K to clear. We have been managing by sending money home and we can continue to do so, but the reality is it is doing little more than covering the minimum payments- which we have calculated it would take about 10 years and about $70 K in interest to carry on that way.

 

We were hoping to get a loan over here whilst the rate is stable (the $ vs GBP has made the current situation worse at the moment and in my opinion is only going to continue to do so) but after applying to NAB we have been told we can't secure a loan for overseas liabilities.

 

Of course the idea of just walking away is appealing but having done our research we are not confident with that route and therefore we are doing the moral thing and continuing to pay. But it is very frustrating knowing it could end up costing us so much more in the long run.

 

Has anyone any experience on getting a loan here to cover overseas commitment and if so how? The guy on the end of the phone alluded to the fact we could say that we were buying washing machines etc but wouldn't change the application purpose on the current application. We had to reapply. But we are concerned to put another application in and risk of them seeing through it and throwing it out or worse investigating fraud.

 

This is doubly frustrating as we tried so hard to get this sorted in the UK and would have cleared it by now had they helped but all we hit was brick walls. We have credit cards over here but are unwilling to max them out to sort this as we use those for emergencies.

 

Any experience welcome.


 


Kate (34), Lewis (37), Eve (11), Rhys (7), Phoebe (5)

DH granted Citizenship by descent 30/10/09 sub class 100 visa granted 4/12, Arrived 5th Sept 13.:biggrin:

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Have you tried contacting someone like the CAB in the UK they may be able to help in getting the interest stopped and then you can concentrate on reducing the debt itself.

There are people on here who have done a runner from their debts and not been chased but personally I wouldn't be able to sleep at night, plus if you have a property in the UK they may be able to take this from you.


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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