Author Topic: Overseas and struggling  (Read 716 times)

Jimmy85

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Overseas and struggling
« on: Mar 01, 2021, 05:48:34 AM »
Hello

I've been living in Asia since late 2019, bringing some UK debt with me that I have been paying off with no problems. Due to the pandemic, my pay has been reduced, and my spouse has lost her job in the hospitality industry.

Due to this, the UK debts have increased and our income has significantly reduced. We are now in the position that if we continue to pay the UK debts at the full amount we will end up in debt in the country we now live in.

All payments are up to date (2 credit cards and 2 unsecured loans) as of the 1st March. My thoughts are to write to the four creditors and ask for a reduced payment plan. However, from experiences a friend of mine has been through, and the low amount we can afford to pay back, these will most likely be rejected and the debts passed to DCAs.

I have tried to get a loan to consolidate everything but no one will offer this as we are not UK residents.

I have informed two of the creditors of my current address overseas. One of the credit cards I haven't as you can only update a UK address in their system. The other loan currently still with our UK address is with the same high street bank as our residential mortgage. We have a long term tenant in our property in the UK.

I still have a UK bank account with another bank that the tenant pays the rent into, and we transfer money to this account  to pay the UK creditors each month. I also have a credit card with them that has zero balance.

I have mail redirection with Royal Mail set up and the tenant forwards anything they miss to my brother so I am confident that any communications would get to me in a reasonable time frame.

We want to ensure that nothing happens to our mortgaged UK property for obvious reasons. What is the worst-case scenario we are looking at here and what can we do to mitigate this taking on any advice this forum has to offer?

Thank you in advance.

 

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