joninoxford

Hi there,

I have around £6000 of debt from my student days notched up on my HSBC overdraft and a Egg loan. Just wondered if anybody knows whether uk banks are happy for you to maintain UK accounts whilst living in Australia? Ideally, I want to pay off my debt gradually over a few years whilst paying in electronically once in Australia. Do they insist you settle and close your accounts before leaving? Thanks for any help you can provide!

Vicky88

We have kept our First Direct accounts open even though we have spent 4/6 years outside the UK.

rapitts

If you tell a bank you are moving to australia they may ask for you to pay the debt before going.

I dont think banks can chase a debt in another country so I've heard someone say before, unelse you debt is pretty large !!!

Note, I was sending some australia money home several years ago for my ex-gf to visit me when I was back packing, this was a real pain in the arse, say for example givein exchange rates, charges, 3 Australia dollars equals 1 pound. It really drains your money resouces when in Australia.

If you do have debt, I would try to merge the debt over the maximum number of years, so hopefuly make your monthly payment pretty small and easier to maintain in Australia.

Keep amount money in your account to pay your debt for 3-4 months, this way all you need to do is top it up every other month.

cherry6

I have a bank account with lloyds. I also have a credit card with them. I will be keeping my bank account open when i go (I shall tell them I am going on a year break to Oz and get my mail redirected to my mum). I intend to use my card in Oz and pay the statement by online banking. As far as money transfers I am registered with paypal, I intend to use this to pay money into my account (no hassle).

Vicky88

Should mention that we have also kept our credit cards with First Direct. However, I do have vague recollections of some questions being asked which may have been trying to ascertain whether we would be able to pay our UK credit cards. Think we got thru because we had no debt and always paid our cards in full.

Pollyana

I've kept my bank account going - internet registereed so I can pay my credit card bills from it and manage it all from over here. Also still using my UK credit cards cos I couldn't afford to clear them. Haven't told any of them I'm out here in case they demand repayment, I'm just getting the bills forwarded to a friends place and he tells me what they are!

bondipom

It is a shame you could not afford to clear your debts in the UK because the transaction costs of paying off debt from Oz are not cheap. At least with 42p to the $ it will be cheaper than last year when it was 33p.

I just deferred my student loan again and I have a years repayments earning interest but I wish I could get rid of it.

evorobin

I've just sorted out my online banking with barclays after getting a paypal account to keep an eye on UK funds.

Pollyana

Not a hope I'm afraid, though it would have been nice! Unfortunately love won over common sense and I moved to Oz, where I will have to put up with the transaction costs!! I use a comoany called tranzfers.com to move cash Oz to UK, they seem pretty reasonable, then pay the debts from the UK account.
Thank God I went to college in the dark ages when we had grants instead of loans.

janeyray

We still have a bank account in the UK, just use my parents address as the contact address.

cob

Hi
We have a Barclaycard and a Barclays account and we have the mail sent over to Australia and pay by internet banking.
Hope this helps
Cob

markeh

Hi joninoxford,

I'm with Jurpin on this, just redirect you address as your mum & dad's. Use online banking to access the account.

I would try and clear the debt whilst you are in the UK if possible, it would make this easier, but it might not be possible depending upon your finances.

Nice of the UK government to make all English / Welsh university students have a debt problem.

Bye
Markeh

joninoxford

Thanks for all the replies.

Yes, sounds a good idea reregistering bank accounts under your parents address, but the worry for me is firstly they think at 26 I am debt free (didn't want to worry them) and secondly I don't want to damage their credit rating. Shame you cannot get the banks to mail statements to Australia, but I guess it would cost too much for them to do this. But I'll ask my bank to make sure and report back! Cheers

MrsDagboy

We still have accounts in the UK (with First Direct & had credit cards as well with other banks) & they send all our statements to us here in Aust

Jacqui

We still have our bank account with Lloyds and they send our statements to our new address here.