hayleyhails

just a quick one been reading some threads on here and just wondering about debts!!!
i have student loan outstanding what happens with this as i wont have 13,000 big ones to pay it off gonig spare???
also will prob have a few other things to pay can you pay them from overseas and keep uk bank account open?? would want to keep one open here anyway and paying everything off before i go will make process hell of a lot longer as i dont have house to seel and the capital it would prodce to pay off everything.

any advice?

Ozzidoc

Yes, tell the loans company about your plans, and make an arrangement with them to pay monthly/quarterly/annually by standing order

Worst case scenario is that u r in oz, sending back part of your wages every single month.

hayleyhails

thanks thought that was the case thought if i keep my uk acocunt open and transfer enough funds each month then there wont b a prob

thanks

jocky boy

Hi

Would it cost money to transfer money back to UK

Beth

Australia_bound?

Work hard pay off your debts then go, easy really

Australia isn't going anywhere and best to make a new start with a clean slate.

Oh and Aus$ will be harder/longer to pay off UK£ debts

diddy

Agreed, try and get them down as much as possible b4 you go.

trehere

I have student loans as well and managed to defer payment for a year. However now things are different and I am paying 100 pounds a month - that works out to be nearly $250 - which depending on your salary might not be so easy to do. We also had credit card debt which we were sure we'd pay off once we were here but 2 years on and we're still in exactly the same debt. Your UK debt might not seem much when you're earning pounds but once you're on dollars its a whole lot harder. I'd try to clear as much as you can before you come over.
When transferring from our Australian account (ANZ) its easy but it costs around $22 a transaction back to the UK. We've kept a UK account so we can transfer a lump sum back every month or so and save on the fees.

hayleyhails

Cheers everyone

from jobs research looks like hopefully around $1600-1800 per fornight so sending a few $ over each month or every two months shouldnt be so bad, pain i agree but dont want to wait too long before i go, saying that dont plan to go for 1 months or so so debt will be less by then

thanks again

Marcopolo

Im not in that much debt, but enough. £3500. I decided to take on another job on the weekends to stop me from going out. Iv been able to put £700 / £800 a month towards it. Once its gone I'll either cut back on how many hours I do or jack it in. The sooner I have no debt, the sooner I can save more money.

The main down fall of this is Im so tired. 7 days a week dosnt do you any favours and the amount of time I spend with my mates.

hayleyhails

god i can imagine not sure if i am just too lazy for that but i suppose the money yuo save not being able to go out id a lot!! Well it woukd be for me

Bodge

I'm in the same boat with a bit more debt and my husbands not sleeping worrying. We are planning to be in Melbourne within the next 4 months,so I think your suggestion might help my husband sleep. When do you think we should write to the loan companies?

iPom

Good on you, Marco ... You may be tired now, but you'll be glad you did it in the end...