JT1

And at times of panic and anxiety - stop and look at what you've achieved by moving to another country. Even if it's not working out for you, then at least you can be proud in the knowledge that you've tried it, which most people don't have the nerve to do.

Juswus

this is so true! Good way to look at it

coopa_troopa

They don't need to ask you here.......they just go ahead and drug test you.

ajcmals

Ok so this could be a contentious subject as part of this thread... but paying UK debt from USA? Do any of you have Loans and CC's that you still pay back to UK?

As said previously I have known of people to just 'forget their uk debts' in the hope that it will get erased after 7 years of living in USA...

Personally I would have huge guilt hanging over me if I did that, worrying also if 'they'd get me'. My debts are also registered to my home (parents) address as I never owned my own home after University.

I do think (no matter what circumstances) if you get into debt then it's your own doing and you should be responsible for paying it back. But when I hear about banks making $millions and other people "running away" from debt it makes me think twice, if they can then why can't I?!

I am not prepared to have debt collectors hassle my parents nor affect their credit rating for their address. Also it's pretty much stealing to not pay it back when you can, so for me a moral issue. Wondered if any of you folks had any other legal, 'moral' experiences or ideas so that all parties (me, parents and lenders) are "happy" so to speak!

About 80% of my take-home pay pays for my debts back home with the rest paying what I can for living expenses here. Also my 0% interest free balance transfers have ended and you obviously lose money on currency fluctuation (I use paypal to my british bank account).

I was wondering whether trying to re-negotiate with the lenders would be a good idea? And if i'd have a leg to stand on without expensive legal costs from attorney's etc... Also not wanting to get my parents caught up in any s**t or affecting their credit!!!

MERRY CHRISTMAS AND A HAPPY NEW YEAR!

dunroving

Yes, I've paid UK debts while living overseas, even at times when I was absolutely skint. I've always paid my debts, wherever I have lived.

I agree with the comment that you shouldn't get into debt if you don't have the money to pay it off (ESPECIALLY consumerist/luxury purchase/credit card debt).

However, the recent housing situation and layoffs associated with the economic situation have led many honest, hardworking people into debt without any major negligence on their part. If someone in that situation had the opportunity to emigrate and leave their debt behind, I must admit I am a lot more ambiguous than I used to be about their responsibility to the bank. I know their debt becomes my debt, and it really does p*ss me off that I am paying extra to cover debt defaulters, insurance fraudsters, frivolous lawsuit-takers, etc., but I just can't imagine being in the hole for $50k and facing a lifetime of paying off a debt that was due to some smart-aleck banker who ramped up the mortgage/housing market and is now retired on some faraway tropical island.

ajcmals

Yes this makes you question whether what the banker has done is moral?! Therefore making 'one' want to just say f**k it and not pay up! But that has consequences.

Any others in a similar situation or you all lucky enough to have savings?! I'm only 25 and feel as though my money situation has started off on the wrong foot! As I said before I was pretty set before University, then my circumstances lead to me getting into debt...

Elvira

Check out the "Dealing with Debt" board at the UK Motley Fool for advice on how to renegotiate with lenders and "snowball" your debts: www.fool.co.uk

Use XE Trade to transfer cash, not Paypal.

dunroving

If it's any consolation, I was pretty much broke/in debt until I was 40 ...

ajcmals

Thanks for your advice. I notice the fool.co.uk page on "Dealing with Debt" is a forum. You think I should post my specific situation or have you seen a thread, which is similar to mine?

Thanks

Elvira

I'm sure there are tons of threads on people in similar boats and AFAIK there are some stickies giving general advice, includig dealing with CC and loan companies, but by all means post your questions once you've familiarised yourself with the forum. I think the posters there a helpful lot and there are quite a few 'experts' too.

ajcmals

Thank you very much. I have just posted...

Elvira

Saw your posts and replies. To be honest, your best bet is probably to go bankrupt in the UK and concentrate on paying off US debts and not getting into more debt in the US.

AFAIK this will not affect your parents' credit rating, nor your US credit rating. However, if you think that you may at some point move back to the UK, you'd want to look carefully into this, in case bankruptcy would affect your ability to sponsor your wife for a UK visa.

But do listen to the guys on DWD, especially Manzanilla, and also Sonic if he joins the discussion.

I'm sure you found putting together your SOA useful!

ajcmals

Thanks for your comments and for reading that post. Bankruptcy isn't something I WANT to do, after the SOA though perhaps it is one of few options given the circumstances. Like I said in the post I pay my personal debts but when combined with my wife's and our living expenses it's too much.

Going bankrupt in the UK to ease the pressure here in the USA? To me it's immoral! I suppose I face misery for the next 7-10 years or be one of those that 'runs away' and goes bankrupt... not something i want to do though...