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Outstanding UK loan - confused!

Outstanding UK loan - confused!

Old Sep 22nd 2013, 11:54 am
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Default Outstanding UK loan - confused!

Hi everyone,

Hoping somebody can help as I can't find any solid information on this. On the telegraph website there was an expat guide to the US with the following:

"You have to be sure you have cleared up all of your financial affairs in the UK before you go, if you are going to be away for some time. This includes clearing loans if you can, sorting out your bank accounts, closing any you will no longer need, and telling HM Revenue & Customs you are leaving the UK"

If everything through work gets approved and the moving process begins, I will still have a UK loan outstanding from when I was younger due to finish in Nov 2014. Do I legally have to clear this before I move to the US? Or can I continue to pay this in the US.... This could be the same for UK credit cards as there might be some outstanding money on it as I was planning on using it for settlement fees of contracts I have over here (I.e. Mobile phone contract, car finance etc...)

Thanks
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Old Sep 22nd 2013, 12:04 pm
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Default Re: Outstanding UK loan - confused!

Originally Posted by Ash14297
Do I legally have to clear this before I move to the US?
No. You can pay it from wherever you are. Generally the same with bank accounts, you can keep them until the bank decides otherwise and even then you can usually get them to change their mind. The only thing that may be worth doing is filing for a tax refund and the pretty much the only thing you can't do is renew your UK drivers license if you are not resident in the UK.
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Old Sep 22nd 2013, 12:08 pm
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Default Re: Outstanding UK loan - confused!

Originally Posted by Duncan Roberts
No. You can pay it from wherever you are. Generally the same with bank accounts, you can keep them until the bank decides otherwise and even then you can usually get them to change their mind. The only thing that may be worth doing is filing for a tax refund and the pretty much the only thing you can't do is renew your UK drivers license if you are not resident in the UK.
Ok that's great thanks for your quick response! I was hoping that was going to be the case as I didn't really want to settle it before I went as that's just another added cost to moving out there!
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Old Sep 22nd 2013, 1:54 pm
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Default Re: Outstanding UK loan - confused!

Originally Posted by Ash14297
Ok that's great thanks for your quick response! I was hoping that was going to be the case as I didn't really want to settle it before I went as that's just another added cost to moving out there!
Be wary about telling you bank you are going to the US, because some will close your account, and others may do so in the future as the cost of FATCA compliance becomes a burden, and the risk of fines for failure to comply increases (the banks have to report US resident's and citizen's accounts and income to the IRS annually. One Swiss bank has already been bankrupted and destroyed by IRS court actions). If possible change you address of record to a relative's home address.

Last edited by Pulaski; Sep 22nd 2013 at 1:57 pm.
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Old Sep 22nd 2013, 3:26 pm
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Default Re: Outstanding UK loan - confused!

I have a forwarding address from my-uk-mail.co.uk which I gave to my UK bank and credit card company. They're OK and reasonably cheap. I get all my bank and credit card statements sent there (although my husband has given his US address to Natwest and they send statements here with no issues). I transfer money back via xoom.com from my US to UK bank account to pay my credit card with no problems, it only takes a couple of hours for money to get from one account to the other.

It's best to keep your UK bank account open if at all possible, it's so tough to open them these days with all their ID requirements. I keep a few pounds in mine and occasionally use my debit card to make a donation to charity on justgiving or something, just to keep the account active.
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Old Sep 22nd 2013, 3:42 pm
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Default Re: Outstanding UK loan - confused!

Originally Posted by NatashaB
I have a forwarding address from my-uk-mail.co.uk which I gave to my UK bank and credit card company. They're OK and reasonably cheap. I get all my bank and credit card statements sent there (although my husband has given his US address to Natwest and they send statements here with no issues). I transfer money back via xoom.com from my US to UK bank account to pay my credit card with no problems, it only takes a couple of hours for money to get from one account to the other.

It's best to keep your UK bank account open if at all possible, it's so tough to open them these days with all their ID requirements. I keep a few pounds in mine and occasionally use my debit card to make a donation to charity on justgiving or something, just to keep the account active.
Exactly what I was looking for thank you! Think I'll do the same.
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