Moving abroad... required to clear all debts?
Discussion
Becoming very likely I will be moving to the US to work (L1 visa, so not a short term thing)...
what is the requirement for outstanding debts (i.e. credit cards), can you retain the UK bank account and continue to pay them back online etc and have the US address as your main address, or must they be cleared?
Obviously, I will be shelling out on sorts of things when I move, and would rather a chunk of my disposable income didn't go paying it off immediately, and save that for when I am settled.
Thanks in advance good people of the P&P!
what is the requirement for outstanding debts (i.e. credit cards), can you retain the UK bank account and continue to pay them back online etc and have the US address as your main address, or must they be cleared?
Obviously, I will be shelling out on sorts of things when I move, and would rather a chunk of my disposable income didn't go paying it off immediately, and save that for when I am settled.
Thanks in advance good people of the P&P!
- Just in case, I should add I am not looking for a way to try and wriggle out of it and 'make it disappear'!
Edited by n1ckt001 on Tuesday 6th July 15:10
ringram said:
No need to clear.
As long as you are servicing them you would be ok as long as they are unsecured. Obviously secured debts will need to be cleared as you liquidate the security, (ie) Sell your house etc.
Thanks, and I would be ok to continue with the UK current account it is linked to? Do they convert it into some sort of 'international account' of some sort? As long as you are servicing them you would be ok as long as they are unsecured. Obviously secured debts will need to be cleared as you liquidate the security, (ie) Sell your house etc.
Obviously wages etc would go into a US checking a/c.
I will need to sell my house (probably easier said than done I imagine I will find out!), and didn't want to ditch a chunk of the equity into paying it all off right away.
Out of interest... how does credit rating work? Would I be on nothing when I move and find difficulty getting a mortgage if I made that decision?
n1ckt001 said:
ringram said:
No need to clear.
As long as you are servicing them you would be ok as long as they are unsecured. Obviously secured debts will need to be cleared as you liquidate the security, (ie) Sell your house etc.
Thanks, and I would be ok to continue with the UK current account it is linked to? Do they convert it into some sort of 'international account' of some sort? As long as you are servicing them you would be ok as long as they are unsecured. Obviously secured debts will need to be cleared as you liquidate the security, (ie) Sell your house etc.
Obviously wages etc would go into a US checking a/c.
I will need to sell my house (probably easier said than done I imagine I will find out!), and didn't want to ditch a chunk of the equity into paying it all off right away.
Out of interest... how does credit rating work? Would I be on nothing when I move and find difficulty getting a mortgage if I made that decision?
sawman said:
n1ckt001 said:
ringram said:
No need to clear.
As long as you are servicing them you would be ok as long as they are unsecured. Obviously secured debts will need to be cleared as you liquidate the security, (ie) Sell your house etc.
Thanks, and I would be ok to continue with the UK current account it is linked to? Do they convert it into some sort of 'international account' of some sort? As long as you are servicing them you would be ok as long as they are unsecured. Obviously secured debts will need to be cleared as you liquidate the security, (ie) Sell your house etc.
Obviously wages etc would go into a US checking a/c.
I will need to sell my house (probably easier said than done I imagine I will find out!), and didn't want to ditch a chunk of the equity into paying it all off right away.
Out of interest... how does credit rating work? Would I be on nothing when I move and find difficulty getting a mortgage if I made that decision?
Interesting about the CC and mortgage in terms of credit rating.... Sale of house (providing I don't pay off all of CCs etc) should leave me with a 10% deposit, we shall see... more than happy to rent until everything is in order. One positive thing about Ohio is it's cheap, I need to investigate to find another positive
n1ckt001 said:
sawman said:
n1ckt001 said:
ringram said:
No need to clear.
As long as you are servicing them you would be ok as long as they are unsecured. Obviously secured debts will need to be cleared as you liquidate the security, (ie) Sell your house etc.
Thanks, and I would be ok to continue with the UK current account it is linked to? Do they convert it into some sort of 'international account' of some sort? As long as you are servicing them you would be ok as long as they are unsecured. Obviously secured debts will need to be cleared as you liquidate the security, (ie) Sell your house etc.
Obviously wages etc would go into a US checking a/c.
I will need to sell my house (probably easier said than done I imagine I will find out!), and didn't want to ditch a chunk of the equity into paying it all off right away.
Out of interest... how does credit rating work? Would I be on nothing when I move and find difficulty getting a mortgage if I made that decision?
Interesting about the CC and mortgage in terms of credit rating.... Sale of house (providing I don't pay off all of CCs etc) should leave me with a 10% deposit, we shall see... more than happy to rent until everything is in order. One positive thing about Ohio is it's cheap, I need to investigate to find another positive
Don't get to theoretical, forign address may work but things get lost nad take forever, the best bet is to use your Mum or Dad's adress and set up standing orders, and DD's and internet banking, I've been out of the UK for over 30 years and I still use my mates address for things like driving licence.
By the eway I think HSBS ar usless, I had their premium account and I closed it, they appear to think they are entitled to the business if your a UK expat and you should go to them, open an account with a bank where you are working and you get to and build a relationship with, if you are staying and you want to buy aproperty in the furure then its a US credit rating you want not a UK one.
By the eway I think HSBS ar usless, I had their premium account and I closed it, they appear to think they are entitled to the business if your a UK expat and you should go to them, open an account with a bank where you are working and you get to and build a relationship with, if you are staying and you want to buy aproperty in the furure then its a US credit rating you want not a UK one.
Berw said:
Don't get to theoretical, forign address may work but things get lost nad take forever, the best bet is to use your Mum or Dad's adress and set up standing orders, and DD's and internet banking, I've been out of the UK for over 30 years and I still use my mates address for things like driving licence.
By the eway I think HSBS ar usless, I had their premium account and I closed it, they appear to think they are entitled to the business if your a UK expat and you should go to them, open an account with a bank where you are working and you get to and build a relationship with, if you are staying and you want to buy aproperty in the furure then its a US credit rating you want not a UK one.
i'd kind of agree with that. I use HSBC in canada, there are 2 branches in my city, one of them was fine one useless, i nearly closed my account but started using the "good" one exclusivley and all is well. By the eway I think HSBS ar usless, I had their premium account and I closed it, they appear to think they are entitled to the business if your a UK expat and you should go to them, open an account with a bank where you are working and you get to and build a relationship with, if you are staying and you want to buy aproperty in the furure then its a US credit rating you want not a UK one.
Its worthwhile keeping something tied to a uk address.
We found that coming back to the Uk last year getting new credit cards was aan issue, even with providers we had previously used
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Am here in Canada but still have my UK accounts, as I have small monthly items to pay for still, its also useful for ordering presents for UK delivery ! I managed to get a credit card within 3 months of being here, and a mobile (cell) phone, I think it just depends on your own situation.
wibble cb said:
Am here in Canada but still have my UK accounts, as I have small monthly items to pay for still, its also useful for ordering presents for UK delivery ! I managed to get a credit card within 3 months of being here, and a mobile (cell) phone, I think it just depends on your own situation.
Thanks, I guess I will just have to wait until it all goes through and see how I stand then!You will probably have trouble getting a credit card in the US unless you are with Amex who happily convert your UK history into a new low-limit card in the US.
Set up a new local bank account when you turn up in the US - otherwise you will be paying $$ every time you use a cash-point (ATM).
I very much doubt HSBC has many branches in Ohio.
Remember every non-your-bank ATM charges for you to take out cash.
You will probably need your social security number to set up a new account so get on that ASAP when you arrive.
L1s are temporary transfer visas IIRC which means you are up for I think 6 years max (3 standard plus 3 extension) - so I would be careful about buying a house straight away. If you lose your job or company folds or whatever, you have no right to stay in the US.
Mortgage companies are morons over there but even they might have a problem with that.
You will have NO credit history so they will fleece you on interest rate in any case.
I would happily rent - most likely cheaper still than buying.
Set up a new local bank account when you turn up in the US - otherwise you will be paying $$ every time you use a cash-point (ATM).
I very much doubt HSBC has many branches in Ohio.
Remember every non-your-bank ATM charges for you to take out cash.
You will probably need your social security number to set up a new account so get on that ASAP when you arrive.
L1s are temporary transfer visas IIRC which means you are up for I think 6 years max (3 standard plus 3 extension) - so I would be careful about buying a house straight away. If you lose your job or company folds or whatever, you have no right to stay in the US.
Mortgage companies are morons over there but even they might have a problem with that.
You will have NO credit history so they will fleece you on interest rate in any case.
I would happily rent - most likely cheaper still than buying.
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