Is Debt Management possible if living Abroad
You may be living abroad but are struggling to pay debt you owe in the UK. Where this is the case a debt management plan can help.
Included in this article:
- Can you use a Debt Management Plan while living abroad?
- Options for starting your Plan
- How will your credit rating be affected
Need help? Rather speak to a person? Call 0800 044 5407 or fill in the form below and we’ll call you
Can you use a Debt Management Plan while living abroad?
If you are now living outside the UK there are no restrictions on using debt management to repay money you owe here. A plan can be set up with your creditors in the same way as if you were still living in the UK.
The process involves contacting your creditors and making an acceptable repayment agreement with them – normally based on monthly payments. You can do this yourself or nominate someone to do it for you.
You can start a Plan whatever your nationality. You may be a UK citizen who has moved to a different county. Alternatively you could be a foreign national who was living in the UK but have now returned to your home country (or somewhere else).
It does not matter how long it is since you left the UK. It could be a few months or a number of years. A debt management plan can be started at any time.
Options for starting Debt Management if you live outside the UK
Because a Debt Management Plan is an informal agreement there is nothing to stop you setting up the agreement yourself. You can negotiate reduced payments directly with your UK creditors if you wish.
However if you are living abroad, negotiating with your creditors can be difficult and expensive. You are likely to have to make multiple international telephone calls. This can be even more challenging if you are in a different time zone.
To avoid these issues or if you simply don’t want to speak to your creditors yourself you can use a debt management company to assist you. They will carry out all the negotiations on your behalf. In addition you will only have to make a single payment to them each month rather than multiple creditor payments.
Contact us for more information about setting up a debt management plan from abroad. Call 0800 044 5407 or complete the form below.
How will your credit rating be affected where you live now?
Using a debt management plan in the UK will not affect your credit rating in the county where you live now. Your ability to get credit and any facilities you currently have outside of the UK will remain unchanged.
You will also be able to continue using your local bank account. The only account which might at risk is one you still have in the UK if it is one of your creditors. Where this is the case it might be closed.
Of course once you start your Plan your UK credit rating will become poor. However neither this or your debt will prevent you visiting or returning to the UK permanently at any time.
Starting a debt management plan in the UK will not affect your credit rating or ability to get credit in the country where you now live.
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