Leaving the UK
Date: Tue, 07/18/2006 - 21:05
I'm leaving my job in the UK to train and work in a new profession in Mexico in 2months. I currently have a 10k loan outstanding. I'll be training for 3 months, with a guarnteed job at afterwards but I'll be starting on a low wage and have to pay back my training fees from that wage. I have some savings and hope I can pay back my outstanding loan as normal but worry that it won't be possible and can't miss this opportunity.
I've heard about doing an IVA with creditors but I can't do that while I still have savings. I've also heard I could get a letter of authority to allow a relative to act on my accounts from the UK, so maybe I could act through a relative, if and when I can't pay it off, rather than give my phone number and address in Mexico, to be harrassed or tracked down. I've also heard that for small amounts the banks don't come after you abroad and the slate is wiped clean after 7 years.
Incase the bank won't agree on an IVA and want to track me down I'm wondering if I should be worried about being traced. Maybe I shouldn't use my debit cards. Maybe take the maximum allowed in traveller's cheques, set up a Mexican bank account and transfer my money through a relative's account or Western Union or an internet gaming site. Will I get a new credit rating in Mexico?
Obviously paying it off would be preferrable if possible but I'm just thinking ahead. As you an see I'm a bit confused and I'd be very appreciative to anyone who knows about this sort of thing and could advise me. Sorry if I'm asking a question that's been asked before, I'm new to the boards.
I've heard about doing an IVA with creditors but I can't do that while I still have savings. I've also heard I could get a letter of authority to allow a relative to act on my accounts from the UK, so maybe I could act through a relative, if and when I can't pay it off, rather than give my phone number and address in Mexico, to be harrassed or tracked down. I've also heard that for small amounts the banks don't come after you abroad and the slate is wiped clean after 7 years.
Incase the bank won't agree on an IVA and want to track me down I'm wondering if I should be worried about being traced. Maybe I shouldn't use my debit cards. Maybe take the maximum allowed in traveller's cheques, set up a Mexican bank account and transfer my money through a relative's account or Western Union or an internet gaming site. Will I get a new credit rating in Mexico?
Obviously paying it off would be preferrable if possible but I'm just thinking ahead. As you an see I'm a bit confused and I'd be very appreciative to anyone who knows about this sort of thing and could advise me. Sorry if I'm asking a question that's been asked before, I'm new to the boards.
Hi Confused----Two things---first would please define IVA. I hav
Hi Confused----Two things---first would please define IVA. I have never heard of it myself. Also---please register as a member on this site and you will receive some free debt counseling, which it sounds like you need. Plus, you can post questions/answers here on the boards. And there is plenty of good information on here.
