Continuing to manage your debts is one of the most important factors that you should keep in mind when planning a move to another country. If you’re planning holiday travel, you generally don’t have to be concerned about those debts, except for making sure that payments are made when due. But if you’re traveling on a more permanent basis, such as for a job relocation, you’ll need to understand just what happens to the financial obligations you leave behind.
A permanent move within the UK, for example, won’t separate you from your creditors in most situations. This situation remains much the same as when you’re at your original address. Moving outside your home country will probably complicate things a bit. You can get most of the information that you need in a guide on traveling with debt, such as what happens if you own property, will you be working to repay debts, and so on.
You’ll find a discussion on the subject of bankruptcy as it applies to those who move from one country to another. In some situations, such as within the EU, you’ll have to look into insolvency options in the new country after you’ve been there for a specific amount of time. In other nations, you have up to three years to declare bankruptcy in the UK.
Arrangements, Debt Management
You’ll also have access to information about such detailed processes as Individual Voluntary Arrangements (IVA) and Debt Management Plans. It’s important to know the guidelines and restrictions on each of these, such as when you can put an IVA in place if you are not living in the UK.
A Debt Management Plan is an option for those struggling with payments and due accounts, whether you’re in your home country or living elsewhere. With clear guidance, you can handle these issues and deal with financial challenges.
Download the full guide here in the form of a PDF.
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