emigrating and debt

Hi all
Im new to this but i need a bit of advice.
im planning on moving to the uk next year i want to get into a university over there and for personal reasons it can not be done in ireland.
Im a single mother with 2 kids so ill need every penny that i earn.
At present i have a credit union loan that i pay and have up to date.
If i leave and find myself in a situation that i cant make my full repayments (which i will be sending weekly from uk)
will i get into trouble?

I have been advised to just leave the loan and that the credit union will just write it off after 2 years.
But i dont want to do that, as its morally wrong and also i will be returning to ireland to visit family etc.

I dont have a mortgage.
All i owe is the credit union €18000

Please advise me.
thanks

Yes. You will find yourself in trouble. Credit unions aren't too shy to appoint professionals to handle the matter.

All you owe is 18,000? That's a lot by any standards.

Your morals tell you its wrong but you've come to the internet hoping people will advise you otherwise? You sold out your morals fairly quickly there.

Thanks for your advice peteb. But if you read my thread again you will see that I don't want to do that and I'm just informing the other users of advice already giving to me.
I hope I haven't disappointed you by not lowering myself to your negative mind frame.
My morals are perfectly intact. Thank you very much

If you stop paying the Credit union they may just let it go or they may pursue you.

If they pursue you and take you to court and you accept that you owe they money (or the court finds that you do) the court will make a judgement order against you.

This will be based on what you can afford to pay weekly or monthly. These tend to be reasonable amounts.

This process will take about 18 months, I think, (I am not very up to date on the time scale at present).

So option 1 is do nothing until you get a court summons.

Option 2 is decide yourself what you can easily afford each week, say €10 and pay that to them. This removes their incentive to take you to court.

Don't expect them to formally agree to this. They may still threaten but there are very unlikely to take any real action.

It would be nice to get their agreement to freeze the debt. I.e. not charge any further interest. If you are going down route 2, you might try this first. But in the meantime don't pay them anything, otherwise they will be under no pressure to agree.

cremeegg said:

If you stop paying the Credit union they may just let it go or they may pursue you.

If they pursue you and take you to court and you accept that you owe they money (or the court finds that you do) the court will make a judgement order against you.

This will be based on what you can afford to pay weekly or monthly. These tend to be reasonable amounts.

This process will take about 18 months, I think, (I am not very up to date on the time scale at present).

So option 1 is do nothing until you get a court summons.

Option 2 is decide yourself what you can easily afford each week, say €10 and pay that to them. This removes their incentive to take you to court.

Don't expect them to formally agree to this. They may still threaten but there are very unlikely to take any real action.

It would be nice to get their agreement to freeze the debt. I.e. not charge any further interest. If you are going down route 2, you might try this first. But in the meantime don't pay them anything, otherwise they will be under no pressure to agree.

Click to expand...

I don't think that's good advice to someone who has stated that they wish to continue payments at the moment and are just wondering what would happen if they can't.

OP keep in communications with your Credit Union, if you find you can't meet the usual payments, ring or email them and tell them of your situation and ask if you can temporarily reduce payments or suspend them. Most CU seem to be loathe to take action until all other remedies have been examined, from stories on here it's where there has been no communication that they tend to pass on debts to recovery companies.

Best of luck with your move to the UK and university course.

I do want to make my repayments but if i find myself in financial distress then its ok to reduce repayments.
I was led to believe that as i do not own any property then the credit union will not agree to this lighty
I will contact them personally.

It would be great if i could reduce repayment for a period of time.
My course will be 3 years and at the end of this i will be in higher paid employment with a recongised qualification... (fingers crossed)

Thanks very much for your advice and well wishes