This article is for anyone in the situation of Carol, who is emigrating to Australia following a very attractive job offer at a new IT company but has an unpaid credit card debt and You don’t know how to proceed. If you are thinking of leaving the country and leaving your debts behind, find out if you may be living a dream or entering a nightmare.
How does emigrating affect your debts?
In the case of Lucy, an accomplished fulfiller of all her obligations, the doubts were, from the first moment, related to the following scenario: she wants to pay everything she owes, but has a month just to move to Australia and, Although she would like to settle everything at once, especially her 15,000 dollar credit card debt, she does not (like most of us) have that amount available immediately.
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Therefore, she wants to continue to settle her monthly installments, but does not know how to do so while being so far from Portugal. Do these financial burdens keep you from moving? Rule number one: Loans should serve to pursue your dreams and not to end them. So what you need to do as soon as you get great news like Carol’s is simple: get organized.
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We all have bills to pay and we can even have a car as well as a house, so everything that has to do with the property you have or debt needs to be dealt with before you leave. Below we show you how to deal with these bureaucracies.
How not to become an “outlaw”?
Since Carol was unable to settle all debts at the time she headed for the kangaroo country, so what she did, particularly with regard to credit card debt (and others she had), was to keep her debt. bank account and appoint his brother Juan as legal representative.
Therefore, when emigrating you should name a trusted person as your legal representative (it could be the mother, the father or even the brother, for example – it just can’t be the parakeet!) And it will be the one who should try to settle your debts. through your bank account, as you will be authorized to move it. If there are debts that can be settled by direct debit, even better: fix them in this mode of payment and it is less a concern you will have.
There are also companies that handle these legal issues for you: E (i) migrant, who provides professional administrative support to those who will emigrate.
Therefore, there is no excuse for leaving everything behind and pretending that you did not have a life when you were still in Portugal and incurring a court case that will only cost you double.
Meet : 4 Serious Consequences of Not Paying a Loan
In this sense, by the way of credit card debt, are you sure you have the solution that is most beneficial to you? If you are like Carol, who uses this payment instrument for many of her purchases, it may be best to buy one with the cashback advantage , whereby she gets back a percentage of the amount spent at the end of the month.
3 Reasons Not To Leave Credit Card Debt Behind
1) Improve your chance of getting future loans
This should be your biggest motivation: Being compliant, especially sixteen thousand kilometers away, will make it easier for you to get back to your home country later (especially if it is definitely). Leaving your reputation intact only brings you benefits.
2) Debt does not evaporate
If you emigrate and leave your credit card payment behind, the outstanding amount does not disappear. On the contrary, it is increasing, starting to accrue interest on late payments, and it is certain that at some point you will have a court case.
3) Sleep rested
I wish one day I could return to your country of quiet conscience and the possibility of resuming your life, right? So there is no need to ruin your credit history and have your name tarnished on the Banco de Portugal Responsibility Map .
Learn : 6 Lessons to Retain from First Credit Card Debt
There is another possibility that can help you a lot: if you have more debt than your credit card debt and are about to emigrate, you can use a consolidated credit to aggregate all the benefits in one, which will make it much easier to manage these payments. distance.