Posted: Tue Feb 27, 2007 1:13 pm
I am a British citizen but a US Resident, moved to the USA 2 1/2 years ago to get married (my husband is American). When I lived in England, I had a high-paid career and alot of disposable income, but since moving to US I couldn't work for first year due to the laws, so was using my savings to pay my credit card debts.
I owe 40,000 GBP over 7 credit cards. I have been doing my best to keep up with payments but I am really struggling - my income is 1/5th what it was in the UK, and also the exchange rate from dollars to pounds is terrible - about 2-1 - so it makes it even harder. I am worried because the cards are registered at my parents' address even though I haven't been on the electoral register there for 3 years. I am thinking of an IVA on these circumstances. I can probably afford to pay 300-400 pounds per month maximum over 5 years. I don't own property or assets in UK -
my questions are:
A) will an IVA effect my parent's ability to obtain credit or home even though the debts are in my name and unsecured?
B)Will an IVA in the UK effect my ability to renew my Green Card status in the USA?
Thank you in advance.
I owe 40,000 GBP over 7 credit cards. I have been doing my best to keep up with payments but I am really struggling - my income is 1/5th what it was in the UK, and also the exchange rate from dollars to pounds is terrible - about 2-1 - so it makes it even harder. I am worried because the cards are registered at my parents' address even though I haven't been on the electoral register there for 3 years. I am thinking of an IVA on these circumstances. I can probably afford to pay 300-400 pounds per month maximum over 5 years. I don't own property or assets in UK -
my questions are:
A) will an IVA effect my parent's ability to obtain credit or home even though the debts are in my name and unsecured?
B)Will an IVA in the UK effect my ability to renew my Green Card status in the USA?
Thank you in advance.