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Immigrating what to do about Bank Loan

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  • 06-10-2010 1:23pm
    #1
    downwiththat
    Closed Accounts Posts: 5 ✭


    Hey guys

    In a few months i'm immigrating to Australia for good . My wife and I have a joint bank loan with Bank Of Ireland .

    I'm not sure what i need to do . My wife is covered by the payment protection becasue she earned the most . She is now leaving her job in a few weeks .

    Not sure what i need to do about the bank loan still has 6 years left on it and not waiting here to finish pay that off . Does the payment protection even cover us now that we're leaving the country .

    Any help at all would be great .

    Please don't say run and don't pay back becasue we don't want to do that .

    Regards

    Al


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    #2
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭Rabidlamb


    Read the particulars of the payment protection insurance to see if you're only covered if you are laid off.
    I doubt they will cover you if you give up work voluntarily.

    I have a few friends who have recently emigrated & have asked their lender to offer them a closing figure.
    GE Capital knocked off about 30% to clear one loan.

    You have to have the funds to make this one off payment however.


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    #3
    bills
    Registered Users Posts: 952 ✭✭✭bills


    i doubt payment protection would cover you leaving the country unless involuntary unemployment only.

    Pay off the loan or arrange to lodge funds into an account to cover monthly repayments.


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