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moving to UK with HK debt

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  1. #1

    Join Date
    Jul 2012
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    Hong Kong
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    moving to UK with HK debt

    Hi,

    I'm moving back to the UK in a couple of months and have a few questions about my HK debt.

    1) I have an HSBC loan of $120,000. Can I get this transferred to HSBC in the UK?
    2) What happens if I leave without paying it off? (obviously that is not my intention, but I won't have my salary going into my HK bank account any more and it may take a while to set up a regular payment from the UK as I'll be starting a new job and getting a new bank acc etc)

    Any advice appreciated


  2. #2

    Join Date
    Oct 2010
    Posts
    19,612

    I think its unlikely you will be able to get it transferred, given the retails units in various countries are normally distinct companies with limited information sharing. You could probably apply for an HSBC loan in the UK for the balance, and pay it off - whether or not HSBC UK would lend you the money depends on your financial situation I guess.

    Not being able to set up a new bank account in time isn't an excuse to skip regular payments - you'll need to find a way to get this up and running without missing a monthly payment otherwise you may incur penalty fees.


  3. #3

    Join Date
    May 2006
    Location
    Pampanga, Philippines
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    21,263

    It will not be as easy as you think believe me. Wasn't with HSBC but another bank suggested I return to HK every month to pay in cash. Yep likely. Found another way.


  4. #4

    Join Date
    Oct 2005
    Posts
    14,237

    Can't you keep your current account running with enough money for a few months minimum payment then when your uk account is sorted then transfer funds into the HK account to pay it off.

    MovingIn07, muzzdang and jamesLCQ like this.

  5. #5

    Join Date
    Mar 2007
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    Quote Originally Posted by jimbo
    Can't you keep your current account running with enough money for a few months minimum payment then when your uk account is sorted then transfer funds into the HK account to pay it off.
    This answer is so obvious it makes me wonder why you didn't think of it...... what are we missing? Will you not have a high enough salary to pay off the loan or what?

  6. #6

    Join Date
    Jul 2012
    Location
    Hong Kong
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    Ha, ok the reason I didn't 'think' of it is because it isn't feasible. Not sure about you, but I don't have 120,000 dollars lying around to pay off a loan. I'm happy to keep paying my installments, which I can afford, but there isn't a minimum payment amount on a loan like a credit card, so it's going to be a set amount no matter what. I guess I'll just have to keep transferring money every month.


  7. #7

    Join Date
    Oct 2005
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    14,237

    Never said you needed to payoff the full amount. Just leave enough for a few months payment in the account that's all.

    Fiona in HKG and jamesLCQ like this.

  8. #8

    Join Date
    Jun 2010
    Location
    Tuen Mun
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    6,196

    How did you get a 120k loan out of HSBC? I can't even get a small overdraft from them and (from the sounds of it) I'm earning a heck of a lot more than you!

    MovingIn07 likes this.

  9. #9

    Join Date
    May 2006
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    Pampanga, Philippines
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    21,263
    Quote Originally Posted by bryant.english
    How did you get a 120k loan out of HSBC? I can't even get a small overdraft from them and (from the sounds of it) I'm earning a heck of a lot more than you!
    You are self-employed. Banks the world over hate the self-employed.
    MovingIn07 and bryant.english like this.

  10. #10

    Join Date
    Nov 2007
    Location
    Wanchai
    Posts
    4,117

    Do you have an MPF fund that you can use to pay it off? My understanding is that if you are leaving HK permanently then the MPF money is yours to do what you wish with.

    Drunken Master and MovingIn07 like this.

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