I moved to Canada from England in May'07. Since then i came to an agreement with the Lloyds TSB to consolidate my overdraft and platinum card, paying off my just over 5k debt at around 40 pound per month. With the Canadian dollar value/ exchange rate and appliccable fees, this costs me more like 70/80 pound however. On my latest call to them i advised i couldn't increase the monthly payments, i have 2 small children including a newborn and for now, only 1 salary coming in. The representative on the phone replied "that's OK, we're happy that anyone who moves abroad pays anything back."
Ive always wanted to just forget about it, Lloyds have been totally unhelpful and obnoxious with me for years and rammed a 4grand mastercard down my throat in the first place, but I updated by info with Lloyds when i left for Canada so they sent me colections letters. Now though ive moved so surely i'd be OK? Ive already asked them to sell the debt to a Canadian company and they refused. My payments are going nowhere, it costs me an arm and a leg to make them, and they have neither my address or phone number.
My main concern is if i cant come to some kind of agreement with them, and fell behind on payments significantly, or even totally just forget about it, what would the implications be?
I am skint, have no means of making payments since i no longer have a Canadian credit card (dont want to get into more debt over here), and to be honest, petrified. I havent paid or spoke to them for 3 months. I heard that UK banks can sell your debt abroad especially in Canada and Germany, would they then find me and my Canadian credit rating be destroyed? I also work for Citibank here, if they found out would they fire me? I dont know where to turn. What if i applied for a Canadian mortgage sometime in the future?
Thanks for your help.