Debt in uk but moving abroad

Question

Hi all I am moving abroad and have a loan that I cannot pay in full before we go. I was wondering what the best way to approach the bank would be? We want to pay this off but at first we will have no income until we find work. we have managed to pay off everything else there is just this one loan. Will the bank accept smaller payments? How should I word the letter to the bank?

Thanks in advance for any replies.

Answer 1

You should go directly to the bank (nicer than a letter) explain the situation and try to refinance the loan to a longer pay period ( which might mean a bit of  interest added to the amount due.  

Answer 2

Try negotiating your loan down to a smaller amount. Set up a payment plan with the bank.