What to do with Canadian debt after entry into the USA through K1 Visa?

[truelove2014 0]

Hi there!

I am the beneficiary from Vancouver Canada, and I am wondering what others on here are planning to do, or have done with their outstanding credit card debt from Canada after they enter the USA on a k1 visa? I can't pay it all off right now, and once I get the K 1 visa I won't be carrying a balance in my regular accounts to do online banking.

I have asked at my bank, but they did not give me clear answers and they said no one has ever inquired about what I was asking them.

Thanks!

T

[Transborderwife 4,666]

Hi true love, I'm a former debt collector. The best thing that you could do is try to get a settlement. Legally, unless they have a Canadian address to send notices to they cannot persue you. Many try as many consumers are not aware of their rights.

Payments can be made normally via western union and money gram etc.

Edited November 17, 2014 by Transborderwife

[truelove2014 0]

Transborder wife,

When you said try and get a debt settlement, do you mean ask for a reduction in the total amount I owe by just calling my credit card company?

[Transborderwife 4,666]

Is it still in first party collections? (Ie: it is with the original company) if so, they won't likely settle with you. You can choose to wait until it's been charged off (seeing as your credit no longer carries much weight in the USA) usually after 120 days delinquency or try and set up a monthly payment arrangement with them while it's still in first party. The card would have to be cancelled/closed in order to normally do this.

[truelove2014 0]

It is not in collections. While I am still here in Canada, I have been keeping up with paying at least the minimum payments and sometimes a bit more. My fiancé is willing to take on my debt/make the payments after I enter on the K1 visa, but if that is what it comes down to we are just not sure the most logical way to make the payments (without banks charging us huge fees to do international wire transfers and currency conversion fees).

[Transborderwife 4,666]

Some companies will give you codes to waive western union fees. That's how we used to do it when I was working credit card collections.

[Lemonslice 4,840]

Keep a Canadian bank account, make the payments... transfer money with xe.com (no fee, rate is usually good). I paid my mortgage like that.

[Soapies 18]

I have a bank account with TD Canada Trust... and a hefty student loan I'm still paying off (And will be for years...)

My plan is to open up an American TD account as they have cross-border banking ... you can transfer money from the american account to the canadian account for no fees (conversion rates apply, obviously). I have monthly payments so every month I will transfer money to my Canadian account to ensure it's paid off!!

I have a lot of money saved up because I didn't want my fiance to be stuck paying my monthly payments, so when I first move I will actually be keeping most of my money in my Canadian account - only bringing money over when I need it ... because the American dollar really sucks right now, and I don't want to lose so much money converting it at once. But this way I can use it for my monthly payments!

Once I start working in the states, I will set up the direct deposit to my american TD account and transfer money over to the Canadian account when the monthly payments are due.

TD Bank is great because you can do EVERYTHING online. Eventually I'd like to be with the same back as my fiance but until my loans are paid off, I think this is the best option for me.

I'll be going into TD soon to set it all up and go back to the most basic canadian account available... as I will no longer need things like unlimited withdraws, overdraft protection, etc... It'll cost me $5 or so every month to keep the Canadian account open... totally worth it.

But that's just what I plan to do, I'm in the same boat as you though, I don't know what's best :/

Edited November 18, 2014 by Soapies

[truelove2014 0]

I am with TD bank as well! I am wondering if by opening up a US account, if you meant that where you are moving to has a US TD bank branch location? I know where I will be living (Oregon) there are no TD branches (I heard they are mostly on the east coast of the usa). Or did you mean that you are just doing everything through online banking through a US account to your regular Canadian account?

[Transborderwife 4,666]

When I initially went to TD when I first came down here (Florida) I was told that they have no access to what they call Canada Trust accounts (Canadian TD accounts).

[ricnally 258]

I have Canadian and US accounts through RBC. No physical branches here in the US, but when I need cash, I just get it at the grocery store checkout. Otherwise everything is paid online or with debit card/cheque.

Edited November 18, 2014 by ricnally

[Udella&Wiz 325]

When I first moved I too still had credit card debt (at TD coincidentally). I continued to make payments monthly until I paid it off a year or so later. I kept my existing TD bank accounht open so I made deposits to it and then could easily pay my CC. I left a bit of a balance in the bank account when I moved and then I had my parents deposit money later on which I sent them. Once I had my EAD when I was eligible for EI, I had EI direct desposit into the same TD bank account.

[Soapies 18]

Or did you mean that you are just doing everything through online banking through a US account to your regular Canadian account?

Well I was hoping to open a US account in the states, there is a TD branch kind of close to where I am (but not really). So i was going to rely mostly on online banking. But as someone else mentioned here, through an American account you can't access your Canadian account?

All I know is what I've read here http://www.tdcanadatrust.com/products-services/banking/cross-border-banking/benefits.jsp?tabcontent1=content1as I haven't made it to a branch yet. :/

--- > Choose from two no-fee transfer options for transferring money from your Canadian based accounts at TD Canada Trust to your U.S. based accounts at our U.S. bank, TD Bank, America's Most Convenient Bank:

Online Transfers (up to $2,500)2

Phone Wires (up to $100,000)3

Edited November 18, 2014 by Soapies

[Transborderwife 4,666]

I couldn't access the Canadian account at the branch level. Unsure of online. We bank with Wells Fargo downhere now.

[kashewmoo 9]

I've been through this entire rigamarole myself! It's been a pain, but I think I've figured out a system that should help.

I have a chequing account with TD Canada, and a US TD Bank account. I had to open the latter over the phone as I'm in Colorado; the former I opened online (I had a student line of credit with them already). When money is transferred between TD Canada and TD USA, you must call the cross border banking line - you can't initiate the transfer online. It costs me approximately $10 a month to keep both accounts open, but this has been the least headache inducing method. I don't use these two accounts for anything other than a money shuffle, as neither bank is my bank of choice. If you keep a minimum balance in both of them, I believe you can avoid the monthly fee entirely, but I've not been able to transfer enough to see.

My main bank here in the US is Wells Fargo, for which I got cheques. I can do a mobile deposit from my Wells Fargo to TD Bank, which avoids the $3 online transfer fee WF charges. The next time I visit Canada, I'm going to bring a stack of cheques with me, sign them, and then leave them with my mom so that I can have her deposit cheques directly into my CIBC account if need be.

I transfer money using Interac e-transfer between my banks in Canada, which I believe costs $1.50 from both banks. Of course, if you just use TD Canada, you wouldn't have to worry about it.

As for the actual maintenance/monitoring the balances of the accounts, I have online banking set up for both TD Canada and TD USA. But, again, do note that you can only do the crossborder transfers by calling the number.

Edited November 19, 2014 by kashewmoo