Us debts

[carry 2]

Hi

 

i dont know if someone can answer my questions.

Im thinking of moving back to Canada, but I have a car loan, credit card debts and a personnal loan in the US.

i know I have to pay the car off if I want to register it in Canada (for the title)

What do I do about the other debts?  Should I take a loan in Canada to pay off the US creditors and make payments on the loan in Canada?

 

thanks 

[Udella&Wiz 325]

I would call your creditors, some may allow you to continue paying, some may not and want you to pay off the loans prior to moving out of the country - then you'll know what you're looking at. Are you a Canadian citizen? How long have you been gone? You may want to consider that you may not have any Canadian credit in order to obtain a loan. While you may have had credit when you lived there before, my understanding is that over a period of time and financial inactivity (the types of things which report to credit bureaus) you no longer have any credit - or rather you're a noob again  Someone here I'm sure could confirm that length of time or whether they experienced issues on returning to Canada initially.

[carry 2]

I'm a canadian Citizen. I've been gone for 5 years, but I'm still working in Canada. I commute everyday.

I'll contact my bank to see If I have to pay my loan off.

 

thanks for the infos

 

[zilchfox 296]

On 5/15/2017 at 5:35 AM, Udella&Wiz said:

I would call your creditors, some may allow you to continue paying, some may not and want you to pay off the loans prior to moving out of the country - then you'll know what you're looking at. Are you a Canadian citizen? How long have you been gone? You may want to consider that you may not have any Canadian credit in order to obtain a loan. While you may have had credit when you lived there before, my understanding is that over a period of time and financial inactivity (the types of things which report to credit bureaus) you no longer have any credit - or rather you're a noob again  Someone here I'm sure could confirm that length of time or whether they experienced issues on returning to Canada initially.

7 years of complete total inactivity, your credit is totally wiped out and you have no credit again, unless it was tax debt that was never paid, then that remains on the credit file indefinitely.

 

On 5/13/2017 at 8:27 PM, carry said:

Hi

 

i dont know if someone can answer my questions.

Im thinking of moving back to Canada, but I have a car loan, credit card debts and a personnal loan in the US.

i know I have to pay the car off if I want to register it in Canada (for the title)

What do I do about the other debts?  Should I take a loan in Canada to pay off the US creditors and make payments on the loan in Canada?

 

thanks 

Yes, as long as your credit score supports it, you can take out a loan in Canada to sort of "migrate" your debt from the U.S. to Canada. Creditors won't care where the money came from, they just want to see it paid.

[Leafsfan 54]

I'm not sure which province you're referring to, being from Alberta myself there is no "title" for a vehicle in the American sense. It was a difficult thing to explain to the DMV when I made it to Arizona. I only needed proof of ownership, proof of insurance, and an out of province inspection (if applicable) to register vehicles in Alberta. The insurance company was the one that cared if there was a lien on the vehicle, the registry office did not.. there wasn't even any mention of it on the registration paperwork.