Debt Woes Forcing Expats Home

Thu, 01 Apr 2010

Debt is becoming a problem for an increasing number of expats due to the weak value of the British pound.

The Consumer Credit Counselling Service (CCCS) said it has seen a sharp rise in the number of calls received from people living overseas since the start of the year.

Since January 1, the debt charity has already received over 500 international calls from people struggling to repay UK debts, a 33 per cent rise from the 375 people who contacted it during the same three-month period last year.

The CCCS believes the rise in calls is being driven by people who live in countries within the Eurozone, who do not have enough money to pay off their debts back home due to large falls in income driven by the weakness of the pound against the euro.

It added that expats are forced to use more of their income on daily living costs, leaving them with less money to repay the money they owe.

CCCS helpline manager Laura Carver said: "The decreasing value of the pound is the main reason that those living abroad are struggling to repay debts ."

"We have had people whose income had allowed them to life comfortably abroad, and although that income hasn't changed, they have been left struggling to make ends meet by the decreasing value of the pound.

She added that as a result many people are considering returning to the UK.
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