Expatriates are 'struggling with debt' -
Quick Quote
  • (inc. country & area code)
  • Please note this service is only available during London office hours. If your call is urgent we will endeavour to get back to you at the earliest possible opportunity.
  • This field is for validation purposes and should be left unchanged.

Call us today: +44 (0) 20 3551 6634

Expatriates are 'struggling with debt'

Some expatriates have been hit hard by the credit crunch and have been forced to leave their Spanish dream houses, the Sunday Times has reported.

The paper spoke with an employee of a Spanish bank tasked with repossessing property in the Costa Blanca – a favoured expatriate location.

According to the bank’s representative, some of the expatriates that have to hand their property back feel badly treated.

"The banks here can get very heavy-handed as soon as people fall into arrears on their mortgages. Men in suits turn up at the door making demands, and people don’t know what to do," the unnamed worker told the paper.

For most people the move to Spain is characterised by warm weather, good health and a more relaxed lifestyle.

However, if expatriates fail to meet monthly payments then lenders are entitled at some stage to reclaim their property, before selling it on.

A further consideration for anyone moving abroad is finding comprehensive expatriate medical insurance.

As the NHS notes – moving abroad can be an overwhelming experience and migrants are advised to plan for their medical care before they leave their home country.

Moving Abroad: Moving abroad? Get a free quote for your international medical insurance online.ADNFCR-1788-ID-19142287-ADNFCR

Latest Expat News
South AmericaNorth AmericaAfricaAustralia & New ZealandAsiaEurope