Hi all, can anyone tell me what,if any,issues there would be with the banks if you sell your house and leave your job and hit the road.I am led to believe that the banks will cancell your credit card as you have no steady job or permanent address,even though you have invested the money from the sale of your house and can still meet any repayments !!!!
we have been on the road 5 years and have no problems. I guess if you were tardy in paying or gave the bank some reason to think you could not meet your commitments there may be a problem but i am sure if you keep it up to date they will be happy to keep lending you money. especially if you pay a bit of interest now and then.
One option to think about is having your credit card(s) set up to directly debit your bank account so you don't have to worry about making sure you make a payment before it becomes overdue. You avoid having to pay any interest charges this way. (you may have already set this up)
Also you can consider a debit card. These cards are Mastercard or Visa cards issued by the banks similar to credit cards except that the purchases are directly debited to your bank account as you make them. Generally there are no annual fees although whether that is true in every case I don't know. Obviously interest charges are not relevant. A debit card usually serves as cash card for use at ATMs. As this withdraws directly from your bank acount (exactly the same as a normal cash card) cash advance charges don't apply.
Whether these ideas are relevant to your situation only you will know.
(disclaimer or "CYA"... I don't have a background in banking and these are "layman's" comments only)
-- Edited by jimricho on Wednesday 30th of June 2010 08:52:24 PM
Hi there, we are considering doing the same thing come the end of the year - perhaps we will meet up somewhere, sometime down the track. However, what we propose to do is use a family members address as a 'permanent' address for rego/insurance etc, with our mail going to a PO box which will then be forwarded onto us at regular intervals. As too for banking, we too have set up debit cards, with pension payments going into them and an auto deduction transferring from one to another account, that way we feel we will be 'covered'.
Anyway...welcome to us grey nomads.
Pete & June
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Pejay are travelling in a 2014 Holden Colorado LTZ Twin Cab Ute + 2013 Coromal Element van
Thanks for the replys everyone.I had an indepth talk with the bank today and it is not a problem at all, i only have to advise them of change of postal address,we have always had the card paid off in full each month using direct debit for the last four years
