Tier 2 - what if the employee loses job

[Rvj]

Hi,
If a person loses his job, his tier 2 visa, and needs to leave the country - what should he do with the car on finance and a new build house (2years old) on mortgage. Has help to buy on the house too.
How can he sell the car (which is on finance)? Will he get any return on the house? Anyone had this kind of experience?
Need help.
Thanks a lot!

[CR001]

This isn't an immigration related query. The person will need to speak to the lenders or citizen advice. The debt remains whether you are in the UK or not.

[Berkay]

If someone's Tier 2 visa ends and that individual could not extend it in a short time, is there any way to stay in the UK for a short time to find a job? apart from that 14 days after the expiry.

[Zerubbabel]

Hi,
If a person loses his job, his tier 2 visa, and needs to leave the country - what should he do with the car on finance and a new build house (2years old) on mortgage. Has help to buy on the house too.
How can he sell the car (which is on finance)? Will he get any return on the house? Anyone had this kind of experience?
Need help.
Thanks a lot!

Hello

Sad situation If your visa is curtailed and you couldn't find a sponsor, it means you are going to leave the country at one point. Consider that the Tier 2 visa is getting easier with the Brexit. It could make it easier for you to find an employer. But still if you have to leave, you need to sort out your financial affairs. You may even get some money while doing so.

Contact your lenders and explain the situation. Often it's possible to return the car to the dealership. It will be sold and the finance cleared.

For the mortgage, after 2 years, if you count your initial deposit + what you paid since + any market movement on the valuation of the house, you could be on positive equity. This means it could be possible to sell the house and you will get what you invested back (partially, totally or even more than what you invested)...

See with a financial adviser and post in money/finance forums for more recommendations.

[JohndoesUK]

If I was in the situation as stated and I could raise £20K or so then I would probably be looking at either getting myself or my partner in higher education (HE). If one partner goes into university level full-time education then the dependent can work in any job at any skill level. Further to this, after the course has ended, both migrants would be eligible to work for 2 more years under the PSW programme. The case for going into HE in the UK has never been stronger.