Leaving the Country with Debt

mehuk

mehuk

mehuk

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Joined
29 Sep 2006
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hmmm

not that i would do this, but if you racked up debt

i.e.

Credit Cards
Overdraft
Store Credit
Loans

etc

and then decided to cut loose from the UK and move to say Canada. Could you leave and forgot all these debts and start 'a fresh' in a new country - OR (which is what i believe) would you credit rating take a huge hit leaving you screwed....

also, what debt chasing efforts could be made overseas... would the debts just get written off, or would you be looking at bailiffs at the door step

all hypothetical and something that has interested me
 
Actually, I would be interested what people have to say about this, planning to leave the country in 2-3 years, and I have a student loan which wont be payed off by then, now I know I can (and will be) paying it off by direct debit, but curious as to what they could actually do if I didn't bother?
 
Eddietop said:
We dont live in the 1940's anymore, your digital money trail follows you wherever you go in the world..
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i thought that - but i know of a family who loaded up on homeware from currys, dfs etc all on store credit

went to spain, didnt pay a jot and have had the stuff for years without reprecussions.....

is that common, or just luck of the draw?
 
If you can avoid all communications with them for at LEAST 6 years, then you might have hit the jackpot. :cool:
 
You have to remember who is at the top of the credit card/finance companies. They are generally very large international financial institutions.
So whatever country you moved to, they woud find you as soon as you applied for a CC or applied for finance for something and perhaps even if you opened a bank account.
 
If you changed identities on reaching your destination country you would likely be ok.

But getting credit when you haven't had a permanent address for X numbers of years can be difficult.
 
Poor Deals :mad:
I knew a fella a while back who sold his Ferrari, Sold his Factory & then moved to Spain. He assured me & another friend he wasn't leaving anyone in the lurch. In reality he didn't even pay the Factory workers & took there wages & week in hand. The Dirty **** ****** ******* ******. Shame on him :mad:

To answer your question i think the debts just stay on the books but are not pursued unless they are over a certain amount. Knowone is chasing him anyways. Debts to companys just put other peoples premiums up, Debts to normal people can pit them on the street :(


[TW]Fox;10484384 said:
Isn't this technically theft?

But dont mind me, I'm just hunting GD for people who I can't belittle about cars :)
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CLASSIC :p
 
It happens a lot more than you think, if you leave no forwarding address then they can't really find you, the bailiffs can't legally go to anyone else and ask, they can only go on information given by the creditor. After a while, they will bankrupt you and it goes away unless you come back and own up...

Thinking about it, I don't think credit rating is cross country, the US system works very differently to ours, not sure about Europe, I imagine it is like starting again when you get there..
 
If a person emigrates,

Failure to pay any debts owned can lead to a specialist international debt recovery firm becoming involved as it would be regarded as fraud.

If a person returns to the UK you can be arrested at the airport. Also as a residence in another country you will be subject to the Laws applicable to that country. The UK courts can seek to have your case under heard under the appropriate law court in that country. This is done via the international debt collecting agency.

As Eddietop mentions digital trail includes passport information.

You will also have to provide previous banking information to obtain a bank account in another country. This banking information is also available to specialist firms via credit rating system that deal with debt recovery.

If a county court judgment is entered against you it is held for 6 years. That is the county court judgment. The debt can still be recovered from you after that period by a debt recovery firm.

The court judgment is a black list and shows up on the credit rating system.
 
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But how are they going to find you.....

"andy", Cuba isn't a place you would want to move to....
 
Baz said:
Snip But how are they going to find you.....
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If you cant get a bank account in another country because you are blacklisted on the credit rating system.

You will have to supply a valid address including your passport and proof of residence.

You will have to reapply for a new passport

If you are in the EU national insurance number ect.

People specialize in finding people who feel they cant be found they have access to the appropiate information systems that provide the required information to find a person.

If you emigrate toanother country outside the EU the emigration forms ask for all banking and financial information. These also include a credit check including any monies owing
 
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Baz said:
But how are they going to find you.....

"andy", Cuba isn't a place you would want to move to....
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Why not? It's a fantastic country! :)

I know a couple of people who had a lot of debt problems and moved out to Australia IIRC and have been there for 10 years now, and I believe have full Oz nationality. I don't know how much debt it was, but it might not have been enough for them to chase up about it. It is possible to disappear, but it's hard work and a hassle, and probably just as stressful as living with debt.
 
Semiskimmed said:
isnt that a bit of a myth?
their definition of contact is just sending out a letter to one of your own past addresses and that renews the countdown?
or atleast somethign like that :p
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Nope, you have to respond (in writing) if memory serves, and even if you do acknowledge the debt after the 6 years the timer doesn't restart without a court order I believe.
 
I got away with a lot when I moved to Germany in 1999, as did a lot of the other ex-pats who lived there. Now I'm back in the UK and have a nice clean credit record.
 
Werewolf said:
Nope, you have to respond (in writing) if memory serves, and even if you do acknowledge the debt after the 6 years the timer doesn't restart without a court order I believe.
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ahh i see, you hear so many opinions/thoughts and facts mixed up with all talk of debt its hard to find the real facts. thanks for letting me know though :)
 
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