Doing a runner?

Idiophreak

Anjuna wrote: »

The reason I can't take the money out of India is that they have a closed financial system over there and it's extremely difficult to convert Rupees into GBP legally. The only amount I could take out would be the original £50k I transferred over there in the first place - which doesn't solve my secured loan / neg equity problem. So back where we started.

How much advice have you had in that respect?

As above, contact the debt charities - also try and IFA, citizens advice - and even the bank. I'm sure they'd be interested in helping you repay your loans.

Idiophreak

Anjuna wrote: »

One poster mentions I should be ashamed of myself

Oh, and don't worry about that...some people round here like to start off assuming the worst of people...

McKneff

It was always my intention to go and live in India one day and as I have I have since sold the India land on to another developer for the rupee equivalent of £190k and the money is sitting in cash in an Indian bank account - where the UK authorities are not aware of it.

been struggling to pay my mortgage and the secured loan on my UK house, I'm thinking I might just hand the keys back to the 1st mortgage lender and just up and leave as the best option where I would keep all the £190k in my Indian bank for myself - which is more than enough over there to buy a house in cash and also start a business.

you dont have to make assumptions from the above, its pretty clear what the OP wants to do. OP says it would be extremely difficult gettng money to the uk, note difficult, not impossible.

Things may be different now that she has been given some options which she didnt think of before. I hope so. And i must also apologise for going over the top a bit when i said you should be ashamed, i typed without thinking.
I hope the other posters have given you food for thought and you do the right thing.

bandraoi

I suspect that by difficult what they mean is the legal option would entail paying a chunk and change of it in tax. It's £190K in India, it's probably worth £100K in the UK. That's if there is even a legal option.

annamc75

If you borrow money, move it out of the country and have no intention of paying it back, is that not fraud? If so fraud is a criminal offence.

Why not post a proper soa and let us sort it out so that you do not have to lose your nest egg and you dont have to live life on the run.

bandraoi

Looking around the internet, it seems you can transfer $5000 to each person per year without problem.
So if you transfer your £50K home, your debt would then be at £214K, which is more manageable to start with. That would leave your payments in the region of £15K a year.
The next step would then be to find one, maybe two people you really trust and transfer $5000 to him/her/them and $5000 to yourself.

At just under £3000 per person, you could either use that to make repayments or to make over payments. I would suggest as far as possible to make over payments.

You could be in normal equity by this time next year.

Alternatively transfer the £50K home, sell the house now and take out a loan for £14K, Use the $5000 to make loan repayments as required. That keeps your options open for a return to the UK in future.

Anjuna

Hi All

Thank you for all your replies! I understand you might think I'm morally repungent for thinking of defaulting on my debts and skipping off the radar, but think about it; am I any more repungent than the people who sold me a secured loan of £95k in the first place - to consolidate my existing debts - and a bit more for 'home improvements'. They sold me the loan with the cafeat that it would be secured on my UK property, well they can have whats left of that property back once the primary lender has taken their cut, that's the risk they took when they sold me the loan, and so be it I say!

I see this forum is dedicated mostly to 'paying off' your debts, rather than strictly 'getting out' of debt. I know that now and I have obviously come to the wrong place!

I don't consider myself to be a bad person, or lacking in morals (I am a woman of Indian origin after all, and could be mercy-killed for having lax morals!) But sometimes I think you have to look after no.1 as that's the only person you can rely on!

I only wanted advice on the implications of leaving, not a 'moral compass'; if I wanted a lecture I would go and speck to my father I wouldn't do this if I had a realistic choice!

The advice I'm seeking is more practical, for example, if I defaulted, would I be declared bankrupt in my absence and would I be persued for non-payment? If persued, would lenders have a claim on foreign assets? If declared bankrupt what would the legal situation be? i.e. would I be arrested on landing if I came back to the UK for a visit?

I doubt any debt advice charity would care to give me the answers to these questions, which is why I came here! I apologise if I'm in the wrong place but I thought from the posts that most people here are clued up about all things money/debt/legal and felt you might have some real advice!

Again I apologise if I have offended anyone, but if I want moral advice I will go to my father, I only would like your suggestions as above. Thank you

Anjuna

Longing_to_be_debt_free

Hi Anjuna,

Having read your post, I feel I must reply having some knowledge in the area of international money transfers I know it is not impossible for you to arrange for the currency to be paid by international money transfer from your Indian bank account to your English one!!

Im guessing the reason you state its difficult is that once it hits your English bank account you are then liable under capital gains tax to pay 40% tax to the british government on the £140.000 profit you have made..

I feel you have come on to the wrong board for people to have any sympathy with your plight, as most people on here have faced up to their debts and are struggling to pay them back...

I feel the only honourable thing for you to do would be to pay off your debts and then start over again..

McKneff

out of respect to your indian origin and i know that people of indian descent are above all honourable people. So i would have thought that you swould have automatically lived up to this. I wonder what your father would think if you did speak to him about financial advice, not moral advice.. I think you probably know too otherwise you would not be posting on here. He should have been your first contact.

you have been given helpful advice by some very knowledgable people on here and you still in your last post blame other people for your irresponsible borrowing (although i agree with you in a small way) but you are still wanting advice on the implications of, as you put it 'doing a runner'

annamc75

The problem seems to be that you have choices - you are choosing not to see them.

Everyone here is trying to help you sort out your debts that is what the boards are here for. However this is not what you want to do. You do not want help to do the "right" thing - if you did you would post an Statement of Affairs and let us help you to sort out your finances - you are looking for permission to have your cake and eat it. This is fact and not a moral judgement. However I am sure that there is no heritage that condones this type of behaviour.

There is nothing in your posts that says you are open to other options and your only concern seems to be if running away backfires.

What if there are consequences? Why run the risk and why not get this sorted out once and for all. Then you can live in India and be free to come and go as you please without fear of coming into the UK. Imagine never having to worry about money again. Surely that is the whole point of becoming debt free?