Doing a runner?

Anjuna

Hi Longing to be debt-free

I am also longing to be debt-free and feel the only way I can completely achieve this is by 'starting over' with a clean slate in another country. I have been a 'sub-prime' borrower here for too long. I would dearly love to be in the position to pay back my debts, but as I said the money in India cannot be repatriated to the UK (and I have taken sound advice of this fact both from my lawyer and bank manager in India, I also spoke to my bank manager here in th UK and they didn't seem to know or have any idea). The only foreign exchange that can be taken out of India is the initial principal sum invested from a foreign bank account (in my case I transferred £50k to buy the land in India) and that is all that can be repatriated. I have paid CGT in India already on the profit fron the sale of the land, so I don't see why I would also have to pay CGT in the UK, it is nothing to do with the UK as far as I'm concerned.

I know you, and most others on this forum are struggling to repay debts, but I was wondering what the implications would be if I *didn't pay* I also am in serious debt, and if I stay here I would most likely go under anyway, so why should I not quit while I can?

P.S. All:

I also love this Moneysavingexpert site because I understand now why I got into debt in the first place! I was overspending on silly things. As I have mentioned £45k of my secured loan went into consolidating credit card and persomal loan debts. Which I should not have had. I have thankfully cut back on my spending!

I (magic wish) you are debt free soon, along with everyone else on this forum!

Anjuna

JohnD76

Anjuna wrote: »

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

Well, I think you should definately be ashamed of yourself.

You applied for the loan and mortgage so grow up and take responsiblity for it.

It also sounds like you applied for the loan fraudulently by telling the lender it was for home improvements, which would ultimately increase the value of your property, and therefore should allow the lenders to reclaim their funds should you repeatedly default on repayments.

Instead you used the loan to consildate other debts and invest the loaned money in a plot of land abroad.

As for the lenders having a claim on foreign assets, then perhaps it wasn't such a good idea to post this type of information in the public domain, clearly stating that the 140K you have stashed in a foreign bank account was funded 100% by the loan secured on your UK property that you fraudulently applied for?

And give up on the whole 'mercy killing sob story'.

Pathetic.

Longing_to_be_debt_free

Also in response to your questions...

your creditors can do an international search and if they found you, and searched the land resgistry deeds of the country you are living in and find that you have property or money that was aquired and they find out when it was aquired they can make an aplication to the courts to have your assets ceased.

Also your creditors have up to 12 years to chase you for any Mortgage shortfall if any.

So really there is no easy way out for you.

Its good to know atleast your father has moral values..

poorandindenial

Anjuna

There are a lot of people on here who are working their bottoms off to get out of debt and you are insulting them.

I am sorry if you misunderstood what this site is about but I am not interested in your 'i could be killed' therefore I have good morals statement, the two don't follow and it is a little hysterical.

Feel free to look after #1 but remember that other people have a little more respect for society and community and most like to honour their committments. Don't get upset if people object to your approach. You have posted on an open forum and you have to expect a mix of responses.

Not everyone will agree with you all of the time.

Triker

Enough of the insults eh people.

The OP has asked some simple questions and has made some valid points re her situation.

Whilst many may not agree re her please refrain from being insulting. That isn't what MSE or DFW is supposed to be about.

Anjuna

Hi Longingtobedebtfree and everyone

Thanks all for some practical advice! When you say your creditors have 12 years to chase you, what does that mean? Can you be arrested, or does the outstanding debt just 'lie on file'. If you come to the UK for short trips, can you be arrested and taken into custody or is it purely a civil matter and nothing to do with the criminal courts? I'm getting closer to the answer!

Thank you

Kind regards

Anjuna

Anjuna

poorandindenial wrote: »

Anjuna

There are a lot of people on here who are working their bottoms off to get out of debt and you are insulting them.

.

)
Dear Poor and In Denial, I didn't come here to insult anybody, lest be insulted myself. Why should one person's solution to 'getting out of debt' insult anothers? I came for advice about my own specific situation, which is, no doubt, different to others' situations, but no less valid.

I respectfully ask that you take back this vulgar slur on my intentions (to insult others) for that clearly is not my intention of posting on this forum.

Kind regards

Anjuna

poorandindenial

Anjuna I didn't say that it was your intention, just that it was an insult - which is more about how people might feel.

I was about to post about the question you asked, this is what I was going to say:

There could be fraud issues to contend with, if the people that lent you the secured loan think you have committed fraud by taking the money for a purpose other than which it was lent then they may wish to persue this as fraud is a criminal matter but that really depends on the terms and agreements that the loan was made on.

There is no way of predicting what the secured loan creditor will do but the core mortgage is a civil matter as far as I know in which case the 12 years would apply and there would be no criminal aspect.

carrottopsuk

Hi Anjuna

Just wondering whether you were intending to repay the £50k back that you can transfer back to the UK? Sorry, maybe because it's late, I wasn't sure what you intended doing.

Kudox

Personally I think this is not the right place for the OP's question, most on here are struggling to pay off debt large or small not look for a way to avoid it.
I sincerely hope it's not possible to "do a runner" and thereby wave goodbye to all your debts just like that, while I'd be the first one to agree credit card companies etc are not the most moral of people, we ALL agreed to take on that debt for whatever reason.
If you come back to the country from which you had "done a runner" I hope you can be arrested!