thinking about leaving the country, looking for advice.

smulx

OK, I know there are other threads about this but I wanted to make one that is specific to my situation...

I'll start by saying that I'm not just some idiot that can't manage my money, I actually have a really good credit rating, I've just ended up in a pretty crap situation. I'm looking to move to Bulgaria or something because I know someone that works there. Does anyone know anyone that has done this? I know there are mixed feelings about whether it's worth the risk, but I'd make sure I didn't go to a country with strong ties to the UK, which I assume would make it harder for UK creditors to do anything about it if they managed to track me down. Does anyone have any suggestions on countries I could go to? I just need to be able to get a job to make enough oney to live on, and a place with decent internet speeds haha. My friends auntie did this 20 years ago apparently and never looked back. She has a villa in spain and has a pretty cool life now.

I'll explain my situation below for anyone that is intersted.

Basically, I have a house which I'll never make my money back on because of the way the housing market is going. I have a £10,000 loan which I took out when I got the house, and about £5000 on credit cards. I bought the house with my fiance (joint mortgage) and I took out the loan in my name for all the fees and furniture and stuff. We both pay half of everything, but about 4 months ago she decided it might be fun to start screwing her manager at work so we aren't actually together any more. We still both live here for the moment, and we still both pay half of everything but I'm just not happy with the situation. She's joining the army or something and says she'll continue to pay half of the bills until we can sell the house, but I don't want to be in a situation where I'm relying on her to keep her word. She could change her mind at any moment and I'll be screwed basically.

I paid for a new bathroom on a credit card because I got 0% for 18 months. We were both supposed to pay half of things like this but she's trying to talk her way out of it, and I just can't afford these debts by myself. I've always wanted to move to a different country anyway and it just seems like a good excuse to do it now, instead of waiting 20 years until I can afford to sort everything out that proper way. My friend will be coming too, he isn't in a situation as bad as mine, but he just wants to get away from this country too.

I know people will say "you should face your responsibilities and not run away from them" but I don't care about that. For once I'm just thinking about myself and no one else, so I'm just looking for advice that will help me.

Thanks.

Pink_fluff

Sounds like you have quite a bit of debt. I'm not an expert on the subject, but I do know that debts can be passed onto debt collectors abroad.

sarahs999

I'd think very carefully about this. I know you're feeling desperate to leave because of the way your girlfriend has behaved, but to cut yourself off from your own country pretty much for good is a drastic step. What if you don't like it in Bulgaria (no gas there at the moment by the way!)? I know that sounds childish but it's true. Havent' you got friends and family here? It may be appealing now, but how will it feel 10 years down the line when you (for example) have children and don't want them to be raised in Bulgaria (no idea what the schooling system is like there so that's just an assumption). Or when you meet the perfect woman but she's british and wants to live there?

I just think your debt will have a way of catchign up with you and will hang round your neck for ever. I presume when you said your friend's auntie did this you just meant that she left to live abroad and not that she had run away from a huge amount of debt?

I'm not jsut talking completely out of my a*se by the way - I lived abroad for many years and I know how sometimes coming back to britain is the thing you want most.

smulx

I'm not looking to do it because of what my gf did, I want to do it because of the situation I'm in. My friends auntie moved abroad specifically to get away from debt and things worked out great for them. There isn't really anything keeping me here, my mum lived abroad for 12 years and she really misses it. I feel confident that if I did it, I wouldn't feel as though I'd be leaving anything behind.

GeorgeUK

I suggest you don't move to Canada or Germany. These are the only two countries that the UK has recipricol agreements with. This means that the courts of that country could be used to enforce a UK debt. Any other country and they would not be able to do much about it except possibly make you bankrupt in the UK.

You will need to think very carefully about how you will be able to support yourself - do you have a skill/trade that is in demand? Don't forget that there is a global recession right now. You will need to be very sure of what you are doing.

smulx

thanks for the replies so far. I don't have any trade skills unfortunately. I'm gonna get the person that I know in bulgaria to have a look around for me. I wouldn't do it without everything being properly planned. I'd need to know that I had a job and place to live sorted out before I left.

Any other advice that anyone can offer will be appreciated

CLAPTON

why not sort out the debt situation before you go
depending upon the full debt details then maybe you just go bankrupt and then its all sorted.
why run away when there are other easy remedies at hand?

either post a SOA
http://www.makesenseofcards.com/soacalc.html

or contact one of the free debt agencies CCCS Payplan or CAB although they are all a bit busy at the moment, you can be all sorted out in 2/3 months.

smulx

i would prefer to sort out the debts first but it would just take too long. Also, for the next year and a half (remainder of mortgage term) i'm gonna be relying on my ex to stick to her word and keep paying her share of everything. If she just changes her mind, I can't afford the bills by myself. And then when we're able to sell the house, we wont even break even with the value because we bought at the wrong time.

The whole situation sucks, the only thing I got out of it is the lesson that I was stupid to trust someone and put myself in this position financially. I can leave now or get everything sorted out and do it the right way which could be at least 10 years away, and I hate living in this country anyway. It just seems to make sense and lots of people seem to be doing it.

i'll check out that other site when I get home because I'm on my phone now

CLAPTON

Sorry I dont understand what you are saying

I thought you wanted to get out asap but you are now saying you want to wait for the 18 months ... why .. what's special about the mortgage period ending?

smulx

i meant if I stay, I'll have the house for a minimum of 18 months. It's a fixed term and we can't sell until the term ends. Just another reason to get away asap

CLAPTON

Do you mean the mortgage is on a fixed rate and there is a penalty for settling early?
That doesn't mean you can't sell, only that there is a penalty for terminating the mortgage early.

So I'm still a little unclear what your thinking is here.