Defaulting on two mortgages and going abroad

CloudCuckooLand

Where is "abroad" ? You can be pursued across European borders...

Thrugelmir

tigeon wrote: »

Wonder how long my negative records wil be kept on the equifax or experian.

The main financial institutions share a database of blacklisted individuals.

Thrugelmir

tigeon wrote: »

I am also surprised why all major lenders use to easily give big chunk of money, to private investors and kept on over-valuing property prices, at that time.

What relevance does that have to the credit card debt and other debt you incurred?

You were not an investor but were running a business. An investor leaves the management of the business to other people. Maybe explains why yours wasn't at at all successful.

FraudBuster

mrs_mum wrote: »

Just go abroad for about 3 months, enjoy yourself, maybe get a job over the summer selling timeshare. As long as you keep your nose clean and then come back as if nothing had happened everything will be fine and no one will come looking for you

The Gone Away Information Network. (GAIN)

https://www.econsumer.equifax.co.uk/consumer/uk/sitepage.ehtml?forward=gb_cpo_gain

Bosun

getmore4less wrote: »

I dont know if you remember but about 4 years ago in uk you could properties at BMV (below market value) from the developer. The reason for the developer to get you such a huge discount of over 15% was because some guys were purchasing more than than flats

I bet they told you the rents were high as well.

Did you go to a workshop/seminar?

Minimal research on values and rentals would have shown it was clearly a scam.

One of the biggest players in this market is getting sued, was it them?

If you still owe the money and can't pay it back then you can look at bankrupcy.

So who is this biggest player in the market that's getting sued?

tigeon

Hi thanks a lot for advices. I try to answer some question.

yes Trhugelrmi i have tried to be an investor with no success.
Yes i did attend to a property course in milton keynes, from a well known property guru.
I thought that those people were making real money with property, but the reality is that they make money with property courses and pay their fees with those, otherwise all expenses cant be covered.

It is possible to make some money with houses by renting them as hmo, as you would get a monthly rent of 1,900 from tenants, and a mortgage to repay of about 1,200 pcm.

About the credit card debts.... the rents were not enough to cover all expenses, therefore i kept on borrowing little by little from the credit card. For two years i managed to repay on time the full amount every month, to each of the 9 credit card's companies.

At the moment i live in Brasil. I opened a restaurant with little money three years ago, hoping to recover it all. The result !! I made some initial money in the first two years, and then lost it again. Cant explain how, but the law here, is not the same as in the uk.

Cloudcuckoland: How can i actually be pursued ? I do not own on my name. Am willing to repay when i get some real money. Meanwhile i will file for bankruptcy.

Wellknown sid : No the two guys were different people, not related to the property course.
One of the guy used to work for a financial mortgage centre, and then one day started working from home. He was the one who introduced me to another guy who was dealing with Bmv properties.I have bneen told that the flat could be sold for 220,000.

silvercar : i dont know who owns the flat now, i have been told it has been auctioned.

getmoreforless: everybody thought it was a good value at the time, as the flat were already furnished, luxury style. i did my reseraches for a couple of days, and agents told me the rents were between 1,300/1,500.pcm

Yes it looks like running away from teh debts. However when i got the feeling that nobody was listening, i felt as i was living in a madhouse.
I will be back next month and will call the helpline.

WellKnownSid

Bosun wrote: »

So who is this biggest player in the market that's getting sued?

Oh, you mean the train-tracks or off-the-rails people...

I remember receiving about a ton of direct mail from them... at one time I was getting something every week.

tigeon

Folliwing the advice about bankruptcy, i cheked the follwing websites:
I guess a bankrupt in USA happens under different circumnstances.
here what the Us web reported about it:
What happens to my debts when I file Bankruptcy?
Unsecured creditors are unable to take action against you to recover the money owed. You will not be forced to repay these debts. An unsecured creditor is a creditor that does not hold security over your assets.
Here is the Uk web: If you are made bankrupt, it can affect how you manage your bank or building society accounts and your credit rating. Find out what happens to these, the restrictions you must agree to and where to get help and advice.
Your Official Receiver or trustee (the person appointed to manage your bankruptcy) will take control of your assets (property, shares etc). Any money in your bank account is an asset and will be used to repay your creditors (people you owe money to)
Basically with bankrupt, i still need to repay the money to the lender, but teh difference is that i will not be making them directly to the lender, but someone else (trustee) will do it for me right ?

Thrugelmir

tigeon wrote: »

I will be back next month and will call the helpline.

All you can do is put the past down to experience and move forwards. Better to clear your financial past asap rather than have it turn up unexpectably in the future. Good luck.

tigeon

wish it was easy as you are suggesting . i can forget my past, but they won't.