Leaving the country...what to do about mortgage...?

Thrugelmir

amblondon wrote: »

since there is no reciprocal debt agreement between the US and the UK (there is between the UK and Canada) the OP's debts here won't follow him / her to the US.

Why do Debt Collection Agencies work internationally?

Thrugelmir

DTDfanBoy wrote: »

Because there is nothing to stop them attempting to recover the debt internationally. However to recover the debt through the courts in the US would require a UK CCJ, which wouldn't be issued against someone not resident in the UK.

The CCJ would be issued against the OP's current address. Merely leaving the country is not a sign of non-residency.

Thrugelmir

DTDfanBoy wrote: »

Sure they may obtain a CCJ using the last known address, but if the OP wasn't in the UK when the summons was issued it's a two second job to have the judgement set aside.

Except that the defendants would need to prove to the court that they had provided the creditor with their new address.

I assume the OP intends to disappear aka Ronnie Biggs style.

DTDfanBoy

Previous posts deleted as I'd rather not help someone avoid their obligations

Thrugelmir

DTDfanBoy wrote: »

Previous posts deleted as I'd rather not help someone avoid their obligations

Thanks to technology the past could well come back to haunt at some point in the future.

That's the inherent risk.

dimbo61

Why not put the house on the market at £130K and see if it sells !
Save every penny you can and overpay the loan if at all possible.
cancel the sky, look at all bills and cut back where possible
You want to start a new life in USA without worrying about old debts from the UK
You never know you may need to return if you dont like it in USA or have health problems

amblondon

Thrugelmir wrote: »

Why do Debt Collection Agencies work internationally?

They can't enforce the debt in the US courts though. It's a UK debt, it's not "recognised" in the US system per se. AFAIK.

Thrugelmir

amblondon wrote: »

They can't enforce the debt in the US courts though. It's a UK debt, it's not "recognised" in the US system per se. AFAIK.

Sell the debt to a company based in the country that the debtor resides in. Then the debt can be pursued under local law.

Hence debt collection agencies being increasingly internationally based.

I know of one case where a party was traced through 3 countries before being nailed in Zurich for unpaid rent on a London property .

woodsey2002

Thrugelmir wrote: »

Try obtaining credit in the USA. The banks use the same credit agencies as in the UK (Experian, Equifax, etc). Your credit rating will go with you.

Settle the debt from savings. Otherwise the consequences could be with you for a very long time.

Whilst they do use the same credit agencies, they have no access whatsoever in the US to your credit history in the UK, we had a fantastic credit score in the UK when we moved to the US in 2004 and it was worthless when we arrived in the US, we managed to obtain a mortgage as my husbands company acted as a guarantor but it took us two years before we could obtain any further credit which was a credit card with a $500 limit, to get it we had to give them $500!!!!
Same applies on returning to the UK, had to start all over again.

Thrugelmir

Experian are members of the following.

GAIN is the Gone Away Information Network (GAIN). The network of organisations who are members of GAIN submit details of individuals who have moved home, leaving behind a credit account, such as a loan which is at least 30 days in arrears, without notifying the Lender of a forwarding address. The information submitted may include both the address the customer moved from and any address to where the customer has since been traced.