Very Very Very Hypothetical Question

kiwimama

DH and I have about £20k of unsecured debt, we are managing fine and really trying to get on top of it as we want to return home to NZ with our children in the next three years, two yrs to clear the debt and a yr to save.

Only I just read another thread about someone leaving the country and being advised that their debts would be basically written off after 6yrs.

I can't even believe I'm writing this but could we consider this? Should we consider this? Not sure it would be worth it, we'd have to keep making min payments and save like mad but debt repayment is a fair chunk of our income so I'm not sure how much we could actually save while making the repayments, probably wouldn't make sense in our situation??

We may want to return to the UK in the distant future, perhaps if our children decide to come over in 20yrs or maybe holidays but not likely in the next 10yrs or so.

Please please don't flame me, I do have a strong moral compass I swear but I really want to be home with our families :-(

happy_bunny_2

Not much idea, but I did come across a similar thread earlier that you may want to read:
https://forums.moneysavingexpert.com/discussion/3803449

McKneff

If you have a strong moral compass then pay your debts before you go, thats what someone with a strong moral compass would do.

rising_from_the_ashes

'fraid I agree with McKneff .... it's a bit of a contradiction to say you've got "strong moral compass" but then to consider just upping and leaving the debts without paying them.

If everyone did this, it would be even harder to borrow than it currently is and TBH if you've borrowed the money, why shouldn't you pay it back?

What happens if you need to come back to the UK earlier?

Would you do the same in your "home country"?

kiwimama

It was a very fleeting thought and judging by the nerves I've had this afternoon just from putting the thought out there I could never actually do it, we can service the debt it's just going to take a while - we spent the money so we will do the right thing.

McKneff

kiwimama wrote: »

It was a very fleeting thought and judging by the nerves I've had this afternoon just from putting the thought out there I could never actually do it, we can service the debt it's just going to take a while - we spent the money so we will do the right thing.

:T:T:T

Good for you and for updating your post.

Good luck

[Deleted User]

Don't ask such a question here, you will never get a true answer, there are a lot of opinionated people here. I know someone that did this, it's a matter for you :-)

La_escocesa

I don't know if I'm missing the point but would you have to clear the debt before you move? Could you not make the minimum payment, save, and then pay the rest off while you're back in NZ? That way you could get home quicker and still pay your debt off...

mswan

I saw that thread too and was amazed if it was true that you could just leave your debts behind, I don't think I would want to be looking over my shoulder.

I was also amazed at the amount of people that get their debts written of legally, I have a fair amount of debt which I am paying off, but that's not to say I wouldn't consider ALL options if my situation changed.

Nottoobadyet

I'm with La E - unless you'd be going back with no jobs etc, why couldnt you keep paying from NZ? You'd be more sensitive to currency fluctuation but its not insurmountable. I know where I'd chose to live, and you can keep your morals intact!

colazombie

Announcement: Pls remember Debt-Free Wannabee's for support and help not judgement

I know several people whi have actually done this and never looked back.
Although these people never have any intention of coming back to the UK.
It can be done