F&F Settlements - Emigrating

yippeedoo

Hi,

We are emigrating out to Canada at the end of May as the company I work for have offered me a position out there (was supposed to be happening 12 months ago but it got delayed). All visa's are sorted and the flights are booked.

The debt situation is that I arranged my own DMP and have been paying it monthly for the last 2 years. The debts owed are;

Barclaycard - £2.5k
Cabot (ex Egg debt) - £6k
Mint - £3k
Moorcroft (ex Halifax debt) - £8.5k
Idem (ex Virgin/MBNA debt) - £6k

Our plan is that we are emigrating for good and won't be coming back to the UK (to live). So, if I want to be a naughty boy, I could just disappear for good and never pay another penny (and to be honest, with Barclaycard and Halifax, I've a good mind to after their lack of co-operation in the last 12 months).

However, I'd rather offer them all F&F settlements and get it all sorted in case we ever do need to come back (if things didn't work out over there).

I'm wondering if anyone has been in a similar situation and how the F&F conversations went? I think I hold quite a strong argument with 'accept this offer or I'll just emigrate and pay you nothing' even if I'm not intending to carry that threat out.

Any advice on what F&F offers to go in with bearing in mind the situation?

iolanthe07

IIRC there are ways banks can recover debts from people who emigrate to Commonwealth countries, though they are unlikely to bother for small amounts. You could be cheeky and start by offering them 25% and see what their response is. They may be willing to take a 75% haircut to save the hassle of chasing you.

yippeedoo

iolanthe07 wrote: »

IIRC there are ways banks can recover debts from people who emigrate to Commonwealth countries

Really? I didn't know that. When you say small amounts, I take it you mean smaller than the amounts I owe (ie. hundreds of pounds rather than thousands)?

The other things I'm wondering are;

1. When's best to send the F&F letters and inform that I'm emigrating - before or after I've gone? If I'm still here, I don't want them to start causing me any trouble (if they can).

2. If I stop making my monthly payments after I've gone, are they then more likely to take my F&F offers?

Would appreciate any feedback from those that have been through the F&F process.