What would happen if....

pgw777

....somebody took out a £15,000 unsecured loan. Deposited it into a new account. Payments going out of the new account.

Then left the country closing the account before they go. :eek:

Can the lender pursue it through other accounts in your name still open in the UK?

Will they bother?

Are there certain countries that they can persue you to? i.e. Australia, NZ.

How long would it be before somebody could return to the UK and have a clean slate for borrowing?

A friend of mine is doing this and I am desperately trying to persuade them not to, but don't know the facts to argue. :mad:

Any advice or personal experience would be much appreciated.

TAG

Umm... the word FRAUD springs to mind!

However, I also know of someone that did something similar. Ran up credit cards etc etc.

They sold their house and moved to Spain, but they already had an inherited property to move to. So there was never another financial link with the UK. Don't know how they got around transferring the equity from the UK property they sold though. They've since moved from Spain to America I think. God knows how they got round that one. As far as I know they were never traced or chased for any money. This would have been about 10 years ago now.

Things maybe different now, and it's certainly not something I condone doing and nor I would suspect would the majority of further posters.

What would happen if things didn't work out and they had to come back to the UK?

PandaPants_2

I think we would all love to do that at times.... :rotfl:

TAG

Well yes I have to admit that it would be nice eh!:

idea: Only joking :rotfl:

pgw777

I don't think I'd have the nerve to do it personally.

I would be too worried about running up large debts unknowingly.

I just want some ammo to put them off.