what happens if I don't pay credit cards and loans etc?

Hominu

dadanagast wrote: »

I plan to move to turkey.
I don't have any assets in the UK..:( I just want to leave and start a new life.

If you have no money and no assets, how are you going to move to or live in Turkey?

There will be reciprocal agreements in place for cross border action to be taken against you in Turkey.

A creditor can also sell a debt to an agency which might have an office in Turkey, and debt recovery procedures will commence under the law of Turkish land.

So in short, it's not going be as easy as moving away from the UK to get rid of your debts, and for 25K, they are not going to just ignore it.

guesswho2000

Hopefully, whatever happens, you'll end up repaying it, either through choice or through them catching up with you somehow - every non payer makes it more expensive for the rest of us.

chattychappy

I've lived overseas and met a number of expats who were running away from debts, wives, criminal liability etc.

Most of them were unhappy and returned. One guy extradited, one guy in a bag after being found in a river. Usually just didn't make it or had to return because of family sickness, visa issues etc. And of course on return, the situation was worse than if they had dealt with the matter in the first place.

In a couple of cases they had ethnic/family ties to their new homes but ended up being cheated by a culture they thought knew in a country they had only really known from summer holidays.

Britain does have a basic support structure if you get stuck - many countries don't even have that. If you have consumer credit debt in the UK, it is unlikely someone will kidnap your family or meet you with baseball bats.

History has a tendency to repeat itself. I wouldn't leave for a new country unless its from a position of strength - ie some savings + job lined up etc. Some countries seem cheap, but as a stranger you always end up spending more than locals.

Good luck whatever you decide.

katejo

thriftylass wrote: »

You got into the debt. Where would it lead if everybody just pretended they didn't spend the money and ran away. I don't think you can hide from this. Be sensible and contact a debt advice charity as above suggested.

Also think of anyone who might move into your current home after you leave and will be harassed by debt collectors and bailiffs for months on end .

grumbler

Come on guys...
On very rare occasions I advocate not paying debts, but in this case, with no assets and with plans to leave, bankruptcy seems to be the most realistic scenario.

chattychappy

grumbler wrote: »

Come on guys...
On very rare occasions I advocate not paying debts, but in this case, with no assets and with plans to leave, bankruptcy seems to be the most realistic scenario.

Probably. Just the situation does need to be regularised one way or the other. Then the OP can plan the future properly.

iAMaLONDONER

grumbler wrote: »

Come on guys...
On very rare occasions I advocate not paying debts, but in this case, with no assets and with plans to leave, bankruptcy seems to be the most realistic scenario.

But how did he/she get so much credit..25k without some assets or a decent salary?

dont.ask.dont.get

dadanagast wrote: »

hi. i have too much debt (credit cards and loans.. around 25k) which i won't be able to pay. I won't have a job because I want to live in a different country. I can't afford to live in UK anymore.
what could happen?
thank you in advance.

Offer each of your creditors the minimum you can afford, £1pm is acceptable, send them a budget form showing your income and outgoings. Set up standing orders for the monthly amount and let them get on with it. They know they won't get the money if you have no assets.
If you move to Turkey, try not to do it again, they may not be so easy on debtors there.

dont.ask.dont.get

katejo wrote: »

Also think of anyone who might move into your current home after you leave and will be harassed by debt collectors and bailiffs for months on end .

Debts are by name not address!

HappyMJ

dont.ask.dont.get wrote: »

Debts are by name not address!

True but they still come knocking and asking for the debtor and the occupier has to repeatedly show them ID to prove they aren't the debtor the bailiff is after.