Full Final Settlement - Emigration

Whiner

Saviola wrote: »

Howdi,

I am after some advice, or opinion.

I am emigrating at the end of the year and would like to if possible clear my debt before I leave. I have done the maths and I can afford to pay off about 70% (£14000 on CCs) of my current debt and still be able to make the move comfortably, job and initial accommodation setup.

I have never missed a payment and overpay frequently, so do you think my creditors (MBNA, Halifax) would accept a full and final settlement?

I have been told, by a co-worker, that I would probably need to stop paying them now and ask in 3-4 months time for them to accept.

I know its not morally right to skip out on the debt.

Any thoughts?

Thanks
Saviola

Speaking frankly, if you are going to not pay your cards, then there is little difference between not paying all of your debt, and paying nothing at all. Either way your credit file will still be trashed.

So, logically, you would be better off just not paying anything, any keeping your £14,000 to yourself to spend.

greenorange

I can't wait for the day that a universal credit system is implemented, meaning there's nowhere to run and hide.

You borrowed the money, so you should pay it back.

I hope that if you ever have children, they have more morals than yourself.

chattychappy

I once worked in a place where if you owed money then the immigration authorities were notified and you could be refused departure. At certain times of the year you would also need a "tax clearance" certificate to show you were up-to-date with your tax payments. Without this you could be refused exit. On one occasion the printer at my local tax office failed and they couldn't produce the certificate. The tax inspector wrote something out by hand and stamped it, also supplying his home number (my flight was early in the morning). Despite this, at the airport I was initially refused, but they let me out on the basis of a friend who wasn't travelling signing a personal guarantee.

(Don't want to say exactly where, but it was SE Asia.)

Monkeyballs

Hi,

I don't understand... Do you mean you have savings out of which you can afford to repay 70% or do you mean between now and the end of the year you should be able to have 70% repaid?

Saviola wrote: »

If they say no I will pay off what I can and setup repayments, that's not an issue. Just thought in the age of responsible lending whether they would be open to the F&F

Remember, it's you who is emigrating - not your debt and being a responsible lender doesn't mean they have to entertain an F&F on a debt especially when the creditor is up to date with their payments...

It's a tough call but how about A) you don't emigrate until the debt is repaid you continue payments by making online transactions (they have the interweb in other countries too) C) you start looking at how to make money to make up the short fall?

I can see the temptation to just leg it but if you wind up coming back after a few years then it could bite you in the derriere later!

MB

chattychappy

I've lived and worked overseas and still spend months outside of the UK. Often bumped into expats who have left behind debts, relationships, skilled bail etc etc. Probably half of them go back and eventually "face the music" - and regret not clearing things up before they left. Some of the rest feel trapped - they'd like to go back but feel they can't. In some situations it turns a bit nasty - aging parents and other family members end up having to deal with letters, callers etc. And of course, for some history repeats itself. They get into debt again - and in a jurisdiction that they are unfamiliar with and less soft than the UK.

One guy I knew - an oil and gas engineer - got a well paid job for an Australian oil company in Vietnam. It all went well until they wanted to send back to the UK for a project. He was an obvious choice - no work permit needed. He resigned his job rather than go back. Then he had trouble finding another job, worked in a bar for a while, got involved in some illegal activies and eventually run out of cash. His parents send him the money for a flight ticket and he returned to the UK anyway. He was very stressed and died of a massive heart attack at the age of 45. He left a son in the UK, a daughter in Vietnam. A real mess.

-taff

And I know someone who racked up thousands, took every credit card to the limit and had loans, emigrated to another country, bought machinery, started a hire firm, invested in several profitable businesses, and is married with a child and very happy.
Of course, they are never coming back......

BillJones

Saviola wrote: »

Howdi,

I am after some advice, or opinion.

I am emigrating at the end of the year and would like to if possible clear my debt before I leave. I have done the maths and I can afford to pay off about 70% (£14000 on CCs) of my current debt and still be able to make the move comfortably, job and initial accommodation setup.

So in effect, you are asking that you be allowed to renege on your debt, not because you can't afford it, but because you'd like to spend the money on being comfortable in your new home?

You can of course ask, but I assume that the companies to whom you owe the money will not be keen to fund your relocation.

BillJones

-taff wrote: »

I've never heard a rich person harp on about morals in money, but I've heard loads of poor people do that.

Here's a first for you, then.

Morals in money matter.

gik

Why not continue to pay what you owe from Oz until your debt is zero?

-taff

BillJones wrote: »

Here's a first for you, then.

Morals in money matter.

Anyone can be rich on a forum.