Debt free:Moving to China

paddyrg

This stands a good chance of being a wind-up, I must admit I rather hope it is, but just in case it isn't...

Payday lenders start small - a few hundred quid - then double down each rollover period. Owing one £10k doesn't mean you borrowed £10k, probably means you got to borrow a few grand then defaulted and they rolled over the fees and interest again and again.

You are unlikely to be the first person to think of borrowing money and running away from your debts, so they will have seen your likes before and the fact that it's knowingly fraud means they will certainly take a CCJ against you, and possibly also flag you up for criminal fraud proceedings. Not sure how that'd work in practice, but worth reading up on as I'm sure you won't want to remain away forever.

Many PDL companies will, as a part of their unsecured loan procedures, get the contact details of upto 10 people to vouch for you. They're not guarantors, but they will be called 10 times a day and hassled into helping the inevitable debt collectors finding you. It will hack them off no end (that's the idea, to make you a social pariah).

Karma - some people believe it, some don't. I do, behave like an opportunistic selfish !!!!!!, and that's the circle of people you'll attract, and one of them will do you over in turn. You're going to China, the opportunity to get rolled over by locals is immense. (A friend was trying to take manufacturing of some quality auto parts into China - he was rolled over as promises and honour often seem to mean something different out there. You may find similarly.)

£10k, even if you could [STRIKE]steal[/STRIKE] forget to repay such an amount to begin with may not go as far as you think. Some things are certainly cheaper in China, but you'll also be needing private medical insurance etc. Maybe you manage to get a work visa without a sponsor (not sure how), but that wont allow you to set up in business on your own necessarily. And to stay to Western standards you'll pay closer to Western prices. It'll go fast.

In short, I think it's a truly terrible idea that won't work, will cause massive problems, and not be worth it. But I don't have a 'Bachelours' degree in Business Administration, so what do I know?

andyfromotley

Ha, i think you may be the first person i have ever heard boast about having a degree in Business Administration! Nice one.

Bon Voyage, please dont rush back.

TheGonza

Thanks for the reply, btw not a wind-up just something im thinking about, would be a nice cushion/saftey net.

Just a few questions.

"Many PDL companies will, as a part of their unsecured loan procedures, get the contact details of upto 10 people to vouch for you. They're not guarantors, but they will be called 10 times a day and hassled into helping the inevitable debt collectors finding you. "

I have gotten payday loans before and have never had to have people "vouch for me" If I dont give contact details to them, surley they can't litterarly harass my family? Im pretty sure thats illegal if it goes to far, sine the debt collectors are acting on part of civil law not criminal law. If I say I went to china on holiday and business arangements came up in china, I hardly see that being called fraud. or a means for them to harass my family non stop.

As for all this karma nonsense, Im debt free so my karma upuntil this point is good. (i think if your measuring karama in debt?) Securing ones self in a foreign country suspecting I will have to pay it back eventually. I hardly see as a bad thing, just a moment of needs and saftey before hand. Like you said Medical insurance and other necceistys will have to be taken care of.

Also have been to china before and learnt the culture and the hustling mentality some of the locals have, you have to your wits about you for sure. I can undertsand your friends problem I heard of many horror stories when it comes to manufacture. Luckily know a few people from my last visit who can lead me in the right direction Business wise.

as for living costs you can live on less than 35 renminbi (£3.50) a day including train/bus fair. if you live liek the locals since the food is riddiclously cheap, and pretty much everythign else is 50% or more cheaper. here is a price comparison for those intrested
my "just an idea" scheme aside

http://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=United+Kingdom&country2=China

DevCoder

Obtaining a loan with no intention to pay is fraud. You'd also probably get CIFAS category 3 and 6 markers.

Some companies utilise global recovery firms, a few PDL's for example use TCM Global.

TheGonza

I have the intetion to pay...just maybe 4 years later....maybe
But yea joke aside. I understand your point especially when looking up those companies you quoted, guess its not a great idea. thought i was golden. but not sounding as good as I initially thought. Anybody want to be the devil on my shoulder? I got alot of angels at the moment need to spice it up

pvt

TheGonza wrote: »

I have the intetion to pay...just maybe 4 years later....maybe

At 4,000% APR that'll be interesting won't it.

Without any compounding and late payment fees, that'll be £160 to repay for every £1 you borrowed.

wrkactjob

You credit file will be black marked for six years, after which it will be cleared, so if you come back after six years you should be ok.

Ideally don't link your old credit address to any new one you are staying at.

As long as you make some payments to your loan it is unlikely to be viewed as fraud. Kepp your debtors supplied with an address in China so they can write to you though some may decide its not worth it.

Maybe consider an accommodation address where you can collect mail from or have it forwarded to your actual address. Ensure you tell them you will continue to pay once you have found work in China, or upon your return.

In the mean time you may be able to only afford to pay a small percentage of your monthly amount due, maybe just £1.

Good luck.

Tixy

wrkactjob wrote: »

You credit file will be black marked for six years, after which it will be cleared, so if you come back after six years you should be ok.

Could be quite a bit longer than 6 years.
E.g. the creditors might issue defaults after say 6 months, so yes they'd drop off after 6.5 years.
But creditors typically wouldn't take court action for maybe 2-3 years. Or could even wait until just under 6 year mark and then take court action, so could be 12 years.

In a worse case scenario (though not very likely) a creditor having obtained a CCJ that remains unpaid may then decide to petition for bankruptcy. So it could be said there is an outside chance of credit file being affected for say the next 18 years.

matttye

krisdorey wrote: »

Obtaining a loan with no intention to pay is fraud. You'd also probably get CIFAS category 3 and 6 markers.

Some companies utilise global recovery firms, a few PDL's for example use TCM Global.

Doubt he'd get those markers as how would they differentiate him from any other non payer?

bris

Of course it's a wind up, who the hell runs away to China?