Help needed with my debt situation

trenb

Hey,

I have a debt of around £8000 owed to 4 different creditors. One is with barclays (overdraft, credit card), the other 3 are with credit cards.

Unfortunately some devastation family events are forcing me to go back home (EU) and leave the UK.

I am going to be jobless and of course I don't think there are any prospects of getting a job back in my Country. I don't own anything atm in the UK and back in my country and I will be living off with the help of family members.

I don't know how to approach my situation. I don't really wanna leave without saying anything to my creditors and then have them go after me. I am willing to contact them and let them know about my situation and about the fact that I will be jobless for the near future without any source of income.

Thing is what is to be done in that situation. I've been in debt for a few years and I have already calculated that due to CC fees I have already paid the amount that I was lent in the first place, so the CC companies have made 100% profit on my case. I've read that you can reach an agreement of paying some of your debt, because if they take you into court chances are that the judge is going to calculate how much money you've paid on fees and then have you pay the remaining amount.

I want to keep in touch with my creditors and tell them about my situation, but also have been thinking of going bankrupt since I don't see paying off my debt using money that I definitely don't have.

Thanks,

Any help would be appreciated.

sourcrates

Hi,

Ok, some facts now, despite what you may of read, you will be 100% liable for the full amount of each debt outstanding.

There are situations where you can pay a reduced settlement figure, but you are not in that position of default as yet.

If you dont intend returning to the UK, then there is little you can do as you dont have the funds to repay what you owe, and again, if you have no income, its pointless giving them your forwarding address.

If your creditors cant trace, you, then they cant chase you either.

I`m not telling you this as advice, just what the most likely course of action will be.

trenb

Thanks for the response.

I do not intend to return to the UK and thats what am asking, in my current situation I got not way of paying the debt.

I wouldn't like to run away from it though, thats why I was asking just in case there was some sort of settlement I could make with them, but I guess what you are saying is if I leave without telling them anything, they'll go into court and then they'll be trying to trace me and I won't be able to re-enter the UK without getting into trouble, but if I don't re-enter the UK i'll alright?

sourcrates

Well in a way yes, but debt is a civil matter, just because you owed money, that would not stop you returning to this country.

Also its not automatically guaranteed your accounts would go to court anyway, its hard to predict what would happen, sometimes accounts are just passed around debt collectors, for years.

Basically, if they dont know where you are, then you cant be chased for this money, unless you keep up regular payments to your creditors, they will treat your accounts as though no payments have been made, and they will be passed to collections, then debt collectors.

It wont really matter what you tell them, if you cant pay, they'll just go through there standard procedure to recover the money.