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American Express - Leaving UK Debt Behind
FredStow
Posts: 12 Forumite
in Credit cards
Greetings,
I, the spouse and children are moving to New Zealand on Monday morning. We have purchased a property in Wellington and have been accepted for a fantastic employment opportunity.
In 2016, due to unforeseen circumstances, we had a minor cash flow problem. For the first time in forever, I had made one exception to obtain a "credit card" which is alien to me.
After speaking with my financial advisory, which at the time held the legal power to open a credit account on my behalf, was accepted for an American Express credit card.
The Platinum Cashback Everyday Credit Card with a credit limit of £12,500 was assigned. It was, at the time, an emergency implementation to re-calibrate our financial bearing.
After co-operating with HMRC, the business account we held was restored access, which permitted us to restore our financial bearing and no longer required American Express' service.
I closed the business, formally, on Christmas Eve. As of now, our entire net worth has been dedicated to our new start in New Zealand.
This covers the following:
Despite paying the minimum amount, which was above £25 per month, the balance has not reduced below £9500.
Since we are moving to New Zealand and have no plans to return to the United Kingdom within the next 6 years, we felt the option of "Statute Barred" being appropriate.
Since I no longer have a financial advisory, I would like to compile information here. After assessing the situation and bearing in mind our absence, the above would seem wise.
As someone who highly despises the credit industry and has always maintained a mantra of "do not touch what cannot be afforded" - I do not feel morally guilty about "bumping them off" as it were.
I did allow the one exception to my distaste of credit, due to HMRC throwing their weight around and suspending my business account, when the outcome was "Cleared on Merit" making the rough period caused as "pointless" on their part.
In interest, we have paid more than half of what we borrowed, however this is not reflected due to the compound interest applied per calendar month.
Please share resourceful information and advice on this matter.
Yours Faithfully,
Fredrick
I, the spouse and children are moving to New Zealand on Monday morning. We have purchased a property in Wellington and have been accepted for a fantastic employment opportunity.
In 2016, due to unforeseen circumstances, we had a minor cash flow problem. For the first time in forever, I had made one exception to obtain a "credit card" which is alien to me.
After speaking with my financial advisory, which at the time held the legal power to open a credit account on my behalf, was accepted for an American Express credit card.
The Platinum Cashback Everyday Credit Card with a credit limit of £12,500 was assigned. It was, at the time, an emergency implementation to re-calibrate our financial bearing.
After co-operating with HMRC, the business account we held was restored access, which permitted us to restore our financial bearing and no longer required American Express' service.
I closed the business, formally, on Christmas Eve. As of now, our entire net worth has been dedicated to our new start in New Zealand.
This covers the following:
- Travel Costs
- Property
- Human Resource
- Funds to Cover Temporary Unemployment (UK)
Despite paying the minimum amount, which was above £25 per month, the balance has not reduced below £9500.
Since we are moving to New Zealand and have no plans to return to the United Kingdom within the next 6 years, we felt the option of "Statute Barred" being appropriate.
Since I no longer have a financial advisory, I would like to compile information here. After assessing the situation and bearing in mind our absence, the above would seem wise.
As someone who highly despises the credit industry and has always maintained a mantra of "do not touch what cannot be afforded" - I do not feel morally guilty about "bumping them off" as it were.
I did allow the one exception to my distaste of credit, due to HMRC throwing their weight around and suspending my business account, when the outcome was "Cleared on Merit" making the rough period caused as "pointless" on their part.
In interest, we have paid more than half of what we borrowed, however this is not reflected due to the compound interest applied per calendar month.
Please share resourceful information and advice on this matter.
Yours Faithfully,
Fredrick
0
Comments
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After co-operating with HMRC, the business account we held was restored access, which permitted us to restore our financial bearing and no longer required American Express' service.
If you didn't require the American Express card, you should have paid it off in full and closed the account.I did allow the one exception to my distaste of credit, due to HMRC throwing their weight around and suspending my business account, when the outcome was "Cleared on Merit" making the rough period caused as "pointless" on their part.
Whatever HMRC may or may not have done is irrelevant. American Express did not do any of that to you. However, they did make credit available to you and your family when you needed it.
It sounds as if you are just trying and failing to come up with some sort of excuse to avoid paying your debts.
As it is, if you try and remove yourself from the UK and move to New Zealand, I fully expect American Express to be able to locate you there and take action to recover their debt (and costs).
You do know Amex operates in NZ don't you?0 -
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Minimum payment on a £9k debt is £25?Censorship Reigns Supreme in Troll City...0
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OP you seem very clued up financially speaking, but morally I'm not so sure, as above it is beyond doubt that a worldwide credit provider like Amex will find you.
i wish you and your family well in your new life one which I am sure you will better enjoy without the burden of debt.0 -
forgotmyname wrote: »Minimum payment on a £9k debt is £25?
No, I said in the thread "Despite paying the minimum amount, which was above £25 per month" it started off as the latter, but grew as the credit limit decreased.glider3560 wrote: »What does the amount of tax you have paid to the UK have to do with ripping off a private company?
Nothing at all, in fact, it is the private companies which deprive the government of taxation. The point is, I will not be treated like scum, as I have paid more tax than I needed to, unlike a lot of my competitors in business were at the time, whom of which used various loopholes. Therefore, I am not a bad character.If you didn't require the American Express card, you should have paid it off in full and closed the account.
Whatever HMRC may or may not have done is irrelevant. American Express did not do any of that to you. However, they did make credit available to you and your family when you needed it.
It sounds as if you are just trying and failing to come up with some sort of excuse to avoid paying your debts.
As it is, if you try and remove yourself from the UK and move to New Zealand, I fully expect American Express to be able to locate you there and take action to recover their debt (and costs).
You do know Amex operates in NZ don't you?
1. I appreciate that is the case, but American Express received a large chunk of their original borrowed amount back, but it was soaked in compound interest which raised the debt.
2. I do not need to make excuses. I am giving people reasons to not complete the debt, not excuses. The two are different in laying the responsibility.
3. Moving to New Zealand is not the big getaway to evade the debt, it is a fresh start for the family, where I already now own a property and employment. American Express or not, we would have moved there.
4. I am aware which international financial brands operate in New Zealand and should American Express peruse the debt overseas, I will personally call it "fair game" and pay it off in full.0 -
You have run up a debt and are now running away without paying.
You should be ashamed.
Why come on here to ask advice?
My advice is pay up :cool:
You are a scumbag and I really hope Amex catch you.:D
You answered your own question, I came here to ask for advice.
Your first post did not give advice, as that, in the English language, is considered an opinion - an unfounded and biased one for that matter.
Asking for advice should not prompt personal views - advice is text guidance based on unbiased and factual intellectualism.
Your opinion on the matter is irrelevant and I would rather you made yourself useful somewhere else on the website. If you feel passionate on the issue, work for American Express' collection team chasing debt.0 -
New Zealand are welcome to you.
And what’s with the long winded writing style?
I hope Amex find you and get their money back.0 -
Before it gets deleted:-Greetings,
I, the spouse and children are moving to New Zealand on Monday morning. We have purchased a property in Wellington and have been accepted for a fantastic employment opportunity.
In 2016, due to unforeseen circumstances, we had a minor cash flow problem. For the first time in forever, I had made one exception to obtain a "credit card" which is alien to me.
After speaking with my financial advisory, which at the time held the legal power to open a credit account on my behalf, was accepted for an American Express credit card.
The Platinum Cashback Everyday Credit Card with a credit limit of £12,500 was assigned. It was, at the time, an emergency implementation to re-calibrate our financial bearing.
After co-operating with HMRC, the business account we held was restored access, which permitted us to restore our financial bearing and no longer required American Express' service.
I closed the business, formally, on Christmas Eve. As of now, our entire net worth has been dedicated to our new start in New Zealand.
This covers the following:- Travel Costs
- Property
- Human Resource
- Funds to Cover Temporary Unemployment (UK)
Despite paying the minimum amount, which was above £25 per month, the balance has not reduced below £9500.
Since we are moving to New Zealand and have no plans to return to the United Kingdom within the next 6 years, we felt the option of "Statute Barred" being appropriate.
Since I no longer have a financial advisory, I would like to compile information here. After assessing the situation and bearing in mind our absence, the above would seem wise.
As someone who highly despises the credit industry and has always maintained a mantra of "do not touch what cannot be afforded" - I do not feel morally guilty about "bumping them off" as it were.
I did allow the one exception to my distaste of credit, due to HMRC throwing their weight around and suspending my business account, when the outcome was "Cleared on Merit" making the rough period caused as "pointless" on their part.
In interest, we have paid more than half of what we borrowed, however this is not reflected due to the compound interest applied per calendar month.
Please share resourceful information and advice on this matter.
Yours Faithfully,
Fredrick0 -
Your first post did not give advice, as that, in the English language, is considered an opinion - an unfounded and biased one for that matter.
You provided details of your debt and how you were running away so how is that unfounded?
Asking for advice should not prompt personal views - advice is text guidance based on unbiased and factual intellectualism.
.
My advice was PAY UP.0
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