£50k debt and leaving UK

22doris

I have got myself into a right hole... £22k on bank loan with NatWest rest on 4 credit cards. No job as business has ceased trading, do not own house as in my husbands name, no assets. Now moving to Spain NEVEr to return to Uk... do I just run and hope for the best? Speak to them all and explain I have no job....

John_G_Jones

No, you need to find yourself a salaried job, and work to pay back what you owe.

You can’t just run from the consequences of your actions.

sourcrates

Hmmm, do you really want to be looking over your shoulder all the time, or dreading that knock at the door ?
Just who is that on the end of the phone ?

You can be chased to Spain, and you can be made bankrupt by your creditors, this will be effective wherever you are in Europe, and could have serious consequences for you.

On the other hand, they may not bother coming after you, they would first have to find you obviously, but they may decide it’s not worth there time and effort, and not bother.

But, they won’t just write it off to experience, they will sell the debts on to some low life, blood sucking debt purchasing company, who will most definitely attempt to trace you, they buy these debts for pennies in the pound, and will try to realise the full amount from you, cross border debt collection is nothing new, they could potentially sell the debt to a Spanish debt collector and then chase you through the Spanish courts, so it’s unlikely this is just going to go away, but then again, you just don’t know do you.

Karonher

Google debt recovery in Spain and that may give you the incentive to start paying it back. They seem to have more innovative ways than we do over here. £22,000 will be a lot for Natwest to turn their backs on.

Mnd

In think referring to debt collectors in such a derogatory manner whilst discussing someone who is seriously considering doing a runner owing 50k is a bit harsh

haras_nosirrah

you say you are never coming back but never is a very long time and people do change their minds especially if family get ill, they need healthcare etc etc

If you really have nothing you would be better going bankrupt and legally wiping the slate clean rather than running and hiding and hoping they don't find you

-taff

https://www.healthplanspain.com/blog/expat-tips/351-uk-debts-when-moving-to-spain.html

zippygeorgeandben

What's the morally correct path to take OP?
Don't be a coward and face the debts head on.

System

If you have no assets, no job and no money, then bankruptcy would be the route to go. They will more and likely find you in spain eventually. First they will find your email addresses. Then they can search online for any activity. Take into account your on this forum talking about leaving for spain. Plus your passport will be traced via border control. They can track you to the airport of your final destination. They will search for any debit cards in your name, even new ones from a Spanish bank. Obviously they check social media. To avoid paying debts in the UK you would have to go a lot further than spain i.e south america. But then again they may not ever bother looking for you. I would play it safe and go down the bankruptcy path, unless you find a new job.

DCFC79

How would you finance the life in Spain ?

WhenIam64

do not own house as in my husbands name

That could be a problem for you (and him) if you chose bankruptcy. There may be a beneficial interest here.

Take advice or get him to take advice before going the bankruptcy route.