Emmigration

Thema_2 · 17 February 2005 at 7:46PM

Hi,

I'm emmigrating soon (not to escape debt!), but the more money
I can take the better start I'll get. I have a couple of credit cards and
one unsecured loan.
Does anyone know if I just go and leave them would they chase
me round the world to recover the money?
I'd like to point out that I have a good credit rating, never miss payments
and pay my debts. This would I know be a bit naughty, but it's a new
start in another country and I'm thinking why not. I haven't actually
decided if I could go through with it to be honest, but got to keep
options open!
Thanks

Debt_Free_Chick · 17 February 2005 at 8:24PM

Financial institutions are global these days and operate all over the World. I would not be confident that you would "escape" without payment.

And, yes, as you suggest, it is very naughty. Effectively you have borrowed money and you are not now going to pay it back. One reason why you might not do this (as you asked "why not?") is to do with personal principles.

Think about it - in particular, think about the phrase "to be honest".

you might want to take a look at some of the other posts on this Board from people who are in real difficulty with repaying debts. One from a single mother on benefits, another on behalf of parents who are pensioners, another from students who are looking at bankruptcy.

Don't you think it's like stealing?

ladybutterfly444 · 17 February 2005 at 9:50PM

I am currently dating an American man (thinking of moving to America) and as a curiosity posed the exact same question to my work colleague the other day who happens to be an experienced litigation lawyer. He said that first of all, debt is not a crime so you could not get into trouble with the law and not go to prison for it. He also pointed out that no, these companies could not chase the debt up if you were in another country, and even if they could, the resources to do it would probably cost more than the debt itself. So, I would say, if you have the guts, go for it!!! The only disadvantage is if you were to come back to the UK it would be hard to get credit. But, if you are thinking of doing what I am doing, and that is to marry, then you would have a different surname, so should the worst happen and you did come back to the UK, you would have a different name anyway, so shouldnt have problems getting credit! Good Luck.

cath-w · 17 February 2005 at 9:57PM

I agree it is stealing. The people who will bear the cost of the unpaid debt will not be the bank / company / corporation but me, i.e. the costs of our banking fees etc will just increase.

I have lived abroad for several years. When you emmigrate you will need some way of transferring money from one country to another. You can only take x amount of money out of the country physically. To move it you are probably going to have to do an electronic transfer and also probably use your U.K. cards to withdraw cash before things are sorted out. It took us about 5 weeks for the bank account to be fully up and running when we moved. If you have default on the accounts and done a runner then you may have problems with cash flow.

C.

System · 17 February 2005 at 10:02PM

I couldnt do it, even if i knew i would get away with it. It would be a black mark against my name and i dont want that.

cath-w · 17 February 2005 at 10:09PM

ladybutterfly444 wrote:

But, if you are thinking of doing what I am doing, and that is to marry, then you would have a different surname, so should the worst happen and you did come back to the UK, you would have a different name anyway, so shouldnt have problems getting credit! Good Luck.

You still have to put your maiden name on application forms so this would not apply. I have a mortgage application form in front as me as I type and one of the boxes to fill in says 'Previous name(s) if any (e.g. maiden name)'.

C.

Malestrom · 17 February 2005 at 10:18PM

I don't really think that this is what Martin had in mind when he set the 'Debt-Free Wannabe' board up - I think this is one for the MSE Abuse Controller.

Former_MSE_Controller2 · 17 February 2005 at 11:52PM

Indeed. This board is to provide people with sound advice and help clear there debts by the best rates/deals and to fit their individual circumstances. I couldn't say for certain whether doing this would be legal or not, at best it's a grey area and I'm sure wouldn't be advised by anyone in the MSE team.

Due to the posible legal implications of giving advice on this subject, I am closing the thread.

Regards

Emmigration

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