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John
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Subject: Leaving the country with debt
 
Posted on Sun Mar 11, 2007 10:39 am  

what happens if i have loan to pay and i am relocating to another country for good. can they chase me?Eg. Moving from UK to AUS.Debt is £10k.
ParkAvenue
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3873 Magic Points

 
Posted on Tue Mar 27, 2007 8:02 pm  

Quote:
what happens if i have loan to pay
and i am relocating to another country for good.
can they chase me?Eg. Moving from UK to AUS.
Debt is £10k.

1. Did they ever prove that you owe the debt?
2. How old is the debt?
3. Did SOL expire?
4. Did they ever get a judgment for the debt?

I had once moved from Washington to SC and
they did not chase me. Very Happy
Derby Circuit
Guest






Subject: Leaving the Country to Avoid Debt
 
Posted on Mon Jan 21, 2008 12:50 pm  

Actually it is possible to leave the country to avoid debt and it is unlikely that the original country can find you provided you follow these simple rules.

If you have citizenship in the next country you are leaving to and your original country (creditors) in which you have racked up your debt is not aware of this other citizenship then your chances are extremely good that you can escape scott free.

Before you leave be sure that you liquidate all bank accounts, savings and retirement accounts, sell all registered assets and convert it to cash....DO NOT TRANSFER money to your new account in the country you are moving to!...it is traceable....you do not want to leave any information behind.

Ensure that your new telephone number is unlisted in your new life and if possible DO NOT RACK UP NEW DEBT!!!

Remember that if you do leave your debts behind that if you ever come back to work there (vacation does not count if you travel with the passport of your new country) they will most likely come back to haunt you.
Maximus
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Subject: How long?
 
Posted on Sun Feb 03, 2008 5:58 pm  

How long would you not be safe to return to the country to live, is it 7 years, and slate is wiped clean?
Laura

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35732 Magic Points

 
Posted on Mon Feb 04, 2008 10:22 am  

I am not very confident about this. I think debts should be paid back. May be some one else can help you out.
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Laura.
Dadummy



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Posted on Mon Feb 04, 2008 5:30 pm  

I dont think they will chase you from one country to another they can write it off as a lost, besides would the other country let them expedite you back? being 10 they might try.
Morningstar

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Posted on Tue Feb 05, 2008 1:54 am  

If you leave the country, the SOL stops running...
If the debts are significant enough, the creditor can attempt to sue you in your home country.
Debts do not go away because time has passed, anyway.
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Laura

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Posted on Tue Feb 05, 2008 9:33 am  

So mrnstar,

Once he returns the SOL starts ticking again? No, i dont understand this part. There must be some transaction to let that happen. How is it going to be?
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Laura.
Morningstar

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Posted on Tue Feb 05, 2008 11:04 am  

Leaving the country will toll (pause) the SOL; returning will restart (but not reset). The provision exists to deter people from running up debts and leaving the country (as a state, Florida works in a very similar way).
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August



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Posted on Tue Feb 05, 2008 10:15 pm  

Surely you are not leaving the country just to escape debt right? What will you do if you need something in the new country and you have to fall back on your credit history, say they want to pull your history if you decide to buy a home, purchase a vehicle or something like that, what will you show for credit history?
goodnatured



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Posted on Wed Feb 06, 2008 1:31 am  

great point August about the established credit history, I am sure on a major purchase it would come up, don't see how it could be avoided.
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carol

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Posted on Wed Feb 06, 2008 9:52 am  

Leaving the country will not help you in the long run. If you have to return sometime the SOL restarts as mrnstr mentioned.
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Laura

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Posted on Thu Feb 07, 2008 7:25 am  

So if you return to your country just be rest assured that the SOL has started ticking. So its my advice to pay off the debt as soon as you are capable of paying the money back.
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Laura.
Kirsty
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Subject: skipping the country with debt
 
Posted on Tue Feb 26, 2008 5:44 pm  

If you were to leave the country (UK) with for example £15k debt and live in a country outside of the EU for a few years on a British passport would you be chased for this debt? If you returned to the UK and they continued to chase you for the debt couldn't you just go bankrupt?
working
Guest






Subject: skipping the country with debt
 
Posted on Mon Mar 03, 2008 8:02 pm  

Not a good idea. If you do it now, you will do it in the other country. Its good to pay your debt. Is this the reason you are leaving the country - debt? If you leave now, the SOL stops and when you return it starts ticking again. If you leave for 7 years, your will be able to restart though.

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