Leaving the country with debt             Click here to Print

Goto page 1, 2, 3, 4, 5, 6  Next  :| |:

#John - Says,

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 - Says,

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 - Says,

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 - Says,

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

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

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 - Says,

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.

#Laura - Says,

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?

#Morningstar - Says,

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).
#August - Says,

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 - Says,

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.
#carol - Says,

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

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.
#Kirsty - Says,

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 - Says,

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.
Page 1 of 6

Powered by phpBB © 2001, 2005 phpBB Group