leaving the country to escape debt ?

get organise running away will not resolve anithyng

Quote:

Hi Guest,

If you have gone through the posts mentioned by Vikas discussed in this forum, then you must have understood that the debts won't chase you to another country. However, when you stay at another country, make sure that you don't build in the same debt again. Always try to have a regular flow of income as only expenses and no income will add misery in your life as it did now.

But also make your self well aware, that when you return back to this country if you are not able to settle abroad, then you will have to clear your dues.

Roxette

What are the legal issues when relocating from the US to the UK? I don't have a very large amount of debt, but am interested in what might happen if I was to stop making the minimum payment.

Hi vclb

Welcome to the forums.

If you leave the states without paying the debt, you might have a judgment when you will return back here.

Otherwise, the lenders will try to contact you if they have network in other countries and force you on making payments.

But, this account will not be shown in your credit file as long as you are living in the new country. This is because FCRA laws are not the same across borders.

If you stay for a longer duration above 7 years out of this country, this account will go out of the FCRA reporting time and the SOL might also have expired well before this time.

But being a responsible citizen, I will always suggest you to pay the said debt. There should be no reasons to invite tension across the border.

Regards
Roxette

i was terminated by our company six months ago,and i did not able to pay my credit card dues,right now i am in my home country(philippines),2 days ago somebody came here and told me that they are from the bank in uae an agent,do they have the right to force me to pay for my debt?

Marlon...you should probably asking for help locally....laws are different in each country and this board is for the US.

Hi,
have you considered the pros and cons of filing for bankrutcy vs leaving for another country?
I just think maybe bankruptcy could help you clear off your debts and give you a chance for a fresh start in your country, without running the risk of having your debts remain on your file if you leave the country... I mean, you never know how life turns, one day you may want to come back and start a business.
My suggestion is - take a free course of financial literacy and a free counceling session with a non-profit debt management organization, where they look through your bills and debts and give you professional advice. There must be such organizations in your area. Just make sure they really are non-profit.
Good luck!

jonny...watch the dates....the original poster asked this question 4 years ago.