thing is he's not intending to settle his CC, loan etc. debts before going. According to him no one will bother tracing him for the debts, I've heard different and that the debts are sold to companys who recover the debts. I'm worried he is being far too cocky about all this and in years to come it will all catch up with him. What is the likelyhood ?
2006-09-17 08:34:02 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
It's very likely indeed. He wants to be careful, because he might get to spain, and not like it. He will then be blacklisted for years to come, if he comes back to the UK, and what will he do, when he needs furniture, credit cards, bank accounts, mortgage, and so on. He wants to grow up and pay back what he has loaned, as his life in Spain could backfire on him.
2006-09-17 08:41:10 · answer #1 · answered by bizzybee 3 · 0⤊ 0⤋
It's a global economy, my friend. Many of the big players in the credit reporting industry are big players in Europe as well. Once they figure out that he's an American, it's likely that the US information will flow over to the Euro systems as well.
I lived in the UK for a number of years and was asked to provide a copy of my US credit file in order to get a decent rate on a home mortgage over there. My record was good, so I got the reasonable rates and halved the rate I would have paid otherwise.
If he's moving from the UK to Spain, it's very likely that his credit record will follow him automatically as Span and the UK are both EU member nations. Not much different than moving between states in the US. And if it's not that way today, it certainly will be in the near future.
All that said, it's not your problem. Unless he asks for advice, you should keep you nose out of it.
2006-09-17 08:55:33 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Oh yes, if they think it's worth it, they'll come after him - Spain is not as far as he thinks when it comes to debt owed. Also, if Spain does not work out and he needs to come back here, he'll have those creditors to answer to. I'd suggest he speaks to them - even if it's to come to some sort of agreement while he settles in Spain!
2006-09-18 03:58:23 · answer #3 · answered by scallywag 4 · 0⤊ 0⤋
they will trace him and then he will have more than he currently does to pay back speak to him and tell him if he is struggling to offer the companies £10 a month or what ever he can afford that way he will be OK but if he stops paying altogether your friend will be in trouble..
2006-09-17 08:41:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Very creepy ,does your friend know how small the world is !
Maybe he likes running ,also the debt s will get bigger,the longer it goes on !
2006-09-18 02:36:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Some things about humans never change. To wit:
Never run away from your problems, they'll always catch up to you.
Always.
And if they don't, sounds like your friend will just make new problems for himself, anyway.
2006-09-17 08:45:02 · answer #6 · answered by Boomer Wisdom 7 · 0⤊ 0⤋
It may take time to trace him but years down the road they will get ahold of him and his credit will be shot.
2006-09-17 08:37:27 · answer #7 · answered by rayvennn 2 · 0⤊ 0⤋
If he's a failure in England then he's really going to struggle in Spain ( voice of experience). So it won't be long before he has to return to face his creditors, they will be waiting.
2006-09-17 08:38:56 · answer #8 · answered by ? 3 · 0⤊ 0⤋
Believe me he will be traced and it will cost him a whole lot more
2006-09-17 10:05:12 · answer #9 · answered by Candy 5 · 0⤊ 0⤋