2006-10-24 09:21:00 · 7 answers · asked by Josh R 2 in Business & Finance ➔ Personal Finance
No, you can't run away from your debt or the IRS.
Some people do try, and if they move to a country that doesn't have extradition then these people can hide in that country from US law.
Nobody can hide from the Credit Card Companies though, they are worldwide and WHEN they find you they will send their bill collectors to get their money. No matter what country you are in the credit card companies are already there and have legal agreements to let them chase debtors. They will find you somehow, even if they have to scale the foothills of Mt. Everest (well maybe not that far).
I suppose if you move to Nepal, or Outer Mongolia, or hide among the headhunters of New Guinea then they might not find you. Of course they will find your bank accounts and they can legally attach those funds in it, after you default on your payments.
The best thing for you to do is to talk with a debt relief company. The credit card companies want to get paid. If they have to send debt collectors after you and if they have to sue you in court then that costs money. They would be more likely to want to make a deal and recover at least part of your debt. They will probably cancel your account, but you can at least clear the debt.
http://www.careonecredit.com/Landings/Landing.aspx
http://www.cleardebtsolution.com/index.php?s=Google&kw=(HP)+credit+counseling&gclid=CLfcmvbGkogCFR0OYAodQBMoAA
http://www.nfcc.org/
http://www.consumercredit.com/
If you admit your mistake and try to fix it then you will do better. Credit card companies have had too many people default on their loans to not want to deal with you and at least get some of their money.
2006-10-24 09:34:18 · answer #1 · answered by Dan S 7 · 0⤊ 0⤋
You might escape for a little while, but if you do move to get away from paying debt, you will likely not be able to come back and not have to pay. A relative of mine went abroad for 2 years and did not pay anything on his credit cards while he was gone and as soon as he came back they knew and started sending warnings and bills to him. Even worse, it had gone to a collection agency so the interest rate was really high and his credit report is bad.
You're better off going to one of those consolidation agencies and seeing if they can help you out.
2006-10-24 09:25:39 · answer #2 · answered by janinenc2002 3 · 0⤊ 0⤋
You can always run from debt, but it will take 7 years for anyone to be able to trust you again, i.e. loans or credit cards. You might as well kiss that 1.9% financing on that new car you want away and welcome the 21.9%. I believe you do have to start a new credit file in another country.
2006-10-24 09:23:49 · answer #3 · answered by Chris B 3 · 0⤊ 0⤋
I have a friend that every 5 years he gets a new card from Barclays, maxes it out and then he doesn't pay.
After 5 years they throw the papers away, he re-applies and starts again.
He's been doing this since 1985 or so. He isn't doing it only with one Bank either. There, some proper info from real life for you.
He is in The UK btw.
2006-10-25 16:20:46 · answer #4 · answered by ken_voss12345 4 · 0⤊ 0⤋
I'm guessing the credit debt collectors will get tired of the long distance phone calls. However, Mastercard and Visa are international and you won't be getting any new credit cards from those institutions.
2006-10-24 09:23:59 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Mabey for a brief time you could get away from them, but they will catch up to you. If you ever come back you could be charged with defaulting on them and wind up with more fines and judgements. It would always be haunting you!
2006-10-24 09:28:52 · answer #6 · answered by Yvonne D 3 · 0⤊ 0⤋
yes you do. no u can't. eventually you will be found out. the only way u can get out of pay ur bills is death and by being horribly disable.
2006-10-24 09:22:43 · answer #7 · answered by Patricia 3 · 0⤊ 1⤋