i'm not a UK citizen and I have to leave the country now but my worry is I haven't got enough money to clear my credit cards. (it's less than £5000 though), I wont be able to clear them even after I return to my country as the exchange rate is soo high. Pleas advice me ..
2006-12-29 09:29:45 · 9 answers · asked by ARP 2 in Business & Finance ➔ Personal Finance
Come clean and speak to the credit card companies concerned.
They may be able to come to an arrangement with you, especially as they are in quite a weak situation as you are going to be very difficult to collect from once you have gone.
You may be able to get the debt frozen or arrange a much lower repayment that you will be able to afford even with the exchange rate.
Remember that if you want to return to the UK in the next 6 years and you have not made an arrangement you will have more problems as the debt will have been sold on to debt collectors who may be less understanding that yur bank.
If you feel like you need help with the negotiations there are debt management companies that specialise in this kind of negotiation.
Try http://www.debt-line.org.uk
2007-01-01 06:14:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Leave the country and leave no forwarding address, problem solved unless you want to return some day.
Don't know if it would be possible to transfer the balance to a foreign card. If the exchange rate is to high for paying back to the UK I would imagine it should be favourable to transfer the balance the other way to the other country.
2006-12-29 09:37:09 · answer #2 · answered by Gordon B 7 · 0⤊ 0⤋
It doesn't matter why you got into debt. Best thing to do is just go abroad as they cannot trace you abroad, after 6 years the debt will be written off due the limitations act of 1980 if they have no contact with you in the 6 years. So you can come back and start all over again.. Problema solved.. Come fly lets fly away......................
2006-12-31 11:50:45 · answer #3 · answered by ramoldo 1 · 1⤊ 0⤋
If you cross borders with a Credit Card Debt you are considered an International Criminal and the Interpol will hunt you down.
I suggest you to keep sending them their money until the debt is gone.
If the Exchange Rate is so high then move to a country with a better Exchange Rate at least for a while until your debt is gone.
2006-12-29 19:01:20 · answer #4 · answered by Anonymous · 0⤊ 3⤋
Why did you spend money you do not have ? You have put yourself into an impossible situation. Speak to the credit card company, explain why you "have to" leave the country, see what they advise.
2006-12-31 10:06:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
why did you run the debts up then,you will need to contact companies and try to sort out a payment plan otherwise they will go on your credit file as adverse credit
2006-12-29 09:35:15 · answer #6 · answered by NATALIE W 3 · 0⤊ 0⤋
It depends on whether you are planning to come back.
As to someone talking about Interpol? Mate they have better things to do (or should I say worse things to do) rather following up on credit card payments.
2006-12-30 02:25:33 · answer #7 · answered by harsh_desh_pande 2 · 0⤊ 0⤋
you must have known that you would be going back to your own country so why then run up debts so high and how on earth did you manage to get credits
2006-12-29 10:19:34 · answer #8 · answered by Bernie c 6 · 0⤊ 0⤋
IF YOU ARE POLISH,YOU CAN STAY HERE.
2006-12-29 09:37:34 · answer #9 · answered by Anonymous · 0⤊ 1⤋