I was left with debts when my business failed two years ago. my ex buisiness partner hasn't paid any of the debts but we're jointly and severably liable. I have the opportunity to leave england and i wont be able to pay off all my debts by then. If I go and just leave them, will i be able to have a fresh start or will i just be chased abroad. i simply cant find any more money before i'm due to leave.
2007-01-11 02:20:12 · 11 answers · asked by Luke J 1 in Business & Finance ➔ Credit
Don't leave any forwarding addresses. they won't have the time or resources to go looking for you worldwide. just make sure not to use the same companies in the new country. My sister did the same thing and she has no problems. However, if you ever do come back, you will be blacklisted for credit and will not get credit anywhere including a mortgage etc. So consider it with caution.
2007-01-11 02:29:51 · answer #1 · answered by beanie 5 · 0⤊ 0⤋
ABSOLUTELY!!!!
As soon as you leave the UK, your debts remain on file for 6 years (to the best of my knowledge). The company CAN chase you abroad, but thats nothing to worry about. If you have left a debt in another country, legally they can do sweet eff all to you (presuming they find you that is).
For example, if I was to owe 20,000 in the Uk (I dont.)
If I went to live in Australia and the company chased me up there, whats going to happen? Are the Australian authorities going to tell me to go back to the UK and settle the debts? Course not!
Credit ratings etc ONLY apply to the country you live in/left the debt in.
My advice?
Go to live abroad, even if you only stay there for 6 years when you come home you will have a clean sheet!!!
Sweet!
Go! Get the suncream and jet off!
2007-01-11 10:30:36 · answer #2 · answered by Mucking Fagic! 2 · 0⤊ 1⤋
i lived in germany and owed £4000(8000dm at the time)for a car,i returned to the uk and the german bank tried to get the money back through a british bank.They did this because some banks are partners with other banks all round the world,so if i were you check to see if the banks or companies you owe money to have partners or own companies in the country you are going to.
By the way,they got bugger all from me,i don't think it is clever but it stopped me getting credit for 6 years and i live a debt free life,bliss!
2007-01-12 05:37:59 · answer #3 · answered by mrgee32uk 2 · 0⤊ 0⤋
I'm not absolutely sure but I think the debts are written off after so many years. Can't you declare yourself bankrupt here and then your debts will be cancelled and hopefully by the time you return to the UK you'll have a clean credit rating?
2007-01-11 10:25:04 · answer #4 · answered by pianowez 3 · 0⤊ 0⤋
If you owe them they will hunt you down. They can sometimes chase you for small amounts and you will have to pay the costs involved in chasing you. Its best to talk to your creditors and see whether they can help you. Consider the above answers as well.
2007-01-11 10:32:42 · answer #5 · answered by cool runings 3 · 0⤊ 0⤋
It depends on the policy the state you leave has with the state you go to. I suggest you search a country which has no extradition policy with your country. The second risky option would be to go to a country with a slow/corrupted legal system.
2007-01-11 10:42:54 · answer #6 · answered by Allan 1 · 0⤊ 0⤋
you can file a bankruptcy, but you need to go to court first and explain everything. if you just leave them behind you'll be chase even if you get a new identity and it would be a huge problem for you to start a new life as it will stops you applying for anything...
2007-01-11 10:26:27 · answer #7 · answered by Simply_Me 3 · 0⤊ 0⤋
No They wont chase you unless its masses of money, and after a few year they will rub you of the black list.
2007-01-11 10:31:23 · answer #8 · answered by Oel Pezlo 3 · 0⤊ 0⤋
if a bank or the persons you are in debt with can not trace you with seven years.i believe.your debt is written off.
2007-01-11 10:30:59 · answer #9 · answered by peter o 5 · 0⤊ 0⤋
depends on how bad the company wants you they can try anywere but how can they find you if you dont leave a forwarding address
2007-01-11 10:24:35 · answer #10 · answered by john t 4 · 0⤊ 0⤋