In Dept with credit cards & loan?

Question

If I was to cancel all direct debits for my payments on loans and credit cards, and the moved house.... And didn't have any contact with them at all, would they find me?

Answer 1

Eventually yes. As you would probably open another bank account which would flag you up their their records as having a "Linked Address" But you don't have to have a bank account. The one thing you do have to do is the Electoral role. .Anyone over the age of 18 has to do that. Which credit reference agencies have access to.

So yes in short you could be traced.

But unless the amounts are high they probably won't bother anyway as costs them so much to trace you and write to you etc.

Answer 2

That would not work, so don't even think of it. At worst, you could end up in court.
Instead, why don't you face up to your problems? I don't know your circumstances but you have got yourself into this mess, now it's time to get yourself out of it.
First step is to cut up your debit/credit/store cards.
STOP spending on all but essential items. New clothes/makeup/cds etc are not essential.
Then - as someone advised earlier - get down to the Citizens Advice Bureau or ask at your library or council if there is a local debt settlement association.
You'll get excellent advice and they'll help you contact the people you owe money to, and work out a suitable repayment plan.
These consolidation loans aren't always the best solution as although you're paying a lower amount each month, it's over a long period and at a fairly high interest rate. Do you still want to be paying for last Christmas in 10 years time??
Good luck.

Answer 3

The Credit card company will sell its credit balance due from you to a Recovery agency through the factoring method and those fellows will employ a detective to find you out and then force the recovery.The Loan company or Bank will do two things: notify the Credit rating companies and circulate your name among other Banks and Loan companies as a Hotlisted person.These actions will result in you being spotted immediately once you surface somewhere and also seal your chances for re-employment.

More importantly, you can never escape from yourself, however smartly you may escape from others.The guilty felling will either haunt you and make you sick or make you more arrogant and make you do more serius crimes.

The wise course for you is to discuss your financial health with a counsellor and draw up a plan for settling your debts. The world honors a person's honest efforts at rectifying a past mistake and the Credit card company or a Bank may assess your overall situation, including future employment potential and earnings level and consolidate your debt, sanction a deferred payment schedule in keeping with that assessment and use that loan to wipe off all your past debts. Stick to that rehabiblitation plan and you will find that this situation will soon pass like a bad dream and you will be back on track as an honorable citizen, and will become eligible to borrow whenever you may actually need to.

Answer 4

yes that is a silly idea. They will catch up with you one day. Dont forget you will be registered for your council tax, bank and also the electrol vote thing as well. Why dont you consolidate all your debt into one payable loan. Thats what i did i had loads of direct debits going out all the time so i consolidated into one and payed the rest off with the money. IF you have a bad credit rating you may have to get a high interest loan but at least the amount will eventually go. Good Luck

Answer 5

Yes, take it from me they always find you. Do yourself a massive favour, firstly cut up the credit card immediately, the temptation is too great otherwise. Secondly, contact the companies to arrange a realistic monthly re-payment. Providing you stick to your re-payments (or contact them immediately if you are unable to pay for some reason) you should have no further problems.

The Citizens Advice Bureau offers much advice in this area, they can contact your debtors for you if need be. Sort it out before it effects your credit rating.

Answer 6

Oh yes, if you cant pay the piper, don't call the tune, its called self control, if you can't afford it don't buy it, if you try to opt out of your obligation, your debt will get passed on to other people who use these services, do you think that is fare, you borrowed money in good faith, pay it back, they will get you in the end, probably in about five years time when you think you have got away with it, and you have a comfortable little pad, nice furniture, maybe a couple of rug rats, the door bell rings, BAILIFF, POLICE, COURT OFFICIALS, you are well and truly stuffed.

Something to think about huh.

Answer 7

Yes. They will send the bailiffs down on you. My friend did that and he was found and now he is paying hell of a lot more money out than what he actually owed the companies. They have added charges onto the debt.

Answer 8

yes they would, you can run but you can't hide.

best thing to do is to cut your cards up but contact the companies and work out a repayment scheme.

most companies would rather you paid £1 a week than nothing at all.

don't sit back and do nothing, thats the worst thing you can do.

if you need help try the link below.

Answer 9

yes - gas, electric, phone, water, council tax, electoral register, dvla, child benifit, inland revenue...... need i go on. how many other databases do you think you are on.

much better to contact the citizens advice bureau and get some help tackling the problem. most lenders are willing to talk to you, especially if they see you are behaving sensibly and talking to CAB about the problem. they want to get the money back so it makes sense to them to find ways to help you pay it back.

Answer 10

Oh yes. Been there done that.....
If you dissapeared, that is dont leave a forwarding address, dont have a bank account, never register to vote, dont have any insurance for long enough they may give up. You might as well declare yourself bankrupt if you do that though...