have a Gov pension, retired overseas (not Europe) and owe loans & Credit Cards £5000 total. about (5 diff companies) Pension paid in UK bank will the companies persue and get an order to take payments direct from my pension or are they able to gain info as to my whereabouts via my pension to persue me, or are the amounts too small to bother with.
2007-03-07 07:00:43 · 2 answers · asked by Martin H 1 in Business & Finance ➔ Personal Finance
They probably won't go after you physically unless it is a HUGE sum (I'm talking hunderds of thousands or millions) and the governments of both countries had an extridition treaty. However, you say you have a pension coming in from a bank in the UK where your debts are. In this case, yes, the debtor can pursue those funds that are still in the same country as the debt. They could also go after your estate if there is anything of value in it. If the debt still exists when you die, your kids or estate will inherit the debt.
2007-03-07 07:13:00 · answer #1 · answered by CurazyJ 2 · 0⤊ 0⤋
More than likely they will want their money and will find a way to get it. They will not simply forget about it and they will try to locate you. They can probably garnish your pension. However, if you don't pay it will affect your credit. You can also try calling your credit card companies and seeing if they will reduce your interest payments or lower your monthly payments. Tell them if they can't work with you then you won't be able to pay them at all. I wouldn't let them know about your pension though. You borrowed this money and need to pay it back. Good luck!
2007-03-07 07:10:14 · answer #2 · answered by Swim Mom 4 · 0⤊ 1⤋