i owe money to credit card , want to leave canada for next 5 years ,then what are the problems i have to face?

Question

hi,i owe money to credit card companies,but still im maintaining good credit ,but im facing heavy financial problems without having stable job ,now im planing to look for some other job in other country and i want to leave canada for next 5 to 8 years .again i want to come back .what are the problems i have to face .are they going to chase me out side canada .is it going to be problem when i re enter in to canada .what are the best solution please let me know.

Answer 1

You cannot be extradited back to Canada for a debt - that is only for criminal charges. Depending on where you are moving to, it is possible for the credit card company to sue you, then register and try to collect the debt in the country where you are living. Is that likely? Depends on the size of the debt.
No doubt the credit card company will sue you and obtain judgment. The judgment will include interest and lawyers fees. When you return, they will make attempts to collect it from you, such as a garnishee on your wages or seizure of your assets. And, you will not likely be able to get a credit card or loan for a long time.
Are you leaving Canada just to run away from the debt? That's dumb. Talk to a Bankruptcy Trustee or a Credit Counsellor. There are other options.

Answer 2

The only benefit is it may be unlikely they will chase after you in Canada, but when you return to the States and look for employment not only will this show up but more than likely it would have already been through the civil courts and you lost. Meaning? The minute you come back any assets you begin to attain now belongs to them to get there payments. If I were you stop using the credit cards and consolidate. Start paying them up. Or you can close your accounts and pay nothing over the next 6 months and negotiate with them a pay off settlement. It hurts your credit history, but at least you won't have to worry about them taking you to court (whether or not you appear the case will be heard and you will lose.)

Answer 3

Yes they do have the legal right to take the money from your account if you have your credit card with the same bank. Its probably to late now but you should ensure that your main bank account is always different from your credit card acocunt. Its easy to do. Best suggestion now is that you urgently need to make an apointment with the bank and go and discuss your situation with them. THey do listen but you do need to disucss this before it goes any further. Togther you need to come up with a solution. If you feel you are heading into a endless money pit then you can speak to the Citisen Advice as their service is free and they will give good advice and contacts. IF you feel you need a way to resolve the situtaion then taking to a Debt Management compnay is a good option but be careful as some ar enot as good as others. Again the Citizen Advice will assist you. Best thing though is to see your bank manager first thing. Make sure you state that in removing the money from your account automatically they have caused you a finicial difficult due tolosing your job and they put at risk of not paying rent. This inturn has caused you great stress (always play the stress card) The bank will most likely come up with a reduced payment plan but make sure you can agree zero interest as this is what a debt management company will do. Of course you also need to get a job. Not sure what your previous was or skill but supermarkets always want people for part time work, fast food chains etc, its a quick way to start earning again. Interetsing one could be to look at being amystery shopper as you get paid for this. Do a search on Google mystery shopper sign up.

Answer 4

Have you tried a credit counsellor? If not look in to using one as they have a way to arrange loans to consolidate the card payments and make one low payment or lower payments per month and you get to keep a not bad credit rating.

If you can't keep a decent job have you tried two jobs, a day time one and working for UPS or Purolator or such for 4 hours or so every nite (extra money).

Leaving and not paying or making arrangements for lower payments will give you a bad credit rating and make it hard to buy a car, house whatever when you return.

Answer 5

You know you'll ruin your credit, right? Different states have different statutes of limitation.

Texas for example is 4 years. So theoretically, if I stopped paying for 4 years, and the collection agencies called me, I could just say, "I have an absolute defense--the statute of limitation has run out."

They can still subpeona you, but if you keep good records, you should be in the clear.

Of course, if they can prove that you intentionally left the country to avoid paying your debts, a judge may not be so lenient.

Answer 6

You will have no problems. Credit reports dont carry over from country to county, however, certain banks will look at them if you want them to for credit in the new country. When you get back though you will run into problems because they will all be charged off and ruin your credit if you dont make payments.

Answer 7

If you decide to bail without letting the card company know what you're doing, you will undoubtedly screw up your credit rating. Phone them and tell them that you are having financial difficulties, and ask how you might be able to set up a payment schedule that you can reasonably handle.

Answer 8

I've always considered that too. Get a lot of credit cards and max them all out on a shopping spree, then move to another country and try to escape debt. LOL

Answer 9

There is a book out there called zero credit. Meaning shows you ways to pay off your credit. For starters change your pattern of spending. Pay more than the minimum.

Answer 10

Piling up interest, and the threat of extradition if they are serious enough about getting their money back. Why not just get a different job in canada?