what will happen to me if i go abroad can they juge me there for it?
2007-08-20 11:23:52 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
My Brother did what you intend doing as he owed over 100 thousand Uk pounds.
He went to USA on a very long Holiday (10 yrs) he met new people, met a partner and had a boy with her. He used to come back every year or so and never had any issues, he opened up new international Bank accounts with Chase, Bank Of America, Wells Fargo and Washinghton Mutual. He never had a social security number and did not need one for an international NON resident current account with debit cards and check book.
He did receive one letter from a debt collector at His Mum's home on a 6 month visit after 7 years away but after 6 years everything is cancelled out anyway so he never even called them.
I told him about your idea and he said (kinell get the f*** outa that sh** Hole and go somewhere warm and sunny.
He also said the credit checking companies do not have the ability to check you out in foreign countries as he tried to get a Mortgage in his name and Proper credit cards and they would not allow him to have one without a USA Social Security Number that you can get if you have a proper Green Card working Visa so he had to pay cash for big deals, some car dealers let you have credit if you put down a few thousand cash.
He has this year opened up 3 new UK Bank accounts with Debit Cards and a check book and no one has mentioned anything to him about his past debts.
It is worth the trip if you like travelling and meeting people. If you prefer to stay here you can do that too with the relaxed rules on bankruptcys and a new thing that is sort of half a bankruptcy. But as my Brother always says, anything doing is worth doing well; so don't go bankrupt for a few thousand, make it a few hundred thousand. LOL
Good Luck Mate
2007-08-20 12:12:45 · answer #1 · answered by David C 3 · 0⤊ 0⤋
It depends what kind of loan. If you have a student loan, and you go to live in Australia, it gets written off straight away. A friend of mine has done it, and now he's in the super-tax bracket.
I think banks are a bit more thorough in trying to get their money back. After all, it really belongs to their customers.
2007-08-20 11:33:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I know someone who had £45,000 worth of debt and just upped and moved to canada.... never had any intention of paying it back. They moved about 4 years ago and they have never caught up with them.. If they dont catch up with you within 6 yrs it gets written off..
So if you are going then dont come back for 6 yrs... but its alot of stress knowing that you are affectively on the run and if they do catch up with you they can sue you for theft as you have no intention of paying back a loan!
Also its for that reason that bank chanrges are so high... to pay for people who get themselves into debt and cant pay it back, rendering themselves bankrupt!
2007-08-20 11:28:55 · answer #3 · answered by JustJem 6 · 1⤊ 0⤋
Unless you go to a country that has no banking institutions (almost ALL banks are international), they will track you down (slowly), and bring a judgement against you (including ALL the interest and recovery costs) in that country...
Pay your debts, silly!
If I owed YOU $10,000 and I moved to Iceland, would you suddenly stop wanting your money back?
2007-08-20 11:35:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2014-11-29 06:23:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, if you apply for credit there. They will have no credit history for you, so they will have have to search your history from your place of origin.
2007-08-20 11:28:24 · answer #6 · answered by vwcarman2001 5 · 0⤊ 0⤋
the long arm of the law will reach out and grab you where you do not want to be grabbed!!!
2007-08-23 11:58:39 · answer #7 · answered by Anonymous · 0⤊ 0⤋
they will always get you in the end.
2007-08-20 11:28:59 · answer #8 · answered by louise d 6 · 2⤊ 0⤋