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needinhelp1969 · Posted: Thu Aug 04, 2005 8:54 am Subject: leaving the uk to escape debpt

can anyone help me i am a canadian who has been living in the uk. i was married during the seperation i took out a �14000.00 bank loan. i lost my job and have no way of paying this back. i have been offered a job in canada and would like to know if i leave the uk along with leaving the debpt can the creditors catch up with me in canada. or will there be any negitive affects that might affect me in canada. in other words am i still legaly liabile to repay this debpt.

Posted: Thu Aug 04, 2005 1:14 pm Subject:

Im not sure that relieves you of your debt, but moving out of a country will hinder the company of collecting from you. I may be wrong on this.

Posted: Thu Aug 04, 2005 1:44 pm Subject:

Hi needinhelp1969

Welcome to the forums. The laws in each country are different relating to the recovery of the debts. The FCRA laws do not permit recovery of the debts outside countries. Moreover, you will have to acquire a new credit file when you start residing in a new country. So, the past debts in the original country from where you came will not be brought back into the scenario.

However, there are some creditors and collection agencies that have their network in different countries and they gather information about the debtors from the banks if they are interested in continuing collection efforts.

So, as a responsible citizen, I will always suggest you to complete your payments in order to avoid tensions on both sides of the border.

Regards
Roxette

needinhelp1969 · Posted: Fri Aug 05, 2005 4:01 am Subject:

thank you.

Posted: Fri Aug 05, 2005 10:42 am Subject:

Part of the reason I moved was to literally "escape debt." I knew that scammer and spammers had my address and were using it to my disadvantage. When I moved, I got a PO box and that was that. I didn't give out my new info to ANYONE that didn't need it.
So it works to an extent.

Posted: Fri Aug 05, 2005 10:44 am Subject:

Here is my philosophy on loans:
If your bank says you don't have the right credit or enough credentials to get a loan through them, then don't get a loan with anyone period, unless it is to consolidate.
If your bank says you have no money, then you have no money! They're the best judges, trust me.
When I took out my payday loans I KNEW I wasnt going to be able to pay them on time, but I thought I could get extensions....I was wrong. Instead, i got harassed. :-/

Posted: Fri Aug 05, 2005 4:04 pm Subject:

Reading the post of guitar_slayer, I once again stress on avoiding payday loans. In my overall experience, I consider these loans to be the worst enemies. These types of loans can never help anybody.

Putting it in equation, $30 is charged on every $100. So a payday loan of $500 will boil up to $650 at the payday. If we default in the payments, the interests are sky high which can never be reached. It adds to misery when there are 10 to 15 of such loans.

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