moving abroad to escape debt?

[ibizacheeky]

I am moving to europe permanently soon and i'm considering leaving behind some debt. I have a �5000 and a �1500 loan which I have been paying for one year.Does anyone know how the creditors will pursue me and how they will try to recover the debt?
any advice iil be greatly appreciated

[Carol Anne]

Certainly many people can be chased all over the globe for unpaid debts. (hubby's firm specialises) and according to him these amounts would never warrant the expense involved in overseas tracing. The chances are that if you have paid nothing in the last year a CC judgement has probably been registered against you by now, and the amounts well on their way to be written off or sold on at a discount to a collections agency, whose computers will look out for you 'popping up ' anywhere on certain databases such as electoral rolls or credit reference agencies. I don't condone your intentions but you asked the question and this is an answer. We are not here to judge each other..

[Mrs_Pegasus]

http://www.theanswerbank.co.uk/Business-and-Fi nance/Personal-Finance/Question340342.html

You cant say you will never return to this country because you just dont know what the future holds. It would be expensive to pursue you abroad but be careful as the above post proves, there may be a time you have to come back. Also think about the long term future i.e. health care and pension.

[wkplp]

you should think first about ringing these companies, maybe you can ask them if you can make very small payment until the loans/credit is paid off, you could do this even though you are overseas, the reason i say this is i knew some one who did exactly the same as you, he came back to the uk after 10 years and found that his debt had been tranfered to a collection agency and it had tripled, my advice would be to get help to pay it off first (family maybe). the future implecations are fare worse for you if you dont.