Need to Stop Paying my Credit Cards in the UK - Will I get away with it ?

[Guest Andy]

Lots of these comments are views on morality rather than the 'facts' and contradict what I've found on the net.

 

Ie CC co's wouldn't bother chasing debt overseas. Also legal action is a last resort. Plus debt would be written off in 6 years and become statute barred.

 

Scot

 

 

I guess most people on here deal in morality to be honest and see that the actions that you MAY take in dodging your debt as wrong.

[AJ]

Just shows what kind of person you are. Loads of people are struggling to afford to even move to Oz, paying off their debts and actually SAVING money instead of just using money that is not yours and then having an attitude like yours, just as bad as sponging of the state all your life. Will you do the same in Australia? I have changed my mind and wish i did know you if you did this because I would have no hesitation in informing DIAC (you are supposed to be of good character to get a visa), and hope you dont get PR, would let all your debtors know what your up to and would advise them where you had your mortgage so they could take your house -

 

Do I sound bitter - bet your life I do cos people who do this type of thing intentionally deserve it. Most people pay for what they have!

[Guest dmcevilly]

---

They may be hunted but they can't be forced to pay, unless it's a government debt

 

As many of the UK banks are now predominantly government owned by the British government with British tax payers money Lloyds Banking group (48%) RBS (64%) B&B & Northern Rock Lending Book (100%) I think your argument of government debt is answered especially as the government is requesting UK banks to tighten up its strings on re-cooping losses and bad debts. He has 2 very clear choices. Sell his UK property and pay off the debts and walk away with no guilt or wondering "if what". Or stop payments and have a charge placed on the property so when he goes to sell at any time he will legally be forced to pay the outstanding debt which by that time will double (over 20 years) due to court costs, fees, interest etc. If mortgage deals go up which they will over the coming years he wont be able to remortgage into another deal and will suffer paying a mortgage on SVR taking on the up and downs of any market adjustments leaving him exposed to receiving even more debts if the fails to make payments on his mortgage..... Its a lose lose situation I'm afraid.

[Peach]

Lots of these comments are views on morality rather than the 'facts' and contradict what I've found on the net.

 

Ie CC co's wouldn't bother chasing debt overseas. Also legal action is a last resort. Plus debt would be written off in 6 years and become statute barred.

 

Scot

 

Legally, the CC companies have no means of enforcing the debt overseas - they can sell it to an Australian company who can hassle you, but it won't effect your Australian credit history and nor can they make you pay up.

 

The line of least resistance would be to get a CCJ against you and then a charge over your property. I would expect that the CC company would be fairly aggresive in their action as you have an asset that would pay off the debt.

[Peach]

As many of the UK banks are now predominantly government owned by the British government with British tax payers money Lloyds Banking group (48%) RBS (64%) B&B & Northern Rock Lending Book (100%) I think your argument of government debt is answered

 

No. Borrowing from a bank owned by the government is not government debt - this refers only to unpaid taxes, student loans etc.

[AJ]

I dont get this - not just on this thread - so it is aimed at no one in particular - but on others, when people keep saying the cc companies cant enforce it etc do you not think you are just encouraging people to rack up debt and walk away?

[Peach]

I dont get this - not just on this thread - so it is aimed at no one in particular - but on others, when people keep saying the cc companies cant enforce it etc do you not think you are just encouraging people to rack up debt and walk away?

 

No, just stating what the facts are...

[scuffythetugboat]

Surely with Mastercard and VISA being global companies it wouldn't be too hard to find you where ever you are. How will you sleep at night in the years to come if you choose to dodge your debt? From what I've read about the unfortunate people being repossessed the equity you have on paper can disappear completely.

[fleabo]

Is your property rented?

[Dan dontknow]

so would paying off the minimum amount to keep the lenders happy whilst still borrowing more and more with no intention to pay it back be classed as fraud because if so wouldnt it become a police matter and they can hunt you down

[Guest anitaw]

Surely with Mastercard and VISA being global companies it wouldn't be too hard to find you where ever you are. How will you sleep at night in the years to come if you choose to dodge your debt? From what I've read about the unfortunate people being repossessed the equity you have on paper can disappear completely.

Too right, 15 years ago I left a credirt ( not a spelling error) card debt in the UK of 1000 pounds. After 3 months in OZ I got these phone calls asking if I was in the UK in the last few years. I reckon they had tracked me down and I was afraid to answer the phone or open the door. DEF not worth the sleepless nights and worry. I won't do that again. No, I didn't pay it back but that isn't the point. What goes around comes around and I still can't afford to buy my own house.

:embarrassed:

[WeegieDave]

The title of your thread is false also.. you don't NEED to stop paying your credit cards.. You WANT to stop paying. You have a choice.

[nursealli]

OP..........unbelievable! Can't believe what I have read. Wrong on so many levels!

[Guest Guest31881]

Can you please disuse the topic and not the member.......... Insulting a member no mater what you feel morally is against the site rules. Please keep to the topic.

[Guest The Pom Queen]

As many of the UK banks are now predominantly government owned by the British government with British tax payers money Lloyds Banking group (48%) RBS (64%) B&B & Northern Rock Lending Book (100%) I think your argument of government debt is answered especially as the government is requesting UK banks to tighten up its strings on re-cooping losses and bad debts.

This is incorrect information and has been covered numerous times before on this forum, a government debt is to the tax/VAT/CSA etc.

[Guest The Pom Queen]

Lots of these comments are views on morality rather than the 'facts' and contradict what I've found on the net.

 

Ie CC co's wouldn't bother chasing debt overseas. Also legal action is a last resort. Plus debt would be written off in 6 years and become statute barred.

 

Scot

This would be correct if you didn't have assets in the UK. If you owed 100,000 on credit cards and did a runner over here but had no assets in the UK then they can't touch you, unless it's a government debt as described earlier by myself and Peach or it was obtained fraudulently.

[Kimanda]

Lots of these comments are views on morality rather than the 'facts' and contradict what I've found on the net.

 

Ie CC co's wouldn't bother chasing debt overseas. Also legal action is a last resort. Plus debt would be written off in 6 years and become statute barred.

 

Scot

 

Hi Scot

 

I understand what you're trying to do, I also have debt that I racked up, I've almost paid off my loan and have other credit cards to clear. Still in the UK waiting for the visa issue.

 

I also appreciate the courage in coming on pio to openly discuss it.

 

Whilst its completely irresponsible, most ppl would simply not pay their bills if they had a choice/way out of it.

 

You need to think sensibly about what your best bet is. Just because you may get the grant after your 457 (is this certain?) doesn't mean you should stop paying the cards. Plus you may go back...?

 

They will chase you and will use your house as equity. If you didn't have equity you'd probably be in a better situation.

 

By the way defaults/bankruptcy do not get automatically written off etc you have to request it in writing so it will stay on the record - do get some legal advice.

 

And as for credit card debt, I always understood that credit is 'created' when you sign an agreement. So when we take out agreements, we create the value of the 'goods'.

 

I'll use Fernando Torres (Chelsea **) as an example....

[Guest The Pom Queen]

This would be correct if you didn't have assets in the UK. If you owed 100,000 on credit cards and did a runner over here but had no assets in the UK then they can't touch you, unless it's a government debt as described earlier by myself and Peach or it was obtained fraudulently.

Just to add I do not agree with running away from debt and think it should be paid, it's great that you have assets to do this.

[Guest Andy]

This would be correct if you didn't have assets in the UK. If you owed 100,000 on credit cards and did a runner over here but had no assets in the UK then they can't touch you, unless it's a government debt as described earlier by myself and Peach or it was obtained fraudulently.

 

So the best thing for the op based on this information is to sell his house while keeping up with the credit card repayments then once the house is sold and he has his 60k equity he can then just forget about the money he has borrowed on the card as nobody can touch him

[Guest The Pom Queen]

So the best thing for the op based on this information is to sell his house while keeping up with the credit card repayments then once the house is sold and he has his 60k equity he can then just forget about the money he has borrowed on the card as nobody can touch him

Andy I'm not a lawyer and not suggesting things I don't agree with but in a way as far as I understand yes. It's no different to those who sell their houses before they come and doing the same.

[Guest Andy]

Andy I'm not a lawyer and not suggesting things I don't agree with but in a way as far as I understand yes. It's no different to those who sell their houses before they come and doing the same.

I understand that you are only telling it how it is and am not having a pop at you at all, but the whole idea that this can be the case is just crazy, but thats only my opinion.

[GilraenH]

Just think you would feel better in the long run if you sold the house, cleared the debts, had something left over and could start afresh in your life in Oz. :biggrin:

[Guest The Pom Queen]

I understand that you are only telling it how it is and am not having a pop at you at all, but the whole idea that this can be the case is just crazy, but thats only my opinion.

I know you aren't Andy and for what it's worth I totally agree with you. The assets are there, the debts are there so PAY them, end of.

[AJ]

why would someone with 30,000 debt already and know they cant pay it off - just keep adding to it? dont even say it was out of necessity cos if on a 475 visa you are working so therefore earning

[Guest The Pom Queen]

why would someone with 30,000 debt already and know they cant pay it off - just keep adding to it? dont even say it was out of necessity cos if on a 475 visa you are working so therefore earning

Probably because if they are still paying their debt in the UK it's wiping their wage. We have had members in here before who have taken credit cards out here to pay for their credit card in the UK when it gets like this it's a vicious circle.

I remember borrowing a $1000 from my mother in law and you know what I felt sick in the stomach until it was paid off, then it was a huge relief, surely the OP doesn't want this hanging over him forever.