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

[ali]

the majority of people would agree with you there but perhaps not want to admit to it!! A very honest statement however controversial it may be..

 

I'd have to disagree, not one of the people I know would contemplate stealing 40,000 GBP , not one of them would suggest that because each card carried about 10,000 GBP that these were small amounts and that it was somehow OK, They wouldn't also have continued to add to the debt substantially when there were cheaper alternatives (i.e. rent). But quite rightly each to their - but I'm somewhat relieved that the people I choose to be friends with aren't the 'majority' that you seem to know.

Edited March 18, 2012 by ali

[yorkiegirl]

the majority of people would agree with you there but perhaps not want to admit to it!! A very honest statement however controversial it may be..

Not an honest statement at all. Possibly the majority of people YOU know , and you yourself would be comfortable stealing , but I don't know one person who thinks that way.

I find it quite sad they you actually believe it to be true, and also sad that you find it somehow acceptable.

Edited March 18, 2012 by yorkiegirl

[KIRK AND CO]

If I could say what I really feel I would be band for life not just a week. Low life ....

[GreatToBeBritish]

Under the Limitations Act 1980, a CCJ cannot be enforced after six years, nor can it be renewed. Unless you've got your dates wrong what you've posted just isn't true.

 

You are absoultely correct it was 6 years. I was lying in bed last night thinking about it.. thanks for pointing this out. I don't want people to have the wrong information.

[Guest liverpoolollie]

sorry i but i do know a lot of people who would steal it ,not that they are friends ,but i know a lot of people who would see no harm in it.

 

different strokes and all that eh?

[WeegieDave]

sorry i but i do know a lot of people who would steal it ,not that they are friends ,but i know a lot of people who would see no harm in it.

 

different strokes and all that eh?

 

Scousers eh?!! (Only joking)

[Guest liverpoolollie]

Scousers eh?!! (Only joking)

 

haha thats why i always get it in first dave ,you get used to it .

[Guest Shell15]

Not an honest statement at all. Possibly the majority of people YOU know , and you yourself would be comfortable stealing , but I don't know one person who thinks that way.

I find it quite sad they you actually believe it to be true, and also sad that you find it somehow acceptable.

Wow such assumptions you make yorkiegirl!!! And Ali I am a very social person but the majority of people in general...?? I possibly couldn't know that many!

[yorkiegirl]

Wow such assumptions you make yorkiegirl!!! And Ali I am a very social person but the majority of people in general...?? I possibly couldn't know that many!

Sorry, what assumptions am I making?

 

You too are making assumptions, as you say "the majority of people would agree..", you can not possibly know what the majority think, as you say yourself, "I couldn't possibly know that many"

Yes, some, maybe quite a few, would agree but I don't believe they would make up the majority.

Edited March 19, 2012 by yorkiegirl

[Harpodom]

not sure if it's already been said, but.....

 

".....being able to sleep at night without fear of being tracked down on the other side of the planet? PRICELESS"

[yorkiegirl]

Wow such assumptions you make yorkiegirl!!! And Ali I am a very social person but the majority of people in general...?? I possibly couldn't know that many!

Ok, just re read what I wrote, and I didn't word it very well. I wasn't trying to imply that you yourself are dishonest, and I apologise if I gave that impression, but I still think it's sad that you believe the majority of people would be comfortable to do a runner. Not my experience with people I know.

[Guest haunted1234]

i have an £800 overdraft in the uk... I cant sleep at night and am working any hours people are prepared to throw at me so i can transfer money back and pay it off....we have a house up for sale which would pay it in a heartbeat, but i dont want to wait, i need it paid off for my own peace of mind! the thought of the bank chasing me scares me to death! i'd be on the verge of a nervous breakdown with so much debt!

 

sell your house, pay off YOUR debt...yes it is THAT SIMPLE!:yes:

[Guest GeorgeD]

I don't know if anyone mentioned it earlier...rather than selling off the house...consolidate the debt into the mortgage and pay off the credit cards. There is 60K equity in the house, so take 40K out of it and pay off costly credit cards. Any fees involved would surely be less than the interest accruing if you're only making minimum payments on the credit card debt.

 

If the house is being rented out, mortgage interest can be offset in his Australian Tax return. Credit Card interest can't. You will be paying a lower interest rate so the payments will be less, and there are tax benfits to be gained. It also means you can keep the house (unless you really want to sell it)

 

So in fact, there are several options to choose from...and no-one is forcing you to default or run away from your debt responsibility, you are able to deal with it in a responsible way...unless you choose to be irresponsible, but let's be clear here...you don't NEED to stop paying your debt, you're considering doing it off your own back.

Edited March 18, 2012 by GeorgeD

[hmsmark]

Ok guys - might start a big debate here I'm sure !

 

Here's our situation

 

• We've been in oZ for 2 years with my wife and family of 3

• Expect to get PR in the next few months.

• Looks like we will be staying and not going back to the UK for at least 5/6 years (if at all) as my kids finish their education. ( I want to stay ... wife mixed atm)

• Since leaving we have been paying minimum payments to our Credit card Debts (GBP 30k)

• We've kept up with payments (just) but have added to the debt whilst over here by paying for School Fees whilst on a 457 for the 1st 2 years

• We now have 4 UK Cards with almost GBP 40k

• We own a house in England with about 60k GBP Equity and we don't want to sell and want to keep the house as an investment.

 

Going to be honest here

 

Would like to simply stop paying the debt as I understand it will be written off in 5 years and the card companies can't touch us over here.

 

Question is can they make us sell our house ? Bearing in mind the individual debt is quite small with each card co - eg < GBP 40k.

 

I know it's wrong / stealing etc etc but I have no concious to the global banking industry TBH.

 

Would love peoples views !!

 

Scot

 

You will probably need to contact a British lawyer who deals with debt and he/she can advise you on the best course of action. I am from the US, and therefore can't help you there. Likely your home in the UK is considered a second home, so it could be taken to pay the debts. After court fees and late penalties, that 40K will eat up all 60k of equity.

 

I do not believe there is any moral issue here. This is a business decision and you must look at it as such. If it is bankruptcy, "strategic" default or simply hiding from the debt in Oz, the banks and other corporations do similar things all the time. I owned stock on a major US auto company, and all of my investment disappeared overnight. Yet..., the company is still operating and turning a profit now. I got screwed, perfectly legally, by the company. I don't have a problem with anyone sticking it to the corporations of the world. I really don't have much debt, luckily, but I would be considering doing what you are if I did.

 

Many other posters would have you believe that you should be better than the banks or the wealthy who own/operate them? Well, "better," right, or honest seems to go along with poor and stupid. Follow the example of the wealthy, I say...

 

Anyways, the best course of action may be this: sell your UK home and move the money to Australia before you stop paying. Purchase property in Oz if you would like to keep an investment of that type. Then, when you default, they won't have any UK assets to go after. Now, I believe that they can try and sue you in Australia. I hear it is unlikely, but it would be good if they do not know your contact information in Oz. It is hard to sue someone who they can't find. Likely they do since you have been paying on the cards, but minimize what they know and what is public. If you have the statements mailed to Australia, then perhaps change that to a private mailbox or another address in the UK.

 

Also, you probably want to make sure that you don't have banking relationships with banks affiliated with those who you are defaulting on. For instance HSBC in Australia is affiliated with HSBC in the UK. I don't believe they could take your Australian accounts, but why tempt fate? Make sure you are banking with an Aussie firm with no ties to the UK banks you are involved with. A credit union may be the answer there.

 

Good luck.

[Guest Andy]

You will probably need to contact a British lawyer who deals with debt and he/she can advise you on the best course of action. I am from the US, and therefore can't help you there. Likely your home in the UK is considered a second home, so it could be taken to pay the debts. After court fees and late penalties, that 40K will eat up all 60k of equity.

 

I do not believe there is any moral issue here. This is a business decision and you must look at it as such. If it is bankruptcy, "strategic" default or simply hiding from the debt in Oz, the banks and other corporations do similar things all the time. I owned stock on a major US auto company, and all of my investment disappeared overnight. Yet..., the company is still operating and turning a profit now. I got screwed, perfectly legally, by the company. I don't have a problem with anyone sticking it to the corporations of the world. I really don't have much debt, luckily, but I would be considering doing what you are if I did.

 

Many other posters would have you believe that you should be better than the banks or the wealthy who own/operate them? Well, "better," right, or honest seems to go along with poor and stupid. Follow the example of the wealthy, I say...

 

Anyways, the best course of action may be this: sell your UK home and move the money to Australia before you stop paying. Purchase property in Oz if you would like to keep an investment of that type. Then, when you default, they won't have any UK assets to go after. Now, I believe that they can try and sue you in Australia. I hear it is unlikely, but it would be good if they do not know your contact information in Oz. It is hard to sue someone who they can't find. Likely they do since you have been paying on the cards, but minimize what they know and what is public. If you have the statements mailed to Australia, then perhaps change that to a private mailbox or another address in the UK.

 

Also, you probably want to make sure that you don't have banking relationships with banks affiliated with those who you are defaulting on. For instance HSBC in Australia is affiliated with HSBC in the UK. I don't believe they could take your Australian accounts, but why tempt fate? Make sure you are banking with an Aussie firm with no ties to the UK banks you are involved with. A credit union may be the answer there.

 

Good luck.

 

I am sure scotinoz is going to become your new best buddy with advice like that. Anyway like previous posters have said just because some banks that may have nothing to do with any dealings you yourself may have had appear to be dodgy that does not give you yourself the right to steal 40k, imagine if everyone had the same morals? Also migrating to Australia for the vast majority is an expensive business which takes years of thinking about, planning and saving every penny, i think your comment would be vastly insulting to all those that have scrimped and saved to move over when maybe they should have just stolen it moved and left the consequences back home.

Also along with your wonderful advice you fail to mention the consequences of the op's actions should he wish to return to England as he has already stated that his wife is not yet settled, where would he stand there?

[yorkiegirl]

So now honest = stupid, I continue to be amazed and saddened by some attitudes.

No moral issue but a business decision my sweet fat a**

[Guest Andy]

So now honest = stupid, I continue to be amazed and saddened by some attitudes.

No moral issue but a business decision my sweet fat a**

 

Thats ok yk, you can now go out on a good old shopping spree but yourself a nice pair of shoes and a handbag without worrying about paying it back, its just a business decision! I am going to go out later and buy myself some new tools that i have wanted for a while and maybe treat the kids to a weekend at Euro disney, these business decisions are great :jiggy:

[yorkiegirl]

Thats ok yk, you can now go out on a good old shopping spree but yourself a nice pair of shoes and a handbag without worrying about paying it back, its just a business decision! I am going to go out later and buy myself some new tools that i have wanted for a while and maybe treat the kids to a weekend at Euro disney, these business decisions are great :jiggy:

Thanks for OK ing that Andy, (more likely to be hiking boots and a backpack though for me , not really a girly girl despite my name) Enjoy Euro disney, wait a second, I'm heading back to the UK, that means I'll be picking up your tab!!!:biggrin:

[Guest guest36187]

HMSmark......no moral issue here! Are you kidding? Of course there is a moral issue. That's why this is so emotive.....because some people HAVE MORALS!

 

andys right....scotinoz will just love you for that advice!

[Guest Andy]

Thanks for OK ing that Andy, (more likely to be hiking boots and a backpack though for me , not really a girly girl despite my name) Enjoy Euro disney, wait a second, I'm heading back to the UK, that means I'll be picking up your tab!!!:biggrin:

 

Yes but i dont care about that because i will probably heading your way so it is no longer my problem :jiggy:

[yorkiegirl]

Yes but i dont care about that because i will probably heading your way so it is no longer my problem :jiggy:

I should leave mine behind for you here then? Just off to North Face now------

[Guest haunted1234]

some people fell out of the STUPID TREE (Latin Name:moraluswrongusarrogantus) and hit every branch on the way down!!!! :happy_face_outlaw_s

[Que Sera Sera]

You will probably need to contact a British lawyer who deals with debt and he/she can advise you on the best course of action. I am from the US, and therefore can't help you there. Likely your home in the UK is considered a second home, so it could be taken to pay the debts. After court fees and late penalties, that 40K will eat up all 60k of equity.

 

I do not believe there is any moral issue here. This is a business decision and you must look at it as such. If it is bankruptcy, "strategic" default or simply hiding from the debt in Oz, the banks and other corporations do similar things all the time. I owned stock on a major US auto company, and all of my investment disappeared overnight. Yet..., the company is still operating and turning a profit now. I got screwed, perfectly legally, by the company. I don't have a problem with anyone sticking it to the corporations of the world. I really don't have much debt, luckily, but I would be considering doing what you are if I did.

 

Many other posters would have you believe that you should be better than the banks or the wealthy who own/operate them? Well, "better," right, or honest seems to go along with poor and stupid. Follow the example of the wealthy, I say...

 

Anyways, the best course of action may be this: sell your UK home and move the money to Australia before you stop paying. Purchase property in Oz if you would like to keep an investment of that type. Then, when you default, they won't have any UK assets to go after. Now, I believe that they can try and sue you in Australia. I hear it is unlikely, but it would be good if they do not know your contact information in Oz. It is hard to sue someone who they can't find. Likely they do since you have been paying on the cards, but minimize what they know and what is public. If you have the statements mailed to Australia, then perhaps change that to a private mailbox or another address in the UK.

 

Also, you probably want to make sure that you don't have banking relationships with banks affiliated with those who you are defaulting on. For instance HSBC in Australia is affiliated with HSBC in the UK. I don't believe they could take your Australian accounts, but why tempt fate? Make sure you are banking with an Aussie firm with no ties to the UK banks you are involved with. A credit union may be the answer there.

 

Good luck.

 

 

OMG an explanation of the GFC in one post!!!!:chatterbox: No wonder the worlds gone **** up!

Edited March 19, 2012 by Que Sera, Sera

[Kimanda]

To me it's simple; the risk outweighs the benefits by far.

 

Scot, cant you just sell up and start a new line of credit in Australia when you get PR?

[chalkyhill]

I don't know if anyone mentioned it earlier...rather than selling off the house...consolidate the debt into the mortgage and pay off the credit cards. There is 60K equity in the house, so take 40K out of it and pay off costly credit cards. Any fees involved would surely be less than the interest accruing if you're only making minimum payments on the credit card debt.

 

If the house is being rented out, mortgage interest can be offset in his Australian Tax return. Credit Card interest can't. You will be paying a lower interest rate so the payments will be less, and there are tax benfits to be gained. It also means you can keep the house (unless you really want to sell it)

 

So in fact, there are several options to choose from...and no-one is forcing you to default or run away from your debt responsibility, you are able to deal with it in a responsible way...unless you choose to be irresponsible, but let's be clear here...you don't NEED to stop paying your debt, you're considering doing it off your own back.

 

 

This isn't a 'business' decision - its downright fraud.

 

There are plenty of legal options for cancelling debt, try one of them before moving to fraud.