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Re: debt in uk
Originally Posted by ALISON
Hi Centurion,
Just out of curiosity, does that mean that, for example, if someone had bad debt and a terrible credit rating and they moved out of the UK for 6+ years, then if they came back they would have no problem getting credit?? xxx :confused: That's what we understand of the situation. Though we settled all our debts after our business went bust, we were told by Experian, the credit company, that once the debts were recorded as settled, it would be 7 years (not 6 - maybe 6 is a new figure) and our credit history would be non existant. I'm sceptical though. But I'll let you know. |
Re: debt in uk
I can't understand why people on here are considering running away from debt. Wouldn't you just want to start in Oz with a clean slate.
Perhaps they should be considering the path they took to get themselves into debt in the first place and whether it is likely to happen to them again in Oz. Let's face it, if you leave debt in the UK and then create a load more in Oz, where are you going to run and hide next? |
Re: debt in uk
[QUOTE=Pookster]Hi Pom, here's the part of the email I got that info from....
"Just to reassure you - any debts you have in the UK are not recorded over here. You will obviously have to feel comfortable paying them off but as far as Credit Reporting agencies are concerned, any overseas debts are not on file. /QUOTE] That's correct, they don't 'travel'. Yet. However, it still stands that if you have a huge debt on credit or whatever in the UK and you get an Australian mortgage, and they find out you have huge debt (I suppose when you realise you can't pay your Aus mortgage or something... the creditors would want to know where your money was going!) you're committing fraud. This was told to us by our mortgage advisor here in Aus. |
Re: debt in uk
Originally Posted by Antney
I can't understand why people on here are considering running away from debt. Wouldn't you just want to start in Oz with a clean slate.
Perhaps they should be considering the path they took to get themselves into debt in the first place and whether it is likely to happen to them again in Oz. Let's face it, if you leave debt in the UK and then create a load more in Oz, where are you going to run and hide next? Take it from someone who, up until a few years ago, was in a lot of debt, it can happen so fast that you don't even realize what you've got yourself into. Then you're using money to pay one bill, so have to borrow from another...it's a vicious circle and feels almost impossible to see a way out. It takes over your life, you can't think of anything else, but just worry constantly, dreading the postman every day, thinking he'll have another bill, and how will you pay it?? There are thousands of people who simply couldn't see light at the end of the tunnel, so took their own life. I don't want to blame the credit/loan companies entirely, but they just add to the problem. They up your credit limits, offer you more loans...consolidation loans. Promising that they'll reduce your monthly cost...etc..etc. To someone who is in the deep,dark hole of debt this looks like the only way out. Then a week or 2 later, you're right back where you started...paying one bill...borrowing from somewhere else....as I said, it's a vicious circle. I'm sick of these holier than thou' people who make out as if they've never been dishonest in their life. Unless you've been in that situation, then keep your opinions to yourself. |
Re: debt in uk
Good on you Alison..... ;)
Very similar to what I wrote afew threads back! No one is entitled to judge another. Especially if they have never been in the situation themselves. :rolleyes: |
Re: debt in uk
Originally Posted by utopia
Good on you Alison..... ;)
Very similar to what I wrote afew threads back! No one is entitled to judge another. Especially if they have never been in the situation themselves. :rolleyes: Glad there's other that share my views! :cool: |
Re: debt in uk
Originally Posted by ALISON
Firstly, I can sort of see where you are coming from, but what right do you have to get on your 'High Horse' about people who leave their debt when they move from the UK.
Take it from someone who, up until a few years ago, was in a lot of debt, it can happen so fast that you don't even realize what you've got yourself into. Then you're using money to pay one bill, so have to borrow from another...it's a vicious circle and feels almost impossible to see a way out. It takes over your life, you can't think of anything else, but just worry constantly, dreading the postman every day, thinking he'll have another bill, and how will you pay it?? There are thousands of people who simply couldn't see light at the end of the tunnel, so took their own life. I don't want to blame the credit/loan companies entirely, but they just add to the problem. They up your credit limits, offer you more loans...consolidation loans. Promising that they'll reduce your monthly cost...etc..etc. To someone who is in the deep,dark hole of debt this looks like the only way out. Then a week or 2 later, you're right back where you started...paying one bill...borrowing from somewhere else....as I said, it's a vicious circle. I'm sick of these holier than thou' people who make out as if they've never been dishonest in their life. Unless you've been in that situation, then keep your opinions to yourself. |
Re: debt in uk
Exactly.
I am not saying it is right to de-fraud the system or not pay debt back. But in the same token it is not right for Banks etc.... to entice people into borrowing. People do actually commit suicide because they just simply cannot cope. :( The banks are equally as responsible and have an obligation to make sure the borrower can sustain the loans they hand out. The way the banks probably look at it is this, if Mr Joe Blogs can't pay, the bank can recover its debt via its insurance or higher interest rates. Whereas if Mr Joe Blogs can't pay, he is made to feel like a complete and utter criminal. :mad: It is just not on. |
Re: debt in uk
Originally Posted by utopia
Exactly.
I am not saying it is right to de-fraud the system or not pay debt back. But in the same token it is not right for Banks etc.... to entice people into borrowing. People do actually commit suicide because they just simply cannot cope. :( The banks are equally as responsible and have an obligation to make sure they can sustain the loans they hand out. The way the banks probably look at it is this, if Mr Joe Blogs can't pay the bank can recover its debt via its insurance or higher interest rates. Whereas if Mr Joe Blogs can't pay, he is made to feel like a complete and utter criminal. :mad: It is just not on. Without getting into a full blown row, there are some arguments that say if you cant afford to pay back then dont borrow. From the banks point of view, its their money until its paid back. |
Re: debt in uk
It's a pity this thread, and this subject, has resurfaced again so quickly...
We could have had all the fun all over again instead of just reading through old posts... :rolleyes: |
Re: debt in uk
Originally Posted by iPom
That's what we understand of the situation. Though we settled all our debts after our business went bust, we were told by Experian, the credit company, that once the debts were recorded as settled, it would be 7 years (not 6 - maybe 6 is a new figure) and our credit history would be non existant. I'm sceptical though. But I'll let you know.
What most folk forget that when they open an a/c with their bank your passport is normally used as ID so therefore they have your passport number and can trace you wherever you are in the world and chase your debt. |
Re: debt in uk
Originally Posted by rugbymatt
Without getting into a full blown row, there are some arguments that say if you cant afford to pay back then dont borrow.
From the banks point of view, its their money until its paid back. These threads always end up in Rows. I certainly do not want that, so you are safe hahahaha :D I agree with you! However in certain circumstances people have to borrow to sustain a mortgage. It is an unforeseen circumstance that lands them into even deeper hot water. For Example: If for whatever reason someone has lost their job and when they find another job it is working for less money. Thus leaving less money to pay towards debt. Some people are genuinely enticed by banks when they think there is no way out. Watchdog did a documentary on it a couple of months back. It actually resulted in a couple of Major high street banks apologizing publicly to afew people who were enticed into taking out further loans when the bank knew full well they couldn't afford to repay say large sums of money. Basically staff are employed to sell bank services loans/mortgages etc... and it is reflected well on there statistics for the area/region. It is done and needs to be regulated more efficiently. |
Re: debt in uk
Originally Posted by brissydeb
It is 6 years till a bankruptcy is cleared. But after that if you have not paid your debts you will never get any facilities with any company who you have not paid back or any of the companies that are part of there group, e.g you have an unpaid debt with RBS, you would never be able to obtain credit with Directline, Churchill, Natwest etc. Better to clear all debts before heading off.
What most folk forget that when they open an a/c with their bank your passport is normally used as ID so therefore they have your passport number and can trace you wherever you are in the world and chase your debt. What sort of bankruptcy? If its a personal one then you are technically clear in a year. |
Re: debt in uk
Originally Posted by Centurion
Completely correct. However, banks and other financial institutions share personal information and if your UK bank has your forwarding address they will post that linked data onto Experian for all and sundry with a subscription to the service to see.
Passport records are strictly taboo and that information is not shared outside immigation and the security services. Suppose what I'm saying that if you do not divulge your forwarding address in Australia to any company or agency in the UK then the liklihood of you ever being traced is nil to nothing. Read above guys... This guy knows what he is taking about. Passport records are strictly taboo and that information is not shared outside immigation and the security services. |
Re: debt in uk
Originally Posted by utopia
These threads always end up in Rows.
I certainly do not want that, so you are safe hahahaha :D I agree with you! However in certain circumstances people have to borrow to sustain a mortgage. It is an unforeseen circumstance that lands them into even deeper hot water. For Example: If for whatever reason someone has lost their job and when they find another job it is working for less money. Thus leaving less money to pay towards debt. Some people are genuinely enticed by banks when they think there is no way out. Watchdog did a documentary on it a couple of months back. It actually resulted in a couple of Major high street banks apologizing publicly to afew people who were enticed into taking out further loans when the bank knew full well they couldn't afford to repay say large sums of money. Basically staff are employed to sell bank services loans/mortgages etc... and it is reflected well on there statistics for the area/region. It is done and needs to be regulated more efficiently. I totally agree, and sometimes its the only way out. I have been lucky in that i have never had a bank loan or a credit card, but the net result of that is a body that has worked hard for a while and i know that i cant go on into old age working like i do. |
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