Re: debt in uk
 

I totally agree that the courts in Oz would not be interested in presuing a uk debt, especially if you are talking small amounts of 5-10 thousand UK pounds and it would be hard to enforce a court ruleing.

For those who have left there debt behind, i would not worry about them coming after you and demanding that you pay it back as it is NOT going to happen. Especially if it is for small amounts

Re: debt in uk
 

10k to me is a large amount!
What would be considered large over 50k onwards??

Re: debt in uk
 

I take it, then that your engineering business is happy just to write off small debts of - oh, shall we say: $5 - $10,000?

Re: debt in uk
 

On the basis that these banks have overseas collection houses, couldn't these collection houses actually get something on your credit file here, even if they have no jurisdiction?

Re: debt in uk
 

No in a word.

Re: debt in uk
 

Well I never realised that dishonesty could be so lucrative. Mind you I rather have a clear conscience.

Re: debt in uk
 

Not too sure why you are asking me if my business is happy to wite off 5-10K as i was purly just stating a fact about UK debt in a previous post.

It just seems common practice these days for those moving overseas to forget there debt responsibilities and not pay them. The banks/lenders just dont bother chasing small amouts purely because of the cost factor, especially to the other side of the world. :eek:

Re: debt in uk
 

I'm not sure that it's "common". There's a lot of fraud and theft around though - and that's what this is.

You did appear to condone stealing "small" sums like that so I merely asked whether it was OK for someone to do the same to your business, in the same amount, that's all.

Re: debt in uk
 

Its difficult to really relate the 2, banks and business, but i know where you are coming from.

Leaving the debt behind and getting into debt in the first place may have been due to many reasons, divorce, redundancy etc and although it does happen, i do not agree or disagree with people trying to get away with not paying, especially now, as it is so much easier to file for bankruptcy and IVA's.

Its a subject that we all have different and mixed feelings on but is a good posting to hear everyones views. :beer:

Re: debt in uk
 

I worked for a bank briefly and when trained in all the various credit cards and how to use them, you soon realise they are designed with complication in mind. They are cleverly thought out to take advantage as a lot of people wouldn't possibly know how to use them best, and it's not surprising really when you know the pitfalls. Banks appreciate this of course, for obvious reasons:mad:

I agree that some of us use c.cards for convenience and pay our cards off immediately however this is not most people. In fact less than 15% of c.card holders pay off their card in full each month therefore the large majority incur costs. The remaining 85% pay interest and/or charges of some sort or another. That's a very large majority who pay interest and charges:scared:

No wonder c.card companies are prepared to forfeit 0% interest on card migration. They know once that particular customer has moved their debt to them, they will soon be back with *bad* habits earning the c.card company loads of interest charges:mad:

Re: debt in uk
 

As said above the C card is there to make the bank money, it's designed that way. I got one where I had 0.0% interest for whatever many months, however anything I then spent on it I would be charged interest. This is understandable, but my money transfer was £1500, so if I spent £100 extra then paid off £100 back it would work like this:
1500 @ 0.0% +
100 @ 12.9%

minus 100 payment =

1400 @ 0.0% +
100 @ 12.9%

so you can't win anyway, I was told when I got the card I would have an interest free period of 30 days for every purchase, I made a purchase I was charged interest immediately as my balance wasn't zero.

A credit card is just a legal loan shark really, I was warned and warned not to get them when I was younger by my parents' but who tells an 18 year old what to do when there's 'free money' on offer

Re: debt in uk
 

I am amazed by that figure!

They *are* an incredibly useful way of buying without having to carry cash, though.

Re: debt in uk
 

Use a DEBIT card, they're free.

Re: debt in uk
 

I agree Wol. I too was astounded by those figs. Then it dawned on me why credit card companies are only too happy to take on another c.card companies debt by allowing people to transfer their debt at 0%:rolleyes: These card companies prey on the consumer society of today. They *prey*on people getting into debt again and providing them with whopping interest rate charges and late payment fees etc:mad:

The thing is, like you say, they are a really useful means of Finance if you know how to use them. There's no need for anyone to pay charges if they use the card companies as cleverly as the card companies use us:cool:

Re: debt in uk
 

Actually VISA debit cards are only just making it onto the banking scene in Australia. Whilst you can use your FPOS card for most transactions in person a lot of banks still dont offer a VISA debit card so you have to use your credit card here, for example when ordering over the net or phone.