some questions on debt in the US
Aug 24th 2004, 11:21 am
#16
Guest
Posts: n/a
What about debt left in the UK when moving to Canada?
Here is another dilemna - I have a friend who has recently returned from the UK to Canada after residing in the UK for 5 years. He is a Canadian citizen and his wife is a British citizen. It seems that they left the UK without paying around £10,000.00 (that I know of) or so in credit card debt through about 8 different credit card companies. They racked up the debt funding their relocation to Canada but have been unable to repay the outstanding credit card balances as they have not found permanent jobs yet. In other words, they did not have any way of repaying the credit card balances when they "borrowed" the money and speculated that this may change in the near future, but it didn't. They have been recieving default notices and letters from debt collectors but have mainly ignored these for nearly a year.
Are they in any serious trouble? Have they inadvertently committed fraud? Should they contact their creditors with their forwarding address details and attempt to make good on the debts?
Any help with this will be a relief for them I am sure-
D McDonald
Are they in any serious trouble? Have they inadvertently committed fraud? Should they contact their creditors with their forwarding address details and attempt to make good on the debts?
Any help with this will be a relief for them I am sure-
D McDonald
Aug 24th 2004, 12:23 pm
#17
Just Joined
Joined: Jul 2004
Posts: 3
Re: What about debt left in the UK when moving to Canada?
Are they in any serious trouble? Have they inadvertently committed fraud? Should they contact their creditors with their forwarding address details and attempt to make good on the debts?
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They should talk to a lawyer and/or an attorney, I believe that would be more helpful than a discussion board. Having said that, and not being either a lawyer or attorney, here is some info.
England must have laws that determine how many years they will be still liable for their debt. After that expires, no one can sue them. Also, all creditors in such cases are willing to negotiate, so if they decided that way, they would have to pay a smaller amount to settle their debts and will no longer be liable (can vary from 5-50% less). From the little comments I´ve read, probably no one will go after them in Canada, but I have no idea. they may want to settle to clean up their record (or for ethical reasons).
The question of fraud should be addressed by a lawyer.
Good luck.
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They should talk to a lawyer and/or an attorney, I believe that would be more helpful than a discussion board. Having said that, and not being either a lawyer or attorney, here is some info.
England must have laws that determine how many years they will be still liable for their debt. After that expires, no one can sue them. Also, all creditors in such cases are willing to negotiate, so if they decided that way, they would have to pay a smaller amount to settle their debts and will no longer be liable (can vary from 5-50% less). From the little comments I´ve read, probably no one will go after them in Canada, but I have no idea. they may want to settle to clean up their record (or for ethical reasons).
The question of fraud should be addressed by a lawyer.
Good luck.
