Indi129

Britishbitz

In the day and age of debts being sold to collection agencies they can and do follow you. Plus default loans/cards etc incur interest, admin fees etc and so on. Best bet is to pay off outstanding debts, even if you make arrangements to pay a small amount off each week, fortnight, month. You don't want that hanging over your head.

Indi129

MidAtlantic

Your credit score doesn't follow you but your debt is your debt and goes with you wherever you go. Why are you asking?

Indi129

Jerseygirl

Settle your loans before you leave. If you can’t do that call the company and come to some arrangement. It’s the right thing to do. The debt may well follow you to wherever you move to. We have also had people on BE who have had elderly parents etc hassled for payment.

TexanScot

I think you maybe read someone's wishful thinking - the Student Loans Company can and does take overseas enforcement action against delinquent borrowers.

djsoul

It's highly unlikely any unsecured debt will follow you across the pond, it's just too expensive for a creditor to raise a case in a foreign land and pursue it.

However, what happens is the creditor will normally write off the bad debt and is required to report it to the IRS. They will and do invoice for taxes on the "free money" you received.

IMO, this is all you need to be prepared to pay on your debt if you choose to not pay or are unable to pay it.
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Jerseygirl

Depending on the amount...the debt could be sold to a US agency.

Jerseygirl

All off topic posts regarding US bankruptcy have been moved to a new thread in the Trailer Park forum...

Bankruptcy in the US

TiaMaria57

I personally think it would be immoral not settle a debt before leaving. Of course if one is not able to do so then at least contact the lender to explain the situation and arrange some kind of settlement. Money is not free and someone else will have to pay for the outstanding amount.
Just my opinion.

Jerseygirl

Agreed.

Of course debts can always be repaid whilst living overseas.

spouse of scouse

I'll have to change my clothes now. What does one wear in a trailer park?

Jerseygirl

I can’t answer that...I don’t want to offend anyone.

materialcontroller

I've always lived in the UK, but did apply to declare myself bankrupt in the past and it wasn't an easy decision or one that was entered into lightly either I might add; the circumstances at the time simply meant that I had no other options. Thankfully the judge at district court agreed (even if you make a bankruptcy application it still has to be accepted by the court and isn't a foregone conclusion) and granted the order. Because I cooperated fully with the Official Receiver, I was discharged from the bankruptcy order after 9 months. For many people it can be a viable option (and let's remember that it's a perfectly legal option too) and I would recommend it if the individual's circumstances allowed for it and they were fully informed and understood the consequences and ramifications of doing so.