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T O P I C R E V I E W
dazzle
Posted - 24 June 2008 : 12:15:57 If someone owed around £20,000 in credit card debt and left the UK to start a new life so as to avoid paying the debt back, What would be the consequence of their actions? Is the debt written off after 6 years? and What would happen when the person returned to the UK?
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 26 June 2008 : 20:21:09 Hi dazzle
this sort of plan sounds great at the beginning but you never know what lies in the future. You never know when you may want to return so it is always good to sort the issue out now so you don't have any historical skeletons .
I have several clients who live abroad who want to come home but didn't sort out the problem before they left.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
dazzle
Posted - 26 June 2008 : 13:33:22 What do you mean by insolvency arrangements and what action can be taken in the event of ones absence.
Suzanne
Posted - 24 June 2008 : 13:12:22 Hi dazzle Not an awful lot anyone can do. Though not very honest. It is unlikley that a credit card provider would petition for bankruptcy. There are statutory limitations that mean if no attempts to collect the debt are made within a six year period then they are not then collectable. What would happen if the person returned to the UK would depend on what action was taken against them in their absence. Probably much better to make formal insolvency arrangements and then it would not be an issue.
Suzanne Stocker Bankruptcy Manager Jones Giles Ltd
