Old Debts

[Bob A Job]

Hi, thanks for your answers in advance.

I have an unusual situation where Im living abroad with no real intention of living in the UK for at quite a while.

I have around �6,000 of debts on a credit card, overdraft and a loan, and monthly payments total around �400. I can no longer afford to transfer money back to england to and am a month in arrears. I have no assetts in England. and very few in spain.

Can i declare bankruptcy?

Can i freeze the intrest and pay off the debt at a smaller amount per month?

Can they debts be traced abroad?

 

Any other suggestions welcome.. Cheers

[AlanS107]

Go to www.fool.co.uk and click on to discussion boards | managing your finances | dealing with debt |. You will find many experts there that can answer your questions and a large archive of previous answers.

[Greenbhoy]

I went with the Consumer Credit Councilling Services http://www.cccs.co.uk/ . They helped me no end in sorting out my "problems" and their advice is free. They deal with the companies, go through spending etc.

 

Likewise, change your name to Ron Jeremy and start demanding royalties for his films.

[erimus1]

I know you can't declare yourself bankrupt if you are not domiciled in the UK. Clean slate and don't worry about it. These creditors will usually write the debts off anyway as it is too costly to pursue.
Good luck.