All view - Thu, Aug 06 2009

I am about to leave UK in 2 months as I have some sudden social problems in my home country Inida and can not afford to stay here.

Indianleftdebt - I am receiving some threatening letters to my home address in india. have you already left uk???

Looks like he's already done a runner.!

Hi

am in same situation but the amount is £600 with hsbc uk.

I am receiving some threatening letters to my home address in india. have you already left uk???

All view:

I have debts from different sources like bank overdrafts and 3 credit cards. so for each of them it is about £3-5K. Would they bother chasing me individually or come up as one? if individually would they really bother about 3-5 K?

Thanks

They usually always pursue debt if they consider it feasible... it's their money, remember they can add on the costs of collection to the debt, where appropriate.

It may just mean multiple different debt agencies each chase their own diferent debt, so instead of one debt collector hounding you... there may be several involved, with each chasing you for their own individual proportionate amount(s).

Even praying won't help then. !

All view

What will happen is that the debts will be sold on to debt collection agencies for the best price the banks and credit card companies can obtain. Eventually the debts may end up with one debt company and after a few years an overall debt of £19k with interest/fees could turn into a debt of £30k or more. I have noticed from various forums that debts have been sold to debt companies abroad and people have been traced, not sure about India( see below). This is certainly the case for Europe and the US. How they can do this and whether there are any national/internatinal laws regarding this I don't know.

I think you should write to the companies concerned before you leave the UK to advise them of the situation. If you can afford it, offer them 10% of the relevant debt amounts on the basis that this may be better than they could obtain if they sold the debt on. If they agreed this would mean you could leave the country with the peace of mind that you will not be chased in India.

Huckster

Edit - Actually there are several companies in India that search for debtors on behalf of foreign banks. One of them employs 155 law attorneys and some do not charge the banks a fee upfront. They take a percentage of the debt when collected.

Why wouldn't they bother? It's their money!!!!!!

You've borrowed money from them, and now are actively seeking to avoid paying the debt.

I have debts from different sources like bank overdrafts and 3 credit cards. so for each of them it is about £3-5K. Would they bother chasing me individually or come up as one? if individually would they really bother about 3-5 K?

Thanks

All view

I agree with conmankiller, you are taking chances. Alot of banks and financial services companies have operations in India. It is a small interconnected world we live in and with the amount involved, they may trace you. I am not sure how the debt companies in India operate and what the courts system is like there.

huckster

With this amount of money involved that is worth chasing, they could simply pass this debt over to debt collection agenies in the UK who may then employ debt collectors close to where you live in India.

The Indian DCA will likely work on a very lucrative commission and collect this debt on the behalf of the UK coompanies, it just makes it harder to collect....it will not be written off just because you leave this Country otherwise everyone would just up and leave..I also don't know how Indian DCA's work perhaps they are allowed to use stronger recovery tactics to collect debts over there.?

Like I said, pray. !

Thanks for reply. I do not have any pensions in UK. I am not intending to come back ever in UK.

Please advice.

All view (Manchester)

All view

What you also need to consider is that if you ever needed to borrow money from a bank in India, they may ask you to provide details of your UK financial record.

Also in regard to your current address, the debt will continue to be chased for years. Whoever lives at the address will receive letters, phone calls, door step collectors and even court ballifs. If any of your friends or family live at the address, they could be in for alot of hassle and stress.

What you should do is contact the companies you have debts with and advise them of your situation. They may be prepared to come to an arrangement with you to accept payment for a small portion of the debt, 10% maybe. If you left the debt at £19k, if you then returned to the UK in say 5 years, the debt of £19k would be alot higher due to interest added/fees.

Do you have any pension in the UK. The companies could obtain a court order to obtain the pension monies when it matures on the retirement date.

Huckster

is there any chance for any debt collector, bank or comapny to chase or contact me in India?

Oh yes, it's a small World.

What shall I do before leaving UK, to make sure no one can find me or chase me?

Pray.!

Hello,

I am about to leave UK in 2 months as I have some sudden social problems in my home country Inida and can not afford to stay here. I have about £19,000 debt in total. £12,000 with Credit cards and £4000 Over draft with one bank and £3000 Over draft with another bank. I have now left my company and will stay in UK to pack my bags and have to leave in 1-2 months. I want to know, is there any chance for any debt collector, bank or comapny to chase or contact me in India? I had given my passport copy while opening my bank account in UK before 4 years. On that there is my old address written on it. Also, What shall I do before leaving UK, to make sure no one can find me or chase me? I still have about £6000 Overdraft facility left to use with my third bank which I am not going to use because whatever I owe is because of my unavoidble situation to move to India.

Please advise and give suggestions.

Thanks
All view