With more and more people falling deeper into debt, some consumers are considering such drastic actions as moving abroad to run away from their debt. If you do run, what kind of rights does the creditor have to still collect their debt?
Will they be able to find you? Before you pack those bags and buy your airline ticket, take a look at what we have to say on this matter.
Going back as little as twenty years ago, this might have actually worked. While we had computers, the systems used were hardly as advanced as they are today.
With everything being monitored in some shape or form, moving your location does not necessarily get you are out of the cross hairs of your creditors.
Something else to consider is that many of these companies have offices worldwide. If you relocate to a new area and apply for credit, you are still going to show up on their radar. Once they locate you, they can re contact you in regard to the debt collection.
You will have in fact made matters worse by adding the cost of the move to your debt load.
Some counties will also have reciprocal agreements between each other. For instance, the UK has agreements with both Canada and Germany for debt collection and the tracing of debtors.
They surely have other agreements in place, but they just may not be publicized to keep consumers in the dark as to its existence.
If you move to one of the counties with an agreement in place, the creditor can still take legal action against you in that country.
In all honesty, the best decision is to face the problem head on. We have said it time and again, creditors today are more willing than ever to work out a favorable payment arrangement versus risking losing the debt as a write off of some sort.
As long as you are willing to pay on a monthly basis, something can surely be worked out.