Uk Debt In Thailand

[MaeRimMan]

Hi everyone,

New to ThaiVisa and I'm hoping someone can help me. I came here in 2005 with my (Thai) wife after years working in UK. I gradually accululated a sea of debt and we decided to 'run away' to thailand. We have no assets in Uk. Everything was OK-I was prepared that I would get a CCJ (county Court judgement) against me and possible bancruptcy. Now I have been advised that my creditors might try to 'sell' my debts to a Thai debt collecting agency. Some of the debt was accumulated in thailand, though with UK companies- so they could probably trace me to here if they wanted to.

Does anyone have experience of 'debt sale' happening, or can anyone reassure me that it wont happen. Secondly, all the debts are in my name, but if sold to a Thai agency, could my wife become embroiled?

Obviously I'm extremely worried about what might happen if a Thai company got hold of the debt- I assume they do not operate with the same niceties as the UK system.

Any advice that anyone can offer would be much appreciated

Thanks!

[Maigo6]

MaeRim, was it credit cards, and unsecured Bank Loans?

Edited September 17, 2007 by Maigo6

[technocracy]

Hi everyone,

New to ThaiVisa and I'm hoping someone can help me. I came here in 2005 with my (Thai) wife after years working in UK. I gradually accululated a sea of debt and we decided to 'run away' to thailand. We have no assets in Uk. Everything was OK-I was prepared that I would get a CCJ (county Court judgement) against me and possible bancruptcy. Now I have been advised that my creditors might try to 'sell' my debts to a Thai debt collecting agency. Some of the debt was accumulated in thailand, though with UK companies- so they could probably trace me to here if they wanted to.

Does anyone have experience of 'debt sale' happening, or can anyone reassure me that it wont happen. Secondly, all the debts are in my name, but if sold to a Thai agency, could my wife become embroiled?

Obviously I'm extremely worried about what might happen if a Thai company got hold of the debt- I assume they do not operate with the same niceties as the UK system.

Any advice that anyone can offer would be much appreciated

Thanks!

Are you serious? I'd don a tin hat if I was you as I don't think any advice forthcoming will be 'nice' advice!!

You were stupid to run and even stupidier to tell people where you were going!

[lazeeboy]

Hi everyone,

New to ThaiVisa and I'm hoping someone can help me. I came here in 2005 with my (Thai) wife after years working in UK. I gradually accululated a sea of debt and we decided to 'run away' to thailand. We have no assets in Uk. Everything was OK-I was prepared that I would get a CCJ (county Court judgement) against me and possible bancruptcy. Now I have been advised that my creditors might try to 'sell' my debts to a Thai debt collecting agency. Some of the debt was accumulated in thailand, though with UK companies- so they could probably trace me to here if they wanted to.

Does anyone have experience of 'debt sale' happening, or can anyone reassure me that it wont happen. Secondly, all the debts are in my name, but if sold to a Thai agency, could my wife become embroiled?

Obviously I'm extremely worried about what might happen if a Thai company got hold of the debt- I assume they do not operate with the same niceties as the UK system.

Any advice that anyone can offer would be much appreciated

Thanks!

known many people over the years oweing money in uk living in thailand ,a few ran up huge debts here with there credit cards issued in uk ,never heard of any bank or debt collecting agency selling to a thai company ,after 2 years you would be made bankrupt or the debt would be in a sleepr account ,deem dead ,only if you applied for credit in the uk it would get ressurected ,i dont think you have to worry unless it was for millions of pounds..........

[solo siam]

Pointless running away, even worse that it sounds like you brought credit cards or whatever to Thailand and continued to rack up debt you had no intention of ever paying off, this is theft at worse and fraud at best.

[britmaveric]

Be worried and pay your debts.

[Briggsy]

Have you done anything that could be construed as fraud?

Also how long have you got left on your passport? The passport remains the property of the govt. and they can cancel it any time they wish or simply decline to issue you a new one. I've personally met 2 people who have tried this and both cases ended badly. Still third time lucky, you never know. Keep us posted how you get on.

[taxexile]

Obviously I'm extremely worried about what might happen if a Thai company got hold of the debt-

are you making any effort to repay those that you have borrowed from ?

if you are living here then you must be getting money from somewhere.

are you interested in paying off your debts , or are you seeking a way to avoid paying them back ?

i dont know anything about debt selling to thai companies , but debt collectors i used in the uk nearly always got their man , i'm sure thai debt collectors will find you if indeed they have bought your debt , and they are unlikely to go away empty handed.

hard to feel sympathetic to your plight.

i hear cambodia is nice at this time of the year.

Edited September 17, 2007 by taxexile

[Maigo6]

If there was a big problem about usecured Bank loans and Credit Card debts all in your own name, then Pattaya would lose 50% of the people that live there!

You just won't ever be able to open another Bank Account or get any Credit, I know stacks of guys in the same boat.

Edited September 17, 2007 by Maigo6

[Maejo Man]

I'd be rather interested to know exactly how the OP is surviving in Thailand seeing that he admitted he arrived with nothing!

[pointofview]

Hi everyone,

New to ThaiVisa and I'm hoping someone can help me. I came here in 2005 with my (Thai) wife after years working in UK. I gradually accululated a sea of debt and we decided to 'run away' to thailand. We have no assets in Uk. Everything was OK-I was prepared that I would get a CCJ (county Court judgement) against me and possible bancruptcy. Now I have been advised that my creditors might try to 'sell' my debts to a Thai debt collecting agency. Some of the debt was accumulated in thailand, though with UK companies- so they could probably trace me to here if they wanted to.

Does anyone have experience of 'debt sale' happening, or can anyone reassure me that it wont happen. Secondly, all the debts are in my name, but if sold to a Thai agency, could my wife become embroiled?

Obviously I'm extremely worried about what might happen if a Thai company got hold of the debt- I assume they do not operate with the same niceties as the UK system.

Any advice that anyone can offer would be much appreciated

Thanks!

known many people over the years oweing money in uk living in thailand ,a few ran up huge debts here with there credit cards issued in uk ,never heard of any bank or debt collecting agency selling to a thai company ,after 2 years you would be made bankrupt or the debt would be in a sleepr account ,deem dead ,only if you applied for credit in the uk it would get ressurected ,i dont think you have to worry unless it was for millions of pounds..........

What do you deem to be huge debts?

[MaeRimMan]

Thanks for the replies so far:

My debts areall unsecured loans and credit cards.

I'm basically living off my wife while i think what to do next. She has some savings that we put in her name and a good job.

Do you think it would be better to try to make token repayments or keep my head down and hope the problem goes away?

[pointofview]

Thanks for the replies so far:

My debts areall unsecured loans and credit cards.

I'm basically living off my wife while i think what to do next. She has some savings that we put in her name and a good job.

Do you think it would be better to try to make token repayments or keep my head down and hope the problem goes away?

What is your total debt - approx?

[MaeRimMan]

About GBP 80,000

[meom]

For a 3rd party to be interested in your debt it has to be quite a big amount. As far as I understand they buy your debt penny for dollar so to speak and they get to keep whatever they collect after buying the debt.

Seems to me you would be safest in UK if a thai party has bought your debt because in UK they won't bother anymore once they've sold it to a 3rd party.

Personally I think somebody try to scare you and the whole story is <deleted>

[meom]

If there was a big problem about usecured Bank loans and Credit Card debts all in your own name, then Pattaya would lose 50% of the people that live there!

Might be a good business to start a debt collecting agency in Pattaya then. With a sound business plan some UK banks might even borrow you the venture capital required.

Edited September 17, 2007 by meom

[Maigo6]

If there was a big problem about usecured Bank loans and Credit Card debts all in your own name, then Pattaya would lose 50% of the people that live there!

Might be a good business to start a debt collecting agency in Pattaya then. With a sound business plan some UK banks might even borrow you the venture capital required.

I don't need to borrow from banks, I'll get an unsecured loan from the OP!

[pointofview]

For a 3rd party to be interested in your debt it has to be quite a big amount. As far as I understand they buy your debt penny for dollar so to speak and they get to keep whatever they collect after buying the debt.

Seems to me you would be safest in UK if a thai party has bought your debt because in UK they won't bother anymore once they've sold it to a 3rd party.

Personally I think somebody try to scare you and the whole story is <deleted>

So if your debt was bought at a penny to the pound it would cost the debt collector only 800 pound - maybe knowing this you could do a deal with the collectors if they do happen to bump into you.

If your debt is CCds then i asume it must be spread around a few - so each one would sell the debt for peanuts really, so i imagine it would be a last resort for them.

[Maigo6]

About GBP 80,000

Ummmmmmmmmm......

80k, it ain't a small ammount of money, though I doubt it's enough for them to start chasing you round the world.

The unsecured loans were a risk they took knowing you had no security, the Credit Cards were in your Name, again, many people are in massive debt with them....

It could be possible Fraud if you made no attempt to pay back even one payment and did a runner straight away, just stay away for a few years and it should all go away, if not and you're broke in Thailand after a few years, you can go back to UK and get a nice cell and an immediate reintroduction into the Social Security System.

Prison in UK is much better than being broke in Thailand.

Edited September 17, 2007 by Maigo6

[intumult]

About GBP 80,000

a few things spring to mind here.

If in debt over 15K in the U.K. you can get free help and guidance from the 'Debt Advisory Agency' and they are helpful. They can help you repay the debts in a sensible manner and are confidential.

Make no effort to pay and it goes very badly in your favour.

My next thought is that you are living on limited means with no work permit - therefore no means of supporting yourself or your wife when the money runs out. What do you do then? Where do you work with no permit? Do you live hand to mouth?

Many who run away usually have a stash of dosh to do so with. You do not seem to have thought this through at all.

What happens to your wife? I presume you love her, since you married her and you could end up leaving her in the proverbial brown stuff.

Selling debts? Not something most reputable companies would do. I had a debt I had simply forgotten to pay when I moved house. Almost 5 years later when applying for credit the debt resurfaced on a computer and I paid it and all was forgiven - no CCJ's or anything.

^^^^ just a few thoughts. Maybe you need to have some yourself?

[mikethevigoman]

Hi everyone,

New to ThaiVisa and I'm hoping someone can help me. I came here in 2005 with my (Thai) wife after years working in UK. I gradually accululated a sea of debt and we decided to 'run away' to thailand. We have no assets in Uk. Everything was OK-I was prepared that I would get a CCJ (county Court judgement) against me and possible bancruptcy. Now I have been advised that my creditors might try to 'sell' my debts to a Thai debt collecting agency. Some of the debt was accumulated in thailand, though with UK companies- so they could probably trace me to here if they wanted to.

Does anyone have experience of 'debt sale' happening, or can anyone reassure me that it wont happen. Secondly, all the debts are in my name, but if sold to a Thai agency, could my wife become embroiled?

Obviously I'm extremely worried about what might happen if a Thai company got hold of the debt- I assume they do not operate with the same niceties as the UK system.

Any advice that anyone can offer would be much appreciated

Thanks!

Your only problems will be if you obtained the loans/cards by deception. ie, that you were working in the uk at time of applicaton etc,.then there is a possible fraud,.and then it would have to be a large amount before the police would even contemplate an extradition order or coming here to get you, back to your original question, i left a debt to a courier company for 5k deliberatly as they lost a load of my stuff and never did pay out for damage,.the debt was sold eventualy to a bunch of really dumb debt collectors that put a charge on a car of the people that moved into my old house, when i found out i faxed them my passport and proof of address in thailand and invited them over after telling them the would get nothing out of me, once i proved where i was they took the pressure off the people in my old house and stopped work on my case, i told them ( in a phone conversation ) i had a beef with their client and had no intention of paying a penny so dont waste any more of your time,they rang me back to prove i was in thailand and asked when i would be returning to the uk to which i replied, when im in a box,.That was the last i heard from them,

[mikethevigoman]

For a 3rd party to be interested in your debt it has to be quite a big amount. As far as I understand they buy your debt penny for dollar so to speak and they get to keep whatever they collect after buying the debt.

Seems to me you would be safest in UK if a thai party has bought your debt because in UK they won't bother anymore once they've sold it to a 3rd party.

Personally I think somebody try to scare you and the whole story is <deleted>

Absolutly agree,.utter rubbish,.

[GuestHouse]

I suspect that the single biggest flaw in your hair brained plan is not the debt collectors hunting you down but your own debt habbit following you over to Thailand and wrecking havoc with your life there.

One of the most common problems people make when moving to Thailand is to be under capitalized - another common problem is 'burning their bridges'.

It strikes me that you are planning to do both.

Go talk to the debt help agencies and get some advice on a) clearing your debt - even if that means bankruptcy - and some councilling on your spending habbits.

Alternatively - ignore the above but stay away from tall buildings when you arrive in Thailand.

[mikethevigoman]

Hi everyone,

New to ThaiVisa and I'm hoping someone can help me. I came here in 2005 with my (Thai) wife after years working in UK. I gradually accululated a sea of debt and we decided to 'run away' to thailand. We have no assets in Uk. Everything was OK-I was prepared that I would get a CCJ (county Court judgement) against me and possible bancruptcy. Now I have been advised that my creditors might try to 'sell' my debts to a Thai debt collecting agency. Some of the debt was accumulated in thailand, though with UK companies- so they could probably trace me to here if they wanted to.

Does anyone have experience of 'debt sale' happening, or can anyone reassure me that it wont happen. Secondly, all the debts are in my name, but if sold to a Thai agency, could my wife become embroiled?

Obviously I'm extremely worried about what might happen if a Thai company got hold of the debt- I assume they do not operate with the same niceties as the UK system.

Any advice that anyone can offer would be much appreciated

Thanks!

I think your conscience is playing you up as much as anything,.loking over your shoulder ? ,ive already oulined what i think if you obtained by deception, if you are contemplating moving back to the uk your first port of call shoud be the citizens advice beauro .they will initiate a bankrupcy for you,if you have no assets as you say, you have no fear,.even these debt buying firms wont chase a bankrupt, they arent allowed for a start,.if you have no money then bankrupcy is probably the way to go, if you had money you would be surprised how little some of these firms will take to settle, 5p in the pound !,.let your conscience be your guide,.

[MaeRimMan]

These comments are most constructive. Thanks. No, my cards and loans weren't obtained by deception: everyone seemed to want to lend me money and give me credit cards with large limits. Over the last year I have been suffering from a mental health condition called panic disorder. I came to Thailand on the sick, but then the sick pay ran out and I carried on spending- not hugely but enough to rack up the debts. Then the bank kept paying the card companies for another few months and i kept spending steadily. Then it dried up. we've got enough cash to keep us going at Thai expenditure rates for quite a few months and I couldn't care less about what happens in UK, but if the Thais got hold of the debt I'm concerned that I could end up in jail or something - or worse, the wifes income could be taken into account - which it can't be in UK.

[mikethevigoman]

These comments are most constructive. Thanks. No, my cards and loans weren't obtained by deception: everyone seemed to want to lend me money and give me credit cards with large limits. Over the last year I have been suffering from a mental health condition called panic disorder. I came to Thailand on the sick, but then the sick pay ran out and I carried on spending- not hugely but enough to rack up the debts. Then the bank kept paying the card companies for another few months and i kept spending steadily. Then it dried up. we've got enough cash to keep us going at Thai expenditure rates for quite a few months and I couldn't care less about what happens in UK, but if the Thais got hold of the debt I'm concerned that I could end up in jail or something - or worse, the wifes income could be taken into account - which it can't be in UK.

You have no fear of that im certain,.

[solo siam]

These comments are most constructive. Thanks. No, my cards and loans weren't obtained by deception: everyone seemed to want to lend me money and give me credit cards with large limits. Over the last year I have been suffering from a mental health condition called panic disorder. I came to Thailand on the sick, but then the sick pay ran out and I carried on spending- not hugely but enough to rack up the debts. Then the bank kept paying the card companies for another few months and i kept spending steadily. Then it dried up. we've got enough cash to keep us going at Thai expenditure rates for quite a few months and I couldn't care less about what happens in UK, but if the Thais got hold of the debt I'm concerned that I could end up in jail or something - or worse, the wifes income could be taken into account - which it can't be in UK.

Best bet is to get some counselling if possible, panic disorder is treatable but if you leave it untreated you may find yourself turning to drinking and your economic/relationship situation suffering until it gets unbearable. The type of people who suffer from this sort of anxiety disorder are those prone to burying their head in the sand until everything gets to be too much.

My advice would be to contact the Citizens Advice Bureau for advice and try to set up a repayment plan, this will put your mind at rest - Often the organisations involved will accept very little to settle the debt, if you follow the right paths you could settle all that debt for perhaps less than 8,000 pounds. They may take your diagnosis into account.

However running away takes that option away from you. Settle the debt, else it will always be on your mind and you will always be looking over your shoulder, not very useful when you are prone to anxiety anyhow.

Edited September 17, 2007 by solo siam

[Lucifer]

I take it most of that £80k is in your wifes account.

Write to all the creditors and offer them a few pounds per month, as you don't have any money.

They should accept. Keep up your payments for a few months ( at least 12), then tell them you can't afford that either

and want to reduce your monthy payments. They'll make you an offer.

[MaeRimMan]

i have been receiving treatment for my panic disorder: Suan Prung is a great hospital and they've helped a lot. I'm OK as long as i live stress free- which is why I came back to this country. you are correct in saying I've had my head buried in the sand. I need to do something about it, but £8,000 is beyond my means.

[solo siam]

i have been receiving treatment for my panic disorder: Suan Prung is a great hospital and they've helped a lot. I'm OK as long as i live stress free- which is why I came back to this country. you are correct in saying I've had my head buried in the sand. I need to do something about it, but £8,000 is beyond my means.

Doesn't have to be all at once.

Actually part of the problem with an anxiety disorder is you trying to live stress free, life is never stress free and what happens is you run away from all your problems. It's called avoidance strategy and actually elevates your anxiety levels and reinforces the panic reaction, simply put you get yourself into a worrying situation, panic and run-away, then you aren't having to deal with the worrying situation anymore, in a topsy-turvy way panicking has actually helped you get out of the worrying situation, so you keep doing it.