Uk Debts

[paulinpattaya]

Hi,

Just wondered if anyone had ever been in debt back home and decided to leave it all behind them and move to LOS. I've got debts of £40k back in UK and because of the financial crisis and low wages (i.e no overtime) I can't afford to pay it now. I'm loosing money every month and can't stay any longer...

So if I leave it all behind what happens in Thailand, are there debt collectors working over there for UK banks etc? I can't imagine they'll find anyone on Walking Street. Has anyone experienced this problem?

Also is there any reciprocal agreement with Thai/UK for seizing assets if you're bankrupt back home? I can't believe there is otherwise Thaksin's home in London would have been seized and sold already. I'm worried if I go bankrupt they'll find my condo in Thailand and take it off me. Speaking to people no one has heard of this ever happeneing in Thailand..has anyone been through this?

Thanks for your advice/thoughts.

Paul

P.S Being in debt is NOT a crime!

[Scott]

So, just how do you plan to survive in Thailand?

[paulinpattaya]

So, just how do you plan to survive in Thailand?

Over the last 6 years I've invested 10 million baht in Thai real estate..my rental income is over 50,000 Baht per month plus I have a condo in which to live, easily enough to survive on!! Plus my Thai girlfriend earns 15,000 per month.. So why stay in the UK?

[nariad]

So, just how do you plan to survive in Thailand?

Over the last 6 years I've invested 10 million baht in Thai real estate..my rental income is over 50,000 Baht per month plus I have a condo in which to live, easily enough to survive on!! Plus my Thai girlfriend earns 15,000 per month.. So why stay in the UK?

Why not use your Thai income to pay your UK debts.

PS Thanks for giving us the Heads up on your Relability

[Totster]

Seems you have got the means to pay the debt anyway... what with nearly 200k GBP of assets in Thailand....

Totster

[paulinpattaya]

Seems you have got the means to pay the debt anyway... what with nearly 200k GBP of assets in Thailand....

Totster

Because of the global financial crisis no one is buying, not even cheap Thai property! Do you think the banks would wait 2/3 years until the market recovers? I don't think so.... If I could sell 1 property I would and pay them all back, but I can't sell...luckily they can be rented.

[paulinpattaya]

Seems you have got the means to pay the debt anyway... what with nearly 200k GBP of assets in Thailand....

Totster

Because of the global financial crisis no one is buying, not even cheap Thai property! Do you think the banks would wait 2/3 years until the market recovers? I don't think so.... If I could sell 1 property I would and pay them all back, but I can't sell...luckily they can be rented.

Let's not forget this global financial crisis has been created by the banks!! They have been stupid, greedy and throwing money around, now 1000's of people are in debt and loosing their homes etc. And the banks want help from our governments to help them out, the bankers still get the bonuses and the guy on the street gets no help at all. The banks can screw themselves. Why bother paying them back? Bankers need not reply....

[Mossfinn]

P.S Being in debt is NOT a crime!

No, but doing a runner is.

It also means you can never go back, these institutions don't forget and changing your name is the first they check. I know you are thinking you will never go back, but never say never.

I would seek a good debt management service, strike a deal, use your income in Thailand to pay each off in agreed stages and use the carrot that once the market picks up, you will sell a property and pay off the debts.

They will rather something rather than nothing.

Gov't Debt Advice Line

[dave2]

no offence paul but whos name is this 10 million bahts worth of property in ?

regards .... dave2

[paulinpattaya]

no offence paul but whos name is this 10 million bahts worth of property in ?

regards .... dave2

Hi Dave,

House in Thai company name, condo's are foreign ownership so my name!! I could transfer to someone else then go bankrupt in UK, becoming debt free. I know's it's wrong but you don't get anywhere is this world by being straight and honest...

I can't honestly see how the Official Receiver in U.K could seize assets in Thailand, there is no agreement between the 2 countries. Otherwise Thaksin's house would have been siezed in London. No?

[undercover]

As you make your bed you must lay in it.

This idea WILL come back and haunt you

[Carib]

Seems you have got the means to pay the debt anyway... what with nearly 200k GBP of assets in Thailand....

Totster

Because of the global financial crisis no one is buying, not even cheap Thai property! Do you think the banks would wait 2/3 years until the market recovers? I don't think so.... If I could sell 1 property I would and pay them all back, but I can't sell...luckily they can be rented.

Let's not forget this global financial crisis has been created by the banks!! They have been stupid, greedy and throwing money around, now 1000's of people are in debt and loosing their homes etc. And the banks want help from our governments to help them out, the bankers still get the bonuses and the guy on the street gets no help at all. The banks can screw themselves. Why bother paying them back? Bankers need not reply....

An absolutely silly excuse not to pay a debt. YOU were stupid enough to get a debt and now YOU are talking about doing a runner.

Who is the fool. What do you expect on this board? Tips how to do it??

[syd barrett]

no offence paul but whos name is this 10 million bahts worth of property in ?

regards .... dave2

Hi Dave,

House in Thai company name, condo's are foreign ownership so my name!! I could transfer to someone else then go bankrupt in UK, becoming debt free. I know's it's wrong but you don't get anywhere is this world by being straight and honest...

I can't honestly see how the Official Receiver in U.K could seize assets in Thailand, there is no agreement between the 2 countries. Otherwise Thaksin's house would have been siezed in London. No?

I don't think it is as easy as that. Official Receivers are not dumb. I had a mate from the U.K. who did all this, ran away from his debts and burned his bridges, he killed himself in a seedy Pattaya apartment 18 months later. (On soi 8).

Honesty is the best policy. Be a man, pay your debts and hold your head up high.

[paulinpattaya]

Actually yes I was looking for some advice on how to a 'runner' and get away with it, would have been great advice!

I didn't expect to be criticised because the banks were stupid, greedy and threw money at me. I took the money ok, but if it wasn't offered it I wouldn't have this problem. The banks lend money knowing they will screw you one day when you can't repay them...that's business as they say. The banks also 'factor' in the bad debts to their fees, overdraft rates, lending charges anyway..so no big deal if I don't pay them back.

Like I said before they've caused this financial crisis so why should I help them now they're struggling? I asked them for help just last week, no one is interested... They won't even give me a credit card for a 0% balance tranfer..

I have no choice...

[angiud]

One more bad apple in Pattaya. Nothing new

[Forkinhades]

Just stop paying them, as soon as they dont receive their money, they will sell the debt to agencies, they will not come looking for you in Thailand, you will get CCJ's or defaults, after 6 years your clean again. Or just declare yourself bankrupt in the UK, then you are clean after 2 years. you dont need to tell customs about your assets here. Or you would be paying UK tax on your earnings here

[spiderman2]

Why not go back to the UK and declare yourself bankrupt, everyones doing what youre doing these days.

After a certain length of time the bank will right the debt off to tax 6 years approx, but they can still chase you for this money forever.

Youve scammed them for 40k fairplay to you but there isnt a nice friendly bank manager who is going to say no problem we dont really need the money at the moment anyway.

[plasticpig]

name='paulinpattaya'

House in Thai company name, condo's are foreign ownership so my name!! I could transfer to someone else then go bankrupt in UK, becoming debt free. I know's it's wrong but you don't get anywhere is this world by being straight and honest...

I would be more worried about having money

tied up in some, Thai company to own land in Thailand.

That door will be rattled soon in a few years time, by the powers to be.

Edited November 23, 2008 by plasticpig

[spiderman2]

I asked them for help just last week, no one is interested... They won't even give me a credit card for a 0% balance tranfer..

With your fine credit rating i find this hard to believe, if i were you i'd right to my local politician about such as injustice.

[spud1]

Actually yes I was looking for some advice on how to a 'runner' and get away with it, would have been great advice!

I didn't expect to be criticised because the banks were stupid, greedy and threw money at me. I took the money ok, but if it wasn't offered it I wouldn't have this problem. The banks lend money knowing they will screw you one day when you can't repay them...that's business as they say. The banks also 'factor' in the bad debts to their fees, overdraft rates, lending charges anyway..so no big deal if I don't pay them back.

Like I said before they've caused this financial crisis so why should I help them now they're struggling? I asked them for help just last week, no one is interested... They won't even give me a credit card for a 0% balance tranfer..

I have no choice...

[spud1]

Actually yes I was looking for some advice on how to a 'runner' and get away with it, would have been great advice!

I didn't expect to be criticised because the banks were stupid, greedy and threw money at me. I took the money ok, but if it wasn't offered it I wouldn't have this problem. The banks lend money knowing they will screw you one day when you can't repay them...that's business as they say. The banks also 'factor' in the bad debts to their fees, overdraft rates, lending charges anyway..so no big deal if I don't pay them back.

Like I said before they've caused this financial crisis so why should I help them now they're struggling? I asked them for help just last week, no one is interested... They won't even give me a credit card for a 0% balance tranfer..

I have no choice...

To many good samaritans on here!

[Mossfinn]

after 6 years your clean again. Or just declare yourself bankrupt in the UK, then you are clean after 2 years.

If having a desperately poor credit Rating is clean.

There appears to be a 'surge' on at the moment

Moss

[Chaimai]

The continuing posts suggest that this is NOT a troll - however, I remain unconvinced.

Nevertheless.....

I accept that the banks only have themselves to blame for giving a like you GBP 40k of credit. Presumably, this is all unsecured and on credit cards/personal loans.

I always liked the Theft Act 1968 but it only caught you if you spent the money KNOWING that you hadn't got the means to repay.I guess Fraud would also apply in these circumstances these days.

You make no mention of any assets in the UK so we will assume that you have only been financially successful in Thailand ?

However, the condos may fall under the control of the Official Receiver in Bankruptcy and any attempt to transfer them to a third party could be challenged under he principle of 'relationship back' - Google Insolvency Rules etc.

I disagree with forkinhades that you will be clear in 6 years. You will probably be totally fcucked from a credit point of view for ever:-

If you have not got a UK address you will not be able to open a UK bank account as you will fail to sayisfy Money Laundering Rules (probably a good thing as you are niow trying to <deleted> them over).

I think a bankruptcy would be 'clear' after 12 months - after this, you try getting credit/mortgage/bank account anywhere !

If you are still a UK resident I would like to think that somebody could get an attachment of earnings.

If you do have assets in the UK I would also like to think they could get a Charging Order.

State pension or private pension - watch this space, Big Brother knows where you are, your passport is not scanned at airports just for the fun of it !

The "CORRECT" way to do this is via Citizens Advice. They are as soft as sh!te and have agreed great deals/debt write-off for even the most blatant of fraudsters. You may be able to agree either an IVA equivalent or settlement of the debts at circa 50% or less.

In practice you will not do the honourable thing. You will follow the advice of forkinhades and simply default on all the loans/cards. They will write a series of letters off their own back and then pass the debt to an agency. These actions will reduce your Experian credit score to something that looks like a binary number (probably 001).

The lack of correspondence from you will make the agency quickly realsie that you have done a runner. The next step depends on their procedures and cost/benefit analysis. Likihood is that they will obtain judgement and there will be CCJs.

You won't care, you are in Thailand and the debt just gets absorbed for payment by remaining bank customers and tax payers. Note that banks' profits soon recover and dividends are maintained - someone will pay for all that, even after allowing for your 'bad debt'.

Ironically, I would actually do what you will finish up doing. The difference is that I would not be so brazen about it and would avoid the cavalier, swaggering "<deleted> you" approach. I will also never need a Uk address or need to borrow in the UK.

You have spent GBP 40k that is not yours and you have no intention of repaying it. That is not the fault of the banks - they only gave you the ammunition, it was you chose to shoot. They have been greedy and incompetent but that is irrelevant to the fact that you owe them money - the debts were contracts and will have failed on them. I note and endorse nariad's comment about your reliability and trust that enough people in Pattaya can recognise your circumstances and give you a wide-berth - if you will screw UK banks on contracts you will screw anyone in Thailand if the need arises.

Edited November 23, 2008 by soundman
Removed flame.

[SGhawker]

have you checked your passport expiry date? I am sure UK embassies will be updated about ppl on the run.... I assume you still need to travel (even not to tthe UK) and have a valid passport for many things.

[plasticpig]

The continuing posts suggest that this is NOT a troll - however, I remain unconvinced.

Nevertheless.....

I accept that the banks only have themselves to blame for giving a w&nker like you GBP 40k of credit. Presumably, this is all unsecured and on credit cards/personal loans.

I always liked the Theft Act 1968 but it only caught you if you spent the money KNOWING that you hadn't got the means to repay.I guess Fraud would also apply in these circumstances these days.

You make no mention of any assets in the UK so we will assume that you have only been financially successful in Thailand ?

However, the condos may fall under the control of the Official Receiver in Bankruptcy and any attempt to transfer them to a third party could be challenged under he principle of 'relationship back' - Google Insolvency Rules etc.

I disagree with forkinhades that you will be clear in 6 years. You will probably be totally fcucked from a credit point of view for ever:-

If you have not got a UK address you will not be able to open a UK bank account as you will fail to sayisfy Money Laundering Rules (probably a good thing as you are niow trying to <deleted> them over).

I think a bankruptcy would be 'clear' after 12 months - after this, you try getting credit/mortgage/bank account anywhere !

If you are still a UK resident I would like to think that somebody could get an attachment of earnings.

If you do have assets in the UK I would also like to think they could get a Charging Order.

State pension or private pension - watch this space, Big Brother knows where you are, your passport is not scanned at airports just for the fun of it !.

The "CORRECT" way to do this is via Citizens Advice. They are as soft as sh!te and have agreed great deals/debt write-off for even the most blatant of fraudsters. You may be able to agree either an IVA equivalent or settlement of the debts at circa 50% or less.

In practice you will not do the honourable thing. You will follow the advice of forkinhades and simply default on all the loans/cards. They will write a series of letters off their own back and then pass the debt to an agency. These actions will reduce your Experian credit score to something that looks like a binary number (probably 001).

The lack of correspondence from you will make the agency quickly realsie that you have done a runner. The next step depends on their procedures and cost/benefit analysis. Likihood is that they will obtain judgement and there will be CCJs.

You won't care, you are in Thailand and the debt just gets absorbed for payment by remaining bank customers and tax payers. Note that banks' profits soon recover and dividends are maintained - someone will pay for all that, even after allowing for your 'bad debt'. Ironically, I would actually do what you will finish up doing. The difference is that I would not be so brazen about it and would avoid the cavalier, swaggering "<deleted> you" approach. I will also never need a Uk address or need to borrow in the UK. People like you who blame the banks for their predicament are pathetic tossers. You have spent GBP 40k that is not yours and you have no intention of repaying it. That is not the fault of the banks - they only gave you the ammunition, it was you chose to shoot. They have been greedy and incompetent but that is irrelevant to the fact that you owe them money - the debts were contracts and will have failed on them. I note and endorse nariad's comment about your reliability and trust that enough people in Pattaya can recognise your circumstances and give you a wide-berth - if you will screw UK banks on contracts you will screw anyone in Thailand if the need arises.

Edited November 23, 2008 by plasticpig

[QED]

have you checked your passport expiry date? I am sure UK embassies will be updated about ppl on the run.... I assume you still need to travel (even not to tthe UK) and have a valid passport for many things.

A bit melodramatic! Defaulting on unsecured personal debt is not a criminal offence, and would never result in your passport being revoked.

You certainly would not be classed as 'on the run'. Thai assets would never be in danger of seizure, but I do agree with the majority that this will screw your credit rating for the next few millennia.

Selfish? Irresponsible? I am not one to judge. Would I do the same in the OP's situation? Probably

[Forkinhades]

have you checked your passport expiry date? I am sure UK embassies will be updated about ppl on the run.... I assume you still need to travel (even not to tthe UK) and have a valid passport for many things.

You will not be on the run, you will have defaulted on repayments, you can to the UK without any problems, just dont tell your ex creditors where you will be staying, dont try and credit while in the UK, you can get a new passport no problem. All you have done is defaulted on repayments. It is not fraud.

[paulinpattaya]

have you checked your passport expiry date? I am sure UK embassies will be updated about ppl on the run.... I assume you still need to travel (even not to tthe UK) and have a valid passport for many things.

I guess this must be on some kind of ex-bankers not ex-pat forum :@)

None the less thanks for all your opinions, now I'm really confused...do I do the honest thing and work for 5 years to pay off my debts or go to live in pattaya with the rest of the crooks. Is there no Pattaya friendly people on this bankers forum?

I've heard of murderers, robbers, drug dealers hiding out all over S.Asia...all I did was borrow a little too much. No fraud, no crime...honest mis-judgement.

Hope to see you on soi 6. Chok dee krap:@)

[Basil B]

Paul in Pattaya

Yes, defaulting on paying back a loan in the UK may be a civil matter and not a criminal action, but conspiracy to defraud is.

You say you have no means to to pay back the the money you owe, but then you say you have assets worth more than 10M THB in Thailand.

Presume you expect to get a state pension and be able run home for free treatment on the NHS should you become ill?

I could say what I think of people like you but I do not want to get banned.

[DC1066]

Light blue touch paper and stand well back

Seems like we've got a pretty judgemental bunch on here today.

The guy's come on and ask a question - he's being upfront about his situation and he's also done nothing illegal and at least he's not being a hypercrite about it.

Can most of you on here say you've never done anything either illegal, unethical or immoral?

Why did most of you come to Pattaya in the first place?? How well would that go down back in the UK.

I think people should look in the mirror before throwing stones at others.

If you don't like what he's doing then fair enough but struggling with debt in the UK is not easy and how many would do the same if they had the balls?