Job In Thailand - Or Debt And Dole In England

[pattaya]

I am in a situation whereby my job in England will come to an end at the end of March. I have searched around (and will continue to do so) for jobs within distance of my home in England but without success so far.

On the other hand it looks like there is a job for me in Thailand if I go to it.

The problem I have is one of debt here and I suppose comes down to morals.

I owe about 17,000 Pounds unsecured loan to a UK Bank and about 10,000 to various credit cards (unsecured). With a job I was paying it all off over time.

Without a job I suppose the best I could hope for is to ask the banks if they would accept some nominal sum from me such as 1 Pound per week out of my dole money if I stayed here.

But if I went to Thailand and worked I already know that the money I would be getting would support me there but in no way would I be able to pay any of these debts here to the banks.

Do I stick it out here and hope that a job comes up or go to a job in Thailand but not be able to pay off the debts here?

The debt address is a house jointly owned between my parents and myself. I have heard something about banks may apply for some sort of court order against the property, or at least against the third which I currently own. Is this true and would it affect the house which they live in, or is all of that heresay?

What about Bailiffs? Would the banks try and take what property I do have left here in England (mostly just books, CDs and DVDs). Can they harass/demand payment from any relative?

I have heard that debts are written off after 7 years and remember some thread on here about this over 1 year ago. But my main concern is if I went for this job in Thailand would it affect my folks back here in England?

Anyone know anything about this situation would be appreciated.

P

[davethailand]

Stay home and clear your debts, don't do that to your parents.

If that serious then they'll get you here also.

[britmaveric]

Stay home and clear your debts, don't do that to your parents.

If that serious then they'll get you here also.

Agreed stay home and work off the debt! Not worth the grief it will cause you and your family at home if you decide and do a runner.

[phuketsiam]

or ask Toxin for a small personal loan

[Prakanong2005]

If the loan(s) are unsecured against the property then they can not go for it.

The 7 year thing is actually 6 years I beleive - this is just th removal of things like CCJ's from your credit record so if they do not apear there for say 4 years then you are looking at 10 years.

Go and see the Citizens Advice Centre or similar - they are very good with this and dealing with your creditors.

Bankruptcy is another option - CA will advice you but recently it has become much easier to discharge yourself and the above 6 year rule applies on the credit record if I am not mistaken.

This is just info I have gleaned from recent newspaper articles so I am not expert - others may have better knowledge.

Oh - they will chase you when you get back from Thailand if you make no arrangements beforehand- I know ;-)

[Ricardo]

Sell the house, return your parents their portion of the cash, and clear your own debts.

This leaves you with any remaining cash, as a safety-cushion, for your on-going life-adventure in Thailand ! Plus a clear conscience & credit-record.

Or look for work in other parts of the UK ? And be willing to travel - to where the work is.

Or look overseas ? It's not the good-old-days in the Middle-East but, depending on your skills & experience, you might find something. It's easier to accumulate capital or repay debts in a low/non-tax environment.

Good Luck !

[Prakanong2005]

I would not sell the house - given house prices etc in the UK the equity returned to the parents might not be enough for them to begin to purchase a similar house never mind the OP getting on the property ladder alone.

Re-negotiate the loans and debts through the CAB or whoever - they will often freeze the debt and not apply any more interest.

What about redundancy insurance - many loans and CC's are covered by or require this - did you take it out?

[GuestHouse]

Yeh go for it. Chuck the debt, hel_l it's only 27K... you'll be fine, and if you pick your bar with care, in good company too.

Of course, you'll have to sit the whole seven years out without going back to blighty, but listen, the world's a big place, lots of places to hide.

[Carmine6]

If the loan(s) are unsecured against the property then they can not go for it.

....

In the US they could sue for the unsecured debt, then if they win they can go after assets you have. A lien can be put on the house for the judgement which would have to be paid upon sale, or more commonly refinance. I'd imagine there's some similar or possibly easier legal arrangements in the UK.

[Jamesthai]

Thailand is full of Farangs like you. They have left all there debts and problems at home and re-invented themselves.

But it doesn't take long for any money to dry up. All those great deals are never as great as they are made out, all those jobs are never as well paid as you heard and 7 years (or 6) is a hel_l of a long time. Especially when even your parents don’t like you cos you left them to sort out your debts.

Have you looked at renting out your house-At least then you may be able to cover your debt payments-especially if you renegotiate them? Just tell them you are moving into your parents-Not Thailand-they wont like that.

You can then spend a year or 2 in Thailand whilst your rental income pays your debts and you can live hand to foot like many other Farangs in Thailand-Nothing wrong with that though. Hopefully at the end, your house will have increased enough in value to pay off and remaining debt and you can decide if you want to stay.

What do you do anyway and what are you looking to do in Thailand?

Good luck

[Khutan]

Don't leave your parents in it.

I would go to the banks and tell them you are going to lose your job and what sort of an arangement can you come to.

I am sure there would also be some debt councelling service in the UK that can also help you.

If possible sell the house and pay off as much as you can. Get your parents out of the scenario.

[ThaiPauly]

Some good advice given here, my take would be:

Sell The House (help your Parents find a new one)

Clear your debt

Move to Thailand

If you do a "Runner" and your Parents get sick and you need to return you could be in serious trouble.

[britainmal]

What kind of work do you plan to do in Thailand?

[Prakanong2005]

"In the US they could sue for the unsecured debt, then if they win they can go after assets you have. A lien can be put on the house for the judgement which would have to be paid upon sale, or more commonly refinance. I'd imagine there's some similar or possibly easier legal arrangements in the UK."

Do not quote me on this but I am pretty certain there is nothing like this in the UK ie forcing to sell your house in the case of unsecured loans - there is with other debts such as damages though so there might be - as I said I am not an expert but I know a few that have not been forced to sell their houses and have re-structured debts.

As for some of the others and the idea to sell the house - read the OP - the parents are living in the house if I read it correctly.and given the housing ladder in the UK might not be left with enough equity to start afresh

If it was me I would do this

See the CAB or any other organisation who can help me and to nediate between myself and my creditors.

I would hopefully seek a freeze on the debt with no more interest added (CAB are quite good at getting this)

I would reschedule the debt with the help of CAB with yearly reviews of monthly payment amounts (if no interest then not too much to worry about)

I would NOT be selling the house which would have capital growth while I might not be paying interest

I would consider bankruptcy if the above failed given the new rules about ease of dischargement

I know everyone has to be responsible but the lenders have a esponisility too and as we hear so often on consumer programs and eslewhere they are throwing money at those who they should not be - its a two way street.

Oh an running off to Thailand will not help much

Its the "an not go back guys'" who you tend to see attempting swallow dives or sitting in front of the white powder with the smiling MiB smiling and pointing behind - it leaves you vunerable if you can not go back.

As long as you make an effort to pay it back it will be fine. Even if you pay them 2000THB a month from your English teachers salary after you re-negotiate the terms of the loan with help;-)

Just give them the example of the Channel Tunnel ;-)

[solo siam]

Cant you simply get your parents to buy out your 1/3 of the house, Explain the situation to them and get in the experts to value the house and sort out the mortgage. Lets face it you will probably get it back later in life anyhow.

[pattaya]

Thanks for the help so far guys.

My parents are retired and they live in the house. They also do not have any money to pay off my third of the house.

Can they really affect the house or force its sale as all of the loans are unsecured?

Obviously if they will make life difficult for my parents then I will not go, just hope that the situation can improve here soon in that case, but its so depressing in this country.

P

[Carmine6]

Thanks for the help so far guys.

My parents are retired and they live in the house. They also do not have any money to pay off my third of the house.

Can they really affect the house or force its sale as all of the loans are unsecured?

Obviously if they will make life difficult for my parents then I will not go, just hope that the situation can improve here soon in that case, but its so depressing in this country.

P

Bare minimum, if the banks have your parent's phone number, they'll be facing a lot of calls looking for you. Letters would come too, but are obviously not as annoying. (Unless UK laws are much more restrictive on collection efforts, which I doubt.)

Check with some local credit counseling service on what the banks can do in terms of the house. The debt won't affect the house, but a legal judgement or legal action might. As I mentioned before, in the US a lien could be placed on the house for a judgement. There could be something even easier in the UK, or it could be entirely impossible. At least find this out before you pack your luggage.

For small balances and credit cards, legal action is very rare as it's not worth the time and effort. However, the 17,000 bank loan is big enough that they might do something if you just take off.

[solo siam]

Just because the loan is unsecured doesnt really make it any easier to get out of paying it.

If your not in the country I think things get even worse, CCJ's and other judgements will be made against you regardless as to whether you turn up in court or not. Perhaps the owner of the loans will force bankrupcy and claim the 1/3 of your house forcing your parents to sell it.

I think running away from debt if it gets serious is actually a crime, so you may find it hard to get a new passport etc... even if you never come back to the UK.

You borrowed the money, you should really pay it back - What did you buy with the money? cant you sell it to repay the debts.

Running away is never the answer.

[Prakanong2005]

"I think running away from debt if it gets serious is actually a crime, so you may find it hard to get a new passport etc... even if you never come back to the UK."

I think the UK law is very subtle on this one.

Its something like if you took out the loan without ever intendind to pay it back then its fraud but if you even make one payment they find it very difficult to prove this. In the case of the OP it is clear cut he was paying so its a civil matter.

There is no problem getting a new passport no matter what crime you have committed as long as you have served the penalty and no crime is being committed - the only people really banned from travelling are cited football hooligs and and lifers on licence without permission to travel.

The only "Money" thing regarding banned travel U have heard is where you owe the Govt money in a case like they have paid for your ticket home from somewhere - they stamp your passport until the fare is paid.

If bad debts stopped peole travelling you would have half the country sitting in the UK.

Morally he borrowed the money and should pay but just look at the really big borrowers who hide behind limited and PLC companies - biz goes bust they never pay.

[lucy1]

hi mate, do not worry about it too much, i have been in the same situation. as long as the loans are unsecured, you will be fine. they will threaten you by letter with alsorts, but they cant do a thing about it. they cannot take your parents house, and they probably wont hastle your parents for long once they find out you dont live there, but you will fet ccjs that will make it hard to get decent credit if you ever return. people make mistakes, it may even be no fault of your own that your in this situation. if i were you id just do what you want. you only live once.

Edited February 11, 2006 by lucy1

[richb2004]

Surely you’re not unemployable. Can you not get a job doing anything?

Have you thought about murdering your parents to have the house paid off? You'd have to be clever obviously, but if you’re going to break the law why not go the whole hog.

[roamer]

I find those who talk about the moral side of this amusing, these are banks for Christs sake, since when did they worry about morals ?

Worse thing to about it is to run, causes all sorts of problems, allows them to obtain judgements against you and if your not around thats a problem. Bailiffs hassleing your parents at the very least.

If you want to maintain a credit record then you have to pay them off, simple. If you don't want to, then bankruptcy is an option. In the circumstances you have stated tthe house share would not be regarded as a saleable asset and is therefore no obstacle to bankruptcy. The new laws allow discharge after 3 years, but maybe even more important is that the law then prohibits them from chasing you for the debt from the outset. Note also that banks and credit card companies are very reluctant to take you to court, not out of kindness but because they know if you DO show up and plead poverty then a pound or so a week is likely to be all they get. These days the courts view banks as being irresponsible in the first place and that secondly the interest rates charged should cover the risk so banks don't like to shout too loudly.

Good luck

[backflip]

I like the way you think, Pattaya. You're willing to abandon your debts and your parents - and allow them to fend for themselves - so you can start a new life. You're a national treasure.

[snoophound]

He will amongst his peers in Pattaya.

I like the way you think, Pattaya. You're willing to abandon your debts and your parents - and allow them to fend for themselves - so you can start a new life. You're a national treasure.

[britmaveric]

He will amongst his peers in Pattaya.

I like the way you think, Pattaya. You're willing to abandon your debts and your parents - and allow them to fend for themselves - so you can start a new life. You're a national treasure.

[JimsKnight]

I am in a situation whereby my job in England will come to an end at the end of March. I have searched around (and will continue to do so) for jobs within distance of my home in England but without success so far.

On the other hand it looks like there is a job for me in Thailand if I go to it.

The problem I have is one of debt here and I suppose comes down to morals.

I owe about 17,000 Pounds unsecured loan to a UK Bank and about 10,000 to various credit cards (unsecured). With a job I was paying it all off over time.

Without a job I suppose the best I could hope for is to ask the banks if they would accept some nominal sum from me such as 1 Pound per week out of my dole money if I stayed here.

But if I went to Thailand and worked I already know that the money I would be getting would support me there but in no way would I be able to pay any of these debts here to the banks.

Do I stick it out here and hope that a job comes up or go to a job in Thailand but not be able to pay off the debts here?

The debt address is a house jointly owned between my parents and myself. I have heard something about banks may apply for some sort of court order against the property, or at least against the third which I currently own. Is this true and would it affect the house which they live in, or is all of that heresay?

What about Bailiffs? Would the banks try and take what property I do have left here in England (mostly just books, CDs and DVDs). Can they harass/demand payment from any relative?

I have heard that debts are written off after 7 years and remember some thread on here about this over 1 year ago. But my main concern is if I went for this job in Thailand would it affect my folks back here in England?

Anyone know anything about this situation would be appreciated.

P

Its actually 5 years and yes there are some dudes who do it, they tend to be young and stupid and end up spending their 'borrowed' money on whores and booze and running out of money after a year!

Unless you can guarentee that you will not be coming back to England for 5 years and are heartless enough to put your parents under strain then think twice!

If your not interested in bricks or mortor or a bank account then believe it or not some people can withstand the 'wilderness' of being blacklisted!

I used my credit card out here 2 years ago for a small amount and the bank was very sharp in telephoning my house in England and querying the use for it! Once they knew it was me on holiday they backed off.

Having said that the banks and credit card company are not blameless themselves and throw out credit cards to everyone wanting one!

As long as the banks reap enough money in interest from the working joes then the 'rogue' card debtors do not take much heat (at the moment) After 5 years the blacklist is removed.

There is no such thing as a debtors prison in England!

The Balifs require a court order to enter but some banks prefer to write off the debt than incur the publicity and crap of a legal battle! Besides which if you have moved out of your house technically you no longer live there!

They could enter and remove your possesions but I have never heard this, many parents tell them to fck off as he no longer lives there!

[solo siam]

It is immoral to not pay the money back, regardless of Banking practices - the OP has borrowed money, signed his name to the deal promising to pay the money back. He is going back on his word, his promise to pay the money back irregardless.

If he is going to do a runner he should go the whole hog then, grab a few more credit cards a couple more loans, some store cards etc... max them all out over a period of 5-6 months making minimum payments and then come to Thailand with a small fortune. Doubt he would be the first.

[RAZZELL]

Lucy1...

Yeah, great post...do what you want...don't worry about the consequences...

f****n idiot...

Be a man...you borrowed the money... graft... and pay it back...

Or run away to Thailand and stiff everyone...including your parents...

[paulnuek]

I am in a situation whereby my job in England will come to an end at the end of March. I have searched around (and will continue to do so) for jobs within distance of my home in England but without success so far.

On the other hand it looks like there is a job for me in Thailand if I go to it.

The problem I have is one of debt here and I suppose comes down to morals.

I owe about 17,000 Pounds unsecured loan to a UK Bank and about 10,000 to various credit cards (unsecured). With a job I was paying it all off over time.

Without a job I suppose the best I could hope for is to ask the banks if they would accept some nominal sum from me such as 1 Pound per week out of my dole money if I stayed here.

But if I went to Thailand and worked I already know that the money I would be getting would support me there but in no way would I be able to pay any of these debts here to the banks.

Do I stick it out here and hope that a job comes up or go to a job in Thailand but not be able to pay off the debts here?

The debt address is a house jointly owned between my parents and myself. I have heard something about banks may apply for some sort of court order against the property, or at least against the third which I currently own. Is this true and would it affect the house which they live in, or is all of that heresay?

What about Bailiffs? Would the banks try and take what property I do have left here in England (mostly just books, CDs and DVDs). Can they harass/demand payment from any relative?

I have heard that debts are written off after 7 years and remember some thread on here about this over 1 year ago. But my main concern is if I went for this job in Thailand would it affect my folks back here in England?

Anyone know anything about this situation would be appreciated.

P

Take your parnts off the mortgage.

Get them on the council house list.

When the house is just about sold go to the council with them and tell them that your paqrents will soon be homeless as you are going abroad.

The council will have a duty to house your parents.

You must however use your local council as any other council would not recognise them as homeless.

Better still take some advice from the postings and rent out the house.

Maybe you would cover the mortgage and have a small income.

If prices continue to rise you will have a nice nest egg in a few years time.....

[Prakanong2005]

"Take your parnts off the mortgage.

Get them on the council house list.

When the house is just about sold go to the council with them and tell them that your paqrents will soon be homeless as you are going abroad.

The council will have a duty to house your parents."

What a mad idea - the house is under no threat.