Unsecured personal debt and doing a runner?

Question

I've got a lot of unsecured personal debt (+£40k) and my girlfriend has asked me to go travelling with her. If I just go and stop paying my debts, what would be the consequences on my return?

Answer 1

Maybe nothing.  Your creditors have the right to go to court and get a judgement against you.  You may never pay them. But you will pay 22% interest when you buy a car (even tho the sign says Zero Down for qualified buyers) because you have a judgement against you.

Answer 2

You will ruin your credit and be hounded by collectors for years to come. You will be dragged into court where you will probably lose. And you will be faced with garnished wages or filing bankruptcy which will s***w up your credit even longer. Sounds like a pretty selfish choice to go out traveling.

Answer 3

probably court action, or imprisonment !

But you can do something else, you can make

arrangements with all your debtors to pay very

little, because of circustances (you better have some

good ones ) at the moment for a few months, you

can only afford ....so much.....so arrange for the

very minimal that can be legally continued to pay

without you getting in trouble.

Then you can still go travelling without having sherked

your responsibility's and wont be in the S----t when you

return.     You can then continue to pay the higher

amount you were, originally till your rid of your debt !

Answer 4

That may depend on whom you owe. Apart from legal processes to follow up debt, described above, I know from having met those who do it where I have lived, that the h***s Angels guarantee they will collect ANY debt for 50%, for anyone acquainted with them.

Answer 5

you would be made a bankrupt have a look in to your countyies laws which generaly last five years