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What happens to your debt if you move outside the EU? |
My b/f and i have been offered jobs in the Canary Islands, we both have debts that we are struggling to pay off before we go. Is it true that if you move outside the EU the companies write off your debts? and if this is true what happens if you ever move back to the UK? The Canary Islands are part of Spain. They have debt collectors in Spain. They'll sell your debt to a collector in Spain so, no, you can't just expect them to write off your debt if you move. If creditors wrote off debt when people moved, there would be a mass exodus from every country. We'd all be switching countries every couple years. The companies can write off your debs, but it will still stay on your credit report for 7 years of the original debt date. The companies can still sue you until the statut of limitations for your current state have expired. http://creditinfocenter.com/rebuild/stat... |
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