is it deemed fraudulent

[Bread]

hi i have a large amount of unsecured loans running including one that i have only just started, i am leaving the country in a few weeks and would like to know what the situation would be if i stopped paying my loans eg. is it true that they will get written of after 5 years or if you can not be found, at the end of that five years does you credit file wipe it self ?, is it deemed fraudulent if I have only made one payment on a loan that i have recently taken out and then dont pay further or is there a minimum amount of payments you should make?, do the loan companies follow the procedure were you will be CCJ against you then they pass it on to a collection agency, or is it a better idea to try and declere my self bankrupt before I go ? and finally is a ccj as bad any way as being bankrupt ?

thank you very kindly in advance

[MelanieGiles]

Hi Bread and welcome to the forum

As an insolvency practitioner, I have to advise you to show responsibility for these debts and advise your creditors of your current situation and future whereabouts. It is fairly easy to trace people these days, and running away from your commitments has a nasty habit of catching up with you in the future when the situation may be twice as bad. If you genuinely cannot afford to pay anything towards these debts - and I do wonder why you took out a loan so recently that you have only made one payment - then perhaps considering bankruptcy before you leave at least gives you the opportunity to make a fresh start.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
This forum is to help people repay their debt to the best of their ability.It is not for discussing ways to avoid paying.
However if you have come into genuine hardship and are looking to move abroad then bankruptcy should be considered.

Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp