UK Debt When Moving AbroadWritten by Nicola Bullimore
The idea of moving abroad to escape debt seems to be more of a common practice these days. People who have failed businesses or are swamped in debt believe that moving abroad will give them a fresh start and allow them to build a new life.Reading some of comments on various UK debt forums opinions on this seem to be divided. Some people think running away from debt is too much of a risk, and creditors will eventually catch up with them whilst others encourage idea, stating that there is no way you will be found and people should move on and enjoy a new life free from responsibilities of debt. In past this might have been a successful way to start a new life without worry of unpaid debt. However, creditors and courts alike seem to have caught up with idea over last few years and have taken action to make it more difficult for people to escape responsibility of paying money they owe. Creditors taking action Germany and Canada have reciprocal agreements with UK when it comes to tracing debtors and debt collection practices. There is not much information available regarding other countries with such agreements although a search on web may reveal more, it is possible that creditors do not want this information to be readily available. A reciprocal agreement in UK means a UK Court can enforce a CCJ (County Court Judgment) using legal system of other country. If there is no such agreement in place, a creditor can sell a debt to an agency in relevant country and debt recovery procedures will commence under law of that land. Tracing a debtor The resources available to creditors for tracing a debtor are vast. Although resources in some countries may be limited, there are still ways and means of finding people, especially once creditor has some idea of where debtor has gone. A creditor may have their own office in that country, or relations with other credit companies in that area. Creditors employ a variety of tactics to trace debtors. They may go to last known address, talk to neighbours, family friends or relatives who could unknowingly tell them of person’s whereabouts. Once they know which country debtor is in, their job is made much easier.
| | Financing Your New Or Used CarWritten by John Mussi
If you decide to finance your car, be aware that financing obtained by dealer, even if dealer contacts lenders on your behalf, may not be best deal you can get. Contact lenders directly. Compare financing they offer you with financing dealer offers you. Because offers vary, shop around for best deal, comparing annual percentage rate (APR) and length of loan. When negotiating to finance a car, be wary of focusing only on monthly payment. The total amount you will pay depends on price of car you negotiate, APR, and length of loan. Sometimes, dealers offer very low financing rates for specific cars or models, but may not be willing to negotiate on price of these cars. To qualify for special rates, you may be required to make a large down payment. With these conditions, you may find that it’s sometimes more affordable to pay higher financing charges on a car that is lower in price or to buy a car that requires a smaller down payment. Before you sign a contract to purchase or finance car, consider terms of financing and evaluate whether it is affordable. Some dealers and lenders may ask you to buy credit insurance to pay off your loan if you should die or become disabled. Before you buy credit insurance, consider cost, and whether it’s worthwhile. Check your existing policies to avoid duplicating benefits
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