Retiring and moving from UK to Europe. What do i do about Debt Management?

[pinecrofter]

Hi
I will soon be moving to Europe to retire, selling my house and buying a new one in Europe, where I will settle.
Just over 2 years ago, I entered into a debt management plan with PayPlan, paying a regular monthly amount which was then passed on by PayPlan to 4 credit card companies. The debt size is now about £30,000 in total, with the biggest creditor at about £10,000.
As I am retiring I will have no earned income. I will also not have an address in the UK.
What would happen if I simply told PayPlan that I am moving abroad and will not be making any further payments.
Could the credit card companies chase for payment in Europe?
If they get a Court Order in the UK, can it be enforced in Europe?
Would they even bother to try and track me down?

Any advice would be much appreciated.

[stevemLS]

Re: Retiring and moving from UK to Europe. What do i do about Debt Management?

There is a Part of the CPR dealing with enforcement in other jurisdictions you might want to read here http://www.justice.gov.uk/courts/pro...l/rules/part74

For 30k they may well think it is worth pursuing.

[pinecrofter]

Re: Retiring and moving from UK to Europe. What do i do about Debt Management?

There is a Part of the CPR dealing with enforcement in other jurisdictions you might want to read here http://www.justice.gov.uk/courts/pro...l/rules/part74

For 30k they may well think it is worth pursuing.

Thank you Steve.
All three of the outstanding credit card debts have been taken over by debt companies who have acquired the debt. The largest debt is £11,000. There are 2 others, one for £8,000 and one for £7,000.
So I have 3 separate debts with three separate companies, each of which would have to act independently if they want to pursue the matter.
Any further thoughts would be very helpful

Regards

[stevemLS]

Re: Retiring and moving from UK to Europe. What do i do about Debt Management?

Essentially it's a commercial decision for each of the creditors, neither I nor anyone else can call it, sorry.

If you've been paying reasonable amounts through your DMP they may do - if you've only been making token payments, maybe not.

Sorry I can't be definitive.

[Tools]

Re: Retiring and moving from UK to Europe. What do i do about Debt Management?

You could contact Payplan and ask them to negotiate full and final settlements with each company. You may be surprised, that £26k of debt in theory may be reduced to around £12-15k, would you be in a position to offer F&F settlements following the property sale? This way there would still of course be marks on your credit record, but the debt would be cleared.

[pinecrofter]

Re: Retiring and moving from UK to Europe. What do i do about Debt Management?

Thanks Tools
I have asked PayPlan to do that and told them that, in any case, I would want the monthly payments to be substantially reduced when I retire...#
I can live with a bad credit rating...at my age, I don't need/use credits cards and will not have a mortgage.
Regards

[pinecrofter]

Re: Retiring and moving from UK to Europe. What do i do about Debt Management?

Thanks again, Steve. I'll mull ober what you have said.
Regards