Broken credit - How to fix it

Hi,

Due to unforseen circumstances, I have lost my jobs few months ago and have some debts from stores and bank (overdraft and credit card), and I am actually on the run now from the debt collector. It will probably takes me years to repay my debts if I have a job but now getting a job is definitely a main problem to me now... Will I get out of this shit if I return to home for goods? Ideas are needed before my next steps, thanks.

Really Broken

What does this mean? Can you say it in another way?

Talk to debt lawyer, get your affairs in order. Don't run from cretitors. Explain your situation and try and consolidate your accounts. It may take a while of frugal living, but don't despair there have been many people in your circumstance, but by running your stress level will continue to mount.

I suggest you go to the KVR and get a self employed work permit and then start your own business.

Don't run. Explain the situation to your creditors. Get a job. Get them to direct debit your account directly after getting paid a portion of what you owe.

Your credit might be ruined, but you won't make things better by running away. If it takes you a few years to pay it off, so be it. A hard but good lesson learned.

I read about the Caritas offering a service for people just like you! Get yourself informed about that.
You don't have to religious or German or anything, just in need of help. Good luck, I hope they can help you!

this should divert some of the TT heat from natasa at least

take out the 'to' and the final s and you might have something

I agree with the previous post. Running away won´t bring anything. Talk to the debt collectors and offer them to pay 50 bucks a month and then when you get a job, you can pay more. They will agree to that

See that makes more sense. I thought it was something along the lines of not being able to afford stuff here anymore so going home to get whatever is needed.

Good luck with getting out of your jam.

The airports, being watched they are. Everywhere are the Empire's minions. Face your destiny you must. Too late, it is not.

It'll hurt, but face up to it as early as you can - the longer you keep waiting, the more the creditors will begin to think you couldn't give a stuff. Creditors don't go away. I've heard and experienced lots of examples where certain companies chase and chase and hassle people for years for even the most menial amounts - have still got a bill from Telstra to pay when I return home for something sill ylike $27.00. Own up, pay what you can spare till you get something more.

Yeah, apologies, very rude of me: hope you get out of this soon, but remember, worse things happen at sea.

Total sums of all the debts are sky high and quick a few guys is aftering me now. I am thinking that I shoud just leave the country and start a new life again and never come back again...
Is that possible for a creditor to get me in UK for example? I think this is the only way only...

Broken, why don't you just get yourself informed at the Caritas? They won't call the police or anything. Just to give you an idea whether there is something you can do in a legal way. I'm not sure whether running away is a good thing.. unless the Albanian Mafia is after you

Debts can easily be transferred around europe by debt companies.

Sorry its not the words you want to here. Sit down with people and sort this out. running away aint the option.

Poots

Are your parents well off? If so, consider doing them in and claiming the inheritance. Even if you get caught you get free board and lodgings for the next 25 years or so. You might even get time off because of the court's sympathy at you being an orphan.

Thanks FFS for the helpful suggestion.

Honestly, I think leaving the country while you're in debt is a really bad move, might even be a crime in and of itself. They don't have debtor's prison anymore, but I do think they can find you. If it were a traffic ticket I'd not worry about it, but the UK is pretty close to Germany and part of the EU as far as I recall... South America might be far enough, or China...

On the other hand, if you're young enough and have rich parents, they might be forced to pay off your debts. Germany's funny like that sometimes. Caritas could probably tell you that too.

Does a foreign bankruptcy order have any effect in England and Wales?

It will depend on in which country the bankruptcy proceedings are brought. As regards assets, it will depend on whether the trustee of the foreign bankruptcy is ‘recognised’ in this country. If the bankruptcy proceedings are in another member state of the European Union (except for Denmark) where you have or recently had your main residence or business, the trustee in those proceedings has the authority to deal with all the assets which you have within the EU (including the UK). As regards bankruptcy restrictions, it will depend on the foreign legislation governing the bankruptcy.

http://www.insolvency.gov.uk/pubsscheme/te...reignissues.htm

So in a nutshell if you flee Germany, and they make you bankrupt then they can get you in the UK. Better to negotiate a deal...even if only paying them a little...you might end up only paying 10 or 20% of the debt. In the UK it's called an Independent Voluntary Arrangement but they probably have similar here.

How can the creditors and collectors find me if I do not tell them where I go and UK is not my home country? Another question is will the bank sue me for bankcruptcy for credit card debts? I will deregister myself before leaving Germany.

They pay people to find you. They go find your last known addresses and ask the people there where they can find you. They contact your parents and ask them. They are pretty resourceful, you are better off facing up to it. You dug your hole, it's time to build the ladder to get out.

See? See! I told you that doing your parents in was a good idea!

will I have criminal record for 12K of debt?

I swear Showem, I don't think you know just how judgmental you come off sometimes! He lost his job. It could happen to any of us.
The Caritas advice is good. He should definitely go and see if they can help getting the debt deferred until he has some ability to pay any of it. He might still want to leave though, as jobs are thin here and he'll be needing a new one asap, but running probably won't work.

This might also sound harsh, but 12k isn't that much money. Definitely go get advice from Caritas asap. Also, if you declare bankruptcy you don't have to pay your creditors, right? You just have to suffer through the bankruptcy period and during this time you will have horrible credit, and be required to submit your wage slips periodically so that they can see that you aren't earning enough to pay back the creditors. If you start to make more money you will then have to do so.

That might not be 100% correct, but I'm sure that Caritas or some other authorized agency can tell you how it works.

Munich City Council Debt Counselling
Sozialreferat - Amt für Soziale Sicherung
Abt. Schuldner- und Insolvenzberatung
Stollbergstraße 9
80539 München
Tel. (089) 233 24353
asd.schuldnerberatung@ems.muenchen.de
AWO Debt Counselling - not just for members of a trade union
Bavarian Red Cross Debt Counselling
Alternative addresses inlcuding Caritas and Evang. Hilfswerks.
Help is out there - and you'll feel better getting active against the debt.

Trust me, I am serious - 12k is a really manageable figure. Like I said on earlier postings, you can cut a deal which might cost only you 10-20% of that figure depending on your income. So you might pay 2,400 - which would be 100 a month for 2 years!

Basically you just offer to pay what you can now, and then 2 years down the road cut a deal to complete the payoff. No big deal.

I don't think you can get a criminal records for debts unless they are fraudulent (i.e. you applied for a loan by lying about your income etc) - and for 12k its not worth them even thinking to look even if you did.

Kat, losing a job could happen to any of us. Running away from debt collectors however, is a choice. If I'm judgemental, it's over that.

If by chance you are American, file NOW for bankruptcy. Bush has signed a new bill ( or law ??) making it harder for people to file bankrutcy in the future. I think it begins in the next few months. It is relatively inexpensive to file with a lawyer compared to the debt load. If you are unemployed, then it is easy. Don't run away from it. It will always follow you. Better to have bad credit for 7 years than the rest of your life running scared unable to enter your home country.