If you are heavily indebted on credit cards, moving to another country permanently may seem like an attractive new beginning. It is not as simple as it seems to many people and involves several problems that are not pleasant. If going abroad permanently is what you are thinking about in order to avoid credit card obligations, be sure to read.
Credit card debt and moving abroad permanently
Just because a person in debt no longer resides in your country does not mean that your credit card debts will cease to exist. Companies that support credit cards will work to get the money they owe. After some time the account will probably be forwarded to a debt collection agency so that the activities can be continued. This is particularly harmful if the debtor plans to return to Poland.
If you are leaving Poland permanently with the intention of paying off your credit card obligation, contact your credit card company and inform them of your situation. Banks often cooperate.
If the borrower has difficulty paying off his credit card regularly, he is thinking of declaring consumer bankruptcy before leaving Poland permanently. This is a good solution in certain situations but follow these steps carefully. This can significantly reduce your creditworthiness and limit your financial options if you return to your home country.
There are also those borrowers who leave Poland to avoid credit card obligations
It is worth remembering that regardless of whether we check out of the country, debts will still exist. So this is not a solution to the situation. There is also a law that gives credit card companies the option of “freezing” the account until the debtor returns to the country. At any time, actions to recover the money owed to the lender may be continued. There may also be other, unforeseen consequences of leaving the country and not paying the debt. Therefore, it is always worth trying to reach an agreement with credit card companies before leaving the country permanently.
To sum up
The best solution is to deal with debts in the country where it is contracted. It is also worth knowing that in many countries you need some cash to apply for permanent residence. Financial problems can make it unrealistic to obtain a stay in another country in many places.
If you find yourself in a situation where you have a loan for people working abroad, you are not able to pay it back and you are considering escaping permanently abroad, then take a moment to talk to a financial expert. Such advice can provide an objective assessment of your situation, as well as an indication of possible steps and solutions that you may not have been aware of.