- Thread starter jvalverde
- Start date
Moving to DR - Can I get away from my debts?
- Status
I am not sure I would have answered the first post if I had read this one
This does not bode well for you. The DR is interconnected to most credit watch systems in the US so if you ever go to a bank and post your ID you will be singled out as a risk..Settle your debts there before you come here.
HB
??
This does not bode well for you. The DR is interconnected to most credit watch systems in the US so if you ever go to a bank and post your ID you will be singled out as a risk..Settle your debts there before you come here.
HB
??I agree with HB - it is also a good idea to settle your debts in the case you want to move back to the US.
If you debts are too much for you consider contacting Consumer Credit Counseling (CCC) and setting up a payment plan to consolidate your debts and lower your interest.
If you debts are too much for you consider contacting Consumer Credit Counseling (CCC) and setting up a payment plan to consolidate your debts and lower your interest.
jvalverde said:
Just take the easy way out...file for bankruptcy...it does not take too long to rebuild your credit these days...I know a couple that that did it and in less than 2 years they were getting credit cards offers and bought a $60,000 trailer on credit.
This should set up BIG warning signals!!
If you Can't handle your credit in the US, there is NO way you will be able to handle it in the DR!!! Please, reconsider your desire to move to the DR until you are able to control your personal finances - it is a dog eat dog existence down here & you could find yourself in FAR worse a situation if you don't pay your creditors!! ~ Grahame.
If you Can't handle your credit in the US, there is NO way you will be able to handle it in the DR!!! Please, reconsider your desire to move to the DR until you are able to control your personal finances - it is a dog eat dog existence down here & you could find yourself in FAR worse a situation if you don't pay your creditors!! ~ Grahame.
i agree with those who say you should settle up in some way before leaving the US. Since you plan to marry and live here, you will want to get permanet residency, renew your passport when it expires, etc. Somewhere along the line your past will catch up with you if you left the US under a cloud.
If you go to DR make sure you don't get deep into debt otherwise you'll learned the famous Dominican phrase "le embargaron to' ". Over there, the authorities do not baby you with personal bankruptsy like in the US. It is actually embarrassing because your creditor will go to your house with the police and pratically place all of your belongings on the street for everyone to see before they take them.
Moving out of the country should slow your creditors down a bit. Leave no forwarding address. Don't use your SSN for anything. Changing your name wouldn't be terrible idea, maybe just the spelling of your last name. And most importantly stay out of the credit game from now on. The rates down here will kill you anyway, if you can get it. And you'll sleep better, spending only what you earn. Let us know if they catch up with you. I'd be a little suprised to hear that they find you. Good Luck with your escape.
So if they catch him
you want to know . Why, do you want to change your advise for the next crook? Bad credit is one thing, we all have a problem from time to time-but advising how to escape a debitor is another. And why should you wish "good luck with your escape"? Apparently you didnt lose any money to him. All in all I think -----very bad advise.
JOHN
Naufrago said:
you want to know . Why, do you want to change your advise for the next crook? Bad credit is one thing, we all have a problem from time to time-but advising how to escape a debitor is another. And why should you wish "good luck with your escape"? Apparently you didnt lose any money to him. All in all I think -----very bad advise.
JOHN
Go for it man, you didn't kill anybody, right? You've just gotten to a point where you want to just take off, right? So, the worst that will happen is one day, you'll have to pay some fat cats what you owe them, plus interest. OK so maybe down the road you'll have the bucks to do it. Your creditors in the US may just go ahead and get judgements against you, so US bank accounts or property in your name are liable to attachment. It's not the personal failure or great tragedy that some would have you believe. On the other hand, if you've got enough dough, to keep everybody happy, including the lawyer, the credit correction service(usually a rip-off), and have enough left over to do what you gotta do, probably not a bad idea to try to take care of things. Sometimes when the enemy takes the bridge, you gotta burn it, and rip up the roadways too.
I know the case of one person of financial worth in the US who needed the recommendation of a local bank officer who knew him personally to get a local credit card, so I would think that your credit rating in the US does not automatically apply to the DR. Get a job, put savings in the bank, and apply for a local credit card and start building your credit card rating here by making most of your purchases on your card and paying on time. Little by little they will increase your limit. Note, as has been advised above, that interest rates will kill you. Do your best to just purchase what you can pay off every month.
Voyager makes a very good point. While I would not necessarily call it "dangerous," I would call it foolish. What if jvalverde's relationship does not work out and he wants to leave the DR as a result? (While living in the DR, I met several foreigners who came to the DR to live with their Dominican love, only to leave 3-4-5yrs later.) What if jvalverde finds that he does not like living in the DR as much as he thought (an all-too-common experience I also saw alot of foreigners and foreign-raised Dominicans go through when I lived there)? He shouldn't burn bridges, unless he finds the nomadic life attractive...Voyager said:
If you are in serious debt in the US and are just looking to "escape" your situation, I suggest you file for bankrupsy in the US before you leave. Doing anything other than that, you will completely burn your bridges and if you have to come back to the US in the future, you will be in even more of a mess. File for bankrupsy, move to the DR and attempt a fresh start. Seven years down the road, you will have a clean slate in the US and will be able to come back and start over if you choose.
I am not advocating running up your bills and filing for bankrupsy as an easy way out. I, myself, don't even carry a credit card balance from month to month. However, there are plenty of people out there who have fallen into serious credit/debt problems for whatever reason. Filing for bankrupsy is completely legit and for someone who is buried in debt to the point where they could never dig themselves out, it is probably the way to go. In the OP case, it is a much better idea than just bailing on your creditors.
Larry
I am not advocating running up your bills and filing for bankrupsy as an easy way out. I, myself, don't even carry a credit card balance from month to month. However, there are plenty of people out there who have fallen into serious credit/debt problems for whatever reason. Filing for bankrupsy is completely legit and for someone who is buried in debt to the point where they could never dig themselves out, it is probably the way to go. In the OP case, it is a much better idea than just bailing on your creditors.
Larry
Call me old fashion or whatever, I believe in debtors prison. People create their own obligations and liabilities as a general rule. US bankruptcy laws have made skipping debt all too easy. I suppose some people have little integrity and use whatever means they can to rationalize not paying legal and moral obligations.Naufrago said:
With respect to some "fat cat", if you skip a credit card debt with a bank and I own stock in that bank, you're stealing from me.
Sounds like just another person working the system and not wanting to take responsibility.
Statute of limitations
Hi Guys,
I dont know if the same thing applys in the US, but in the UK the limitation on private debt is six years, after which a creditor may not legally persue you for any money which you may be in debt for. If the same thing applies sure come on over for six years, why not?? (Oh btw also in the UK your credit record is also cleared after this six year time frame)
Debtors prison???? dont make me laugh!!! Banks etc have bad debt provision as do all comapnies and it is written off against tax annually in any case! (also if you have a good accountant, if it ever comes back in it isnt taxable!)
Nick
Hi Guys,
I dont know if the same thing applys in the US, but in the UK the limitation on private debt is six years, after which a creditor may not legally persue you for any money which you may be in debt for. If the same thing applies sure come on over for six years, why not?? (Oh btw also in the UK your credit record is also cleared after this six year time frame)
Debtors prison???? dont make me laugh!!! Banks etc have bad debt provision as do all comapnies and it is written off against tax annually in any case! (also if you have a good accountant, if it ever comes back in it isnt taxable!)
Nick
Hey guys, i didn't mean to offend anyone with my rhetoric. He asked a simple question and we're just giving him some options and things to think about. I do think that a debtors prison is a little harsh. No one said that this guy deliberately lied or committed some fraud to obtain this credit. Things just didn't work out the way he planned, and he's feeling overwhelmed. Doing the "right thing" is always the best option, but sometimes a guy just snaps. If you haven't been there yet, more power to you. But if it ever happens to you, know that there are people on this board that will not judge you the way some are so quick to judge others.
Last edited:
- Status