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Does A U.s Debt Follow You To Australia

What happens if you leave Australia with a debt?

As mentioned previously it depends on the size of the debt and who it is that is seeking payment.It also depends on the cost of pursuing the debt. A civil debt may not be pursued due to the costs involved and there may be legal obstacles.In some cases civil debt will be sold to a debt collection agency. I have even seen them for auction on eBay!A civil debt expires in 12 years and cannot be pursued after the time expires.A Government debt will usually await your return to the country unless it is a very substantial amount.Bank debts as far as I am aware are not chased unless they are substantial, say 10s of thousands or more. Your credit rating will be reduced and the debt will usually be written off after a period. Banks insure themselves against debt by increasing costs to consumers and through investment of customer funds.

Does CC debt follow you from one country to another, or are they only able to enforce collection in certain countries?

Technically yes. Everyone has a right to enforce debt in another country. But practically no. Let's say you run up a debt of 1000$ in Canada. And skip town before you pay it up. The credit card companies moves to recover the debt. And in process files for your bankruptcy stating as you are not able to pay up your debt you must be broke. The court hearing only one side of the story issues an ex-parte order in favour of the collector. Then collecter then is able to trace you to your country of residence. And then applies to the court in whose jurisdiction you are residing. They move to have to declared bankrupt and to seize all your assets. You may or may not oppose this court matter. The collector may win or loose. But all this process will come at a cost which will more likely cross the 1000$ you owe the company in the first place. So the bank will most likely write off your debt as a loss and move on with life. They aren't going to spend 10k on a debt of 1k. Disclaimer - this isn't any form of advice (legal or otherwise). This is my opinion and may vary with the facts and countries involved. Also always pay your debt. Don't try and will fully cheat someone.

Can you move to Australia to escape student loan debt (in the U.S.)?

It’s been almost 20 years since we’ve spent much time in Australia, so the immigration policies could very well have changed. You would be wise to check Australia’s web site to learn more about their immigration policies.However, 20 years ago Australia was quite picky about the type of person they wanted to move to Australia.A friend of ours, a neurosurgeon on a sailing sabbatical, thought he might want to move to Australia. He was quite positive that his medical qualifications would be an advantage to qualifying him as a desirable immigrant. He was quite surprised to be told that Oz wasn’t interested in him as an immigrant. See, they had what I understood as a “point system.” So many points for a person’s skills (the scarcer the education/skill in Australians, the more favorable the points awarded), so his employment qualification wasn’t particularly needed in Oz. So many points for the person’s age (they didn’t want retirees - they wanted young, youngish contributors to the work force) - he was too close to retirement age. And so forth.Another sailing friend of ours was Lowell North, founder of North Sails. He was retired, had sailed from California to Australia and thought it was a great place to live. He, too, couldn’t make the point cut to be offered a resident visa. And it certainly wasn’t because Oz worried that he’d be a burden to the Australian social welfare system.But another friend, a French chef (yes, indeed, a Frenchman, french culinary school graduate) and his wife were accepted as residents in Australia. They were young, and had skills that Australia wanted. A condition of their visa was that he would take on Australian apprentices in culinary arts. They’ve made their home there, going on 20 years or so.Understand, in order to even apply for a resident visa, you must not be in Australia when you apply. Another of our sailing friends, with a specific education and employment skill sought for by Oz, thought they’d like to work there. They had to leave Australia and apply for a resident visa from outside Australia - and preferably from their own country.So don’t expect to get on a boat or plane, arrive in Australia, and be offered a resident visa. Doesn’t work that way.Also, I have no idea if fleeing your debtors is an extraditable offense, but Australia and the US have signed an extradition treaty.Pay your bills.

Can debt collectors follow and track me to a different country?

Yes, debt collection has become hi-tech and agencies have developed relationships internationally. It is much easier to work with agencies abroad to locate you and track your finances. However, there are a few variables that come into play:Status - age of debt current owner; the originator usually will not pursue you, preferring to sell the charged-off account and let the debt buyer hunt you down.The dollar amount - $40K meets this minimum requirement.Financials/credit history - this will tell the agency the probability of you paying up if they find you. They don’t want to waste their money and resources.Current location - different countries have varying laws regarding debt collection. If you’re residing in a country with strict laws, the likelihood of pursuit is less.Relatives - if you still have family in the US, the agency might wait to see if you return vs. pursuing you while you’re abroad.Keep in mind that even if the debt passes the statue of limitations collectors could still call and mail you collection letters, although, you’re chances are good that you’ll successfully escape the debt.

Does a person's credit follow you from state to state in the United States?

Yes, credit follows from state to state, whether it's good or bad.

Some landlords don't like renting to people in the military, because if the service member gets re-assigned to a different post, that's a legal reason to break the lease. Other landlords do like renting to people in the military, as the military WILL make sure that the service member pays his/her debts.

If the debt is not in default, and the two of you can afford to make the rent payments, having debt won't really affect your chances of getting an apartment. If the debt is in default, or if you or he have a history of making late payments on ANY sort of debt, then this will adversely affect your chances, as it shows that you're not in the habit of paying your debts on time.

Predict what would eventually happen in if Australia continually bought more imports and sold fever exports?

It will become US of A. But Australian $ has no world status.The debts will cost you more.

Can a credit card debt in Australia be pursued once I have left Australia and returned to the U.K.?

It can be perused, but they have little ability to recover the debt if you do not pay.Worst case scenario you could be charged with obtaining financial advantages by deception, but unless it is a huge amount and they can prove you never intended to pay the money back they won't even bother because it is a lengthy and expensive process.Here's a tip:Do not acknowledge the debt, either in writing or by making any payments.The law in Australia varies depending on the state where the debt was incurred, but generally after 6 years from the date the debt was last acknowledged the debt becomes “statutory barred”, which doesn't mean the debt is erased, but the creditor can not seek remedy through the courts.The debt recovery agency may say that you could be barred from re-entering Australia, however this is untrue if it is a private debt (i.e. not owed to the government or a government agency).

Which of the following are money in the US. Economy? Which are not?

You have to think about this in terms of the three functions of money.
1 - as a medium of exchange
2 - as a store of value
3 - as a unit of account.

A) A US Penny
This as you should already know is money in the US economy. It meets all three functions of money.

B) A Mexican Peso
Try walking into your local store and spend peso's. Not going to happen. In the US a mexican peso is not a unit of account.

C) A Picasso Painting
Does not satisfy the three required functions of money in the US.

D) A Credit Card
A worthless piece of plastic? Does not satisfy any of the three functions of money in the US.