Can debt collectors seize my stocks?

9 comments

1. Wouldn’t it be a lot easier to negotiate repayment terms with the banks and not deliberately fuck yourself over?

2. They’d presumably go after any U.K. held assets, or if you move to a country that has a debt agreement with the U.K. then they’d just sell the debt to a local agent.

   Ultimately though, is it really worth causing yourself this much hassle over a comparatively small debt?

3. [deleted]

4. I thought this said “socks” for a second 😅

   Just had images of them coming around to take all your socks away😅

5. Depends where you try to escape to. I’ve read from another Reddit post that debt collector companies can sell the debt onto other debt collection agencies in other countries.

   However they can’t touch your assets but it’s best to pay down your debts or at least communicate with them so the situation doesn’t get worse such as CCJs and Bailiffs.

6. I’ve seen someone ask a similar question on r/legaladviceuk. You are best off asking on there.

7. I can’t think of anything dumber than destroying your future options for £2k.

   We don’t live in the 1800s where going to a different country means no-one being able to find you.

   Countries have agreements, your ability to borrow or get mortgages or buy in installments, lease… etc will all be affected if you ever come back to go to a nation that has an agreement with the UK.

   It would be idiotic to restrict your entire life for £2k.

   And in answer to your question, they will seize anything that can get their hands on to pay back the money you stole.

8. Honestly it’s 2 grand. If you have money in shares and in profit sell them and pay it off.

9. What you’re thinking of doing is known as a bust out scheme. You have the means to pay back what you legally owe but you’re thinking of moving overseas where you think you can get away with not paying.