In many cases, your debts won't prevent you from leaving your home country and traveling elsewhere, but that doesn't mean you can just leave those old debts behind and start over.
There are several potential outcomes, including:
1. Arrest. If you owe money to the government in your home country, you may even be arrested at the airport. Or they may be restricted from leaving the country and their passports may be confiscated.
2. Your credit record will be damaged. If you try to avoid debt or fail to make timely payments, it will seriously affect your personal credit score. If you plan to return to your home country, this could have devastating consequences for your future work and life. Even overseas credit records can have an impact - it all depends on whether the lender you're financing will check your credit history in your home country.
3. May face legal proceedings. Your creditors may take legal action to collect the debt, and this action may continue regardless of whether you are in the country and able to appear in court. While an overseas court may not be able to force you to repay what you owe overseas, it may allow creditors to go after any assets you still own in your home country.
4. You may lose part of your salary. If you work overseas for a company in your home country, your wages may be deducted or garnished.
5. Creditors continue to collect debts from you. A bank or credit card provider may pursue debt collection from you in your new country of residence.
Open an overseas bank account. When you move to another country, consider keeping your existing bank account available. This will provide you with a destination for international money transfers, which will then allow you to process debt payments online.
Do your best to pay off your debt before you leave. Paying off overseas debt will result in additional expenses due to exchange rates and remittance fees, plus the longer you wait, the more you'll pay in interest. Try to pay off your debt before leaving your home country - for example, by selling your home, furniture or car.
Debt collection companies are not limited to one country. Moving overseas won't help you get out of debt. There are many debt collection alliances in the world. For example, Lianxin Group is a member of TCM Group. Collection companies in various countries have cooperative relationships. Your creditors can definitely find a collection company for debt collection. Moreover, there are also international debt collection platforms, such as DCA. Your creditors can establish contact with the collection experts/collection companies in the country where you are currently located and entrust them to collect debts from you, so avoiding them will not solve the problem.