Personal Debt & Silver Bullion

[anonguest]

I would at some point like to hold some coins/bars. It makes sense to me to do so.

I own a property in France and I'm considering what to do there too. The exchange rate is in my favour if I sell now, but the prospect of that scares me as that little flat is my only asset in the whole wide world.

There's too many variables to give a one size fits all answer - it depends of course on your precise personal circumstances and realistic prospects going forward, as well as the nature and quantity of the debt as well as how/why it was incurred.

I do, however, fully concur with the comments made by LongTimeLurking.........IF the debts are 'overwhelming' and not 'secured' against assets, as well as depending on your age and earnings prospects from hereon, then certainly you can just 'walk away' from those debts. Depending on what sort of 'paper trail' there is to your overseas property then it is unlikely that a UK debt collection agency is ever going to get wind of it.

BUT.....walking away from your debts (i.e. ceasing ALL contact with your creditors) will leave your credit rating shot to pieces for 6 years. IF you can get by living without credit (e.g credit cards, not needing a mortgage for 6 years, etc) then it's worth considering.

[TwoBobRob]

Thanks for the reply Anon.

It is not my intention to borrow ever again, beyond what's already in place for my business. At this point I am unconcerned about my credit rating/score. It's a mess anyway due to historic **** ups made by yours truly.

Walking away from all debts is something a former employer of mine has done in recent years and after initial pangs of guilt he found the whole thing quite liberating as it turns out and (I don't know if this is typical or not), he has subsequently become a lot more responsible where spending/budgeting is concerned.

[shindigger]

Great!

Where do i sign?

[TwoBobRob]

Ooooh no.

I would strongly advise you to stay exactly wherever you are. It ain't no fun over here!