Running from the mortgage

[Smechanics]

Hi I'm new here and have a question.
A friend of mine, well I say friend, more like someone that I know, has just left Tenerife and ran away from his mortgage, he didn't speak with his bank and just packed up everything and left owning about €140k.
He said there's nothing to worry about as the bank will repossess the property and sell it on and that will be it, he also said the banks have not got the resources to find him here in the UK, is that true and has he made a wise choice?

[doreen]

It's never a good idea to just "run away" without consulting the bank first.

If you look at replies on this forum you will see efforts are made in some cases to go after the property owner. (Lawyer replying has linked to several of his articles)

http://belegal.com/forums/showthread.php?955-Spanish-bank-is-claiming-on-my-UK-home-which-is-for-sale-Will-this-affect-the-sale

[Smechanics]

Thanks for the info, I showed him all this and he's just no bothered, oh well its his live just let him get on with it

Thanks again

[Smechanics]

His now feeling really really confident now UK has left or leaving, he also said Spain has the 6 year rule for unpaid debts, if they cant find you in the 6 years they wipe the debt?

[garlicbread]

Sounds like your friend is as brainless as most of the people who voted for the UK to leave the EU. In these days, where exchange of information between banks, law enforcement agencies and tax authorities is both fast and accurate, the chances of your friend NOT being chased for the debt by his bank are close to zero. He is not the first "fugitive" from Tenerife nor will he be the last.

[information]

if you/he/she has property in any EU country the bank will if they wish to chase for the debt. It is very easy for them to do this these days. If no property is owned they will not bother as the chance of recovering the debt is very small.

[Smechanics]

He is for sure brainless
No, I asked him about assets in the UK and none, just a 6 year old car that's nothing spacial and the property he lives in is rented

[information]

He is for sure brainless
No, I asked him about assets in the UK and none, just a 6 year old car that's nothing spacial and the property he lives in is rented

In that case the banks IMO would write it off as the chances of ever getting paid are very small. They are not going to spend a large amount of money chasing a debt that can not be recovered. That said he still should explain to the bank what happened and why he is defaulting. Do not be surprised if the bank sell the debt to a loss recovery firm and they chase it but again they can not get blood from a stone.

[Smechanics]

Just waisting time, I've read quite a few Web pages how Spanish banks will chase you in the UK but most if not all have been written by Spanish Lawers that work in the UK
What do they call it. scaremongering?

[bulldog]

Just waisting time, I've read quite a few Web pages how Spanish banks will chase you in the UK but most if not all have been written by Spanish Lawers that work in the UK
What do they call it. scaremongering?

Knock,knock who,s there its the high court sheriff :devil2:

[essexeddie]

He/she could end up being blacklisted and never be able to obtain credit also may have trouble opening a bank account. It could haunt him/her for years.

[lsmt971]

He/she could end up being blacklisted and never be able to obtain credit also may have trouble opening a bank account. It could haunt him/her for years.

I was just about to say "good" but I don't know his circumstances so I'll withhold.

[Smechanics]

I asked him all these questions because he is so sure he'll get away with it.

UK bank account and credit card, he's opened and using for the last 18 months no problem.