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It's like a casino: the house always wins.
To a degree, yes. The age-old student art of fleecing financial institutions is, certainly in the UK, remarkably simple so long as you have at least a superficial knowledge of how they work. Keep any borrowing to under £2,500 from each institution (since, IIRC, the limit at which institutions can apply for greater powers to chase debtors starts at something like £2,500). Ensure any addresses you give when providing proof of your habitat are rented, and make sure you leave within 6 months (generally the overdue period when you start getting bailiff threats). And remember the golden rule that dominates lending in the UK; a debt can legally exist for only 6 years from the point of last contact with the debtor. If you owe a bank a couple of thousand which you never pay back, after 6 years the debt must legally be wiped (although you'll never get an account from them again). And if they do catch up with you, just declare yourself bankrupt. The bankruptcy register for personal (i.e. non-business) debtors is only 2 years in the UK, after which all your rights to earn money without declaration of being bankrupt are restored and your credit record is wiped clean of the debts owed (although that the fact that you were bankrupt will remain).
That said, whilst all of this is feasible, it’s probably not a good idea to knowing get yourself into the horribly spirit-crushing existence that is being a debtor. Whilst it’s easy to avoid repayment, knowingly screwing financial institutions just seems a little like burning your bridges unnecessarily, especially as many institutions just choose to go down the easier route of slapping CCJs against your name, which is infinitely cheaper than paying tracing agents, and, ultimately, more damaging against you. |
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