Somehow, he became a debtor and fled to cities such as Seville and Valencia.

John Cabot was unable to pay back his debt for reasons that aren't entirely clear. As his creditors tried to apprehend him, he ran away to several cities.

Cabot reportedly experienced financial difficulties in the late 1480s and left Venice on November 5, 1488, as an insolvent debtor. He relocated to Valencia, Spain, the location of his creditors. By submitting a letter of recommendation for justice to the relevant authorities, we attempted to have him arrested. "John Cabot Montecalunya" suggested ideas to enhance the berth while at Valencia. These ideas were, however, turned down. He relocated to Seville in early 1494, when he proposed, secured a construction contract for, and then worked on building a stone bridge over the Guadalquivircon in only five months. On December 24, 1494, the City Council decided to give up on this endeavor. The Cabot was able to reach England in the middle of 1495 after he reportedly looked for assistance in Seville and Lisbon for an Atlantic trip, before moving to London in quest of financial and political support.

The truth is that John Cabot eventually went into default on his debt after becoming a successful businessman in Venice, forcing him to leave the country. He had to work very hard to come up with a solution to pay his obligation, but he was still unable to do so. He also looked for political backing on other fronts.