A pal of mine has run up large credit card bills in USA can they enforce the debt in UK.
2006-09-30 07:30:26 · 6 answers · asked by ? 4 in Business & Finance ➔ Other - Business & Finance
I would also suggest asking this question at:
http://uk.answers.yahoo.com/
I don't know for certain, but I believe that, (assuming your pal is a U.S. citizen)...
The creditor will eventually get a judgment against your pal in the U.S. AFAIK, It will be unenforceable in the U.K.. Even if debt is VERY large, and debtor appears to have committed some sort of financial crime in the U.S., it is unlikely the U.K. would extradite your pal.
Your pal's credit report will (eventually) show the write-off, and it will be difficult for him or her to get credit in the U.S. until the debt is paid.
I don't think your pal's U.S. credit report can be legally accessed by E.U. companies, so it may be possible to establish credit there, but I wouldn't count on it.
Better to go bankrupt, or make the minimum payments until your pal can refinance the thing as an installment loan (or even better, as a home equity/mortgage loan). Best to deal with it - but whatever your pal does, he or she shouldn't worry - the stress isn't worth it, and life is too short to be freaked out by collections people.
Good luck...
2006-09-30 17:37:17 · answer #1 · answered by MrLou 3 · 0⤊ 0⤋
No. First of all, if the debt is incurred in a legal manner and you friend is just not good with money, that is a civil matter and the US has no jurisdiction over those matters in the UK. That is the same reason why banks do not like to finance foreign nationals trying to purchase real estate in the US.
On the other hand, if the debt is part of a fraudulent act and US federal laws are broken, then cooperations between law enforcement agencies involving the US and UK may be involved. However, not all of the cases go that route depending on the severity of the crime.
2006-09-30 09:16:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I have a feeling your pal is in deep trouble because its possible he wont be allowed to leave as you can bet who ever he owes the money to has pressed the right button
2006-09-30 07:43:33 · answer #3 · answered by srracvuee 7 · 0⤊ 0⤋
Hi!
I wouldn't have thought so, but tell him he'll probably never be allowed into the US again.
They're red hot for any type of crime purpetrated against them, and his name WILL be on a list somewhere in the US!!
Remember, they NEVER forget!
2006-09-30 07:48:22 · answer #4 · answered by Moofie's Mom 6 · 0⤊ 0⤋
Ask the bank in the nearest area where you live. He is sure to help you.
2006-09-30 07:36:11 · answer #5 · answered by lillianrose z 2 · 0⤊ 0⤋
He cant come back
2006-09-30 07:38:00 · answer #6 · answered by soulsearcher 5 · 0⤊ 0⤋