I have a loan with my bank for next 4 years.But i will have to move country, my fiancee is not english.I wont available find job straigt away so wont available to pay.Can they find me in other country and what can happened?
2006-12-19 01:02:07 · 11 answers · asked by natasha w 1 in Business & Finance ➔ Credit
They will most probably find you. It will be easy for them to access information on whereabouts people are, if they are living somewhere, paying bills etc. They will hunt you down and take you to court - these banks are ruthless and heartless! Having said that, you probably should pay back that loan!
Merry Christmas!
2006-12-19 01:05:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I don't know what the law is for students abroad. But when you owe this government money they track and hunt you down and use what ever tactics they can to get their money. I also have a student loan-I went through a spell where I didn't have the money to pay it back-still there as I am a stay at home mom now with health issues. But, they call several times a day-and are rude as rude can be. I hope an IRS agent is reading your question and can give you a better answer on the legal statutes.
2016-03-29 00:10:04 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If you leave the country without first informing the bank where you are moving to, the bank will eventually realise that you are no longer repaying the loan and start civil proceedings in the County Court to recover the outstanding amount.
The bank will try to find you but will not spend too much time on this and, once a County Court Judgement (CCJ) has been issued in the County Court, they are likely to pass the debt on to a debt collection company. The debt collection company will make some enquiries into your whereabouts but, as you are no longer in the UK you will not be found.
If, within 6 years of the CCJ being issued, you return to the UK and attempt to apply for credit you will, of course, find some difficulty because of the unsatisfied CCJ.
I hope the above helps.
2006-12-19 01:26:23 · answer #3 · answered by paul h 4 · 0⤊ 0⤋
If you ignore your loan you'll get loads on interest, take it from someone who knows! My bf paid back his £2k loan but not the interest, that was about 5 years ago and now he owes more than £30k just in interest. It's not worth it, call your loan people and see what they suggest. Try not to get yourself into any bigger debts as it ruins things later in life e.g getting a mortgage or any other credit
2006-12-19 01:22:00 · answer #4 · answered by suckaslug 4 · 0⤊ 0⤋
if you decide not to pay the bank which is wrong. do not tell them that you are going any where and do not leave a forwarding address. the bank then have to get in contact with you before a period of 6 years . if they fail to do this then the money that you owe is then written off. after the 6 year period, so if you do not what to pay send them on a wild goose chase and hope that they do not find you in that time if you are out of the country i do not think they will chase you but it does depend on how much money they are chaseing good luck you not the bank
2006-12-21 05:27:18 · answer #5 · answered by alectaf 5 · 0⤊ 0⤋
You probably could move away but to somewhere like mexico.
if you dont pay the loan for example you line in england you leave the loan behind and not pay, your name will get black listed and you will never be able to come back to uk and buy anything like furniture car etc get a house etc.
i only know this as my brother is black listed ha ha!
2006-12-19 01:05:23 · answer #6 · answered by Donni 2 · 0⤊ 1⤋
hold on... you`ve had the money, you enter into a legal contract to 'borrow' or 'loan' the money (yep, the clue`s in the question) so you pay it back!
morals aside, they`ll go to every length they can to track you down. if they can`t track you, abroad or not, then you will be blacklisted. how funny would it be if you got an attatchment of earnings whilst in another country...hahaha!
2006-12-19 01:22:08 · answer #7 · answered by e r 1 · 0⤊ 0⤋
if you live in scotland, nothing nasty red threatening letters, ignore put in the bucket, they eventually write it of after 6 years. If you live in England debt collecters and removal of your assets they will not find you if you move abroad as my mate did that, she lived in london, debt collectors arrived to take assets but she had hopped it abroad and they've never found her yet, 3 years on. Good luck.
2006-12-20 06:40:30 · answer #8 · answered by j g a 1 · 0⤊ 0⤋
I don't think they'll try to track you to another country,they'll probably just write it off, but obviously you won't be able to open an account there again!
2006-12-19 01:07:10 · answer #9 · answered by azman5998 3 · 1⤊ 0⤋
It will become a permanent knick in your credit history and could make it difficult to ever again borrow in that country.
2006-12-19 01:14:06 · answer #10 · answered by Anonymous · 0⤊ 0⤋