2007-08-13 10:47:03 · 5 answers · asked by milanov_z 1 in Business & Finance ➔ Personal Finance
The loan will go into collections. If you had a co-signer, they will go after them as well.
They will contact your family to try and collect. IF it's a federal loan, they will garnish it from any income you might make.
Finally, they will put it on your credit report as someone who defaulted on a loan.
2007-08-13 10:55:55 · answer #1 · answered by makawao_kane 6 · 0⤊ 1⤋
Don't pay attention to the people on here who are trying to Scam you.
Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person
or business in the UK, Nigeria or Canada in hopes of getting a loan. If
you do you will learn a hard lesson & never see any Loan money.
Remember, if it sounds too good
to be true, it probably is! NEVER give out your personal information to
strangers online! Always be on guard.
Please be aware. You have been warned!
2007-08-13 14:25:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If the company you owe the money has a presence in the country you are moving to, they will sue you there. If not, they will attempt to serve you at your last known address and win by default. The statute of limitations limits how long they can file the suit. It doe NOT limit how long they can COLLECT once a judgment is granted. If you have ANY assets that remain in the country, they can petition the court to seize those assets to cover the loan.
2007-08-13 12:37:26 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
You get a bad credit rating and will find it difficult if not impossible to get credit in the future. The banks will make it very difficult for you to even open a bank account. It will be nigh on impossible to even get a debit card. If you start a business and try to purchase a lease you will get a bad bank reference.
In UK you get a CCJ against your name.(county court judgement)
But after five years after the CCJ, your record will be clean and you can build up your credit rating again.
2007-08-13 10:59:33 · answer #4 · answered by georgebonbon 4 · 0⤊ 0⤋
Nothing unless you plan on coming back to the U.S. within the statute of limitations. The creditors may come after you at that point. Otherwise, nothing will happen. My friends uncle came to the U.S., built up his credit for a period of a few years, ran up 150K on his AMEX and split back to the middle east. I heard he's living good now.
Your credit will get dinged which may not matter unless you plan on coming back.
2007-08-13 11:49:56 · answer #5 · answered by Richard S. 3 · 0⤊ 1⤋