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If you do not pay your loan and leave the country can they sue you in the country you moved to?
Wiki User
∙ 12y ago
Hi there,
I'm going to base this answer on the loan system from the UK. It is possible to leave the country whilst owing a lot of money, the creditors can't follow you, especially if your target country doesn't speak English. You have any idea what a legal translator charges an hour? Also the manpower and time involved would cost more to find you than what the debt is worth, unless you're talking about millions.
In the UK, student loans are only paid back when you begin to earn over £15,000 a year, if you never make this amount a year the debt will be written off after 15 years.
Personal loans are slightly different however, a defaulted loan is written off after 3 years and the default is taken off your credit file after 6 years. It is possible to take out a loan and leave the country without the danger of being sued for fraud. All you have to do is pay the first 3 months of payments for the loan then cancel the direct debit. By doing this it shows you have tried to make the payments, and not just have taken out a loan and dissapeared. It is evidence against them suing you for a pre-meditated crime. This is after all a civil offence not criminal, you can't be arrested and put in jail.
If you are going to flee, I'd go to a country that has no or very basic electronic national information database, south America is a good example where wealthy criminals choose to launder money. People don't share information via computer, it's all paper documentation, stamps and seals, hence the abundance in solicitors and notaries. South America is great, food is fantastic, kids respect their fathers.
I hope this has answered your question.!
Thanks,
PP
Wiki User
∙ 12y ago
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What are the cosigner's options if the primary defaults on the loan and leaves the country?
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If you do not pay your 10k cc debt and permanently leave the country but return as a visitor for a few weeks can you be denied entry and would you be arrested at point of entry if CC moved to court?
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What happens if you do not pay educational loan?
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Were Jews given money to leave Germany?
No, of course not. On the contrary, they had to pay for permission to leave the country.
