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Is a foreign bank able to sue a non-citizen who borrowed money while in the country but left the country without paying the loan back?
Wiki User
∙ 13y ago
Yes, but, they will have trouble collecting on the judgment.
Under the lending laws of most countries, a financial institution may always sue someone to collect monies owed if that borrower has elected not to pay, regardless of the reason for non-payment. Collection, however, will be difficult for the foreign bank if the individual is no longer resident in the country as the remedies available to that bank are not usually valid in other countries.
The foreign bank will be more likely to sue and pursue collection if:
* The amount of the loan is high, generally greater than $10,000
* The foreign bank has operations in multiple countries
* The foreign bank finds a buyer for the debt in the country where the borrower is now resident (sells the debt to a bank that can collect)
* If the borrower is a government employee
Wiki User
∙ 13y ago
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