A logical guess would be, the person can be held criminally and civily liable for the debt under British law. Entering into a financial contract w/o having intent to repay is a serious offense regardless of the country. It would not be likely the person would be pursued for legal action while in Another Country's jurisdiction. However, if any property was left behind it can be attached and sold to repay the debt. The person might be charged and taken into custody if they return to the country where the debt is owed. Another factor could be if the debt was incurred at a financial institution that is based or has affiliates in the U.S.
The bank in Australia that gave you the Australian dollar 10000 loan will file a legal complaint against your name. Your name will be blacklisted and you will be caught the moment you step into Australian soil. Also, the bank can raise a formal complaint with the Indian Embassy and ask for extradition of the offender (you) and you may be asked to come back to Australia and either repay the $10000 you borrowed or face criminal trial and be jailed for escaping the country after borrowing money from a bank.
75% of 10000 is 75/100x 1000 = 7500. Take that off to leave 2500 which is 25% of 10000
You owe money
yes as long as the loan amounts already on the house do mot exceed the houses value
then they take your car and repo it.
no it is not! i hi Andrew lee lommen
they take your car
The creditor reposseses the car, and you take the bus.
If someone has a loan default statement, it means that the person who took out the loan has not met the terms of the contract, for example they have not met the payments. If this happens then the person who gave out the loan and who the debt is loaned to can take action to recover the money, for example re-possession.
You should receive a check from the school for the difference after all tuition and fees are deducted from the loan.
When the boys take Willy to dinner, they leave with two women and leave their father stranded at the restaurant.
u'll have 2 pat more
It is a felony if you take the car across state lines and you are no longer paying on your loan.
Just pay off the reverse mortgage just as any other loan. If there is negative equity you can leave the home to the lender who will take the loss. A reverse mortgage is a non recourse loan, meaning the lender does not have personal recourse against the borrowers if there is negative equity in the home.
This is how I did it. We had a truck that burned to the ground. It was fully 179 expensed. Insurance paid off the loan, so on the books I had a balance. This is what I did. First entry was to take the asset off the books; next entry was to remove the loan off the books. I decided to credit depreciation expense instead of a revenue account, since I felt that it was more representative of the event (not a sale). ACCUMUALTED DEPRECIATION 10000 ASSET 10000 LOAN 2000 DEPRECIATION 2000
if the consigner files bankruptcy can the borrower take the car
Yes, a bank can take property that they have no interest in. This usually happens when a person has not paid their loan, and now has no right to the property.
There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.There are no disadvantages other than if you had to take a student loan.
Defaulting on a personal loan can effect your credit in a negative way. The lower your credit rating, the harder it is to get a loan in the future. Loan default is a civil matter, not criminal, so there is no need to worry about any jail time being served because of it. If you take out a personal loan to purchase a car and then default on the payments, the bank can take the car from you. Which will then leave a repossession on your credit report.
IF it was the 1st repo on this loan, you should be able to call the LENDER and find out what it will take to redeem the car.
Usually when a person cannot repay a loan, the people from the bank will come and take something away from you... maybe your house of your furniture.. any belongings of yours that can make up for your loan.
Try to make him pay off his loan or you will have to pay it off cuz you cant register it. I know you can junk or sell a car with a loan on it. So i would take him to cort for fraud.
The question doesn't make sense. If your family member gave you a loan, what "banking institution" was involved? Why did the person you took a loan out from have to pay off anything?If you took out a loan, yes you're responsible for paying it back.
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What was the question again?