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  1. #1
    Join Date
    Apr 2009
    Posts
    1

    Default What Happens to Unsecured Loans if You Leave the Country

    I have taken around $68,000 unsecured loan (Credit Cards and Unsecured Loan).

    I lost everything in Stock Market Crash (I have all the proof to show the losses I incurred in stock market). Now my working visa is expiring and I am not in a position to pay back my loans. By law I will have to return to my country so that I do not become an illegal immigrant.

    I will not be able to file for bankruptcy because my salary is above the mean salary in my community.

    What will happen with me

    1. Can they follow me to my country and reclaim the loan?
    2. Can I be arrested in my country for not paying my loan?
    3. Can they coordinate with their branches (offshore) and harass me to repay the loan?

    What are my options???

    Please Help!!!!!!!!!!

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Immigrant Unsecured Loans Out of Status

    1. Can they follow me to my country and reclaim the loan?
    They CAN, but whether or not they WILL is something different entirely.
    2. Can I be arrested in my country for not paying my loan?
    Failure to pay your debts is not a criminal offense. No arrest, just lots of angry letters and phone calls.

    3. Can they coordinate with their branches (offshore) and harass me to repay the loan?
    Yes. For instance, if you have a loan with HSBC here in the US, and you're taking off to...let's say Hong Kong, for example, I know they have a branch there, you can be tracked down via information you gave them at the time of taking out the loan. And you can expect to find your mailbox full of dunning notices and your phone ringing off the wall.

    It doesn't matter that you lost it all to the stock market, I'm sure your loan does not have a "but you don't have to repay it if the stock market crashes" clause.

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