loan
 

This is a weird question but i have to ask it. Say if u had a loan in an english bank and you migrated and put the money in a australian bank wud the english bank ever be able to trace you down and get they money back??????

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Don't do it!!
Depending on the amount I suppose the bank would make a decision as to whether to pursue it or not. Unless you have a choice of false passports & visas etc I expect they would be able to find you.
Even if they did not chase you all the way to Australia, you would never be able to come back without facing the debt plus all the interest & charges they would doubtless add after you disappeared.
And you would live every day with the fear that they might knock on your door one day.

Not worth it!

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He plans to live in the out-out-out back as he does not like other people. Can't see a big burly Mitchell brother in his leather bomber jacket arriving to collect from the OPs tin shack with only a bucket to pisx in....but there again! :)

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Ya see I'm a touch surprised that this thread has not been swarmed upon by the righteous ones swiftly followed by the dodgy brigade!

Do a search mate, type in credit or something like that, it will take you to a whole world of trouble.
The basic consensus is dont do it.
All previous posts have focused on credit cards, a bank is a totally different deal, many banks have either OZ partners/relationships or are global anyway so they are already in OZ, for example HSBC.

Enjoy the answers that may come and try not to take many of them to heart.

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Hey! I am one of those righteous ones! Don't borrow what you can't/don't want to pay back!

...that should start the ball rolling! :)

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Bankwest are connected to HBOS I think!

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Wasn't making a statement, i have never had a bank loan, and never had a credit card, an achievement with a small business, its just that this kind of thread is always a good excuse for people to come out of the wood work and preach, regardless of their sway.


Most of the banks are linked and as someone who has a very good, old friend in banking security you would be utterly horrified as to what information they know and can find out about you, legal or not!

I have heard tales of flyer's and circulars sent out to addresses where they know people live offering prizes, when people reply they are caught.

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s**t

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Understood. My point is avoid the buggers and try your hardest not to get in debt but don't think that you can run away from these folk as they are so linked together in the modern world. Unless it's a really big debt I am not sure that it's worth the angst waiting for the wrap at the door!

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Not what you wanted to hear!

Try another country, maybe one that doesn't have a trade agreement with the UK.




















Like Iran, or Syria.

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It's been asked many times before.

Yes.

And the reverse is also true.

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I'd look at legal problems if caught doing this! Why not just rob a bank and bunk off to South America, at least there you'd not get extradited back to UK. Think very seriously if you're remotely serious about this :scared:

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Why Mr Biggs...is that you? :) ;)

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Not quite, can't even get a loan nevermind bugger off with one :scared:

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If you did it you would have 7 years until the "debt" get wiped off.
You would have to be handed a CO in person, the chances of this happening is quite slim (depending on the amount).

If it was me I would pay it off, I'd hate to be looking over my shoulder for that period of time.

Ian

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Thats for a debt, what they are suggesting is effectively fraud. Thats 7 years inside!

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I know, thats why I would not do it.

I know of one person here who did not pay his Visa off, 15K pounds.
I lost all the respect I had for him when he told me what he had done.

To me if you moving for a better life you need to tie up every lose end before you go.

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I know a lot of people who have done, or want to do the same, but to knowingly apply for a loan, with the express intention of then leaving with the money is theft, the act of doing it is fraud.
The issue is not credit or finance or if they could be found, it is a criminal act.

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I'm pretty sure if someone took out a loan and done a bunk then it would be fraud and they would be dealt with as you can't just disappear! Everyone leaves a few footprints that can be traced!
Imagine getting to Aus thinking you've got away with it, then getting dragged back to UK and put inside for a while, would be quite an experience I'd say, one I would not consider going through, but to each their own! ;)

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Quite... To take a loan with the deliberate intention of not paying it back would be fraud. If the loan institution could show that, then you could be pursued on that basis which would open up a lot of doors for people looking for you to walk through... Totally different scenario to 'forgetting' to pay off a couple of credit cards... Totally different potential outcome too...

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I'm no expert.
I would not do it but each to the own :rolleyes:

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You know, regardless of whether you got caught or not you would be a thief.
I know I could not live with that.

What is so wrong with going over there and EARNING some money?

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That's a bit radical, esperanza! :eek:

:D

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With easy availability to loans I suppose it's tempting, but it's hard to believe someone would act so out of character i.e. I'd expect the type of person who'd do this would be dodgy anyway, not usually the type who'd plan and think things through - like emigrating.

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I like to be controversial, so...

A friend of a friend of mine moved to Australia a few years ago with existing loan and credit cards in the UK. He also owned a house that he had virtually no equity in so was repaying a mortgage also.

For the first year or so in Australia he made his repayments, then stopped. He had a few letters then filed for bankrupcy in the UK. He had to travel to court in Londoin for the bankrupcy hearing, where he told them that in Australia he is struggling to make ends meet (not entirely true, but they couldn't check) and couldn't afford to pay his creditors in the UK.

Long story short he has no intention of returning to the UK so the sanctions of being made bankrupt don't matter to him, and in one morning he wiped out tens of thousands of pounds of debt.

I'm not advocating his actions or the system that allowed them, but it's a good story :)

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my wifes dad worked in the check squad and he had to got to america and other places to get people .and they always find you because of your ID we are all on the files /pc .all they have to do is ask the australian goverment has this man enterd your country??????????? for a few £££££££ is it realy worth it. if it millions got to brazil/or where ronny brigs went to hahahahahahaahahahah
all the best with the bank job
Dave

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Most banks in the world are part of networks. Bank of Montreal is connected to Commonwealth in Australia, which is linked to banks in UK, which are linked to banks in any and almost every other country in the world.

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Well, what about when he applies for loans in Australia and they ask have you ever declared bankrupcy? If he says no to that question and they check his finances back in UK, then he will be found out. When you sign a loan application, you are signing a declaration that your answers are truthful. What's the difference between lying to get a loan here and lying to leave one there?
I apologise if this sounds harsh, but we are still paying off a loan we left in Canada so I have very little sympathy/tolerance for those who do a runner because they think they can get away with it.

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I'm in the same boat as you. What was once a fairly easy repayment in pounds is now crippling in dollars... :scared:

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Here's another question/idea - what about official student loans? You have to declare you are moving abroad, then declare your earnings there.
I spent about 20 minutes on the phone to SLC this morning, and it turns out that a) they don't really know anything about it and b) it sounds like the system is seriously flawed.

For example, they calculate the amount you repay based on your declared earnings (how they check them I don't know) and the exchange rate on the day they receive your form. We all know how the Xrate can fluctuate, but there is no annual average or anything like that.

I'm also convinced that there used to be some loop-hole about being out the country for 7 years and having it wiped out, but not surprisingly the SLC denied any knowledge of this! :rolleyes:

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Same here - is that not still the case? I've done nothing regarding my student loan, didn't even tell them I was leaving the country. Well, they can have 15% of my nothing a year with pleasure...

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hello there
my friend who had a student loan said if you are out of the uk for 8 years or more they just write it of?? dont know how true this is. this is what he said
all the best
Dave

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If you take out a loan with the intention of never repaying it you are probably committing an offence of obtaining property by deception, though I'm not sure if loans count as services rather than property. Its a really confusing avenue of the law. You are also falling into an offence of evading a liability to repay a loan. There are loads of technical bits and bobs that come into play though - for example, if the loan is done electronically there is no property so you have not committed the first offence. As soon as you remove and cash, though, you might be seen to be committing theft because at that stage you have dishonestly appropriated property belonging to another. It very complicated stuff!!
Whether the bank would come after you is probably dependant on the ammount of money taken but then the bank can simply obtain a county court judgement in your absence, then sell the debt to a collection agency who will then hunt you down and take you to the cleaners.
They may not come after you in the criminal courts (they probably wouldn't) but they'll get you one way or another!!
There are much easier ways to defraud banks but I'm not about to disclose such things on the internet for anyone to read!!!!!!!

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If you have a bad credit rating, it's this which will be wiped after 7 years, not any existing loans. If you default on loans, the credit rating continues to take a dive. The credit companies who keep the file on you have all the details, so you can apply to them to check your rating. There are also ways of cleaning up your rating.

Once all your debts are 'settled' with each individual company, make sure the credit people know this by writing letters. Once each bad debt is closed down and resolved, then this record remains for 7 years.

I had a student loan myself. There is no such clause in the fine print that you signed up for which states the debt is wiped after time out of the country. It works like all other debts. They may stop pursuing you, but that's not the same thing... If you default, they will have it recorded on your UK credit history.

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and again i say.

The OP wanted to know if by taking money to OZ that legally belongs to the bank are they likely to get caught.

Fraud and theft.