Unpaid Loan
Aug 18th 2003, 4:53 pm
#1
Guest
Posts: n/a
Unpaid Loan
Hi everybody,
I'm moving to Canada as Landed Immigrant next month,
but I have Loan to HSBC, what will happen if i stop paying.
Can the bank force me to do so in Canada, the Loan was taken not in Canada
HSBC.
I heared on can declare Bancrupcy and stop paying his loan, is this true.
Thankx
I'm moving to Canada as Landed Immigrant next month,
but I have Loan to HSBC, what will happen if i stop paying.
Can the bank force me to do so in Canada, the Loan was taken not in Canada
HSBC.
I heared on can declare Bancrupcy and stop paying his loan, is this true.
Thankx
Aug 18th 2003, 6:31 pm
#2
Guest
Posts: n/a
Re: Unpaid Loan
In a recent article, mishazabrodin ([email protected]) said:
> I'm moving to Canada as Landed Immigrant next month,
> but I have Loan to HSBC, what will happen if i stop paying.
You will get a judgement against you eventually and will be required to
pay the loan AND extra charges, as well as having your credit history
adversely affected.
> Can the bank force me to do so in Canada, the Loan was taken not in Canada
> HSBC.
They could pursue you quite easily.
> I heared on can declare Bancrupcy and stop paying his loan, is this true.
Well, considering that you will have to provide proof of financial
well-being when you land, going into bankruptcy - or even having a
delinquent loan - can have a negative impact on your PR status, as well as
your ability to get any sort of financing in future.
Just pay the loan. Don't start your life in Canada as a *****wad.
> I'm moving to Canada as Landed Immigrant next month,
> but I have Loan to HSBC, what will happen if i stop paying.
You will get a judgement against you eventually and will be required to
pay the loan AND extra charges, as well as having your credit history
adversely affected.
> Can the bank force me to do so in Canada, the Loan was taken not in Canada
> HSBC.
They could pursue you quite easily.
> I heared on can declare Bancrupcy and stop paying his loan, is this true.
Well, considering that you will have to provide proof of financial
well-being when you land, going into bankruptcy - or even having a
delinquent loan - can have a negative impact on your PR status, as well as
your ability to get any sort of financing in future.
Just pay the loan. Don't start your life in Canada as a *****wad.
Aug 19th 2003, 3:45 am
#3
Guest
Posts: n/a
Re: Unpaid Loan
"mishazabrodin" <[email protected]> wrote in message news:<[email protected]>...
> Hi everybody,
> I'm moving to Canada as Landed Immigrant next month,
> but I have Loan to HSBC, what will happen if i stop paying.
> Can the bank force me to do so in Canada, the Loan was taken not in Canada
> HSBC.
> I heared on can declare Bancrupcy and stop paying his loan, is this true.
> Thankx
Oh yeah, I really feel like helping someone like you. Maybe you will
also get loan in this country and then leave, making us pay
indirectly?
Sure, go ahead and declare bankcrupcy. Then you won't be able to get
credit for 10 years.
Robin
> Hi everybody,
> I'm moving to Canada as Landed Immigrant next month,
> but I have Loan to HSBC, what will happen if i stop paying.
> Can the bank force me to do so in Canada, the Loan was taken not in Canada
> HSBC.
> I heared on can declare Bancrupcy and stop paying his loan, is this true.
> Thankx
Oh yeah, I really feel like helping someone like you. Maybe you will
also get loan in this country and then leave, making us pay
indirectly?
Sure, go ahead and declare bankcrupcy. Then you won't be able to get
credit for 10 years.
Robin
Aug 19th 2003, 5:07 am
#4
Guest
Posts: n/a
Re: Unpaid Loan
Shame on you!!!
"mishazabrodin" <[email protected]> wrote in message
news:<[email protected]>...
> Hi everybody,
> I'm moving to Canada as Landed Immigrant next month,
> but I have Loan to HSBC, what will happen if i stop paying.
> Can the bank force me to do so in Canada, the Loan was taken not in Canada
> HSBC.
> I heared on can declare Bancrupcy and stop paying his loan, is this true.
> Thankx
"mishazabrodin" <[email protected]> wrote in message
news:<[email protected]>...
> Hi everybody,
> I'm moving to Canada as Landed Immigrant next month,
> but I have Loan to HSBC, what will happen if i stop paying.
> Can the bank force me to do so in Canada, the Loan was taken not in Canada
> HSBC.
> I heared on can declare Bancrupcy and stop paying his loan, is this true.
> Thankx
Aug 19th 2003, 5:46 am
#5
BE Enthusiast
Joined: Aug 2003
Location: Doha, Qatar
Posts: 790
Probably explains why I experienced such difficulty in obtaining a car loan when I moved to the US. Because people of a similar mentality were dumping their cars and dishonouring their loan commitments.
When I left the US I sold my car even though I lost money on it and when I was out of the country I was still chasing the utility companies to pay them money that I thought was due.
So pay that loan!
When I left the US I sold my car even though I lost money on it and when I was out of the country I was still chasing the utility companies to pay them money that I thought was due.
So pay that loan!
Aug 29th 2003, 4:09 am
#7
Forum Regular
Joined: Aug 2003
Location: los angeles
Posts: 31
They will find you in Canada for whatever crime you commited in USA small or big. Canada is US ally and will give up not only terrorists but small fraud comitters like you. After few weeks from
arrival to Canada expect a call from collection agency asking you
to repay your loan . They are nasty , they call day and night and nothing can stop them.
If you file for bankrupcy in USA you will have almost no chance
to loan money in Canada as they run cross-check with USA
www.equifax.com , www.transunion.com , etc.
That's why anyone who established good credit in USA can easily
buy a house in Canada with 0% down.
Are you talking 10K , get real , you don't file bankrupcy for 10K,
at least 200K.
arrival to Canada expect a call from collection agency asking you
to repay your loan . They are nasty , they call day and night and nothing can stop them.
If you file for bankrupcy in USA you will have almost no chance
to loan money in Canada as they run cross-check with USA
www.equifax.com , www.transunion.com , etc.
That's why anyone who established good credit in USA can easily
buy a house in Canada with 0% down.
Are you talking 10K , get real , you don't file bankrupcy for 10K,
at least 200K.
Aug 29th 2003, 4:30 am
#8
Forum Regular
Joined: Mar 2003
Posts: 35
I don't read where it is US, but maybe I missed something. My comments are UK based.
First, you don't go to jail for not paying a loan unless you obtained the loan through fraud.
Secondly, if it is the UK, the credit reporting does not travel at all well from UK - Canada, even internally through Equifax, etc. so your credit rating there has no merit in Canada(good or bad).
Third, there are collection agencies who specialize in international collections -- it does depend on the amount and how easy it is to find you whether or not HSBC would chase you down.
Fourth -- there is a legal process Canadian collection agencies have to go through to enforce a UK based collection, however it is there -- Canada (may be provincial based) and the UK have reciprocal agreements.
Fifth -- if you EVER plan on going back to the UK you will be in a very difficult situation -- it stays on your file for a LONG time.
Sixth -- the collection may take years -- just because noone calls in a few months means nothing -- 2-3 years down the road there may be a knock on the door
Seventh - you can declare bankruptcy in the UK, however there are reciprocal agreements, so you are not just free and clear.
Lastly -- talk to HSBC and try and work something out -- they may surprise you on what they would accept. This would be HSBC in whatever country you obtained the loan, not HSBC Canada.
Not repaying debts is not a criminal offense and you can't be arrested so not to worry about that . However, thinking they can't or won't track you down is a bit naive. You may spend a lot of sleepless nights, jump whenever the phone rings or a knock on the door, as it will be hard just to ignore.
A lot of replies / comments come across as personal attacks without knowing your personal situation -- hopefully their closets are clear of any skeletons.
First, you don't go to jail for not paying a loan unless you obtained the loan through fraud.
Secondly, if it is the UK, the credit reporting does not travel at all well from UK - Canada, even internally through Equifax, etc. so your credit rating there has no merit in Canada(good or bad).
Third, there are collection agencies who specialize in international collections -- it does depend on the amount and how easy it is to find you whether or not HSBC would chase you down.
Fourth -- there is a legal process Canadian collection agencies have to go through to enforce a UK based collection, however it is there -- Canada (may be provincial based) and the UK have reciprocal agreements.
Fifth -- if you EVER plan on going back to the UK you will be in a very difficult situation -- it stays on your file for a LONG time.
Sixth -- the collection may take years -- just because noone calls in a few months means nothing -- 2-3 years down the road there may be a knock on the door
Seventh - you can declare bankruptcy in the UK, however there are reciprocal agreements, so you are not just free and clear.
Lastly -- talk to HSBC and try and work something out -- they may surprise you on what they would accept. This would be HSBC in whatever country you obtained the loan, not HSBC Canada.
Not repaying debts is not a criminal offense and you can't be arrested so not to worry about that . However, thinking they can't or won't track you down is a bit naive. You may spend a lot of sleepless nights, jump whenever the phone rings or a knock on the door, as it will be hard just to ignore.
A lot of replies / comments come across as personal attacks without knowing your personal situation -- hopefully their closets are clear of any skeletons.
Aug 29th 2003, 4:52 am
#9
Forum Regular
Joined: Aug 2003
Location: los angeles
Posts: 31
Sorry did not see UK in HSBC , there were some comments from others about cars in USA and that they had to sell it so I thought
he talked about USA.
You are safe in Canada or USA if you owe money in Europe so you'll have 0 credit, you have nothing to
worry about just remmember few years later for whatever reason
you may have to travel back or even relocate back to UK for good , you'll have major problem.
And I am not sure in UK but in USA you have to go to court and they will decide whether your bankrupcy is legit.
I know as 2 of my friends filed for bankrupcy one for $386K in 1993 the other for $180K in 1998 .
I did not say they will put him in prison I used that "criminal" term
just to make it sound impresive.
No one goes to prison for not paying back the loan they
will rather make you suffer the other way, you will be living in society driving lavish cars while you can only afford some hunk-of-shit of 197?.
he talked about USA.
You are safe in Canada or USA if you owe money in Europe so you'll have 0 credit, you have nothing to
worry about just remmember few years later for whatever reason
you may have to travel back or even relocate back to UK for good , you'll have major problem.
And I am not sure in UK but in USA you have to go to court and they will decide whether your bankrupcy is legit.
I know as 2 of my friends filed for bankrupcy one for $386K in 1993 the other for $180K in 1998 .
I did not say they will put him in prison I used that "criminal" term
just to make it sound impresive.
No one goes to prison for not paying back the loan they
will rather make you suffer the other way, you will be living in society driving lavish cars while you can only afford some hunk-of-shit of 197?.
Aug 29th 2003, 1:45 pm
#10
Guest
Posts: n/a
Re: Unpaid Loan
First of all, the credit bureaus to not exchange information among
countries, and it's not all that common for Canadian lenders to request
foreign credit reports - it can be done but it's rare.
It's entirely possible that a collection agent in Canada can be retained to
pursue a foreign debt, there is a process for them to go through, and their
reports will reflect on your credit.
It's virtually impossible for anyone to buy a house in Canada with 0% down,
even Canadians, so you are wrong here - there is one bank right now that
offers a "free down payment" mortgage, but this is a interest premium
advance made via special arrangement with a private mortgage insurance.
Essentially you are rolling the downpayment into the loan by paying interest
far above market rates, and only because GEMICO is willing to ensure such
debt. The criteria which must be met for them to do so is very strict It's
damned near impossible for a new Canadian to buy a house with less than 25%
down - though it is possible in certain cases.
The bottom line is that running out on a foreign debt is unethical if not a
crime altogether. For a debt as small as being described, surely you can
make arrangements to keep your affairs in order in your country of origin
from Canada.
"vlad" <[email protected]> wrote in message
news:[email protected]...
> They will find you in Canada for whatever crime you commited in USA
> small or big. Canada is US ally and will give up not only terrorists but
> small fraud comitters like you. After few weeks from
> arrival to Canada expect a call from collection agency asking you
> to repay your loan . They are nasty , they call day and night and
> nothing can stop them.
> If you file for bankrupcy in USA you will have almost no chance
> to loan money in Canada as they run cross-check with USA
> www.equifax.com[/url] , ]www.transunion.com , etc.
> That's why anyone who established good credit in USA can easily
> buy a house in Canada with 0% down.
> Are you talking 10K , get real , you don't file bankrupcy for 10K,
> at least 200K.
> --
> Posted via http://britishexpats.com
countries, and it's not all that common for Canadian lenders to request
foreign credit reports - it can be done but it's rare.
It's entirely possible that a collection agent in Canada can be retained to
pursue a foreign debt, there is a process for them to go through, and their
reports will reflect on your credit.
It's virtually impossible for anyone to buy a house in Canada with 0% down,
even Canadians, so you are wrong here - there is one bank right now that
offers a "free down payment" mortgage, but this is a interest premium
advance made via special arrangement with a private mortgage insurance.
Essentially you are rolling the downpayment into the loan by paying interest
far above market rates, and only because GEMICO is willing to ensure such
debt. The criteria which must be met for them to do so is very strict It's
damned near impossible for a new Canadian to buy a house with less than 25%
down - though it is possible in certain cases.
The bottom line is that running out on a foreign debt is unethical if not a
crime altogether. For a debt as small as being described, surely you can
make arrangements to keep your affairs in order in your country of origin
from Canada.
"vlad" <[email protected]> wrote in message
news:[email protected]...
> They will find you in Canada for whatever crime you commited in USA
> small or big. Canada is US ally and will give up not only terrorists but
> small fraud comitters like you. After few weeks from
> arrival to Canada expect a call from collection agency asking you
> to repay your loan . They are nasty , they call day and night and
> nothing can stop them.
> If you file for bankrupcy in USA you will have almost no chance
> to loan money in Canada as they run cross-check with USA
> www.equifax.com[/url] , ]www.transunion.com , etc.
> That's why anyone who established good credit in USA can easily
> buy a house in Canada with 0% down.
> Are you talking 10K , get real , you don't file bankrupcy for 10K,
> at least 200K.
> --
> Posted via http://britishexpats.com
