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British wife moving to US, has an unsecured loan

British wife moving to US, has an unsecured loan

Old Oct 13th 2009, 11:03 pm
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Default British wife moving to US, has an unsecured loan

My wife just got her immigrant visa. She'll be coming over in 4 weeks. She has an unsecured loan from HSBC in the amount of roughly £6,000. What should she do? What would happen if she didn't continue to pay it?
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Old Oct 13th 2009, 11:19 pm
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Default Re: British wife moving to US, has an unsecured loan

Does she have any assets in the UK? The bank may well pursue her for the debt in Court. Presumably she would not defend this action (in fact she would have no defence anyway - as the debt is in fact due). The bank would then obtain a Court decree against her. The decree may not be of much use to the bank if your wife has no assets in the UK and is resident abroad. However, if she were to return to the UK, this decree could cause her a problem. Certainly her credit rating would be shot to pieces for a start. The bank may even try to recover the debt through the various reciprocal agreements in place between the UK and the US re implementation of Court Decrees. In my view, be very careful. Simply jumping ship to the US may not mean that this would not affect your wife.
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Old Oct 13th 2009, 11:32 pm
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by jonnyjett
My wife just got her immigrant visa. She'll be coming over in 4 weeks. She has an unsecured loan from HSBC in the amount of roughly £6,000. What should she do? What would happen if she didn't continue to pay it?
She should pay it! Why would she not do that? she took out the money and so is responsible to pay it off.

If she bought a car with it, then presumably she can sell that to help cover the costs. Otherwise I suggest that she contacts the bank and arranges to continue payment from the USA.
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Old Oct 13th 2009, 11:33 pm
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by Lazzza
Does she have any assets in the UK? The bank may well pursue her for the debt in Court. Presumably she would not defend this action (in fact she would have no defence anyway - as the debt is in fact due). The bank would then obtain a Court decree against her. The decree may not be of much use to the bank if your wife has no assets in the UK and is resident abroad. However, if she were to return to the UK, this decree could cause her a problem. Certainly her credit rating would be shot to pieces for a start. The bank may even try to recover the debt through the various reciprocal agreements in place between the UK and the US re implementation of Court Decrees. In my view, be very careful. Simply jumping ship to the US may not mean that this would not affect your wife.
No, she has no assets in the UK. And I'm not sure if her pension is portable and if that could be affected too.

Has anyone been through this before?
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Old Oct 13th 2009, 11:33 pm
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by jonnyjett
What should she do?
I assume that your wife is currently making monthly payments on the loan. Keep making the payments would seem like a good idea to me. I would recommend setting up an account with xe.com. You can then transfer the money from your US account into your wife's HSBC account each month as necessary. Bear in mind it will take a few days for the money to be transferred, so make sure you send the payment at least a week before it is due (I would recommend two weeks).
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Old Oct 13th 2009, 11:54 pm
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by jonnyjett
What should she do?
Pay it if she can afford it.

Originally Posted by jonnyjett
What would happen if she didn't continue to pay it?
Not a lot I wouldn't think. They may try to pursue it; they may not. They may get to blot her future US credit record; they may not. They may get to pursue it in a US civil court; they may not. After seven years of inaction on the account it dies in the US. Debtors jail went out with Dickens. It's purely a civil matter.
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Old Oct 14th 2009, 12:05 am
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by fatbrit
Pay it if she can afford it.


Not a lot I wouldn't think. They may try to pursue it; they may not. They may get to blot her future US credit record; they may not. They may get to pursue it in a US civil court; they may not. After seven years of inaction on the account it dies in the US. Debtors jail went out with Dickens. It's purely a civil matter.
The bank hasn't yet been informed that she's leaving the UK. How would the bank track back to the states? Furthermore, the loan is in her maiden name and she's going with my sir name when here.

The loan is unsecured, so it is uncollateralized, and there is no car, house, etc, attached to it.

I do understand the moral and ethical implications. But I'm more interested in the legal ramifications.
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Old Oct 14th 2009, 12:07 am
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by jonnyjett
The bank hasn't yet been informed that she's leaving the UK. How would the bank track back to the states? Furthermore, the loan is in her maiden name and she's going with my sir name when here.

The loan is unsecured, so it is uncollateralized, and there is no car, house, etc, attached to it.

I do understand the moral and ethical implications. But I'm more interested in the legal ramifications.
I think she'll be all right as I appear to be the only mug who hasn't done this
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Old Oct 14th 2009, 12:10 am
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by Sally Redux
I think she'll be all right as I appear to be the only mug who hasn't done this
But you'll be able to return with a clear conscience and no worries.......... right?
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Old Oct 14th 2009, 12:11 am
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by Sally Redux
I think she'll be all right as I appear to be the only mug who hasn't done this
No, you're not the only one who believes in paying back money that you borrow.
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Old Oct 14th 2009, 12:20 am
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by jonnyjett
I do understand the moral and ethical implications. But I'm more interested in the legal ramifications.
There is a long thread in "The Barbie" section of the Australia board on this topic (called "Return to UK will I be arressted" , http://britishexpats.com/forum/showthread.php?t=633764 ).

There is overwhelming confidence among lots of the posters that you can't be touched once you're outside the country, you can't be touched if it's consumer debt, you can't be touched if you don't have an address in the UK...but unfortunately a lot of that confidence is based on "my auntie Shirley's hairdresser used to work as a debt collector" information. A lot of the sources linked to that supposedly support those claims don't say anything of the sort. I'm posting at the end of the thread asking for info that actually confirms what is being claimed; I don't dispute what is being claimed (I don't know enough about the subject to know one way or the other) but I am just wondering if any of it can be substantiated. In other words, once again, some of the legal advice on the internet is worth as much as you pay for it...

As far as how things work in practice, that's something that people might be able to comment about from their own experience.
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Old Oct 14th 2009, 12:26 am
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by jonnyjett
The bank hasn't yet been informed that she's leaving the UK. How would the bank track back to the states? Furthermore, the loan is in her maiden name and she's going with my sir name when here.

The loan is unsecured, so it is uncollateralized, and there is no car, house, etc, attached to it.

I do understand the moral and ethical implications. But I'm more interested in the legal ramifications.
If she's not going to pay it, I don't see much point in helping the creditor to find you unless you are of a masochistic nature. Of course, you don't want to go as far as fraud and hitting the criminal statutes....because that might just screw her up.
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Old Oct 14th 2009, 12:29 am
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by fatbrit
If she's not going to pay it, I don't see much point in helping the creditor to find you unless you are of a masochistic nature. Of course, you don't want to go as far as fraud and hitting the criminal statutes....because that might just screw her up.
Just noticed he's a knight
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Old Oct 14th 2009, 12:30 am
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by Sally Redux
Just noticed he's a knight
In days of old when knights were bold, eh?
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Old Oct 14th 2009, 12:32 am
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Default Re: British wife moving to US, has an unsecured loan

Originally Posted by fatbrit
In days of old when knights were bold, eh?
He'll go home quite contented
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