UK Loan Advice (rant)
May 9th 2006, 4:07 pm
#16
.
Joined: Nov 2002
Location: Where bad things rarely happen in movies
Posts: 8,933
Re: UK Loan Advice (rant)
Originally Posted by Tinyburst
I can confirm that the loan company will hassle the parents. My son left home (and all his debts) with no forwarding address a couple of years ago. I returned all correspondence addressed to him with "no longer at this address on the envelope). After a couple of months the phone calls started. I explained that he no longer lived with us and I did not know where he was (true). Then they started calling neighbors and asking about my son. Eventually the bailiffs arrived with a police escort. So yes; the parents will be hassled!!!!
Tiny
Tiny
May 9th 2006, 4:23 pm
#17
Forum Regular
Joined: Oct 2004
Posts: 42
Re: UK Loan Advice (rant)
No; I am not saying that the bailiffs confiscated my property. I am saying that we had bailiffs knocking on the front door as a direct result of my son not paying his debts. At the time my wife and I found this to be stressful.
I thought that I would mention it so that the OP could have some further idea of the ramifications of the course of action that some of the forum members are advising.
He was 28yrs.
I thought that I would mention it so that the OP could have some further idea of the ramifications of the course of action that some of the forum members are advising.
He was 28yrs.
Originally Posted by Yorkieabroad
So are you saying that the bailiffs confiscated your property to cover his debts, even though you weren't a co-signatory/guarantor on his loan? do you mind me asking how old your son was at the time?
May 9th 2006, 4:28 pm
#18
Notts - CT
Joined: Jan 2005
Posts: 197
Re: UK Loan Advice (rant)
Originally Posted by Tinyburst
No; I am not saying that the bailiffs confiscated my property. I am saying that we had bailiffs knocking on the front door as a direct result of my son not paying his debts. At the time my wife and I found this to be stressful.
I thought that I would mention it so that the OP could have some further idea of the ramifications of the course of action that some of the forum members are advising.
He was 28yrs.
I thought that I would mention it so that the OP could have some further idea of the ramifications of the course of action that some of the forum members are advising.
He was 28yrs.
I had credit card debt in UK got fed up with the exchange rate and losing so much money just making minimum payment, my bank here sent me a pre approved loan offer, I cleared all my debt here and payed off the Card in UK for less than my monthly UK credit card payment. if your credit is in good standing then check it out but the exchange rate has dropped terribly..
May 9th 2006, 4:30 pm
#19
Just a rock in the rain
Thread Starter
Joined: Feb 2005
Location: Under the stairs
Posts: 266
Re: UK Loan Advice (rant)
Ozzidoc - Thanks for the advice.
May 9th 2006, 4:33 pm
#20
SUPER MODERATOR
Joined: Dec 2005
Posts: 88,022
Re: UK Loan Advice (rant)
Originally Posted by nai_in_av
Ok posted over at the fool website, now waiting for some replies there.
I have no assets in the UK, and am pretty unlikely to ever return on a permanent basis. What happens when the loans default though? (I don't fully know what that actually means) the letters are being sent to my parents house (was staying with them for a period while we were sorting out visa stuff) and I don't want to f**k them over.
I have no assets in the UK, and am pretty unlikely to ever return on a permanent basis. What happens when the loans default though? (I don't fully know what that actually means) the letters are being sent to my parents house (was staying with them for a period while we were sorting out visa stuff) and I don't want to f**k them over.
Good for you not wanting to involve your parents. The fact is that they will probably receive all sorts of threatening mail, phone calls, visits and perhaps even a court order. This can be devastating to parents especially if they are elderly or in poor health.
You may not intend to go back to the UK to live right now but you cannot possibly foresee what the future holds. Don't burn your bridges. Write to the company explaining your situation maybe they will lengthen the term, thus reducing the monthly payment. Always make sure you put everything in writing and keep detailed notes of phone call, times, dates etc.
Learn from this experience and do not be tempted to get into debt again.
May 9th 2006, 4:46 pm
#21
Just a rock in the rain
Thread Starter
Joined: Feb 2005
Location: Under the stairs
Posts: 266
Re: UK Loan Advice (rant)
Originally Posted by Jerseygirl
Learn from this experience and do not be tempted to get into debt again.
very much looking forward to that day.Thanks all for the replies, much appreciated, even if it did really confirm most of what I already knew.
May 9th 2006, 4:59 pm
#22
BE Forum Addict
Joined: Nov 2003
Location: Palmyra, NY
Posts: 2,130
Re: UK Loan Advice (rant)
With regards to the "They'll never get you in America" comments...
Here's my story about debt in England!
We moved over to American May 2003 and paid off all of our debt before we came over (the exchange rate doesn't make paying from America feasible). I had a Debenhams store card which I cleared and cancelled. However, Debenhams didn't cancel my card protection plan which had a 36 month payment.
About Oct 2004 the card protection company billed my closed account for 75GBP, Debenhams reopened my account and started sending out bills again to my English address.
They must have got Sherlock Holmes involved because after about 6 months, they started calling my parents house. My parents gave them my American Address not knowing that they thought I owed them money.
We started getting bills in America (which I refused to pay as I had closed the account). About two months ago I got a letter from a US attorney in Maryland which specialises in international debt demanding payment of the debt (which had now ballooned to $600 due to interest and charges). At this time I realised that it could have started to affect my US credit score!
I have finally got it sorted out and have a letter from Debenhams confirming that my account is closed and cleared!
Basically, don't assume that they won't pursue you for the debt. If they're willing to run the extra mile for $600, they'll definitely do it for 8000!
If you are planning on not paying, make sure there is no way that they can find out where you live in America or the debt might follow you!
Here's my story about debt in England!
We moved over to American May 2003 and paid off all of our debt before we came over (the exchange rate doesn't make paying from America feasible). I had a Debenhams store card which I cleared and cancelled. However, Debenhams didn't cancel my card protection plan which had a 36 month payment.
About Oct 2004 the card protection company billed my closed account for 75GBP, Debenhams reopened my account and started sending out bills again to my English address.
They must have got Sherlock Holmes involved because after about 6 months, they started calling my parents house. My parents gave them my American Address not knowing that they thought I owed them money.
We started getting bills in America (which I refused to pay as I had closed the account). About two months ago I got a letter from a US attorney in Maryland which specialises in international debt demanding payment of the debt (which had now ballooned to $600 due to interest and charges). At this time I realised that it could have started to affect my US credit score!
I have finally got it sorted out and have a letter from Debenhams confirming that my account is closed and cleared!
Basically, don't assume that they won't pursue you for the debt. If they're willing to run the extra mile for $600, they'll definitely do it for 8000!
If you are planning on not paying, make sure there is no way that they can find out where you live in America or the debt might follow you!
May 9th 2006, 5:10 pm
#23
Thinking about it
Joined: Oct 2005
Location: Mid-West
Posts: 9,435
Re: UK Loan Advice (rant)
Originally Posted by Tinyburst
I can confirm that the loan company will hassle the parents. My son left home (and all his debts) with no forwarding address a couple of years ago. I returned all correspondence addressed to him with "no longer at this address on the envelope). After a couple of months the phone calls started. I explained that he no longer lived with us and I did not know where he was (true). Then they started calling neighbors and asking about my son. Eventually the bailiffs arrived with a police escort. So yes; the parents will be hassled!!!!
Tiny
Tiny
Legally though there is nothing they can do - making a police complaint yourself would be entirely justified under such circumstances.
May 9th 2006, 5:15 pm
#24
Thinking about it
Joined: Oct 2005
Location: Mid-West
Posts: 9,435
Re: UK Loan Advice (rant)
Originally Posted by Jerseygirl
Sorry Davy but I don't agree. The OP got himself into debt and he should sort it out. As I wrote above how can you overlook a $8K debt? OK you get bombarded with offers of cheap loans but it is ultimately your choice, no one is forcing you to buy anything or take a loan out. Seems to me that the OP cannot control his finances.
I think these outfits should be treated with contempt and shafted at every possible opportunity.
There is absolutely no doubt in my mind that whilst the ultimate responsibility lies with the borrower that many of these firms entice borrowers into debt and exploit their weakness. Drug dealers aren't allowed to do it, so why are they ???
May 9th 2006, 6:00 pm
#25
UK & US Citizen
Joined: Jul 2003
Location: New Orleans
Posts: 1,276
Re: UK Loan Advice (rant)
Originally Posted by CitySimon
My parents gave them my American Address....
May 10th 2006, 12:42 am
#26
.
Joined: Nov 2002
Location: Where bad things rarely happen in movies
Posts: 8,933
Re: UK Loan Advice (rant)
Originally Posted by Tinyburst
No; I am not saying that the bailiffs confiscated my property. I am saying that we had bailiffs knocking on the front door as a direct result of my son not paying his debts. At the time my wife and I found this to be stressful.
I thought that I would mention it so that the OP could have some further idea of the ramifications of the course of action that some of the forum members are advising.
He was 28yrs.
I thought that I would mention it so that the OP could have some further idea of the ramifications of the course of action that some of the forum members are advising.
He was 28yrs.
May 10th 2006, 1:32 pm
#27
Blondie22
Joined: Nov 2005
Posts: 2,738
Re: UK Loan Advice (rant)
Originally Posted by Jerseygirl
How can you overlook a debt of $8,000? Surely you must have had some idea how much you owed.
I was sitting here puzzling over the exact same thing! How can you not know whether you owe this money or not? we're not talking about a small amount here are we!
May 10th 2006, 1:39 pm
#28
Blondie22
Joined: Nov 2005
Posts: 2,738
Re: UK Loan Advice (rant)
If you are planning on not paying, make sure there is no way that they can find out where you live in America or the debt might follow you! [/QUOTE]
Yes, and then don't EVER move back to the UK!
[/QUOTE]Yes, and then don't EVER move back to the UK!
