Moving abroad

Manada1

My husband and I have a loan of around 15k in the UK..we have moved to the US and will be here for the next few years. Could/should we stop paying our monthly loan repayments? Will the bank track us down here?

[Deleted User]

Hopefully so yes,why should you default ? it only means higher apr`s for the rest of us

iolanthe07

You'll probably get away with it, but I couldn't live with myself if I did something like that.

Tixy

No you shouldn't stop paying it.

Could you? I guess so, I'm fairly certain there is no recipricol agreement with the US. Most banks are multi-national corporations now, and they may easily track you down, especially if you inadvertently set up an account with an associated bank. And they could and might hire DCAs, solicitors to harrass and threaten you (even if they couldn't actually do much legally whilst you are in the US).

That said when you return the debt could have increased substantially due to interest and charges. They could obtain a CCJ in your absence. Or you could be made bankrupt in your absence, if you have any assets remaining in the uk (such as a house) you could end up with charging orders, or even a forced sale charging order.

How long is 'the next few years'? what if you need to come back sooner for some reason?

bouncydog1

What a disgraceful attitude - you owe the money so why shouldn't you pay it back - you could surely set up an arrangement with your bank so that the monies can be paid from the US. Is there any reason why you can't pay or do you think that because you leave the country your responsibility for your debt should cease? Presumably you have jobs in the US?

It is quite a different story for people who are left with little or no income because they lose their jobs through redundancy or ill health - one has compassion and sympathy for them and many of them do manage to repay their debts earning respect from others.

You borrowed the money - do the decent thing and pay it back!

NGlady

You had the money in your hands - you pay it back, whether it be in pounds, euros and dollars. If as soon as you leave the country you dont have responsibility for the loan anymore, what is stopping people who know they are moving away maybe international students etc whats stopping them getting as much credit as they poss can and blowing it.
disgraceful.

housebuyer_abc

Manada1 wrote: »

My husband and I have a loan of around 15k in the UK..we have moved to the US and will be here for the next few years. Could/should we stop paying our monthly loan repayments? Will the bank track us down here?

No go on stop paying - after all its just big banks screwing us isn't it - why not give them back some of theirs?

In case you hadn't noticed the irony in the above sentence let me translate...

Pay the money back!!!!!

Oh by the way did you declare the debt when you landed in the US? I ask because immigration in the US requires you to lodge all known debts worldwide with them when you land so they can assess your eligibility for entry.

So not paying could result in you being unable to get credit when you return to the UK, it could also result in you being made to come home sooner. The US do not like loan defaults especially not when the person defaulting isn't a citizen

Do the decent thing and stop running from your debts

choc_mouse

Manada1 wrote: »

My husband and I have a loan of around 15k in the UK..we have moved to the US and will be here for the next few years. Could/should we stop paying our monthly loan repayments? Will the bank track us down here?

Could you? Yes.
Should you? No.
Pretty sure they can track you down too as you're already in the US and currently making payments - so you've left breadcrumbs everywhere.

Brock_and_Roll

If you are planning on staying in the US with a view to getting a green card at some point in the future then you must not walk away from your UK debts. The banks may well make you bankrupt in your absence and you will never get a green card.