Taking out a loan and then emigrating?

euronorris

GEEGEE8 wrote: »

Thanks for the info.

Anyone know anything further about this?

I've been trying to find some definite info, without much luck. But perhaps you could just tell them there is one as a deterrent anyway?

To be honest, I'd be more concerned about the fraud aspect. I doubt that any court would see it as anything other than fraud, given the circumstances, even if the first few payments are made.

GEEGEE8

I've shown them this thread.. hopefully it'll get sorted out.. Thanks for all the info, especially onlypaddy as you have confirmed what I feared..

Apples2

GEEGEE8 wrote: »

They are taking it with a loan company, as opposed to a bank.

Who is the Loan Company?

If it is Yes Loans or their ilk, I think we are discussing nothing TBH as it wouldn't meterialise anyway.

GEEGEE8

Apples2 wrote: »

Who is the Loan Company?

If it is Yes Loans or their ilk, I think we are discussing nothing TBH as it wouldn't meterialise anyway.

You beat me to my update.. Yes loans it is, and yes I warned her beforehand by telling her about them and their £60 fee's for nothing.. it seems I was ignored.. and she is £60 down now..

Maybe it's a sign!

gillhammer

Yes there is a reciprocal credit agreement in place with Aus, and certainly when I worked in the industry debts were persued with debt collection agencies abroad (especially commonwealth countries).

Also Aus is particularly hot on credit references, my sister & family emigrated 7 years ago and their ability to get car loans, credit cards & mortgage were based on their UK history.

I think anyone who is planning to do this should have been heading for Aus about 200 years ago...

Apples2

GEEGEE8 wrote: »

You beat me to my update.. Yes loans it is, and yes I warned her beforehand by telling her about them and their £60 fee's for nothing.. it seems I was ignored.. and she is £60 down now..

Maybe it's a sign!

Tell them to go for it, that'll learn 'em.

jimmyay

I hate to disappoint anyone thinking of doing this but you will be found and made to pay the money back. Oz may be 10,000 miles away but in terms of financial regulation and information swaps with the UK then it might as well be Oxfordshire.

It cuts both ways too, anyone doing it in Oz will get found here and made to pay it back or be bankrupted.

There is big co-operation between the UK and Oz on financial matters, and NZ, Canada and other Commonwealth countries, as someone else posted.

A friend of mine did this in Oz, moved to the UK thinking they could escape their debts, and it only took about 6 months for the bank to find them and force them to pay the debt off. They can even apply for an attachment to earnings order and your employer will be made to take it out of your salary!

Unless you're thinking of emigrating to an obscure part of the 3rd world or actively enjoy trying to cover your tracks the whole time, (i.e by not going on the electoral register ...and therefore having a rubbish credit rating anyway) then "running away" from your debts to another developed world country with modern banking systems and technology....well you can run, but you can't hide.

And your mate, if they are going to work in a proper job, i,e public healthcare like you mention, and they want a nice, organised, modern life, then it's about 3 phone calls and an internet search or two by a bank or any other financial institution to find people these days. It's ludicrously easy. They will be found and made to pay.

50quidonRED

cant believe after all this were talking about YES LOANS !!!!!!

onlypaddy

GEEGEE8 wrote: »

...Yes loans it is

Oh, right! we're not talking about anything really then. Your friend has been scammed. Talk about irony - usually I would feel sorry for them, but planning what they were planning I think it's poetic justice!

GEEGEE8

Sorry, I didn't realise it was Yes loans, until late yesterday.

But the question still stands as they may offer her a smaller loan, and also she has a 4,000 bank loan that will be outstanding, 800 overdraft and 100 credit card. So, the answers are very helpful for those too.