Loans And Emmigration

rubberneckrick

Please could someone clarify for me what would happen if someone with no assets were to borrow up to their eyeballs and move abroad. although totally stupid thing to do, I wonder how the bank would recover their money?

lisaburton

I havent a clue and also wouldnt like to try it as you would dread ever returning home due to finances when you return.

h4nym

There'd be a warrant out for their arrest within minutes - for fraud. The person would have to decide which prison they want to spend a long time in - one in Britain for a few years, or living 'freely' in a jurisdiction which doesn't have an extradition treaty with the UK. Of course, they wouldn't be able to visit any jurisdiction which has one - which kinda limits options for holidays / business etc.

Fun to contemplate, though, I'll grant you that!

;-)

rubberneckrick

That would have been my guess-but still, like you said, fun to contemplate.
No doubt people have tried it though.

Taloola78

I had a ex friend do this, she actually took out 3 bank loans to fund her and her turkish waiters new lifestyle, she has been back on holiday several times and has had no problems with regards to the police. Although she would like to come back here and live permanently now as her son is here and she is finding it difficult.
Personally I think what she did is disgusting and I no longer call her a friend but her life hasnt been as difficult as it should have been. What she did was wrong and unlawful.
I'm not 100% but I'm sure when you sign for a loan it say's somewhere that you intend to actually pay for it. She had no intention.