Foriegn Loan issues now UK Resident

SwipernoSwiping

that would be Foreign Loan too!

We are in the process of trying to sort out the hubby's student loans mostly so he can continue on his career path.
It's a mini nightmare. I have no paperwork to go on.
We are only at the surface of the problem at the minute, so my first question is:
Are the loans subject to UK financial law, or the U.S.A where the loans were originally contracted? I am assuming US law applies, but with him paying tax here, and having family comitments here now I am not sure how things stand.

No I don't have copies of the contracts. One loan has been sold on to a collector, whom when contacted and offered less told us all or nothing.
Where does that leave us?
The total amount between the two loans is around $7000 - for the sake of arguement would it be best to take out a loan here and just pay them off? Presuming that is I can get one!
Suggestions and constructive advice welcome - ta!

antrobus

OK, I'll bump this up at least.

shellieholly wrote: »

It's a mini nightmare. I have no paperwork to go on.

Leaves the rest of us in the same boat.

Obviously, if the loans were taken out in the USA, then US law will have been applied to the loan contracts. However that doesn't prevent the lenders from seeking enforcement through the UK courts. Although I don't believe it's that straightforward or easy.

I would imagine that a DRA tasked with collecting a US debt would be in no better position than one collecting a UK debt i.e. using the standard veiled threats etc to persuade the debtor to cough up. I wouldn't have thought it was neccessary to take out a loan, to pay back a loan, just because a DRA was on the case and refused to accept installements.