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Credit Card/Loan debt in Korea

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  • Credit Card/Loan debt in Korea

    i have been working in korea for about 7 years at a korean company but i recently lost my job. i was able to obtain couple korean credit cards and a personal loan during my time here.

    CC debt: around 5 million won
    loan debt: 20 million won

    i am currently broke and thus i must return to my home country (USA).

    so my questions are as follows:

    1. what would happen if i ignored the debt here and just left? would this debt follow me to United States?

    2. would i be able to even leave Korea in the first place? (currently, none of my debts are considered "outstanding" at this time.)

    3. would i be able to visit Korea and return home without hassles in the future?

  • #2
    Re: Credit Card/Loan debt in Korea

    I wish to inform you that lawsuit can be filed in USA for recovery of money because you being defendant will be residing in USA and hence court can have jurisdiction over you. In this regard you may leave Korea until some court order is passed that restrict you from leaving country. If you come back then credit card company can restrict you from leaving. If there is any guarantor then that guarantor can be made liable for your debt.

    AFF

    Comment


    • #3
      Re: Credit Card/Loan debt in Korea

      first of all thank you for your response.

      i just wanted to clarify your answer.

      even though all my debts are with Korean banks (Shinhan,KEB,and Woori), they can still sue me even when i leave Korea and reside in the United States?

      is that correct?

      Comment


      • #4
        Re: Credit Card/Loan debt in Korea

        The credit card company can take you to court if you do not pay your debt. Whether they will depends largely on where you are living at the time.

        Comment


        • #5
          Re: Credit Card/Loan debt in Korea

          Originally posted by Lexus View Post
          The credit card company can take you to court if you do not pay your debt. Whether they will depends largely on where you are living at the time.
          If i'm residing in America, would they still sue and would i be required to go to an united states court?

          Comment


          • #6
            Re: Credit Card/Loan debt in Korea

            Originally posted by vendetta47 View Post
            If i'm residing in America, would they still sue and would i be required to go to an united states court?
            I know lots of expats who have pulled midnight runs without paying off debts in Korea. None were hindered or hampered after returning home other than receiving emails from debt collectors. Ignore the previous post; a Korean bank cannot and will not sue you in America for unpaid debt that accrued overseas.

            Comment


            • #7
              Re: Credit Card/Loan debt in Korea

              Originally posted by vendetta47 View Post
              first of all thank you for your response.

              i just wanted to clarify your answer.

              even though all my debts are with Korean banks (Shinhan,KEB,and Woori), they can still sue me even when i leave Korea and reside in the United States?

              is that correct?
              Yes, they can assign the debt to a US based collection agency and pursue suit where you live in the U.S.

              Comment


              • #8
                Hey guys, I have a keb credit card owing 1.5 mil won. Sadly due to medical issues I have had to quit my job and return to Australia. I am unable to work and cannot afford the 1.5 mil won. If I do not pay it. Can this reach me in Australia and will it affect my Australian credit rating?

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