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Hi, I opened an unsecured personal loan to cover my credit cards debts. I lost my job, I can't afforde to pay back the loan. I want to relocate in Europe. What the collectors can do to me? In order to sue me, they have to find my new address? Can they sue me in Europe? The loan will be on my credit for 7 yrs like the creit cards? Can they arrest me? Thank you
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Re: Unsecured personal loan and unpaid credt cards
I wish to inform you that laws of a country will determine your rights. In this regard generally a lawsuit can be filed at your place of residence. Further each country has its statue of limitations thus debt may or may not be enforceable. Lastly majority of European countries do not treat debt default as criminal and hence only civil action can be taken but you may not be arrested.
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Re: Unsecured personal loan and unpaid credt cards
Originally posted by Joann View Post
Arrest is not likely since inability to pay debts has not been a crime since the Colonies were formed.
However, I would not count on the debts being extinguished by the statutes of limitations for there is an exception: If one flees a jurisdiction to avoid their debts, the statutes of limitations can be tolled.
It is not likely they would sue in Europe as the debts were incurred in the U.S.Comment
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Re: Unsecured personal loan and unpaid credt cards
Most state constitution's forbid imprisonment for debt except in cases of fraud.Originally posted by Joann View Post
It is wise to NOT totally ignore your obligations and leave the Country, attempt to work out the debt or file bankrupcty.Comment
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Re: Unsecured personal loan and unpaid credt cards
Depending on what state you are in, the tolling of the statute may freeze when you leave. You can come back to a all your debt.Due to a recent promotion, I should now be referred to as Major Obvious.
I would not be trying to provide information and knowledge if I did not sympathize.
Some days it is just not worth chewing through the restraints to face life.Comment
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