Leaving the country - haven't paid car loan?
I'm leaving the country (US) and haven't completely paid off the car loan. What are options I have? Can I leave it at my address and the lending company get my car ?
Would you consider leaving the US to evade student debt?
Would you consider leaving the US to evade student debt?Very few student loan borrowers have done this.If a borrower leaves the U.S., the debt will still exist and will continue to accrue interest, growing larger and larger. The federal government has very strong powers to compel repayment of federal student loans. While most of these powers do not reach overseas, some are still effective, such as offsetting Social Security disability and retirement benefits. Also, if the borrower ever hopes to return to the U.S., allowing the loans to grow unchecked is not an ideal solution.Making payments on student loans from outside the U.S. can be very challenging. Wire transfers can be expensive, and fluctuating currency exchange rates can make it difficult to precisely determine how much money to transfer. It may be easier to maintain funds in a dollar-denominated bank account in a bank with branches in the U.S. and the foreign country. However, if the bank account is owned by the borrower, it may be vulnerable to a bank levy if the borrower is in default and the lender gets a court judgment against the borrower.Expats who have defaulted on student loans in the U.S. are often in a limbo state, where they are unable to access government-sponsored benefits, such as healthcare, in the country in which they reside. Most countries do not allow expats to become citizens if they owe debts in their country of origin. Expats may have to return to the U.S. periodically, since most countries do not allow non-citizens to remain in the country indefinitely.There are alternatives.Borrowers of federal student loans can rehabilitate defaulted student loans and switch to an income-driven repayment plan. This bases the monthly payment on a percentage of discretionary income, as opposed to the amount owed. This can yield affordable monthly loan payments, with the remaining debt cancelled after 20 or 25 years in repayment. If the borrower works full-time in a public service job, the remaining debt is cancelled after 10 years (120 payments).Private student loans are subject to a statute of limitations, that varies from 3 years to 15 years, depending on the state. 6 years is the most common duration. Borrowers have to be careful to avoid resurrecting time-barred debt, but the debt will eventually become uncollectible.
What happens if I do not repay my UK student loan?
See here: Repaying your student loan, specifically the section about “If you work abroad”.And here: Your plan type - Student Loans CompanyThe wonders of Google eh?Bottom line: it’s your responsibility to notify them that you’re abroad and make voluntary payments. If you don’t they’ll levy fees that may or may not be greater than your repayments would have been. The loan will keep ticking up at 3%+RPI in the meantime.
Does anyone know how to have federal student loans discharged or forgiven?
I am in a true nightmare. I feel the only way out of this is to die out..not that i WANT to do that, for sure. However, I owe a whopping $190,000 in federal student loans. I am a social worker and clear only about $3000 a month. I have had these things deferred and done forbarences until I just can't any longer. I know I can't bankrupt out. Where the heck do I turn? I have talked to these folks until I am blue in the face. I don't own a home ( am renting), I don't have anything of any value. As a social worker with a home health/hospice agency, I don't make much. I am divorced and feel like I am in an awful bind. It's devastating!!! I would greatly appreciate any helpful advice.
What happens if you don't pay back student loans?
I owed about $45,000, which is now up to about $62,000. Not much has happened, just some poor guy who keeps calling every few days for the past 8 years, asking me to call him back about a very important matter. It has not helped my credit, thats about the only bad part. I travel out of the country several times a year, and it has no effect on my travel. They cannot extradite you for something that isnt a criminal act. We do not have a debtors prison here. You cannot rid yourself of this debt with bankruptcy. That has been a law for many years. It may come off your credit report after 7 years, but you will always owe it. Oh, yeah, and you will never get a tax refund, or be able to collect lottery winnings. Those will be taken before they ever get to you. Unfortunately, many companies check your credit report, and it might stop you from getting work in your field. I work for myself, so no problem.
What will actually happen if I don't pay back my federal student loans?
If you do not make your required loan payments—which might be income-based (i.e., limited as a share of your income)—and you don’t qualify for a deferment or under one of the provisions providing for loan forgiveness—then the Federal Government will commence collection proceedings and will likely garnish your wages up to the federal or state maximum and levy against your non-exempt assets.If you leave the United States, collection might be more challenging but not impossible, particularly if you or a co-signer on your loans retains any assets within the United States. Foreign Jurisdictions will often recognize U.S. judgements, so the government (or really the private servicers who it contracts with) can still attempt to collect if you leave the country.If you want to not have to repay your loans legally, you can file bankruptcy and attempt to discharge them by demonstrating “undue hardship,” but since you can afford to pay your loans, this probably won’t work for you.In addition, you won’t be eligible for any more federal loans, so you won’t be able to go back to school to improve your chances of finding the career you want.You’ll also have to live with the fact that you cheated the system. You promised to repay your loans. You were able to repay your loans. But you chose to enjoy the benefits without paying for them. In so doing, you will make it harder for others to obtain the same benefits that you enjoyed.Perhaps the government should do more to help people afford higher education. If you believe that, you can vote for politicians who support more federal or state funding for higher education. Or establish residency or citizenship in a state or country where the government does exactly that—and pay the higher taxes necessary to support it. But your beliefs that education should be taxpayer funded don’t entitle you to grab a free education for yourself in a society that does not offer it, and into which you have not paid commensurate taxes.Bottom line—not repaying your creditors is generally a bad idea.
I have a loan from ASA ( American Student Assistance) . 9,0000 This was 2010 I believe.?
The student loan regulations require the money to be sent directly to your school which is probably why you didn’t see any of it directly. From there it’s posted to pay your tuition, room and board if you live on campus, etc. Once the money is disbursed, there is a period of time when you can withdraw and have a portion of the loan money refunded to the lender. Generally if you attend at least 60% of the period the loan was for, the school can keep it all. Keep in mind your withdrawal date will be the date you “officially” withdrew using the schools withdrawal process rather than the day you just stopped attending classes. If you did withdraw early, then the school may have been obligated to return a portion of the money to the lender. If you feel they should have and did not, you can apply for what’s known as an Unpaid Refund Discharge. If approved, the portion of your loan that should have been refunded by the school would be discharged (forgiven). You can find a form to apply for that at the American Student Assistance website: http://www.asa.org/resource-center/forms I definitely recommend calling ASA and talking to them about this process. They’ll help you figure out if you qualify for the discharge, and if you don’t, will work out a repayment plan for you. It sounds like your loan is already in default, so you probably won’t have a lot of different repayment options, but there may be some at least. If you want to return to school and complete your degree, you'd have to check with the school. However, you will not be eligible for any additional federal financial aid if your loan is still in default - you'll need to solve the loan problem first.
I'm an American living abroad who has gone into default with student loans ($17,000). I'm scared of going back for a visit, could I be arrested?
The U.S. does not arrest borrowers because their student loans are in default. However, if a borrower is sued and ordered to appear before the judge, but does not show up in court, the judge can issue a bench warrant for the borrower’s arrest. This happens very rarely. Usually the judge just issues a judgment against the borrower. See Can You Be Arrested for Not Paying Your Student Loans?There was a recent case in which a man from Houston, Texas was arrested for failure to respond to a court order to appear before a judge and provide documents.The U.S. is not like New Zealand, which has arrested borrowers who default on their student loans and leave the country to avoid the obligation to repay their debt.Federal and private student loans cannot be discharged in bankruptcy in the U.S. Private student loans are subject to a statute of limitations, but the clock is tolled (suspended) while the borrower is outside the U.S. Federal student loans are not subject to a statute of limitations. Interest continues to accrue on both federal and private student loans when a borrower is outside the U.S. or is in default. Eventually, the federal government will offset up to 15% of your Social Security benefit payments to repay your defaulted student loans.Some countries do not issue visas to people who are in default on a loan. Such restrictions are more common with regard to applications for citizenship or permanent residency than for visas. Still, it would be wise to check the rules for the country in which you reside, as you might be precluded from returning after your visit to the U.S.