Non payment of a loan

Was talking to a friend at work today. He told me that he took a 10k loan from Halifax 2 years ago and hasn't paid anything back - he can't afford to.

Since that time he moved house (from another city to this one) - he doesn't know if Halifax are trying to contact him at his previous address - but he has no plans to pay the debt. If needs be he will declare himself bankrupt but doesn't want to unless he has to.

Anyone want to guess what might happen - will Halifax come knocking in a few years demading loads of interest -why are they already not chasing him?

I did suggest contacting Halifax and telling them that he couldn't pay and then maybe going bankrupt if they didn't offer him any options to ease the repayments - but that may alert them to his whereabouts.

He also said he plans to move abroad within 2-3 years - what will happen to the debt in that case- will it be written off?

Reply to
JGJ
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Bad debts costs everyone of us more.

Reply to
Eric Jones

Looks to me like he borrowed the money with no intention of paying it back, which is fraud.

Did he lie about his earnings when he got the loan. How come he could not afford to pay it back the moment it was approved?

I suppose the answer to your question is that he should go bankrupt immediately prior to leaving the country. However he must be a bit thick to need to go bankrupt over 10k.

Adrian Smith

Reply to
Adrian Smith

1) This is someone I know from work, I don't have his details (i.e his address) so I can't grass him - but I wouldn't anyway! 2) At the time he took it out he was going to use to for a business he was setting up (a personal loan for business use!) - but the business didn't do very well. He is employed part time at the moment but doesnt earn enough to pay the loan off. I am not sure of the specifics of his finances, just that he cant afford to pay the loan back and he ignores it, but also the bank havent tracked him down to his current address.
Reply to
JGJ

If he is employed part time he could offer pro rata payments to stop the loan going into default. The fact that he has not done so and from your postings it looks like he has no intention of repaying then I agree with other poster it is fraud. Why don't you want to 'grass' him? Do you condone his actions?Are you likely to do the same thing? You say that you don't know where he lives but you sure as hell knows where he works so give Halifax an anonymous letter stating what you know and he will never know!

Reply to
Eric Jones

I don't condone his actions and I am not likely to do the same thing. He is quite a nice guy and I wouldn't grass up someone for this sort of thing, especially as its likely that they will track him down, I did advise him to try and find out at least if they are trying to track him down.

Also now he has decided to move abroad I don't think he really cares at it will all be a distant memory to him!

Reply to
JGJ

I'd better get a new dictionary. My definition of nice doesn't include stealing. Still, I guess you can be nice without being decent or moral. Welcome to New Britain! ;-)

A debt agency will no doubt take over the debt eventually. As long as this person stays outside the EU and never comes back on the electoral register here, I suppose he'll be safe to ignore it. Computers have a long memory though, and agency fees mount up over the years.

Andrew McP

Reply to
Andrew MacPherson

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