I have a bank loan of £7,500(irish pounds) and I’m travelling around the world for a while…
If I come back to Ireland in a year or so would I go to prison or is the amount too little for something as drastic as this to happen???
You mean without paying it back in the meantime?
At the very least, you can kiss your credit rating goodbye.
pan
Perhaps you should have checked first.
Depends on the law in ireland, its very different all over.
Usually you just go bankrupt but bang goes your credit rating.
I think the other posters have summed up the issue well, but if I can just hijack this for a moment:
Just a helpful suggestion, gavster, but you might want to take it easy on the punctuation marks. One question mark will suffice instead of three, and multiple exclamation marks can damage your credibility and make you look as if you lack poise and self-control.
Not that I wish to cramp your style, of course, but a more conservative approach often makes a big difference in how your posts come across.
We now return you to a discussion on bank loans.
Gavster, have a talk with your bank manager first, before abandoning your payments. You’re credit rating would be worth as much as the FAI league cup.
If you arrange an extention on the loan, with lower payment terms for the time you’re away, it might not be as bad as you think.
Also depends on which bank. Some banks, they’ll send very large persons (no neck, knuckles drag on the ground when they walk) to break your legs. This is called “default.”
[Moderator Hat ON]
Moving to General Questions.
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For £7500 they WILL come after you. Trust me on this. When you get home contact them and make an arrangement with them. If you don’t depending on the bank they will either transfer it to the section that deals with defaulted loans or send it to a debt collection agency. When eventually it goes to court YOU will be held responsible for your debt + interest + costs. This is not where you want to be.
You won’t go to jail but think about your future. This kind of crap can follow you around for years. When you get back, talk to your bank.
I had problems good few years ago and they where surprisingly flexible.
Ohh and here’s the CONSUMER CREDIT ACT, 1995 to keep you in reading for a month or two 