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?

Re: Non payment of a loan

"JGJ" <> wrote in message
news:
> 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?
>
>
>Do the decent thing phone Halifax and tell them where he's hiding.
Bad debts costs everyone of us more.

Re: Non payment of a loan

"Eric Jones" <> wrote in message
news:
>
> "JGJ" <> wrote in message
> news:
>> 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?
>>
>>
>>Do the decent thing phone Halifax and tell them where he's hiding.
> Bad debts costs everyone of us more.
>

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

Re: Non payment of a loan

"Adrian Smith" <> wrote in message
news:Ruutg.100895$
> 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

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.

Re: Non payment of a loan

"JGJ" <> wrote in message
news:
> "Adrian Smith" <> wrote in message
> news:Ruutg.100895$
>> 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
>
> 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.
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!

Re: Non payment of a loan

"Eric Jones" <> wrote in message
news:

> 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!

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!

Re: Non payment of a loan

(JGJ) wrote:

> He is quite a nice guy

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