 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
What happens if I default on a loan?
I have just checked my credit report online and the notes on it say I defaulted on a loan. The last update from the loan company was 3 years ago and it says that they were unable to reach me.
I am not in a position to pay back the loan and although I still have an address in the UK where I took out the loan (although not at my own property) I am now permanently living abroad. I only use the UK address to receive letters relating to UK affairs. I have 2 questions regarding this: 1) Now that I have submitted my details to Experian to find out what my credit report says is there any way they can pass on my personal details to the loan company I still owe money to without my permission? (NB.. I immediately cancelled my account with Experian after finding out the information I wanted to know). 2) What will happen to the loan I defaulted on? Bearing in mind nothing has been paid since 2004 and the last update they made to my account was in May 2005. Will this get written off and what will happen if I decide I want to get credit in the future? |
||||
|
||||
|
What's the state you are living at? And who is the company? All depends on the statute of limitations and that is different in every state. Experian will put in your credit report for every creditor to see it any personal info you gave them, specially address, name and phone number, They are the worst you almost have to sue them in court to get that data deleted.
|
||||
|
||||
|
My guess is that is that Experian does not owe you any confidentiality and can pass along (sell) whatever information it may have about you, but I could be wrong. The defaulted loan should specify what the lenders rights and remedies are: if there is collateral, repossess it; sue you when they locate you. The situation may be such that while you are out of the country, the statute of limitations is not running.
|
||||
|
||||
|
Sorry I didn't read that "UK where I took out the loan " I don't know how it works in UK but I don't think that US Experian can list UK's accounts, also I don't think that an UK company can sue you over a debt unless you live in UK. There was no long ago somebody around here from the UK quite knowleage in UK consumer laws. Maybe you can try to find some real answer in a UK consumer's forum
|
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
I owe 750.00 in a payday loan there are two others as well .My bank account was closed due to overdraft fees this was 16 months ago. Yesterday at work I got a call that if I did not pay by 2:00pm they were going to pick me up, I work as a nurse at a hospital then my co -worker got a call could he...
Sister having lot of money problems since having her baby. Got car loan in March 2008. Should be making payments every two weeks. Last payment made was 4/16/08. Car repo person called her today and said that if she didn't turn in car today he was going to police and putting warrent out for her...
I missed 2 payments on my car loan and avoided calls from the lender because I knew I would pay them soon, when I received a long awaited check-in-the-mail. I got that check on Thursday and went online to make payments yesterday, Saturday, and was told that my "account had been closed". I then...
I have to default on my car loan. I also have a co signer, the car is not running the engine has blown... I advised the insurance company of same... what are th elaws regarding this... is still repaying the loan my responsibility
I am facing a serious situation.I had a car loan and then I gat into an accident.It was a hit and run and the police never found the people that hit me.Unfortunelty right before that, because of serious financial problems, I couldn t make my insurance payments.Now I received a call from a lawyer...
View more questions Search
|
