Job Discussion Forums

nonsmoker · Posted: Wed May 09, 2007 4:04 pm Post subject: Not repaying your student loans

This is just an situational example. I'm not really planning on doing this but I am very curious. Say, for example, you have lots of student loans in the USA and you decide to say, 'screw it, I'm moving to Japan and becoming an English teacher". What's the worst that can happen to you if you decide to abandon America for the Far East and not repay your student loans. Can the US government find you and eventually extradite you from Japan? Can they garnish your wages and take money from your Japanese bank account (like they can at home)? Can and will your ruined credit file transfer to Japan (or to any other part of the world, for that matter)? I'd also like to hear how it would play out in other Asian countries such as China, Taiwan, Korea, or Thailand.

Thank you.

southofreality · Joined: 12 Feb 2007 Posts: 579 Location: Tokyo

Actually, it's big news these days. Because of some international law loopholes, local Yakuza outfits are able to buy uncollected debts from foreign banks and creditors the way collection agencies do back in the States. Their thugs then hang out at various eikaiwa schools waiting to corner debt-ridden English instructors and demand payments. Next time you read or hear about some foreign English instructor meeting with a bad accident, ask yourself: Was it really an accident?

nonsmoker · Posted: Wed May 09, 2007 4:49 pm Post subject:

Are you serious? You mean to tell me that Mastercard would hire the Yakuza to get its money from you? Wow. I guess that's what I call "hard collections".

sushikurva · Joined: 11 Dec 2006 Posts: 59 Location: out n' about

nonsmoker · Posted: Wed May 09, 2007 6:10 pm Post subject:

I'm thinking about taking out a massive loan and retiring on a semi-deserted island in the South Pacific Laughing

. But I must remember to relocate my American-based bank assets slowly. Thank you Sushikurva Very Happy

Stick it to the man!

shuize · Joined: 04 Sep 2004 Posts: 1270

nonsmoker · Posted: Wed May 09, 2007 10:43 pm Post subject:

I was only joking. Obviously I am gonna repay my student loans lol. I told u in the beginning that I was just curious about what would happen.

JonnyB61 · Joined: 30 Oct 2006 Posts: 216 Location: Japan

Me when I was about 6 years old: Why Dad? Why? But Why Dad? Tell me why? Why?
My poor long suffering father: Give it a rest, will you. You're just talking to hear the sound of your own voice.

flyingkiwi · Posted: Wed May 09, 2007 11:44 pm Post subject:

Well, with the way the yen is right now, I'm holding out on paying my loan at the moment...