Korean Job Discussion Forums

[KAMAKAZI]

For some reason this popped into my head. This is not about me, just a general question.
What if you owed money say on a Korean credit card or a loan at a Korean bank, then went back home and never returned?? i dont have either a credit card or loan, but assuming the owed amounts were under 10,000,000 won, what would happen?

[pkang0202]

Well,

1. Nothing would happen to you unless you came into Korea.


BUT

2. You would be a classic example of why Koreans are so anal when it comes to giving Foreigners loans, credit, etc...

3. The newspapers would use you as an example representing ALL foreigners in Korea.

[livinginkunsan]

1. you would NEVER get a loan from a Korean bank.

2. I think that having unpaid visa bills in one country would still effect you anywhere.

[KAMAKAZI]

[Typhoon]

My father in-law loaned a guy about $200 000 through a bank, maybe he was a co-signer on the loan (stupid thing to do). The guy took off with the money to the Phillipines and stopped making payments and cutoff all contacts. The police said there was nothing that could be done until he came back into the country. He came back into the country to try and sell some buildings he owned (I don't know why they couldn't have a leins put on them before), my father in-law called the police and they still didn't arrest him or do anything. My FIL got a lawyer and I think finally an injuction was made so the guy couldn't sell any property before my FIL was paid back, plus a big % for interest and loss money for future potential investments. This happened about a year ago. Since the injunction the guy has disappeared again and he still owns the building and I am guessing is getting income from the rent. So I think it is pretty easy for debtors to get away from paying off their debts here based on this experience.

[pkang0202]

[orosee]

[D.D.]

Nothings happens. Each country has a different credit system that is not linked to immigrations computer. Banks give out so much money these days and expect a certain amount of to be written off.

It does screw up the chances of other expats getting cards, but only if lots of people do it.

[pkang0202]

You could easily open up a credit card in the US with a credit line of less than $10,000 dollars, max it out, report it as fraud/stolen, and get away with it without any investigation.

Now, if you do it 2 or 3 times, then there will be red flags. But if you do it once, the credit card companies won't bat an eye.

However, the retailers will probably go after you.

[Socks]

[KAMAKAZI]

[orosee]

Ummm, I think the "you" there is a rhetorical construct and not addressed to "you" as a person. More like "you, the hypthetical person considering card fraud". Or maybe not, who knows.

[orosee]

[patongpanda]

Important point -

borrowing money and not paying it back is not fraud and not illegal.

[huck]

hmm..I don't think you would get flagged at immigration for the amounts you're talking about.

What about Americans who owe debt collectors $20,000? They don't get stopped when they're re-entering the USA.