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Howard Roark
Joined: 02 Feb 2003
Location: Canada
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 Posted: Thu Feb 22, 2007 5:59 am Post subject: Settle this argument about student loans |
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I'm not in Korea anymore. But on the last night I was there I had a few drinks with some other foreigners and we got on the subject of student loans.
Someone said that they had not been paying their Canadian student loan and didn't plan to pay it.
Of course this launched a huge argument about the ethics and legalities of student loan non-payment.
The point that struck me as curious was someone said that in Canada if you don't pay your student loan, you cannot leave the country. For example, if you've been living in Korea and not paying your loan and then you go home for a visit, you won't be able to leave again!
I said I thought this was not true. It sounds like something credit people say to scare you on the phone. I don't think they have the power to restrict your movement. Non-payment of a student loan is a civil matter, it's not criminal. They can sue you in court and perhaps garnish your wages, but I don't think they can keep you from leaving Canada.
Anyways, I'm still curious to know what the truth is on this matter. People on this forum are often discussing student loans, so I thought someone might have experience. Any Canadians not paid their loan, been to Canada, and set free again???!!!
Thanks. |
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riverboy
Joined: 03 Jun 2003
Location: Incheon
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| Posted: Thu Feb 22, 2007 6:09 am Post subject: |
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| It is complete nonsense. You are free to travel anywhere and they can do nothing about it. |
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oneofthesarahs
Joined: 05 Nov 2006
Location: Sacheon City
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| Posted: Thu Feb 22, 2007 6:14 am Post subject: |
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| Don't expect to ever be able to take out a personal loan for the rest of your life though. |
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peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
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| Posted: Thu Feb 22, 2007 6:27 am Post subject: |
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| So. . these people were naive enough to believe that, and they decided that never seeing family and friends again was worth about $20,000. great. . . |
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Howard Roark
Joined: 02 Feb 2003
Location: Canada
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| Posted: Thu Feb 22, 2007 8:09 am Post subject: |
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| peppermint wrote: |
| So. . these people were naive enough to believe that, and they decided that never seeing family and friends again was worth about $20,000. great. . . |
Well, actually the person who said that was not the person who wasn't paying his loan. The guy who wasn't paying his loan was pretty shocked though. I told him I thought it was nonsense, but he got a fright I think! |
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swetepete
Joined: 01 Nov 2006
Location: a limp little burg
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| Posted: Thu Feb 22, 2007 9:59 am Post subject: |
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| I can confirm that this is completely untrue. |
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twg
Joined: 02 Nov 2006
Location: Getting some fresh air...
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| Posted: Thu Feb 22, 2007 10:05 am Post subject: |
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You student loan has nothing to do with your freedom of movement.
Unless you're being taken to court over it. The I assume the judge won't want you to leave the country. Makes sense.
| Quote: |
| they decided that never seeing family and friends again was worth about $20,000. |
Nah. I figure that the plan is to not seem them for ten years so they can have the right to add it to their bankruptcy declaration when they finally come back home.
Unless that law has changed. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Thu Feb 22, 2007 3:36 pm Post subject: |
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| twg wrote: |
they can have the right to add it to their bankruptcy declaration when they finally come back home.
Unless that law has changed. |
It has. Long ago. |
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VanIslander
Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!
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| Posted: Thu Feb 22, 2007 3:49 pm Post subject: |
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They lock you up and throw away the key.
But first they spray paint the letter 'L' on your forehead, for the way you look. |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Thu Feb 22, 2007 5:59 pm Post subject: |
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| oneofthesarahs wrote: |
| Don't expect to ever be able to take out a personal loan for the rest of your life though. |
not true. if you declare bankruptcy, the longest you would have to wait to be taken off the "blacklist" is 7 years, and in some cases sooner than that. So, to say not paying ONE loan, as opposed to perhaps dozens in the case of bankruptcy, doesn't add up.
One thing I know that people do is to stop paying the loan. As long as you have no money in bank accounts in Canada, then the loans people can see you have nothing to pay it with. When the collectors start to call, (leave you phone number of your parents, and tell them you are living at home, have parents take a message, phone the bill collectors back) just say you are unemployed and can't make a payment. After several months of this, the loan will get passed on to a collection agency, if it hasn't already, and they will be desperate to get something. They may offer you a deal to pay off say, half the debt, and then the rest will be wiped from the books. I personally knew someone who did just this. It sounded sweet, but those months and months of not paying your bill do go on your credit rating I think. Still, it then shows you paid the debt in the end, so it's not like you defaulted on a loan. |
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twg
Joined: 02 Nov 2006
Location: Getting some fresh air...
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| Posted: Thu Feb 22, 2007 6:45 pm Post subject: |
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| Young FRANKenstein wrote: |
| twg wrote: |
they can have the right to add it to their bankruptcy declaration when they finally come back home.
Unless that law has changed. |
It has. Long ago. |
They changed the ten year limit?
Details please |
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Qinella
Joined: 25 Feb 2005
Location: the crib
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| Posted: Thu Feb 22, 2007 6:53 pm Post subject: |
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The dude that lived in my apartment before me told me he had defaulted on his student loans. I get on average 3 letters a week from the agency about it. Very annoying.
I've got one word for people who default on their loans: pathetic. This especially holds true for people making 2 million won or more a month. There's no excuse for it. |
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twg
Joined: 02 Nov 2006
Location: Getting some fresh air...
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| Posted: Thu Feb 22, 2007 7:00 pm Post subject: |
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| I guess unemployment don't mean anything to you? |
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cdninkorea
Joined: 27 Jan 2006
Location: Seoul
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| Posted: Thu Feb 22, 2007 7:31 pm Post subject: |
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Edit.
Last edited by cdninkorea on Sun Feb 25, 2007 2:35 pm; edited 1 time in total |
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fruitcake
Joined: 18 Apr 2004
Location: shinchon
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| Posted: Thu Feb 22, 2007 7:49 pm Post subject: |
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| twg wrote: |
| I guess unemployment don't mean anything to you? |
then you get a new word: deferment |
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