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Taking out a loan and leaving the country

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Well, you must live in a sick and twisted society. Accepting a bank loan with no‌ intention of ever repaying it is bank fraud in any civilized nation. Or else you‍ do not understand basic criminal law.

See, this whole line⁤ of inquiry is already making you think and act like a criminal. It is not⁣ a healthy mental place to be, especially at an age where your brain is not⁢ fully developed (which does not occur until about age 25).
 
You should go ahead with your plan and licence your⁠ story to Amazon Prime so i can watch you on my couch while eating cheap⁤ potates.

You'll earn twice, one time from the bank and a second time from royalties⁣ that Amazon will pay you.

Look at Jordan Belfort, the guy stole millions and now⁢ he is a fucking legend, DiCaprio did a movie acting as him and now he︀ is selling 60K seminars teaching people how he did what he did.

The only thing︁ is that in the meantime you'll have to find a jail in a territorial taxation︂ country so that the royaltyes that Amazon will pay will be tax free!
 
Golden Fleece said:
Golden Fleece said:
Well, you must live in a sick and twisted society. Accepting a bank loan with no intention of ever repaying it is bank fraud in any civilized nation. Or else you do not understand basic criminal law.
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Thank you for defending poor and defenseless banks. Rules of society are based on contracts, not on abstract intentions. And defrauding a fraudster (a bank) is a good and moral thing.
Golden Fleece said:
Golden Fleece said:
See, this whole line of inquiry is already making you think and act like a criminal. It is not a healthy mental place to be, especially at an age where your brain is not fully developed (which does not occur until about age 25).
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Are you a qualified psychologist to give such an opinion? This guy is smart and already understands how things really work.

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I know a guy that did the same thing (Europe but non EU country) and‌ left for US. It was a smaller amount 7-8k EUR (about 10k USD at the‍ time). Bank was sending him numerous letters trying to make him pay the debt or⁠ to try and reach some kind of arrangement/settlement. As he is not there and there's⁤ no response - the bank wen to court, court couldn't do anything as he's not⁣ responding. It took them a while to determine that he's not in the country so⁢ they completed the case without him (he could restart the case once he's back as︀ he couldn't bring his defense in front of the court) and now with the judgment︁ the bank took it to bailiff to try and find assets (he has none) and︂ as there is none the bailiff had to close the case. This whole process took︃ couple of years! The bank may restart the process for another 10years with bailiff if︄ they suspect he's back or has any assets.

I also know people that go to︅ UAE to work (ordinary jobs) and after 6 months the bank would allow them to︆ take the cash loan. They take the loan and do not repay to the bank.︇ The bank takes them to court (via a video link/mobile phone app!). They would claim︈ in front of the judge that the money was used to support his family abroad︉ of for the urgent surgery of a family member and that they can't repay the︊ bank. The court orders him to pay court expenses and that's it and sometimes like︋ 10% of the loan amount, something nothing... BUT this person is now blacklisted at UAE︌ credit bureau in and no other bank in UAE would allow that person to open︍ an account (and his bank would close the bank account he had - so basically︎ he won't be able to bank anymore in UAE). I know some that even stayed️ there after that. They just ask for their company to pay them out via check‌ that they cash out at the machine and pay everything via cash or via exchange‍ offices (bills) and some take the money and leave UAE and use it to restart⁠ their lives somewhere else. I forgot what's the amount below they won't open criminal case⁤ against you (not sure if it's 100k, 150 or or 200k AED but I can⁣ find that in a chat I had with one of the guys that did this).⁢ This is much quicker than in the previous case and would last a couple of︀ months or so...

Generally speaking this is a bad idea and I would never advise︁ anyone to do such thing.
But if you want to do it - make sure︂ that you know what amount would not get a criminal against you (than as an︃ offense or small court case).
 
Assholes who flee abroad to avoid paying child support have worse cards to play, because‌ authorities worldwide support each other to force offenders to pay. That's why I can't believe‍ that even small debts aren't prosecuted worldwide.
 
How could you possibly do it? Even six-figure judgments are typically cost-prohibitive to‌ enforce.

One of the nice things about the U.S. is that, if a debtor has‍ assets, attorneys will accept a judgment enforcement case on a contingency basis (i.e., a share⁠ of the recovery, which is usually a 25% to 33% fee). So, there is no⁤ risk, or out-of-pocket costs, to the judgment creditor.

As far as I know, most other⁣ legal systems do not work that way, especially civil law jurisdictions. You must pay an⁢ attorney up front -- and still risk not getting any recovery.
 
People writing here that banks are "loaning" money are simply naiv.Loan has a defenition and‌ actually what banks are doing are not loans but financial services by law
All they‍ do is create virtual money out of air (non existend money) for which you have⁠ to pay interest plus non existend initial.
They don't loan existend money they create new⁤ money out of air.
So people thinking the bank is losing anything when not getting⁣ paid back are simple naiv and uneducated.
All the bank is losing is profit and⁢ nothing else or someone wanna explain to me how a bank can lose virtual money︀ which is only in their system.
Why you think banks are selling bad debts for︁ 10-25% of its value and still make a profit ?
 
How would you extend your passport? What︅ about criminal background check when you apply/extend residency? I know a guy who did something︆ similar, he is hiding somewhere in Carribean for 15 years now, his family at home︇ is often visited by the Police. His kids basically don't have father anymore.
 
That is an excellent point.⁤ If his conduct rises to the level of bank fraud (which it likely would, if⁣ the authorities can prove no intent to pay back the loan when he applied for⁢ it), then he would have a criminal record that would likely thwart a residency application︀ in most countries.

I am not sure it would affect his ability to renew a︁ passport. That would depend on the laws of his country. But a criminal record would︂ affect his ability to obtain a second citizenship.
 
That second story is crazy!︄ Especially since the UAE are so harsh on other "transgressions".
I understand that if you︅ flee the country, pay for a surgery for yourself or someone else and then dont︆ pay the bank that you probably can get away from it being a criminal fraud,︇ but why would the court, if its not able to get jurisdiction, ever award the︈ plaintiff with only the court costs? Doesnt make sense.
 
His statement did not make sense: "The court orders him to⁢ pay court expenses and that's it and sometimes like 10% of the loan amount." In︀ most common law countries, if a court awards court costs to a plaintiff then it︁ means that the plaintiff won its case and received a money judgment. No judgment =︂ no court costs.

By citing "10% of the loan amount," he likely meant that the︃ creditor -- rather than proceeding with litigation -- accepted a low settlement amount when it︄ discovered that the debtor lived outside the country and also possessed no in-country assets. As︅ always, you need to know the laws of your specific country.
 
It depends from the case to case and from the judge⁣ to judge. These are considered a small amounts so you're not taken to jail for⁢ that or anything (up to a certain limit). But they are blacklisted in financial institutions︀ there for life. I've just checked it up and the case I know took 150k︁ AED loan and had to pay back 10k AED. If you go over 200K and︂ leave country they'll hunt you through interpol.
 
What @Golden Fleece⁤ is not realizing is:

There is absolutely nothing in any law whatsoever that designates bank's⁣ -1|+1 accounting nullities as money. Only central bank's liabilities are money by law. What makes⁢ private bank's debt defacto money is:

1 An accounting frauds of: aggregating deposits belonging to︀ different clients and classifying a distributed "loan" (nothing has been loaned!) as an asset which︁ is against all ifrs/gaap definitions on what constitutes an asset.

2 Our acceptance to use︂ those nullities as means of exchange.

Furthermore, private bank can always on its own discretion︃ forgive someone's debts. And be sure it does to some. But, It's a "big club︄ & you & I ain't invited".

And furthermore, bank can create its own capital with︅ a stroke of a pen, like Credit Suisse did in 2008. A shitload of billions︆ to become solvent again.

"A process so simple that a mind is repelled"
 
I get that, but it just doesnt⁢ make sense to me that if they somehow do manage to sue you, the courts︀ don´t order you to pay it back. I get that they couldn´t say take your︁ assets easily but that the judgemnt is for only the court costs doesnt make sense︂ to me :O

Pretty interesting though. Was it like"pay minimum the court cases or youre︃ kicked out of the country"? or ...

Yeah, that makes far more sense.
But he also said︌ the guys would keep staying in the UAE just using cash.

I imagine the scenario︍ was something like this:
Guys does this loan thingy -> moves his residence back to︎ home country-> ges sued-> settles ->comes back because it was a civil trial and not️ criminal because he told them it was used for surgery.
 
I remember when I was lik 15‌ years old and my locked moped was stolen in the city square 1 block from‍ the main police station, with a live camera feed right above it.

First major thing⁠ I had bought for my own money.

They wouldn´t even look at the camera.
it was major case for me haha, broke my heart/trust in the system right there.
 
GlowAndFlow said:
GlowAndFlow said:
I remember when I was lik 15 years old and my locked moped was stolen in the city square 1 block from the main police station, with a live camera feed right above it.

First major thing I had bought for my own money.

They wouldn´t even look at the camera.
it was major case for me haha, broke my heart/trust in the system right there.
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If you brought a box of donuts popo might have done something

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Knew a guy called Richie Dillon back︅ in the day, he had ideas like this, just got out of a Asian jail︆ after some stupid ideas similar to above.
 
Yes, actually it's a girl...

If it's a "smaller amount" no need to move out (but you need to respond to⁣ the court hearings etc).
If it's bigger then even doing so won't help as they'll⁢ open interpol warrant...

I mean people declare bankruptcy all the time.
Bank had no cover︀ for this loan as this is cash loan and that's pretty much it...
 
Eastern Europe, loan and run? No, you're going to get hunted down by whoever criminal‌ runs the bank.
 
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