What happens if one default on foreign CC

[Sudarshan61]

So let say as NRI one gets CC in foreign country, moves back to India and defaults on CC with no intention of going back to foreign country..

1. How does bank recovers such money
2. Possible future consequences? Visa denial in future may be

 

[gurbina]

So let say as NRI one gets CC in foreign country, moves back to India and defaults on CC with no intention of going back to foreign country..

1. How does bank recovers such money
2. Possible future consequences? Visa denial in future may be

You're planning ahead to borrow money without any intention of paying it back. It's called fraud and it is a criminal offence.

And you'd be surprised how many countries (immigration) and even jobs will ask for criminal/background checks of the last place where you lived previously or for the last 5-10 years and sometimes even more.

Burn bridges, possibly ruin your life. Always with the fear of the authorities or bank coming after you, never been able to go back there or even allowed to transit in their country. Also every country has different laws and some do take it very seriously.
But go ahead do it and let us know us know how it goes.

I don't think this kind of posts should be allowed in the forum.

 

[Sudarshan61]

You're planning ahead to borrow money without any intention of paying it back. It's called fraud and it is a criminal offence.

And you'd be surprised how many countries (immigration) and even jobs will ask for criminal/background checks of the last place where you lived previously or for the last 5-10 years and sometimes even more.

Burn bridges, possibly ruin your life. Always with the fear of the authorities or bank coming after you, never been able to go back there or even allowed to transit in their country. Also every country has different laws and some do take it very seriously.
But go ahead do it and let us know us know how it goes.

I don't think this kind of posts should be allowed in the forum.

Wow...
So you are court and passing judgement on others ..nice..

 

[Copycat]

So let say as NRI one gets CC in foreign country, moves back to India and defaults on CC with no intention of going back to foreign country..

1. How does bank recovers such money
2. Possible future consequences? Visa denial in future may be

If I am not mistaken, if you do this in one of the Gulf countries then you can be arrested even if you are transiting through one of their airports. My recollection of this is pretty hazy as I read of some actual cases quite some time ago.. Here you go: https://www.quora.com/Can-I-transit-via-a-UAE-airport-with-an-unpaid-debt (Quorans weigh in on the same topic)

And as someone else already pointed out job & immigration checks do include a default check component

Certainly not worth taking the risk.

 

[Batmanbaba]

Same thing will happen with you.. That happened.. With nirav modi, vijay mallya, mehul choksi..... I. E nothing.... Enjoy luxurious life in foreign country.... I. E India... Don't go abroad or in country which has extradition treaty with the country from where the card providers belong

And if that country is USA... Then good luck.... Contact elon musk for a shuttle to mars...

 

[Sudarshan61]

Same thing will happen with you.. That happened.. With nirav modi, vijay mallya, mehul choksi..... I. E nothing.... Enjoy luxurious life in foreign country.... I. E India... Don't go abroad or in country which has extradition treaty with the country from where the card providers belong

And if that country is USA... Then good luck.... Contact elon musk for a shuttle to mars...

Haha ..
On CC people don't spend 4000 Cr plus ..

Police check..Does this really take into account loan defaults and all?? I seriously doubt this .
Immigration I understand..will be an issue.

Generally banks will try to recover money ..if they can't they will hand over it to debt collector.. I am not sure to what extend thing go...

And just for clarification I am not defaulting

 

[Batmanbaba]

Haha ..
On CC people don't spend 4000 Cr plus ..

Police check..Does this really take into account loan defaults and all?? I seriously doubt this .
Immigration I understand..will be an issue.

Generally banks will try to recover money ..if they can't they will hand over it to debt collector.. I am not sure to what extend thing go...

And just for clarification I am not defaulting

Even if u........... Default Pakistan or china.... 🇵🇰🇨🇳😂

 

[Predator]

So let say as NRI one gets CC in foreign country, moves back to India and defaults on CC with no intention of going back to foreign country..

1. How does bank recovers such money
2. Possible future consequences? Visa denial in future may be

I think max they can drop your credit profile and harass you with calls or agents

Nothing more than that in case of credit card debt.

 

[Wealth is my birth right!]

So let say as NRI one gets CC in foreign country, moves back to India and defaults on CC with no intention of going back to foreign country..

1. How does bank recovers such money
2. Possible future consequences? Visa denial in future may be

I knew a couple of such UAE related cc and loan where Indians worked there and spend well on cards during job notice period but not paid back later left country
After several years one of such guy visited UAE for some tourism and got arrested in airport then released after huge penalty on the outstanding card bill.
If a person do fraud in USA amex card then for life in any country he/she cannot get Amex I think so.
Peace of mind is worthy than this 3lac to 10lac fraud lol

 

[Copycat]

Haha ..
On CC people don't spend 4000 Cr plus ..

Police check..Does this really take into account loan defaults and all?? I seriously doubt this .
Immigration I understand..will be an issue.

Generally banks will try to recover money ..if they can't they will hand over it to debt collector.. I am not sure to what extend thing go...

And just for clarification I am not defaulting

In the Gulf countries, particularly UAE, the financial provider will file a case against you and the debt will keep on mounting. And yes, in GCC countries loan default cases result in arrests at airports. That's the reason so many people worry about skipping debt in the Gulf countries. And once you are in jail you are not released until you/your family cough up the amount plus penalties

 

[avishj]

So let say as NRI one gets CC in foreign country, moves back to India and defaults on CC with no intention of going back to foreign country..

1. How does bank recovers such money
2. Possible future consequences? Visa denial in future may be

I think people here really do not understand unsecured debt like CC's. Most they can do is harass you and sell the debt off to collections, countries like USA, it will be legally off your credit report in 7 years. Again, this may change based on your country of issuer. Like people mentioned, policies are different in the gulf nations. Either way, one shouldn't do this ever.

 

[gurbina]

Not sure why people keep advising or passing it as a minor thing.

Even outside the Gulf defaulters often get investigated for fraud or theft when there's red flags of foul play. Even fairly small debts will go a long way.

The act of going on shopping sprees, maxing out credit card limits and leaving the country will easily lead the bank and judge to bring criminal charges (theft, fraud) against you even on relatively small debts.

Any false or inaccurate information given to the bank, and tax implications because of it can also lead to criminal charges.

Banks have whole departments whose sole purpose is handling such cases. Screwing yourself for small debts isn't worth it and larger debts will just haunt you and screw your life.

Technology has progressed a lot which only helps the banks and recovery agencies side in investigating, tracking, filing a lawsuit and so on. It's nowhere near as costly or time consuming as it used to be. These processes have gotten digitized and streamlined.

 

[deep@vie]

So let say as NRI one gets CC in foreign country, moves back to India and defaults on CC with no intention of going back to foreign country..

1. How does bank recovers such money
2. Possible future consequences? Visa denial in future may be

everyone do so much for peace of mind.