Hi, I am an Indian Resident. I took loan from Barclays when I was in UK. Its been over 8 months i m in India. I have been regular in my payments for 15 months but am now finding it extremely difficult to pay off monthly installments. I have no earnings in GBP and my Indian income is only sufficient to manage my monthly expenses. I have had flawless credit history since 7 years. I am likely to default from next month onwards given the current economic situation on UK repayments. I am not fully aware of the consequencesof non payment. Does the Bank or UK court have the jurisdiction outside UK for income arrests? Do i have similar options like declaring bankruptcy, while i am not in UK. I fear I might loose my job if the bank contacts my empoyer in UK (same in India as well) about it, if I simply forget about the payments. what risks does it pose
firstly welcome to the forum i don't think any debt in this country can be enforced in another country but that doesn't mean that Barclays won't attempt to take money from a Barclays account you are using in India you can declare BR in the UK as a resident of India if you were a resident in the UK within the last 3 yrs to do this it would need you or your representative to petition in the high court in London There are companies that arrange this sort of thing for you it is called Lasting Power of Attorney and RevivaUK (one of this forum's experts) specialise in your sort of case so it may be worth contacting them(free telephone consultation) through the experts links on the left hand side of the page
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
Thanks. I do not want to loose my job in India. and it could be at risk if the bank contacts/threatens to disrepute me and my Indian company (also based in UK). How far can the Bank or any other authority go in doing so? given that the company was my introducer for opening of the account. But my co. did not play any role in me taking the loan from the bank.
You can arrange to declare yourself BR by either returning to the UK and petitioning at the High Court in London yourself or paying for someone to represent you.
Once you are declared BR the bank will need to deal directly with the OR/Court and not you.
Even when/if you default on the loan amount the bank will only contact you. The only reason that they would contact your company is if they were the guarantor of the loan, which is doesn't sound like they are.
Hi, I am an Indian Resident.
Posted - 12 May 2009 : 16:41:05
