unable to pay debt - leaving back home
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I believe he should file bankruptcy before leaving to India but what can happen if he doesn't file the bankruptcy and coming back to Canada after 7 years?
Do you think he has to deal with his debt after 7 years?
Do you think his credit will be in bad state after 7 years and he will have hard time to get unsecured credit card?
Any idea?
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Quote:
Originally posted by san-hugo
Trueman,
Nobody can predict and answer correctly whether you will be chased or not. See your compulsions and act accordingly.
on different note,
So many CDs showed concerns abt your issue, they deserve to know more. Pls share the complete story behind debt, when was it taken? , what was initial amt? did it increase over a period of time? what was the purpose ? did you do business ? Apart from no job what are other compulsions behind going back ?
I am sure if you elaborate your situation, you will get valuable suggestions and who knows you will see more options than going back.
My guess is trueman try to play in some shares or forex trading market and try to make money. In that Situation must have taken more bank loan to play more and try cover losses. I could be wrong.
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infocan
Quote:
Originally posted by tamilkuravan
All the best. Hope your situations gets sorted out.
It is a warning / wake up call to all the immigrants struggling in Canada and also for people in India who think that in Canada, often you get liquid gold running on the taps,
It is a struggle in Canada guys (unless you are in IT or in some financial services jobs)
Peace
I am sure govt give 400 dollars per month per child for person with no income
For 600 dollars per month one get basement in GTA that covers all gas,electric,water bills
How can family get debt to 35 k in less than 3 years in canada? I assume trueman is not canadian citizen. Thier no point in blaming canada. If one is reckless (shares ,forx trading etc) in spending. he/she can be in debt anywhere in the world.
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infocan
Quote:
Originally posted by infocan
I am sure govt give 400 dollars per month per child for person with no income
For 600 dollars per month one get basement in GTA that covers all gas,electric,water bills
How can family get debt to 35 k in less than 3 years in canada? I assume trueman is not canadian citizen. Thier no point in blaming canada. If one is reckless (shares ,forx trading etc) in spending. he/she can be in debt anywhere in the world.
Everyone has their own circumstances. How can you presume that the guy lost money in Shares or Forex trading? Even if he did than it is not illegal in Canada.
How many Canadian lost billions every year for Casinos, Olgcs and sex industries.
It is the govt. responsibilities to curb such things which can result in the financial disaster for the family.
Location: God's own country
Posted on: 03-11-11 01:32:16
35K over 3 years is peanuts to have accquired.
I lost $ 8,000 in the first six months that I was in Canada in 2002. At the end of it, with just a temp. job, I got 5,000 limit credit card.
At the end, if you do not have a good job, debt always accumulates like $ 300 a month or if you had to suddenly pay a medical claim or travel to India. It just gets added up and you fall into a debt trap, where you end up paying only the min. payment and the principal and interest just escalates.
At the end, whatever social assistance that Canada offers, it may not be sufficient for decent Indians as our requirement for comfortable living is different.
Peace
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Quote:
Originally posted by infocan
Quote:
Originally posted by san-hugo
Trueman,
Nobody can predict and answer correctly whether you will be chased or not. See your compulsions and act accordingly.
on different note,
So many CDs showed concerns abt your issue, they deserve to know more. Pls share the complete story behind debt, when was it taken? , what was initial amt? did it increase over a period of time? what was the purpose ? did you do business ? Apart from no job what are other compulsions behind going back ?
I am sure if you elaborate your situation, you will get valuable suggestions and who knows you will see more options than going back.
My guess is trueman try to play in some shares or forex trading market and try to make money. In that Situation must have taken more bank loan to play more and try cover losses. I could be wrong.
Only Trueman should be able to tell the complete situation. Without knowing everything its futile to suggest even the bankruptcy.
but it seems he has decided to go back leaving the debt behind and only worried abt being chased.
I have seen many examples with people where in the long run such shortcuts bite back and people repent doing the mistake despite having a chance and sense of not to do so. situations like you need medical attention and want to come back to Canada or company in India want you to go to Canada on assignment bcs you have PR/citizenship and canadian experience etc. or your kid want to come to Canada, to study, work or for sports ! you never know , so do the right thing when you can.
I dont think any one will be able to track you down in India. But, you know that you should pay back money..it is not legal not to pay back. If you decide to come back in your life, then you cant have credit card and more problems..Think for long run. can't believe to have debt of 35$ in 3 years. Unless person never worked and it is impossible for me to believe that someone can be un employed for 3 years..
Please let us know your contact info for future...
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