coming back to canada

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mmsn
Member since: Jan 11

Posts: 15
Location:
Post ID: #PID

Posted on: 27-10-19 20:56:20

Dear all,

I lived in Canada until 2018 and then had to return to India due to some job problems I faced in Canada.

I took credit card loans which I could not pay back.

It has been now more than 1 year.

If I return to Canada now, will there be problem at port of entry due to un paid credit card loans?

I would like to settle the money on return.

I need your inputs please.

me and my wife have a valid PR card for entry.

MITRON
Member since: Sep 17

Posts: 249
Location:
Post ID: #PID

Posted on: 27-10-19 21:42:46

Quote:
Originally posted by mmsn

Dear all,

I lived in Canada until 2018 and then had to return to India due to some job problems I faced in Canada.

I took credit card loans which I could not pay back.

It has been now more than 1 year.

If I return to Canada now, will there be problem at port of entry due to un paid credit card loans?

I would like to settle the money on return.

I need your inputs please.

me and my wife have a valid PR card for entry.

Nope. You won't have any problem, re entering the
Country. Not paying your CC bill is NOT a criminal offence or immigration offence.

Don't even bother paying the bill, there is nothing they can do to you. If you want you can declare bankruptcy also, and start with a clean slate.

Not your fault that racist Canada did not give you a job in your field and you had to depend on your credit cards to make ends meet. If they had given you a proper job you wouldn't be in CC debt.

But you will have a bad credit history, so getting another credit card will take some time.

DO NOT open a bank account with the same bank ith which you owe credit card debt. So if you owe money to RBC Visa then don't open a bank account with RBC , open with some other bank. Otherwise that bank will go into your checking account and use that money to pay of your CC debt.

But if your money is in some other bank, they can't touch it.

mmsn
Member since: Jan 11

Posts: 15
Location:
Post ID: #PID

Posted on: 28-10-19 07:33:39

Thanks a lot.

Can I file bankruptsy while in India?

I read, it gives fresh start again. Means credit scores will not be affected?

If affected, I have to start with new paid credit card?

MITRON
Member since: Sep 17

Posts: 249
Location:
Post ID: #PID

Posted on: 29-10-19 16:44:17

Quote:
Originally posted by mmsn

Thanks a lot.

Can I file bankruptsy while in India?

I read, it gives fresh start again. Means credit scores will not be affected?

If affected, I have to start with new paid credit card?

1. About declaring bankruptcy.

https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br03733.html

2. Can I file from India (abroad)

https://www.hoyes.com/blog/should-you-filing-bankruptcy-in-canada-if-living-abroad/

The other option is CONSUMER PROPOSAL.

Your credit rating is already very bad, so don't worry about it. By now the Credit Card companies & Collection agencies have spoiled it, so it won't get any worse.

You probably have a R8 rating by now. If you want you can get a free report from Equifax or TransUnion and see what the current rating is.

mmsn
Member since: Jan 11

Posts: 15
Location:
Post ID: #PID

Posted on: 30-10-19 01:33:04

OK, Thanks. It is clear credit score will be affected if I file bankruptcy or opt for consumer proposal.

Alternatively, If I want the credit score to be good, should I have to agree with canadian bank about repayment schedule?

Does this option make good my credit score ?

Thanks a lot for your advice.

MITRON
Member since: Sep 17

Posts: 249
Location:
Post ID: #PID

Posted on: 30-10-19 01:52:44

Quote:
Originally posted by mmsn

OK, Thanks. It is clear credit score will be affected if I file bankruptcy or opt for consumer proposal.

Alternatively, If I want the credit score to be good, should I have to agree with canadian bank about repayment schedule?

Does this option make good my credit score ?

Thanks a lot for your advice.

Difference between the two.

https://www.hoyes.com/consumer-proposals/consumer-proposal-vs-bankruptcy/

How much debt are we talking about here? With 20% credit card interest it must have ballooned by now.

You basically have 3 options :

1. Bankruptcy

2. Consumer Proposal

3. Neither of the above & keep on dodging the Collection agencies & the banks you owe money to. You have to be thick skinned to do that & also smart so that they don't know where you are & harass you.

Get a pre paid number, where there are NO credit checks. Keep everything in your wife's name ( assuming she has a good credit ).

Don't open accounts & credit cards with banks & institutions, where you owe debt etc. Keep a low profile & stay below the radar. Buy a car in cash like a second hand car. Get an apartment, where they don't do credit checks.

Whichever option works for you is good.

mmsn
Member since: Jan 11

Posts: 15
Location:
Post ID: #PID

Posted on: 30-10-19 02:28:17

thank you for your reply.

I wish to pay out in a phased manner. I can pay that. Not an issue.

But that will help me to recover the credit rating?

Contributors: mmsn(5) MITRON(5) sudesingh(1)

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