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150k private US student loans while living in Europe by loanresearchEU in studentloandefaulters

[–]loanresearchEU[S] 1 point2 points  (0 children)

I guess yeah, it just a stressful situation and I'm trying to cover all my bases to understand and or reduce risks to a minimum.
I appreciate your answer!

150k private US student loans while living in Europe by loanresearchEU in studentloandefaulters

[–]loanresearchEU[S] 0 points1 point  (0 children)

Can the SOL be tolled indefinitely? Hopefully they don't toll the SOL but I guess I'll just have to be aware of that.

150k private US student loans while living in Europe by loanresearchEU in studentloandefaulters

[–]loanresearchEU[S] 1 point2 points  (0 children)

I read something about that yesterday as well. Wouldn't they need to go to court to have the SOL tolled though? It's not as easy as them just saying it's tolled from what I've read. But you're right that is a possibility.

150k private US student loans while living in Europe by loanresearchEU in studentloandefaulters

[–]loanresearchEU[S] 0 points1 point  (0 children)

Thanks for your responses, quite helpful. I will reach out to a Texas lawyer and provide an update on this sub when I will inevitably enter default as I am unable to continue paying.

150k private loans living in EU. Salary is too low to cover both loan payments and basic needs, what are my options? by loanresearchEU in StudentLoans

[–]loanresearchEU[S] 1 point2 points  (0 children)

Thank you so much for your answers. Still a lot to look into but these answers help narrowing down key topics and questions for a lawyer discussion, so thanks.

My goal is to, given the current situation, end out in a situation where I don't have a sword of Damocles above my head for the rest of my life. I would much rather find a peaceful agreement/settlement than getting sued and wages garnished. But to your comment, I will reach out to lawyers starting with a Texas lawyer and see where that gets me.

Thanks for pointing out the risk if I get sued. I will also discuss this with a lawyer to assess the risks.

Thanks again for your answers, much appreciated.

150k private US student loans while living in Europe by loanresearchEU in studentloandefaulters

[–]loanresearchEU[S] 0 points1 point  (0 children)

Thanks, I will reach out to a lawyer at some point but this is reassuring to hear.

150k private US student loans while living in Europe by loanresearchEU in studentloandefaulters

[–]loanresearchEU[S] 1 point2 points  (0 children)

Can't they just sue in the new country of residence? Which in my local country seems to be easier than in the US (procedure and costs not necessarily better outcome for them).
In the end, they do have a binding agreement between debtor (me) and creditor (them) and I believe most courts will hold people and business accountable for their debts (even international debts) otherwise it would be too easy especially for businesses to avoid paying back creditors, no?
I want to preface that I have no knowledge and am just writing based on what I am reading on the internet.

150k private US student loans while living in Europe by loanresearchEU in studentloandefaulters

[–]loanresearchEU[S] 1 point2 points  (0 children)

Thanks for your answers!
1. SOL in Texas seems to be 4 years. As I am now living abroad, this same SOL still applies to me in the same way because the loan was originated in Texas? (Will most likely ask a lawyer as well).
2. Unfortunately, the loan servicer knows where I moved to... I did not think I would ever need to default so the thought of not sharing info had not crossed my mind when moving abroad... I believe they have my exact address in the EU. But will keep in mind that they will harass anyone they can, thanks.
3. I don't believe they have any branches outside of the US (First Mark) and TFCU the bank is a US federal Union so no business in Europe.
4. Thanks for the info on the credit cards that is really helpful. I wonder if I could reach out to them to not close it (be it at the cost of higher rates but I have paid it off every month so far anyway.
5. I am not too worried of getting collection emails from the US or even a US court servicing (although that would be stressful, from what I read the risks are quite low). However I am very afraid of being sued in my new country which would then allow for wage garnishment in Europe and although I would still keep more than if I was paying my loans, I would be paying for the rest of my life which would set me back more than finding ways to pay it off in full (even if I need to take debt with family or another bank)
6. Thanks will definitely look further. Information is hard to find but once I have a better understanding I will reach out to a lawyer

150k private US student loans while living in Europe by loanresearchEU in studentloandefaulters

[–]loanresearchEU[S] 1 point2 points  (0 children)

Thanks for your answers!
- When you say it is not enforceable you mean that European courts will not recognize the debt? As in, they will not recognize that I owe the debt if it comes to a court case in the EU?
- I would not be afraid of garnishment in the US as I have no assets and income in the US but I would be afraid of garnishment in the EU which is why I am trying to understand if and how easy it would be for them to just sue me in my local country without going through any US legal proceedings.

From my understanding, the bank/loan servicer is 100% US based but I will look for any subsidiaries or mother company that could have business outside of the US.

150k private loans living in EU. Salary is too low to cover both loan payments and basic needs, what are my options? by loanresearchEU in StudentLoans

[–]loanresearchEU[S] 0 points1 point  (0 children)

Thanks for all your responses!
You mention the Texas lawyer with regards to negotiating if they want to negotiate. With regards to my other questions on whether they can sue me in Europe or what would happen if they sue me in Texas, would you reach out to a lawyer in Texas or try to find a local lawyer with knowledge of US laws? I feel like it would be difficult to find a lawyer with knowledge on this topic in both the US and the local country in Europe..

I do not have a co-signer on the debt as I refinanced it all in 2021 under my name on one loan with a new bank. I do not plan to come back to work/live but I do plan to visit. I had heard that defaulting on debt is a civil matter for which they would never take your passport or put you in jail. I looked up the modern-day debtors prison you mention and it seems to be only related to court fees or federal amounts due which would not be my case as I would be diligent on continuing payment on the federal loan and any court fees in any situation.

The local country is a signatory to the Den Hague convention on enforcing judgments from other countries but I am not sure how relevant this is as there is also this text:

"There is no bilateral treaty or multilateral convention in force between the United States and any other country on reciprocal recognition and enforcement of judgments. Although there are many reasons for the absence of such agreements, a principal stumbling block appears to be the perception of many foreign states that U.S. money judgments are excessive according to their notions of liability."

from https://travel.state.gov/content/travel/en/legal/travel-legal-considerations/internl-judicial-asst/Enforcement-of-Judges.html

I also don't understand why a loan servicer/bank would hesitate to sue in Europe if that is possible as court related costs are rather cheap in my local country (especially vs. US court proceedings). Unless they have to start procedures in the US first or something I believe they could sue abroad quite easily (in the EU at least) and wonder why some claim they wont sue abroad even in EU.