Credit collection in Russia

[skala]

I received loan from ABN AMRO but can not make repayments.
I am citizen of Russia.
What would bank do in Russia to collect the debt ?

[puppy_chow]

Respond

Nobody will do anything about it in Russia... too expensive (I assume that your loan is less than $1000000)... besides read your loan agreement carefuly... it's covered by the law of the country where the bank is located... therefore your agreement has no legal power in Russia since it's not covered by any of russian laws - it's not mentioned in the agreement, therefore the agreement is a subject to the court of the home country of the loan

The worst thing that may happen is that they will sell your debt to someone in Russia... but even in this case, any even very stupid advocate will win this case in Russian court...

So take all money and leave to Russia...

[HHM]

This forum is more aimed at United States issues, so despit the advice of "puppy chow" we really don't know how to answer your concerns except to say that...

1. if you are a citizen of Russia
2. and ABN AMRO is a bank or some other financial institution in Russian

Then, that institution will have full right to avail themselves of every remedy under Russian Law as well as any remedy available to them under any treaty with the country you might be living at this time.

[skala]

Russian debt collection

Thanks for replies
In fact I want to repay the loan, but can't afford that on different reasons.

The law in agreement is the law of Netherlands.

Is it possible that Holland court will take decision and Russian law will enforce that ?
Although there is no collateral. This is educational loan.

[robivi3]

Not to be short or rude but you may as well be asking us about a particular plot of land on the dark side of the moon. None of us can even guess at the laws of another Country. To us, with our Constitution the rest of the world seems lawless and subject to the whim of the mob...

[skala]

DETAILED information

Educational loan by Holland bank to Russian citizen
The bank has no institution in Russia.
The covering law- Holland
No collateral
THere is agreement between holland and russia about acceptance of court decisions.

[HHM]

Yeah, robivi3 is right.

However, most 1st world nations have appropriate treaties to allow enforcment of judgments ordered by one country to be enforced in another.

[puppy_chow]

DETAILED information

Educational loan by Holland bank to Russian citizen
The bank has no institution in Russia.
The covering law- Holland
No collateral
THere is agreement between holland and russia about acceptance of court decisions.

You did not get it. If they want to sue you in Russia than they will... They will hire a representative (any local firm etc.) or they will sell your debt to Russian bank etc. but the trial will be very expensive, probably more expencive than the ammount of the loan and very long and they have to pay for it. The question is if they are willinig to do so. If you have no assets than nobody will sue you and you will not even hear from them. Simply nothing to take... At the same time I do not know what will happen when you'll get back to Europe from Russia etc... The bottom line: If you have no reasonable assets - you are safe in russia (like in the US)... simply noting to take