Emigration and unsecured loans

Zukat

Zukat

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With plethora of articles around massive emigration, made me wonder if unsecured lenders are taking a beating with amount of bad debt without any repercussion to the lender. I know in some countries defaulters will be flagged by the border control and will be rejected to depart, shouldn't that be the case in South Africa as well?
 
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How is this an issue unless immigrants run up new debt once they're in SA? I strongly doubt that SA immigration authorities have any information on the debt profile of any new arrivals at our borders.

Or maybe you mean emigrants?
 
Arthur said:
How is this an issue unless immigrants run up new debt once they're in SA? I strongly doubt that SA immigration authorities have any information on the debt profile of any new arrivals at our borders.

Or maybe you mean emigrants?
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One of my pet peeves as well.
immigration - coming into the country
emigration - leaving the country
 
Zukat said:
With plethora of articles around massive immigration, made me wonder if unsecured lenders are taking a beating with amount of bad debt without any repercussion to the lender. I know in some countries defaulters will be flagged by the border control and will be rejected to depart, shouldn't that be the case in South Africa as well?
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I could be wrong, but I think part of getting your tax clearance would involve your personal finances being on order?
 
Immigration you are coming In to the country.
Emigration you are Exiting the country.
 
Zukat said:
With plethora of articles around massive immigration, made me wonder if unsecured lenders are taking a beating with amount of bad debt without any repercussion to the lender. I know in some countries defaulters will be flagged by the border control and will be rejected to depart, shouldn't that be the case in South Africa as well?
Click to expand...

Those same countries are also some of the worst human rights abusers in the world and arrest women who have been raped for adultery. Is that the kind of country you want to live in? Debt is a civil issue in South Africa, not a criminal one.
 
lowriderza said:
I could be wrong, but I think part of getting your tax clearance would involve your personal finances being on order?
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You only need a tax clearance certificate if you want to move more than R1 million out of the country. If you're the kind of person who runs away from their debts I doubt you'll have that much to move anyway. Besides which SARS only cares about money you owe them, not other people.
 
Im referring to emigration, corrected by opening post. Sorry for the confusion, was a late night post.
 
Just my opinion, you need considerable financial resources to emigrate to another country. These people are more likely to have secured loans rather than unsecured loans. But yeah once you are gone it will be close to impossible to recover monies owed
 
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