How to forego line of credit ? Canada PR back to India now.

[freekyguy007]

Hello everyone,

Posting after a long time here. This forum was of great help when I was applying for my PR back in 2018. I had moved to Canada, on PR, in 2019 worked there but now I am back to my real home in India. I have no plans of going back now anytime. I don't think Canada is for me.
I had a taken a line of credit from RBC bank while in Canada for my studies at York University. I had been paying it back, even from India, for the past 1 year or so.
Now that I have no plan of going back, can I somehow declare the fact that I cannot pay the line of credit back ? (Outstanding amount as at 31st September 2022: CAD 4,900).
I have been needlessly paying the loan back. I also have around CAD 500 outstanding taxes that I have to pay.
Can I somehow not pay. I don't care about the credit score.

Any help would save a lot of my money?

Thanks

 

[Deleted member 1083629]

Hello everyone,

Posting after a long time here. This forum was of great help when I was applying for my PR back in 2018. I had moved to Canada, on PR, in 2019 worked there but now I am back to my real home in India. I have no plans of going back now anytime. I don't think Canada is for me.
I had a taken a line of credit from RBC bank while in Canada for my studies at York University. I had been paying it back, even from India, for the past 1 year or so.
Now that I have no plan of going back, can I somehow declare the fact that I cannot pay the line of credit back ? (Outstanding amount as at 31st September 2022: CAD 4,900).
I have been needlessly paying the loan back. I also have around CAD 500 outstanding taxes that I have to pay.
Can I somehow not pay. I don't care about the credit score.

Any help would save a lot of my money?

Thanks

Take this advice with a HUGE grain of salt and do your own research.

Technically speaking, you can. By not paying your outstanding credit/debt, you open yourself to litigation. What happens after that depends on the bank and how far they are ready to take it. I do hope that you have no bank accounts in Canada; if you do and your bank (RBC) will take it all the way to the court and win, then your bank account might be arrested until you settle with the bank.

On top of that, you never know how your life will turn around. My friend (a Russian girl) applied for credit cards, maxed them out, and moved back to Russia, saying exactly what you are saying right now. Fast forward to 2022 and she tries her best to move back to Canada; which is a little challenging as she committed fraud.

My advise: pay what you owe. My next advise: see the help of the professional lawyer who will discuss the risks with you. I don't think you will get a good advise from this forum.

 

[freekyguy007]

Thanks for the perspective. Research is definitely required.
I wonder if more people have had similar experiences.