what happens if my wife defaults on our Thai line of credit? since I'm on the bank papers in Thailand, will that follow me back to the US and make my life difficult with the US banks?

Doubtful, IMO.  Does the outstanding loan currently show as "open" on your USA credit report?  

 

If it isn't there now, it's unlikely that a default on your wife's loan would be recorded against your credit score.

 

This begs the question, if you are 'on the bank papers' and you are concerned enough to be asking here about loan default, why wouldn't you take action to prevent said default?

 

(Should you wish to check your up-to-date credit report, the free Experian app will provide your current credit score/report, including open/closed accounts.)

 

 

Begs the question... if you are on the loan as a co-applicant how is your wife the only one defaulting?  You are equally responsible both in application and default... 

I don't think that U S credit reporting will be an issue. But the bigger problem might be your obligations in Thailand, under the terms of the agreement and where that might lead. Do you understand the ramifications, because you are a co-signer for a reason?

I guess you are askin' for a friend.

13 hours ago, cncltd1973 said:

what happens if my wife defaults on our Thai line of credit? since I'm on the bank papers in Thailand, will that follow me back to the US and make my life difficult with the US banks?

If you are a co signer, the Thai bank will come after you for the money. 

Shout out to Retarius!

I forgot to mention that but I'll clarify now - my friend's wife bought commercial property from her own money and then pulled a line a credit to start a convenience store of sorts, of which he signed on as her husband. But he is hardly ever there and doesn't plan to return and has helped more than enough by sending the lowest 6 figure $ amount. She wouldn't lose the business, but she would access a higher line of credit, and be in knee deep, so to speak, and betting on the bright future of Thailand. In one regard, the bank is in a good position if it all goes belly up, but at the end of the day banks want interest and they've made a truckload of her (them?). He doesn't seem to care if it won't affect his US interests, I doubt if he will ever come back.

Edited January 18, 20242 yr by cncltd1973
clarity

13 hours ago, TheAppletons said:

Doubtful, IMO.  Does the outstanding loan currently show as "open" on your USA credit report?  

 

If it isn't there now, it's unlikely that a default on your wife's loan would be recorded against your credit score.

 

This begs the question, if you are 'on the bank papers' and you are concerned enough to be asking here about loan default, why wouldn't you take action to prevent said default?

 

(Should you wish to check your up-to-date credit report, the free Experian app will provide your current credit score/report, including open/closed accounts.)

 

 

great advice, thank you Appleton

No.