Posted by: chaurey June 30, 2011
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Immigration status is not affected by your credit...if you do come back you will have the collection agencies coming after you like a pack of wolves, you will not get any loan, and in some cases companies in certain industries (like financial sector, government etc) look at your credit history to make decision to hire you or not. try to negotiate with them and come up with a payment plan, though it's really tough. I am not sure how the debt consolidation companies, which are dime a dozen around, might help you but i have heard negative stories about people who have turned to them for help. one of my friend was in a similar situation and he negotiated directly with the bank, he had about 10K debt on credit card which he did not pay. Later on he negotiated with the bank and paid 10K cash (principle only) and settled his case. so if you have that kind of money on you maybe you can try and negotiate with the bank directly than with the 3rd party collection agencies that are after you.