Hi there, I'm leaving Switzerland in the next few weeks to return to the UK. I have an outstanding loan here with GE Money Bank. Does anyone know if I can transfer this to the UK? Or, as I am keeping my job with a Swiss based company, can I change my address with my bank (UBS) and the loan company to my work address here and keep on paying it as usual? I have no intention of running out on the loan, just I don't have the funds to pay it all off at once now. Any help would be appreciated. Thanks...
Because I've heard that when I "Sign Out" from Switzerland that my bank accounts could be shut within a month. Plus there is the question of a change of address. If I don't have an address here and their mail starts getting returned are they not going to start getting suspicious that I may have the intention of doing a runner at some point.
A number of years ago I had a lease through GE. I recall a clause that stated something to the effect: If I depart Switzerland the full remaining balance will be due before departing.
Please read through the contract to CYA. If you don't find anything, alert them of your new address and bank account numbers like any other bit of information and see how they react.
Just make an appointment with your UBS bank manager and discuss this with them and find a way to work this out - better than asking us here, I'm sure. Bonne chance. Where are you headed?
You can keep your bank accounts for ever if you not American, just costs. If you have online accounts there is only 1 piece of mail per year, so the bank won't know till next January! So If you not here & they get suspicious, then thats unlucky them, if you pay they will be happy, banks usually are if you pay!
You have a loan with a finacial services company registered in Switzerland therefore if you are departing permanently this is a risk to them of default. If the loan is unsecured any finace company will want it repaid as there is a significant increased chance of you defaulting and them having no recourse.
The suggestions of change address and not telling them is most likely a breach of contract etc. It is either in your interest to repay it or have a serious talk to them as even maintaining a bank account here does not make their riskmany lower as you could easily close it at any time.
If I was in their shoes I would be insisting on full repayment as part of the condition of deregistering. Its no diffferent to the requirement to honour the remaining part of a phone contract .
Banks take risk, it's the reason for their high interest rates. GE specialises in sub quality lending, they lost a lot of money in 2007. If the OP pays they are happy.
You will notice it's not UBS / CS / Migros Bank or a Cantonal Bank. High risk lender has to accept the customers they take on.
Deregistering has nothing to do with Banks, your Employer, if you no longer live here you can't be registered.
Though true, still a Swiss financial institution. No matter how sub-standards they are, there is still a contract an obligation to fulfill the conditions within. Up and departing the country could be in violation and could cause some heartache in the future. Just food for thought.
If the OP pays each monthly instalment on time there will be no heartache in the future as they have complied in full with their obligations.
Rather like people who leave the UK to work in CH & rent out their house whilst they are away! In breach of the terms of their original loan, just nothing happens....
Though I do understand where you are coming from FMF... I would never say it is correct to play with fire when dealing with your finances. Whether from CH to UK or UK to CH. Either way, it could bite the OP in the butt somewhere down the line.
Decision is Znaverhorn's. Though, out of curiousity, I called the GE Capital in the states (Mother company to GE Money Bank Switzerland). They confirmed that if a holder of a loan in the states is relocated to the UK or Switzerland, they must pay off the loan and close the account before departing.
I understand this totally, it is not easy for a bank to go across international borders to get funds owed.
Best way to find out is to fess up and contact the Swiss GE Money Bank direct.
So what do GE Capital say if you tell them you can't pay off your loan in 1 go & it's cheaper to go bankrupt? Which is the very easy way out in the USA.