Credit fraud is clearly a criminal offense, as you have at least to stay in contact with the creditor.
No you don't lol. Have you ever heard of the FDCPA?
No, I am in Europe. Did xetsr took the loan based on US laws?
O.k., let us consider it as trustworthy to escape while owing a loan. Sun is moon and war is peace
I would assume that there are regulations in Europe allowing for borrowers to send a cease and desist letter considering how liberal Europe is (maybe you can quote European debt collection laws that refute this if you disagree).
Under which conditions you can cease the credit, depend on the conditions of the credit contract. If you do not request a private bankruptcy proceeding, then you have to pay the credit back + penalty charges.
I will discuss in terms of US law as this is the jurisdiction that xetsr is under.
If xetsr takes out a signature loan then xetsr owes the lender the amount of the loan plus interest (and other fees depending on the terms of the loan -- this will usually include collection fees/costs). If xetsr fails to pay the loan, then the lender can report xetsr negatively to the credit bureau (which is essentially what zazarb has done by reporting xetsr in this thread), and take xetsr to court to ask the court to issue a judgement in the amount of the unpaid portion of the loan plus interest, and if the judgement is granted, the court can forcefully take xetsr's property that is subject to the court's jurisdiction if property of sufficient value exists with certain limits.
If taking xetsr to court over the loan is not something the lender is willing to do (due to cost issues, or any other reason), then the only remedies of the lender are to ask xetsr to pay (which xetsr can stop via a cease and desist request -- which is not really a "request"), and report xetsr negatively to the credit bureau. If the negative reporting to the credit bureau is not sufficient to get xetsr to pay, then there is nothing else to force xetsr to pay the lender.
Xetsr is based in the US, and European courts would not have jurisdiction over him, so EU laws would not apply to him, but US law would.
If it was an anonymous credit, I have no idea how you could prove that US laws are applicable?
How would a European court get jurisdiction over xetsr if he is not located in Europe, and has never been to Europe?
