About time student loans thieves were targeted

Finally, the government is going to start tracking down student thieves who have absconded without honouring their debt repayments on student loans.

The Government plans to hound student loan holders who have gone overseas leaving big debts behind.

Australian-based borrowers in particular will be targeted, as the Inland Revenue Department increasingly uses legal action or debt collectors to claw back money from the most reluctant payers.

Overseas-based borrowers are responsible for 80 per cent of overdue repayments, which amounted to $418 million in October. 

“It’s fundamentally a fairness issue,” said Revenue Minister Peter Dunne. “There’s a certain sense of annoyance amongst people who stayed in New Zealand and diligently worked to pay off their loans that these freeloaders overseas are, in some cases, getting away with it.”

Since late 2010, IRD has been carrying out a blitz on the 52,000 student-loan debtors overseas.

Mr Dunne said measures would be ramped up to cut the total student debt of $12.9 billion more quickly.

We can see the size of Labour’s student’s loan bribe and the exposure to the economy that the bribe has created.

If I was IRD I would set up a group in-house to create fake profiles on Facebook to friend these scum pretending to be friends from school or work, and then track down where they are…in most instances the fools will already be blabbing to the world on social media site like Facebook, Twitter and Four Square where they eat, drink, root and play.

For instance, I know exactly where David Farrar is, what he is eating, drinking, doing and almost as much about Russell Brown who we now know thinks $12 is too steep for a drink.

IRD simply needs a cyber stalking department to find loan dodgers and then send in the debt collectors. The bottom line is these debtors are simply stealing from taxpayers.

  • JeffDaRef

    Couldnt agree more – there’ll be plenty of whinging from the Student Associations but people (should) know exactly what they’re signnig up for when they draw it down – if you dont want to pay it back, dont take the f-ing loan!!

    • peterwn

      Labour said a little while ago that poor Kiwis overseas should not be hit up for student loan repayments while they are poor – in other words lifestyle beneficiaries living overseas shouls be let off their loans completely. Then some female borrower in Oz said debt collectors should not be used because come hire gang mermbers. to sum it up Labour won’t care a hoot about recovering their loans as long as it gets their overrseas votes.

  • Andy

    If it was me, I’d blacklist the passports of the defaulters.
    Blevieve me, they will start paying up very quickly once they cannot travel anywhere due to a little message poping up on every customes computer in the world, saying your passport has been blacklisted, please contact your nearest embassy immediately
    This will get them going

    • Ronnie Chow

      Like the Germans did to K. Dotcom . That got him in front of the judge in record time .

      • Salacious T Crumb

        Groan. Please Ronnie at least one day without a Krim Dotcon reference from someone.

    • Sir Cullen’s Sidekick

      Exactly Andy, I was also thinking around the same lines. The other option could be to stop the renewal of the passports for these thieves. When their passport applications come to NZ for renewal, the DIA should simply send them a message – “Pay up the full loan amount and then get your passport folks”. But then the Labourers-Greens-NZ First-Mana toxic coalition and Cilvil Liberties people will be marching in Queen Street shouting John Key is a dictator……

  • Whafe

    Hit these thieves…
    When I finished university, I had a student loan. I went to the bank, got a loan and paid off my student loan, then paid the bank back as soon as I could, th epayments were hefty for me.. However, going to university enabled me to earn more money than if I didnt. Of which the student loan helped me do, so I needed to pay it back asap…
    Makes me well pissed off these non payers….. A tertiary education is not a god given right.

    • Mr_V4

      Why pay a higher interest rate via bankloan than needed? Its all fungible credit at the end of the day.

  • In Vino Veritas

    Its about time student loans from the taxpayer were stopped. Since when has commercial lending been the job of the Government? I’d bet that not to many of these kids would be able to get away with not paying back a bank funded loan. And they’d have to pay interest to boot.

  • Honcho

    What they should also do, is those who have taken further education later in life knowing full well that the student loan from the BA they did in their late 50′s wont be repayed, should not be entitled to universal super until the debt is wiped. One of the best things national did in their first term is make it harder for older people to get student loans, their record of repayments makes them by far the worst offenders.

    • Davo

      Really? Would be keen to see the figures behind that statement.

      • Honcho

        Steven Joyce at the 2011 budget

        “Cuts to eligibility for students aged over 55 would also be made.

        Mr Joyce said the Government now wrote off 70c of every dollar loaned to these students.”

        “Mr Joyce told the Herald his Government inherited a write-off rate for student loans of 47c in the dollar from the last Government.

        The Budget changes would take that down to 43c, and eventually to below 40c.”

  • http://twitter.com/AkulaUH J.M

    My loan got up to $50k, which was probably not the brightest thing for me to do. Anyway, significant time overseas on a good salary enabled me to pay the bloody thing off. No issues with having to take a loan to study, I could have stayed in the workforce and it was my choice.
    Those that don’t pay are stealing, and FFS I have no idea why student loans for NZ residents should be interest free, just another cost to the taxpayer.

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