Yes, and while the defaulted loans have been handed over to an international collection agency, who knows how much power they actually have to recover the funds? (Except to hound them to death.) It was an expensive lesson for me but hopefully others will benefit by being forewarned.
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Unfortunately, i'd guess that in many countries collections agencies have little power; it all depends on the degree of property rights. It also depends on the size of the loans; there's def some min threshold under which it takes more resources to collect than are expected on average to return.