12Likes
Utter rubbish. That is really only the case when the company’s financial strength is not sufficient for the financing in the question and the director(s) has (have) considerable financial resources that could provide significant credit support. In practice a director guarantee is pretty rarely requested, other than for relatively small companies in situations where the shareholders and/or directors have other (and potentially conflicting) interests.
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03-07-2010, 09:20 PM #41
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06-07-2010, 05:23 PM #42
We went to repay the loan today.
The manager verbally agreed there would be no early repayment fees.
We were asked to fill in a form. In the fine print (a whole page of barely legible terms) was one in which we agreed to pay early repayment fees. We struck out that clause. The manager then, rather sheepishly, asked us to use a different form, which was titled ""Mortgage Loan Alteration Form" which did not mention any early repayment fees, but had an option that we had to tick saying "I/We hereby request for early settlement". Again we refused this (on the advice of our solicitor). After that our manager said he needed to speak with his supervisor who was not available so we had a wasted journey.
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06-07-2010, 05:35 PM #43
That to me looks like an attempt to deceive - if I were you I would be considering getting the police involved.
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06-07-2010, 06:24 PM #44
As it is a bank, the HKMA are the boys for this.
HKMA Banking Services Complaint Unit
Enquiry Line (852) 2878 1378
Fax (852) 2509 3990
E-mail: [email protected]
I would also demand from the bank manager the contact details for their Compliance Officer (name, phone number and email). So that you can communicate with them directly.
Anything that could as PDLM says could be contrived as an attempt to deceive is taken very seriously by a bank.Last edited by fth; 06-07-2010 at 06:27 PM.
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06-07-2010, 06:34 PM #45
Sonic - I have just PM'ed you details from the SFC website that might offer some help as well.
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06-07-2010, 07:00 PM #46
Our solicitor advised us not to complain, since they can close our credit card merchant account at the drop of a hat if they choose, which would be a big problem. We have started the ball rolling of moving this account to Citibank, but it takes quite a long time to do, since it requires processing by Visa and Mastercard as well as the bank.
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08-07-2010, 10:33 AM #47
A new update. It gets better. Or at least more amusing/amazing, depending on your viewpoint.
Our solicitor called the bank, and after a short discussion it was agreed that we would provide a letter acknowledging that the bank was demanding immediate repayment, and requesting the calculation of principal plus accrued interest up to our chosen repayment date, with no early repayment fees.
So we sent the signed letter by email (scanned pdf). They replied by email with the full amount payable.
Just to be sure, we checked the calculation. Lo and behold, they were asking for more than 3 times the accrued interest that was actually due, according to our calculation (and let's face it, this is not rocket science). This is only the accrued interest since the last installment payment date, so it is not very much (a few thousand dollars), but it just goes to show what this bank is like. So we replied by email yesterday giving our own calculation and asking them to justify theirs. They replied today, by email, saying "The outstanding is $xxxxxxxx while accrued interest is is $yyyyyy and the total repayable amount should be $zzzzzzz. Please ignore my previous email". Their new figures are almost exactly the same as ours (to within a few dollars). No apology or comment about why their original accrued interest calculation was three times the correct figure.
They also insist on having a physical copy (not scanned pdf) of our letter before proceeding. I feel like demanding that they provide the principal + interest calculation in some official document, though I don't want to pay a single cent more in interest, and I guess if we do that then it will take at least another day, so I think we will just go ahead and make the payment today.
A truly amazing bank.
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08-07-2010, 10:49 AM #48
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08-07-2010, 10:56 AM #49
Im curious how much you are paying for a solicitor to deal with this mess. I agree the bank is screwing you and you need to stand up to them. But at what expense? Is it a lose-lose situation for you, or do you happen to have a solicitor on staff already?
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08-07-2010, 11:04 AM #50
been reading this thread with interest.
it all sounds a bit dodgy.
once you pay the bank off and have got confirmation that you do not have any debts outstanding with them, I would report them to the HKMA.
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