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Credit Card Debt - Unable to Pay

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  1. #1

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    Jan 2013
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    Credit Card Debt - Unable to Pay

    I have a credit card debt of HKD 50K on my card from HSBC. I lost my job in Jan and later one of my family member met an accident and the medical expenses ate up my savings. I talked to the bank but they want me to pay immediately which isnt possible. I will be moving out of HK as I am unable to find a job here....
    My question is if I move out of HK defaulting on the debts, will the bank file bankruptcy code against me for this amount? I worked for a bank myself in securities dealing so dont want to get myself declared bankrupt as I'd want to return to HK after few years.
    Can anyone from retail banking or a lawyer advice me on this? How much amount is safe to default on a credit card...?


  2. #2

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    Quote Originally Posted by Jaggu:
    I have a credit card debt of HKD 50K on my card from HSBC.
    What happened to the 350K personal loan you had?

    Currently I have a credit card debt and a personal loan of 400K HKD.

  3. #3

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    Quote Originally Posted by emx:
    What happened to the 350K personal loan you had?
    I have paid back most of it and have some cash and assets to arrange payment for the rest of it but the credit card debt is haunting me

  4. #4

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    Surely the credit card interest rate is higher than the personal loan rate*, why didn't you pay off the credit card debt first?

    *Assumes you got the loan from a bank, not a loan shark.

    You did actually work for a bank before right?

    Last edited by emx; 21-05-2013 at 08:14 PM.

  5. #5

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    Walking away from CC debt is not a good idea particularly if you have any intention of returning to HK. It is important that you repay at least the the minimum interest amount, but it would appear that the bank has asked you to repay your debt as you have maxed out and are failing to repay even the interest now. In short it seems that you have already defaulted.


  6. #6

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    I think this is the same guy that wanted to go travelling across Asia by land to Europe for 6 weeks.

    Edit: sorry that was someone else.

    Last edited by virago; 31-05-2013 at 10:59 AM.

  7. #7

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    for 50K, nobody would bother with bankruptcy proceedings, they'll pass to the debt collectors


  8. #8

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    Quote Originally Posted by JAherbert:
    for 50K, nobody would bother with bankruptcy proceedings, they'll pass to the debt collectors
    Yep and since you will not be in HK anymore even the debt collectors wont be able to get it back, the debt will be written off. Once you come back to HK and have the money, go to Transunion, get a credit report, it will show you the written off debt, go to the bank pay it off, get back to clear your record or if I'm not mistaken, you can show Transunion the payment receipt and pay some money to have the record taken off.

    All of the above information is not for people to go crazy and rack up debts and leave without paying, it is for reference only
    itsdawn likes this.

  9. #9

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    Quote Originally Posted by JAherbert:
    for 50K, nobody would bother with bankruptcy proceedings, they'll pass to the debt collectors
    Till how much they pass it to the debt collector and when do they go for bankruptcy proceeding?

  10. #10

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    Quote Originally Posted by wtbhotia:
    you can show Transunion the payment receipt and pay some money to have the record taken off.

    All of the above information is not for people to go crazy and rack up debts and leave without paying, it is for reference only
    This sounds all good and dandy but transunion is not as friendly as this.

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