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Unpaid Personal loan in Hongkong

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  1. #21

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    Oct 2019
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    According to this, you have the right to demand that they stop contacting you:

    https://www.directrecovery.com/blog/...n-philippines/

    If I were you I would write a brief, polite but firm letter to this company asking them to cease contacting you.


  2. #22

    Join Date
    Dec 2013
    Location
    Hong Kong
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    9,671
    Quote Originally Posted by Mr Chips
    According to this, you have the right to demand that they stop contacting you:

    https://www.directrecovery.com/blog/...n-philippines/

    If I were you I would write a brief, polite but firm letter to this company asking them to cease contacting you.
    Why? She owes them money. They have a right to collect it. If they stop contacting her, that doesn't mean they stop trying to collect - it just means they sue her (no direct communication). Probably better to keep communicating to get some kind of an agreement rather than that.

  3. #23

    Join Date
    Oct 2019
    Posts
    23
    Quote Originally Posted by HK_Katherine
    Why? She owes them money. They have a right to collect it. If they stop contacting her, that doesn't mean they stop trying to collect - it just means they sue her (no direct communication). Probably better to keep communicating to get some kind of an agreement rather than that.
    I understand your point of view. My view is that many (not all) of these loans are offered by predatory and unscrupulous lenders preying on people who are unsophisticated when it comes to money.

    If she maintains contact with the agency she will certainly have to pay money, she is obviously poor and has 6 mouths to feed.

    No, I would tell them to cease contact. Let them try their luck in the courts. I bet it would be a nightmare trying to find a court that would sympathise with the type of company that makes it's money this way.

    Believe me, I have a very low tolerance and not much sympathy for most folks who get themselves into debt but it's a special kind of evil that lends money to the poorest and least educated among us and we all know it.

    If I thought she could afford it, I'd suggest she get legal advice, that would be the obvious thing to do. The fact is, I don't know that my advice is the best, and I do acknowledge that @HK_Katherine.

    If only there were a member on these boards who lives in the Philippines and who has knowledge of the industry. *sigh*.
    traineeinvestor likes this.

  4. #24

    Join Date
    Nov 2019
    Posts
    150
    Quote Originally Posted by Kellyrosell
    Sir thank u so much for your advice I really appreciate it. now I have an idea it really helps me a lot what to do now sir do u think they will accept if I ask them that I can only afford to pay them 500 pesos a month which is less than 100hkd a mnth the loan amount is almost 42 hkd.
    My guess is they will try for more, but good on you for trying to pay it at all. Again, keep in mind that if you decide to disappear, then they have nothing, so don't let yourself be pressured too much.
    Mr Chips likes this.

  5. #25

    Join Date
    Dec 2018
    Posts
    713
    Quote Originally Posted by Mr Chips

    Believe me, I have a very low tolerance and not much sympathy for most folks who get themselves into debt but it's a special kind of evil that lends money to the poorest and least educated among us and we all know it.
    This is something I've always struggled with. I don't like (to put it mildly) people who take advantage of those who lack the knowledge or who are desperate any more than those who borrow knowing full well that they are unlikely to be able to repay the loan or who decide that they just don't want to repay the "evil" lenders (I am not suggesting that OP falls into either category). The former are predators preying on the vulnerable and the latter are, for want of a better word, crooks who, in addition to defrauding lenders, push up the cost of borrowing for everyone else.

    The problem is that I don't see a solution beyond what we have already (i.e. restrictions on excessive interest rates and charges and requirements for full up front disclosure in plain language etc) although on the collection side, HK could use some laws on collections like the ones in the Philippines liked above. (Personal experience: debt collectors who had been given our home phone number made a practice of calling several times a day at all hours of the day and night even though they'd been told she was no longer with us. We got rid of the land line.)

    I'm not sure what else can be done to improve the situation.
    Kellyrosell and Mr Chips like this.

  6. #26

    Join Date
    Nov 2019
    Posts
    12

    Yes sir I give them my address in the phils. I get the final demand from a rankmex consultant limited I don't know if this is a company or what?


  7. #27

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    Nov 2019
    Posts
    12

    Yes sir this rankmex know my address maybe they ask info about from the lending company


  8. #28

    Join Date
    Nov 2019
    Posts
    12

    Sir I already consult my case to a lawyer the lawyer said that I don't have to worry about it bcoz having a loan is not not a criminal case it is a civil case no one will bring to jail and he saw the letter the final demand letter he said there is no sign from a lawyer I ask him if what will happen to me he said nothing don't worry about it forget about it...


  9. #29

    Join Date
    Nov 2019
    Posts
    12
    Quote Originally Posted by chuckster007
    so this Rankmex consultant knows where you live and sent you a letter demanding payment in Philippines?? just trying to get clear info.
    Yes they know I think the lending company give my info to this rankmex

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