Tax loan declined

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  1. #1

    Tax loan declined

    Ok, so I just got a letter from HSBC to say that my tax loan has been declined. I suspect this is because my overdraft has been the same for a while ie. I have not made a dent in it.

    I have got my credit report before from Transunion and I am in the top percentile of likely repayers. So I don't really understand why they declined me.

    In any case, what would be my best best for paying my tax bill?

    Are there other banks with a more ... er ... lenient credit risk model?

    Should I go and talk to the Revenue officers and negotiate with them?

    I have large bits of cash coming in in the next three to four months so I could actually pay off 80% of my bill then.


  2. #2

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    You can pay by instalments, but there's a price to pay: FAQ on Instalments

    Paying off 80% of your tax bill is hardly a major achievement! Having you considered actually putting money aside to pay your bills and actually living within your means? You should be putting aside money now to pay this year's tax bill, not last years!


  3. #3

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    agreed. however, this is why i like the pay as you go system some other countries have - if you slightly over pay it you get a nice litte refund, and unless you plan it really badly there's no way you get a tax bill at the end of the financial year.


  4. #4

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    The income tax if HK is freak all and if you can't I have enough nous to save the bit you need then you may want to also check if you've put your pants on back to front.


  5. #5

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    The bank is probably "curious" as to why you are only paying off your overdraft. I would not give you the money either, unless you are putting your money into other investments - which you are?

    Have you tried calling HSBC to ask them?

    Do you have any other assets you can liquidate to pay for your tax bill, eg shares?


  6. #6

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    Quote Originally Posted by Crocodile:
    The bank is probably "curious" as to why you are only paying off your overdraft. I would not give you the money either, unless you are putting your money into other investments - which you are?
    He's admitted to not even making a dent in his overdraft lately so he clearly doesn't have the additional income to pay off any additional loans.

    Maybe go to the bank and convert the overdraft and tax bill into one loan and consolidate your debts that way.

  7. #7

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    Quote Originally Posted by LoservilleMayor:
    Should I go and talk to the Revenue officers and negotiate with them?

    I have large bits of cash coming in in the next three to four months so I could actually pay off 80% of my bill then.
    Yes - go and talk to them. If you can show them that you can pay over 3 or 4 months and pay something immediately before the Jan 13 deadline I think there is a good chance that they will agree, albeit with a 5% surcharge. They may not agree there and then (it may take a week or so for them to respond) but at least make an initial payment before the deadline.

    Good luck!

  8. #8

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    The consensus here seems to be that people in financial difficulty are pointless retards who should walk the plank.

    People lose money, lose their jobs and experience unforeseen problems. Don't be so judgemental.

    My wife quit her job in March (i.e. the last financial year), and yet her 09/10 tax bill is whopping. We should have appealed it but have been abroad and busy and... anyway we didn't appeal. We can afford to pay it, so there's no problem. All I'm saying is that the HK system is far from perfect and that people do get into trouble due to lost jobs, family issues, bad investments, etc. Chill out, guys.


  9. #9

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