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Leaving HK with unpaid loan, will I get the visa again?

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  1. #11

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    Dec 2009
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    Quote Originally Posted by avengedsevenfold:
    Definitely agree. Which would the bank prefer anyways - Someone who's upfront and honest, wants to pay his debt, even if it's little/not the amount they're satisfied with or they'd rather get nothing after the person does a runner.
    That's true in the case when the borrower is being honest and really has no money. I guess the system would be abused if it were easy to drastically decrease your monthly payments by phoning up and giving a sob story. In fact, I know it is easier to do so in England, and I also know of people who abuse the system.

  2. #12

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    Quote Originally Posted by avengedsevenfold:
    Definitely agree. Which would the bank prefer anyways - Someone who's upfront and honest, wants to pay his debt, even if it's little/not the amount they're satisfied with or they'd rather get nothing after the person does a runner.
    Every reason to default on a loan is considered valid to the one defaulting. I am not trying to be insensitive, but obviously giving money to an ill family member is one reason that HKliving feels justified to not repaying the loan. To another, maybe another person feels justified on not repaying because that person wanted to spend money on alcohol instead to make him happy.

    Banks are here for business and not charity (copyright PDLM). If the borrower feels better defaulting or just running away, then so be it. But who's being the "bad" person now?

  3. #13

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    Quote Originally Posted by BryanL:
    Every reason to default on a loan is considered valid to the one defaulting. I am not trying to be insensitive, but obviously giving money to an ill family member is one reason that HKliving feels justified to not repaying the loan. To another, maybe another person feels justified on not repaying because that person wanted to spend money on alcohol instead to make him happy.

    Banks are here for business and not charity (copyright PDLM). If the borrower feels better defaulting or just running away, then so be it. But who's being the "bad" person now?
    We are not talking about the OP but about HKLiving who didn't say he had a sick family member - he said he lost his job and tried to rearrange his payments so he COULD pay (but slower) and NOT run out on his loan. But refusing to agree and asking for an upfront repayment, all the bank is doing is ENCOURAGING him to run out on the loan. Which is daft.
    carang and BryanL like this.

  4. #14

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    I sensed a little bit of self-pitying, "it's not my fault the bank loaned me money" (made popular during the recent US housing market crash), but the bank is also being very shortsighted, IMHO. They've given him(?) a take it or leave it choice to make, and a person in that (unemployed) circumstance is most likely just going to leave it.

    If that happens, then there would be two failures: the first would be related to a default on a lawful debt and the second would be related to bad risk management on the part of the bank. One does not excuse the other...

    elle, MovingIn07 and BryanL like this.

  5. #15

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    Jan 2013
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    Can someone with knowledge in retail banking industry advice how big the debt should be for the bank to go to court for bankruptcy petition against the defaulter? I have total outstanding debt of HKD 350K in the form of personal loan and credit card from HSBC and ICBC. I'd be able to repay a part of it but need time to repay the rest and banks are not cooperating on that front. I work for the banking industry so dont want to be declared bankrupt as I might come again to work in HK in future. Any legal advice is welcome.


  6. #16

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    Jan 2008
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    I would personally seek face-to-face friends' advice on this since you already work in the banking industry? Instead of asking strangers here for a quite serious issue. I see third party debt refinancing companies ads all the time everywhere these days; can always give those guys a try.

    Quote Originally Posted by Jaggu:
    Can someone with knowledge in retail banking industry advice how big the debt should be for the bank to go to court for bankruptcy petition against the defaulter? I have total outstanding debt of HKD 350K in the form of personal loan and credit card from HSBC and ICBC. I'd be able to repay a part of it but need time to repay the rest and banks are not cooperating on that front. I work for the banking industry so dont want to be declared bankrupt as I might come again to work in HK in future. Any legal advice is welcome.

  7. #17

    Join Date
    Apr 2013
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    76

    Apologies for bumping an old thread.

    I have a similar question. I recently moved back to the UK, leaving behind about 90,000HKD in credit card debt with HSBC. I've been making the minimum payments on it but friends of mine have told me I'm crazy to do so, I should just leave it.

    Anyone been in a similar position? Will they track me down for such an amount?


  8. #18

    Join Date
    Apr 2014
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    33

    I side with the banks in this situation. If you couldn't handle getting a loan, you shouldnt have got one. if losing your job meant you are unable to pay your bills, you should've got insurance.

    The fact that you work in finance/banking is a joke. You should have better money management skills.

    Pay the bill and move the debt to which country you are. OR declare yourself bankrupt or whatever and learn a very harsh lesson in life.


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