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MPF withdrawal if with outstanding credit card balance of more than HKD 100K?

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  1. #31

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    donate plasma?


  2. #32

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    Quote Originally Posted by sam8888:
    Thanks for all those who has been trying to help me...didn’t realized that answers would be so complicated.... I will then have to state the exact real situation:

    1. When I transferred in HK 11mos. ago I was already in a serious debt for personal emergency reasons.

    2. During the period of 11mos. I continue paying my debts to my home countrry which leaves me almost nothing. I said to myself, I could save my tax before April comes, which supposedly between Jan-March

    3. Bad news came and employer would like to end my contract in my 11th month. I spoke them and for my record, jut told them that I would just do a normal resignation on which they agree. So I resigned.

    4. I received my last full month salary and have to use them for paying obligations. May sound stupid but it has been used for medical treatment of a family member.

    5. I still have few more collectibles, my real last pay (not complete full month salary)—which up to now I haven’t received yet. The amount, even if given to me is not sufficient to pay for my tax. That’s why I was thinking of withdrawing my MPF.

    6. I actually got 3 problems:
    a. How to pay my tax where I don’t have sufficient fund.
    b. If I will withdraw my MPF, can I withdraw it if I have an outstanding credit of more than HKD100k (which obviously I cannot pay yet, but intend to continue paying them when I got back to my country)
    3. I want to go home.


    I don’t have savings. I am by myself here, no other help I could get. I am not a bad person to run from my obligations that’s why I am trying to find ways.
    It seems to me your options are:

    1) Cut and run

    2) Stay in HK and find another job. However I think you are desperate to return home and I worry if you stay the stress levels will overwhelm you

    3) Return home and find a well paid job that allows you to pay the interest and capital while allowing you to live

    4) Reach an agreement with the credit card company to repay some of the money (not sure if they do that in HK).

    Personally I would put your mental health above the profits of HSBC but I know that will be an unpopular view on here.
    shri likes this.

  3. #33

    Join Date
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    Best advice is to go look on reddit /r/personalfinance and there are tons of people in similar situations. Find what you need there


  4. #34

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    Again...thanks for all your comments. Good or bad or sarcastic in a way. For those who replied in sarcastic ways ---- you don't understand how your words are affecting other people. I certainly know the learnings I have to take that's why I am trying to fix things and that's why I am far away from my family and kids. Some of the words here are not helpful and you are affecting people's emotion.

    I am not in the right state of mind and emotions in this crisis to accept words that aren't helpful and would even degrade me in any form. I presume these people who responded that way aren't educated enough.

    You also don't have the right to discriminate other countries or whatever cultures. Clearly, you don't understand the situation.

    chuckster007 likes this.

  5. #35

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    Quote Originally Posted by sam8888:
    Again...thanks for all your comments. Good or bad or sarcastic in a way. For those who replied in sarcastic ways ---- you don't understand how your words are affecting other people. I certainly know the learnings I have to take that's why I am trying to fix things and that's why I am far away from my family and kids. Some of the words here are not helpful and you are affecting people's emotion.

    I am not in the right state of mind and emotions in this crisis to accept words that aren't helpful and would even degrade me in any form. I presume these people who responded that way aren't educated enough.

    You also don't have the right to discriminate other countries or whatever cultures. Clearly, you don't understand the situation.
    I assume you are talking about me here. I'm very well educated. I also spend about half my life in the Philippines - which, if not the country of your home - has a culture very similar to it. And I speak from a perspective of knowing what that culture does to people and why, if you want to actually build a life for yourself and your immediate family, you need to break free from it. Sure, it's hard. But so is living with crippling debt.

  6. #36

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    @HK_Katherine - Might be best not to get into cultural issues, gets preachy and you're not going to be able to get many Asians, including myself to say "oh, I read this post on the interwebs, so I should not take care of my parents and grandparents and grandkids".

    Multi generational and cultural programming is simply not fixable on the interwebs.


  7. #37

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    Quote Originally Posted by shri:
    @HK_Katherine - Might be best not to get into cultural issues, gets preachy and you're not going to be able to get many Asians, including myself to say "oh, I read this post on the interwebs, so I should not take care of my parents and grandparents and grandkids".

    Multi generational and cultural programming is simply not fixable on the interwebs.
    I understand. It just makes me sad to see young people end up in such a mess because of it. And entire countries unable to escape poverty because of this (and various other) cultural issues.

  8. #38

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    One final point - you also need to check that your employer did actually pay your MPF. There are some exclusions for employees who have been employed for less than 13 months. Your employer does not sounds particularly nice so you best ensure they honoured their obligations and didn't seek to find loopholes.

    See below for what I mean.

    http://www.mpfa.org.hk/eng/mpf_syste...sons/index.jsp


  9. #39

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    Well off White chick with no kids trying to change Asians mindset on not helping family/relatives out financially =

    si0001 likes this.

  10. #40

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    Quote Originally Posted by chuckster007:
    Well off White chick with no kids trying to change Asians mindset on not helping family/relatives out financially =


    OK - get it from the locals then.

    The Polite Way To Say No To Filipino Family Members - Culture - Philippines Expats Forum

    or here.

    https://economictimes.indiatimes.com...w/52585667.cms