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Debt - Trouble in paradise

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  1. #31

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    Original Post Deleted
    yes, possible but timing could not be worse. There will be collateral costs my end, but we can deal with that.
    We have the DIL and grandson with us, so I’m not feeling desperate, just anxious.
    shri likes this.

  2. #32

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    My guess is that by "working in blockchain" + debt situation = borrowed cash by either legit or non-legit means and his crypto investments have since gone underwater.

    Even the 'legit' operations such as ACSA have a retained legion of goons to chase bad borrowers.

    shri and HK_Katherine like this.

  3. #33
    Quote Originally Posted by HK_Katherine:
    He works in block-chain. That's the "fancy new kid on the block" stuff. Millennials meets bankers. I could easily see a lifestyle of emulating bankers on a startup's salary; crazy drinking/drugs etc. Not getting a dependent visa for the wife is just utter craziness. Its a trivial thing to do. Hard to imagine how anyone sensible would overlook something like that, which makes me think there is more "judgement impairment" going on....
    Yup, big salaries being offered there, but it's a risky domain. Startups fold, investors pull out, etc. Coming in and trying to keep up with the Joneses is absolutely the wrong strategy.
    HK_Katherine likes this.

  4. #34

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    Quote Originally Posted by tf19:
    My guess is that by "working in blockchain" + debt situation = borrowed cash by either legit or non-legit means and his crypto investments have since gone underwater.

    Even the 'legit' operations such as ACSA have a retained legion of goons to chase bad borrowers.
    an understandable assumption, but no, he sold off his crypto investments at the same time I did, on his recommendation, prior to moving to HK.

    I know he got a loan for a small business idea he wanted to pursue. I don’t know from where and I don’t know how much. I suspect that amount plus cc debt to try and stay in HK for as long as possible while trying to secure a new job, is the size of it.

  5. #35

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    Quote Originally Posted by Dad:
    an understandable assumption, but no, he sold off his crypto investments at the same time I did, on his recommendation, prior to moving to HK.

    I know he got a loan for a small business idea he wanted to pursue. I don’t know from where and I don’t know how much. I suspect that amount plus cc debt to try and stay in HK for as long as possible while trying to secure a new job, is the size of it.
    He cannot start up his own business if he's on an employment visa - well technically he can start it, just not work for it!. Is he or does he have a right to work? Sounds like if he's working illegally on a visa he's likely to be deported as well which might be why he doesn't want to go to the police.

  6. #36

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    Quote Originally Posted by HK_Katherine:
    He cannot start up his own business if he's on an employment visa - well technically he can start it, just not work for it!. Is he or does he have a right to work? Sounds like if he's working illegally on a visa he's likely to be deported as well which might be why he doesn't want to go to the police.
    Ok, that’s interesting. My understanding is that it was an online shop for an electronic item he was going to manufacture. I don’t think it got to a point where there was any income generation

  7. #37

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    @Dad - was he here on a proper employment visa? Or working-holiday? Or tourist visa by any chance?

    The first two are legit and should not be an issue.

    Also, starting a business is not a major problem (there are technicalities and then there is reality) and should not stop him from seeking help from the police or any authorities.


  8. #38

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    Quote Originally Posted by shri:
    @Dad - was he here on a proper employment visa? Or working-holiday? Or tourist visa by any chance?

    The first two are legit and should not be an issue.

    Also, starting a business is not a major problem (there are technicalities and then there is reality) and should not stop him from seeking help from the police or any authorities.
    Thank you for the clarification.
    Working Visa. All legit with very large employer

  9. #39

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    Quote Originally Posted by Dad:
    Thank you for the clarification.
    Working Visa. All legit with very large employer
    Then technically he can only work for that employer. Getting an online shop started is unlikely to be a huge issue but it would be if it started earning too much money etc. It's more of an issue if you actually do work for another company or give seminars etc (they were the last people caught).

  10. #40

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    @Dad - Then there should not be a problem with him approaching the police for help, if he is being threatened or detained illegally, assuming rest of the situation is legit and there are no serious crimes which he might have to confess to, to get help.