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  • 2 Post By chuckster007
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Old debt interest

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  1. #1

    Join Date
    Apr 2019
    Posts
    1

    Old debt interest

    Can some familiar with outstanding balance of Credit card issued by HSBC help me answer??
    I have HK$80,000 outstanding balance from two credit cards issued by HSBC. Its a long over due over 10years. Recently when i checked into credit report the loan was written-off. I was thinking of paying off the debt but the interest will probably be the problem here as its is already 10yrs.
    So in this scenario whats the best solution?Any help will be appreciated?? Thank you!


  2. #2

    Join Date
    Apr 2003
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    Hong Kong
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    2,336

    yes it's very negotiable, be prepared for the sticker shock, whatever figure is thrown at you, stay calm and ask for the bottom line and try to bid them under that.


  3. #3

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    What is the tangible benefit of paying off a loan that has been written off? Not like it will be erased from the credit report.


  4. #4

    Join Date
    Feb 2005
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    Island East
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    go to Transunion and get your credit report, in there you will see how much is the lump sum that has been written off then you will have a figure to work with HSBC.

    Book an appointment with Transunion, google it.


  5. #5

    Join Date
    Dec 2018
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    662
    Quote Originally Posted by shri
    What is the tangible benefit of paying off a loan that has been written off? Not like it will be erased from the credit report.
    No, but if you want to borrow again at some point in the future the fact that you have made an effort to pay it off (either in whole or by way of settlement) will be somewhat helpful.
    chuckster007 likes this.

  6. #6

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    Quote Originally Posted by shri
    What is the tangible benefit of paying off a loan that has been written off? Not like it will be erased from the credit report.
    I actually have experience in this, I had an old CC that I gave money to someone to help me pay it when I left HK, that fecker didnt do it and instead took the money and ran off so when I came back I didnt know that I had a written off debt, a few years went by I had no issues getting new CC, tax loans and even buying cars on finance until one day when changing cars the new finance company said I was rejected as I had an old outstanding debt, they must have been tightening up loans so I got a transunion report, went to the bank (my old CC was Chase Manhattan which was bought by Standard Chartered) and showed them my report and offered to pay the lump sum in full it was only like 15-20K forgot the exact amount. after I paid they said they will inform Transunion to remove it from my report if i wanted or i could leave it and it would show that it has been paid off so that it shows I do pay my debt LOL

    So there is a benefit of paying it off even if its written off.
    shri and JAherbert like this.

  7. #7

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    Dec 2002
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    What is the amount of time that a bad debt can be kept on the records?

    Also does bad debt get sold to a third party?


  8. #8

    Join Date
    Jul 2018
    Location
    Australia
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    I had thought that the statute of limitations in Hong Kong is / was 6 years. HSBC would most likely have sold the debt to a debt collection agency, so that means that the debt is no longer owed to HSBC anyway, so I would be extremely surprised if HSBC would / could legally accept repayment, let alone interest. Unless your credit report shows who now owns the debt, it is basically impossible for you to pay it off. The amount that HSBC would have sold your debt to the collection agency would have been a lot less than the $80k that was the original debt (which is how collection agencies make their profit). Catch-22! I have been trying to find how long it takes for a debt to drop off a credit report, but it's not at all obvious. From what you have said, it must be more than 10 years.