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Struggling with my credit card Debt. Personal loan application being denied

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  1. #11

    Join Date
    Dec 2009
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    6,026
    Quote Originally Posted by Anand S:
    A medical emergency led to VERY HIGH credit bill of close to HKD200000
    Emergency surgery is usually done in public hospitals which is almost free for residents.

    What about your medical insurance to cover private treatment?

  2. #12

    Join Date
    Feb 2005
    Location
    Island East
    Posts
    6,816

    Try finance companies like UA or Public Bank etc, try to apply for the debt consolidation loans, because of your bad rating you will off course have to pay higher interests but its still better than paying hIgh credit card interests. Good Luck


  3. #13

    Join Date
    Apr 2016
    Posts
    244

    There is a debt consolidation program from many banks who would offer you a check for the CC which is past due. The interest is pretty high I think but it lets you get out of the revolving credit situation and pay off in smaller amounts.This provided your TU score is not gone southwards due to something else which you know of. If you have a stable job then such loan should be on offer from banks like DBS, Citibank, or even Public Finance.

    hongkong7 likes this.

  4. #14

    Join Date
    Sep 2015
    Posts
    306

    A lot is done in private hospitals too especially smaller or more minor emergency surgery. But the question is when his finances are so weak why did he not opt to go to the government hospital.

    kamoteboy911 likes this.

  5. #15

    Join Date
    Jun 2016
    Posts
    8

    This is no point to look backwards no, may be it was unwise decision on my part. My finances were not so week then, it started tumbling down in the last three months when I am struggling Thanks

    Last edited by Anand S; 08-11-2019 at 10:10 AM.

  6. #16

    Join Date
    Nov 2005
    Location
    Cramped island
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    4,939

    why not speak to your boss or your employer to see if they can extend a loan to you to tie over things, if, as you have stated, you have been doing well in the company over the last 5 years

    traineeinvestor likes this.

  7. #17

    Join Date
    Aug 2008
    Posts
    696

    Also go in and speak to the inland revenue department and explain your situation (take the letter from the bank, a medical bill etc) and ask their advice regarding your taxes. I know of someone who got into a bit of a financial mess a while back and couldn't get a tax loan, from memory they ended up going to see an accountant who advised them to talk to IRD and arrange a payment schedule over I want to say a year (I really can't remember the details, but I think a discussion with IRD asap to find out your tax payment options may help at this point, if you only need to find 200K instead of 300K that would be a start - assuming you pay the tax off on a monthly or quarterly payment).

    I think going to talk to IRD asap, before you have to make your tax payment would be best, they may be more helpful than if you do it the day before your tax is due. I'm not saying they will change the payment structure, I can't say that, but if they won't then you are no worse off than right now. But if they will then you are better off.


  8. #18

    Join Date
    Jul 2008
    Location
    Hong Kong side
    Posts
    1,814

    I got myself into similar situation a few years ago : the low interest tax loan saved me I paid off credit card everything else : pared my lifestyle down : started saying no to people : paid off the tax loan in the year : set aside tax now every month : good luck to you : you can do it and learn from it :


  9. #19

    Join Date
    Sep 2007
    Posts
    39

    hey mate, i had the same situation as you 5 years ago and tried to run to all Finance lending agencies and other banks, but to no avail. until i found out a way to repay at minimum amount - for a fixed term. the program is called "Restructured Loan". you can select your monthly payment based on your monthly income & expenses.

    are you with HSBC? if yes, you can try to apply (in person) here, phone them first to make an appointment, approval is very fast once you have all papers ready. gladly, i will finish payment and close my debt come this March 2020, just a few months more. Hope this helps and good luck...cheers mate.

    https://www.hsbc.com.hk/help/money-worries/

    How to get help?
    You can contact us through the following channels:

    Phone: +852 3663 9572 during 9.00 a.m – 5.30 p.m., Monday – Friday
    Email: [email protected]
    Mail: HSBC Debt Workout Unit
    2/F, Tower 1, HSBC Centre

    1 Sham Mong Road, Kowloon

    Hong Kong


  10. #20

    Join Date
    Dec 2002
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    40,376

    @RAINDEAR - thanks for the link.

    Lower down on that page, there is a generic guide to the process and is worth reading, as it is valid across banks and is not HSBC specific.

    https://www.hsbc.com.hk/content/dam/...bt.pdf?noembed

    Last edited by shri; 08-11-2019 at 03:49 PM.
    chuckster007 likes this.

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