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

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  1. #1

    Join Date
    Jun 2016
    Posts
    8

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

    Hi,
    A medical emergency led to VERY HIGH credit bill of close to HKD200,000 I missed two payments in August this year. After that I starting making all my payments, atleast a minimum. However I recieved a letter from HangSeng to make a payment in next 7 days for the remaining balance of 200,000, which I cannot do immediately, of course. i called the number in the letter (which is a different number from CC services on the back of the card), they said they can only consider three month extension. So I started trying for loans across all banks and online lenders (which led to multiple credit requests) and got denied because of my credit score which has dropped own significantly. I have a stable job in hk and I am on an employment visa for last 5.5 years here and but I dont know where to go. With the tax payment coming close, I am really in need of 300000k Loan which will help to clear off everything in a span of 12- 18 months but dont know where else to apply. Can someone help. Many thanks


  2. #2

    Join Date
    Apr 2008
    Posts
    736

    So, you got 20K in credit card debt, but you need a loan of 300K to cover your taxes. Whats up? Seems you got a high income, how come you cant clear your credit card?

    MandM! likes this.

  3. #3

    Join Date
    Jun 2016
    Posts
    8

    Sorry, i didnot know how to edit my post in the thread, let me check. But I meant 200000. 20K was so so much easier if it was.
    Thanks


  4. #4

    Your income is kindof fixed, so you can't change that in a short space of time.

    I would say try to sell some of your possessions, I know many people in Hong Kong have watches, or cars, 1 or the other. Failing that, do you have any shares/bonds which you can cash in


  5. #5

    Join Date
    Dec 2008
    Location
    -
    Posts
    1,766

    So you need 200k to pay off your credit card debt and 100k for income tax totaling 300k? For income tax of 100k you need to earn 800k per year

    huja and shri like this.

  6. #6

    Join Date
    Sep 2018
    Posts
    1,391

    Have you tried a tax loan? The banks hand them out like smarties and the rates are not bad


  7. #7

    Join Date
    Jun 2010
    Location
    SoCal
    Posts
    8,355
    Quote Originally Posted by Drunken Master:
    So you need 200k to pay off your credit card debt and 100k for income tax totaling 300k? For income tax of 100k you need to earn 800k per year
    @Drunken Master with some sobering math.

  8. #8

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,372

    If you have a stable job, try a tax loan. Another case if you have other credit cards, you can try a credit card loan (will be a higher rate).


  9. #9

    Join Date
    Jun 2016
    Posts
    8

    I wish I had. But I am on a self rented premise with no luxury watches or investment bonds.


  10. #10

    Join Date
    Jun 2016
    Posts
    8

    I was so looking forward to Tax loans. Its only when my application started to get rejected because of TU credit ratings. They dont seem to consider profile but more on the credit ratings. Especially with online applications which offers the ease but no room for explainations of individual situations


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