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Unpaid Personal loan in Hongkong

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  1. #81

    How much is the loan ?
    What is the original loan?
    and what is the total amount you owe right now ?


    If you have not paid the loan for 6 months, then you have a lot of interest to pay.

    Call them up and renegotiate the loan and start paying it off.

    Did they send the letter to your employer's address ?

    I am sorry that your father is very sick. However, I am sure that there are family members who can also look after your father.

    The amount of money you. spend on
    1) travelling
    2) hotel quarantine
    3) buying gifts for family members and the whole village
    4) giving cash to every relative
    will put you in even more trouble.

    The loan companies are smart. They probably have another company in the Philippines so even if you think of running away from Hong Kong and not coming back, realise that ( you can check for yourself)
    1) they can find you in Phillippines
    2) sell of their debt to another company in the Phillippines.
    3) you probably used your domestic helper contract to get the loan so they have your overseas address
    4) if you skip town and the debt collector hassles your employer, then your employer will inform immigration which might mean if you apply again, they might consider if you get a visa or not (check with immigration)


    So, start paying off the loan. I know you work really really hard and send every dollar back home, but it's time to tell those back home they have to cut their spending for a bit.

    You need to dig yourself out of the hole. Call them back and renovate the amount of interest you need to pay and come up with a plan to pay.

    You are in debt because you spent all the money on others, not yourself. Postpone the trip .
    Be the master of your own debt. Don't let someone else control it and it becomes the monster that comes to eat you alive in interest and fear. Good luck and I hope your father gets well.

    drumbrake, Opsy and nimaide like this.

  2. #82

    Join Date
    Feb 2005
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    Manchester, UK
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    Quote Originally Posted by amarayuki:
    sir good morning... i have a 6 months unpaid loan in hs and they send my home address a letter already and a text msg saying that they past it already in the police and say to ban me here in hk. but im still here in hk but got a new employer. what will i do? is it really possible for them to do that? im planning to take vacation on oct but im scared that a police will be waiting for me in the airport. pls need some advice.
    Personal loans have nothing to do with Immigration and nothing to do with Police, you can go in and out of HK freely, the only govt dept that you do not want to have outstanding payment is the TAX dept, they will/can stop you leaving HK if you have outstanding tax payments.
    Mrs. Jones likes this.

  3. #83

    Join Date
    Oct 2007
    Posts
    1,896
    Quote Originally Posted by dinosaurs88:
    You are in debt because you spent all the money on others, not yourself. Postpone the trip .
    Be the master of your own debt. Don't let someone else control it and it becomes the monster that comes to eat you alive in interest and fear. Good luck and I hope your father gets well.
    Man always these tons of fake information in these post. I'm not even going to repeat this in quotes.
    Moral aspects are one thing, but as long as financial institutions are the ones suffering, I suggest not to break a sweat. But even if something is morally wrong, it doesn't change reality.
    @amarayuki, if you took this loan not intending to pay it back, then this would be fraud. If there is any evidence (and that could be just a text message from you to them saying "it was always clear that I could never pay this back, why did you even give me a loan") of fraud, then you are in potential trouble - fraud is a criminal offence.
    However, if you took the loan in good faith and simply fail to have the means to repay, then this is bad and the company can create trouble (some might even harass your employer), but it is not a police matter, and the police will neither arrest you entering or leaving Hong Kong. If at all, the police will side with you against illegal collection practices. As Chuckster wrote, the only debts that are a police matter are tax debts.
    As for selling a loan of to a company in the Philippines, that doesn't make it enforceable in any way. The process to make it enforceable is so expensive, it would never happen for small-time individual loans

  4. #84

    thank you so much for your time. yes i do have intension of paying it but not now and i have reason why i couldnt pay the bank for 6 months. its been a verry tough year for me and my family beacause of the pandemic and we lost a loved one because of that. again thank you


  5. #85

    the remaining balance that i have if im not mistaken 18k but in the leeter they send to my home address as of may it grow to 24k.


  6. #86

    Join Date
    Sep 2018
    Location
    Hong Kong Island
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    14

    I'll throw in my two cents
    @amarayuki - Sit down and make a list of your monthly income and expenditures then add it all up to see if you have any money left.

    If you have money left over at the end of the month, think about how much you can realistically afford to repay monthly on your loan.

    If you have no money at the end of the month, cut back expenditure on things you can do without. Then reassess your financial position and figure out how much you can realistically afford to repay.

    Offer the repayment amount to the lender, it will show that you have done your homework and are willing to settle the debt. Usually if you stick to the new terms and repay as promised, they will leave you alone.


  7. #87
    Quote Originally Posted by chuckster007:
    Personal loans have nothing to do with Immigration and nothing to do with Police, you can go in and out of HK freely, the only govt dept that you do not want to have outstanding payment is the TAX dept, they will/can stop you leaving HK if you have outstanding tax payments.
    I disagree.

    Immigration can make the decsision whether or not to grant the helper a visa.

    If a helper has left an unpaid loan, and the finance company issues letters to the employer's home address, telephone calls, and sends round debt collectors looking for the helper, the employer can notify immigration and it will be on the helper's file.

    A friend had the same problem. The helper had given the home telephone number and finance company did not believe the helper had left and thought she was evading the calls. She wrote to immigration about the situation and gave the copy to the finance company so they would stop calling.

    So immigration case officer can look at a prospective candidate and decide whether or not to issue.

    your 18K debt has ballooned to 24K and it will still go up You can't hide your head in the sand and ignore it.

    In another 5 months it might be $30K .

  8. #88

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    Beutiful Italy, where people don't know how to drive :)
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    Quote Originally Posted by er2:
    but it is not a police matter, and the police will neither arrest you entering or leaving Hong Kong. If at all, the police will side with you against illegal collection practices. As Chuckster wrote, the only debts that are a police matter are tax debts.
    I would be surprised if this was so. In my country of origin only gambling debts don't need to be repaid, i.e. if I lend someone money to gamble, I can't go to the police (or the court) to force him to pay me back.

    But surely if I borrow money from a bank, or from some credit company, and I don't repay the loan, the lender can start legal proceedings against me. The court will deal with it and the police will enforce the court's order if I don't follow it. Otherwise why would anybody pay their debts?

    But of course it doesn't work as swiftly as a credit company calling the police and saying 'this guy owes me money, please arrest him at the airport.' Haha.

  9. #89

    Join Date
    Sep 2018
    Location
    Hong Kong Island
    Posts
    14

    If Hong Kong is anything like the UK then repayment of personal debt is a civil matter, not a criminal one. Failure to repay debt on time would likely be a breach of contract between parties. Police only get involved with crimes.

    Creditors can take cases to court for judgement. Bailiffs can enforce court judgements and seize property from debtors to recover the outstanding debt. Expect the amount of debt to increase after going through the court process. A debtor can't be arrested unless they commit a criminal offence, however not paying debt could potentially lead to further serious problems. For example, creditors may seek a bankruptcy order which if granted means a debtor has to disclose their global assets and property. Intentionally concealing property is a criminal offence and so is failure to surrender it.


  10. #90

    Join Date
    Oct 2007
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    1,896
    Quote Originally Posted by Philips:
    I would be surprised if this was so. In my country of origin only gambling debts don't need to be repaid, i.e. if I lend someone money to gamble, I can't go to the police (or the court) to force him to pay me back.

    But surely if I borrow money from a bank, or from some credit company, and I don't repay the loan, the lender can start legal proceedings against me. The court will deal with it and the police will enforce the court's order if I don't follow it. Otherwise why would anybody pay their debts?

    But of course it doesn't work as swiftly as a credit company calling the police and saying 'this guy owes me money, please arrest him at the airport.' Haha.
    You're confusing criminal and civil proceedings. If you have asset and you fail to repay, yes you can seek court assistance to get your hands on the debtors assets. If then the debtor hides or destroys assets, then this is a criminal offense and the police will get involved. If the debtor simply has no money, nothing will happen. Being broke isn't a crime in the civilised world.

    A notable exception, for what is it worth, is / was Dubai (not sure of the status today), where writing a check that bounces has been a criminal offense. So loan companies would make you write post-dated cheques for repayment. And if your account was empty....
    Led to a ton of fancy vehicles being abandoned at the airport during the GFC. Better leave the Emirates for good before the next rate came due. I doubt this was better for the banks FWIW
    Philips likes this.

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