Previous Unpaid Loan

I'll make it a short story and really need all your legal expert advice. Thank you in Advance.


I started to live here in 1995 and accumulated personal loans from credit cards, banks, and finance institutions. I left HK last 2003 with all those loans unpaid but I managed to pay my tax due. 2009 I cam back here, was able to find a job and was able to open a bank account.


Now I am just wondering since it is already been more than 7 years, what happen to my loans? Am I will be forgiven to all those loans since it is already been 7 years? Are all my credit cards loan already been put to bad debts? In 2 to 3 years time, will I able to make a personal loan from my current bank that also have my salary autopay.


I really want to start a new life but for now I can’t afford to make the payment.


Thank you for your kind advice.

hi junmardicio


i have another post on this forum relating to loan/credit card debt. basically ive been let go and ive some outstanding debt in hk(about 150K). im unable to pay back and ill be forced return to the uk this week. i hope to get back on my feet there and hopefully get another job here in a year or so.

my question to you is...how did the banks in hk treat you when u defaulted on your loan....did the debt follow you to another country and was there any legal procedding s brought against you? im worried that i will get stopeed at hk airport when i return in a year and be forced to pay the 150K. can you let me know what happened when u defaulted...did u just get letters from teh bank and your bad debt was then passed on to a third party etc..


cheers

wilbur

junmardicio,

Please do not be under any misapprehension. In a forum like this you will receive anecdotal advice, or even opionions, but in most cases they are far from the "legal expert advice" you asked for.

@wilbur134 - As I said on post, it was 7 years ago, I don't know if the ruling or law back then was different from now. I paid my tax due, cash-in on my MPF. I went to SG stayed there for 2 months, came back here again and stayed for another 3 months and finally I decided to go to USA. After 7 years and with severe recessions in the States I decided to came back here last year. I open up a bank account for my autopay salary, open up a phone line which they saw that I have an outstanding bill with them and I just paid it off. Now I will be nearly 2 years here and wanting to settle everything but don't know where to start. I am just be careful right now not to apply for any credit cards, loan or any promotional financial offer.


@kenwin - thanks, I aprreciate it.