I have incurred credit card debts in year 2000 with a HK bank when I was working there, for about HKD20,000. Now I am living abroad. Can the bank find me and request me to pay back the debt? How the interest will be calculated? I want to confront the bank and pay them back but just scared how much the balance will have been accumulated now? Should I find a lawyer to deal with it. If I travel to HK, will the immigration not let me leave HK until I settle the debt?
Expert advice are recommended.
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WKT, would that mean the number looks like this (below) or is it worked out a different way?
2000 20000
2001 26000
2002 33800
2003 43940.00
2004 57122.00
2005 74258.60
2006 96536.18
2007 125497.03
2008 163146.14
2009 212089.99
2010 275716.98
2011 358432.08
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Not sure but this debt must have been written off already. Immigration does not keep private companies records.
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Will the bank offer forgiveness on the loan amount? If it is that much as calculated above, I can't afford to pay that. What if they can locate me overseas, will they come after me for the repayment? or not letting me leave HK when I travel there?
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banks don't keep records indefinitely.
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And there's a thing called statute of limitation, Am just not sure if it applies here. Not sure too if the OP's account has been "sold" to debt collecting agencies. If it's with the debt collectors, the OP's account has been erased from the bank's books.
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umm, I know when someone is going to apply a credit card or a loan from any bank, the bank will do a credit check with a company called TransUnion (or any other institution who does credit check) , it will show all your past transaction records of credit cards/loan and if one has settled the payment or the debt has been write-off as an outstanding bad debt, as I understand, the bank may have write-off your debt as a bad debt, but your record of not paying your due remains and it will definitely hurt your chance of success if and when you are going to apply for any loan or credit card in HK.
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Like I said you all don't really understand what's really going on in this city! Bank industry in HK has set up a central data system which allows bank to have updates about the bad debts. The system has been running seven years at least!!!!
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actually people who got credit cards and if they didnt pay or go abroad, the bank cant find them. i heard some people who borrowed from financial company and then they were cut from work most of of them they go back to thier country and if even they cime back they cant trace them. they said that they only change thier home address a
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Honkie, Transunion centralized data started in 2003. The OP incurred his debts in 2000.
Do you know how credit card companies work? I don't and I specifically said I was not sure...
I mentioned too that it is the Immigration department that does not keep records of credit card debts of people in private banks.
I know too that private banks sell their "bad debts" to collection agencies. Once it's with the collection agencies, the bank will not deal with you anymore regarding that specific debt. For example if the OP goes to the bank and offer to repay the debt, the bank may not deal with him anymore but would advice him to go to the debt collector to settle. However the statute of limitation here in HK is 7 years, so the debt collecting company may not have the power, or may not have the records anymore (I'm not sure, I'm just guessing).
As for keeping records, I assume that the bank and now transunion have a record of you so that you can't apply for another credit card anymore.
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i think you should go to an IVA company who always works for debt and they will provide advice when you are in problem and they are also professional as i know . However you can calculate your debt with the help of them . i didn't praise them but i know they are really helpful for providing advice. So http://www.iva-advice.co will also can solve your credit card loan at once if you want . thank you
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