Hi
In 2002 I had open credit card in HSBC.In 2003 due to my study i have to go outside Hong kong.when i left HK in 2003 I had credit of around HK$5000 in my credit card.In 2006 04-2006 06 i was in Hong Kong and again out of Hong kong.From 2009-now i am in Hong Kong continuously.Just yesterday From my transunion credit record i came to know that i have credit of HK$43000.
Can anyone suggest me what should i do?In-fact i am ready to pay whatever credit during the period i was in Hong Kong but how can i pay the money which was never used by me?Please Help me to give some advice.How should i process....
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If you don't may payments on your credit card for years then this is what happens. I suppose you'll have to pay off the 43,000.
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No way to go but make a deal with the credit card (bank) company to whom you owe the amount. You may be able to strike a lower one time payment if you are capable, or a low monthly payment schedule. 43k is not too big in Hong Kong, but your situation might be different.
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Thank you everyone for your suggestion.
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Firstly i suggest you to call hsbc and tell them u r willing to pay the 5k and to consider your case., at the same kindly ensure that they inform transunion that the amount is settled full and final, so it reflects in the system when others check your credit history.
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Thanks PENMAN for the suggestion.I have send details to the HSBC so now waiting for their respond.
I think unless i pay the total amount they will not inform transunion that the amount is settled.Let's hope for the good news.when i issue credit card the credit limit was just 20K if somebody misuse my card even then it shouldn't be more then 20K if i am not mistaken.
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Perhaps your 43,000HK debt is due to interest accumulating over 10 years, rather than misuse?
Having a credit limit wont stop a bank adding interest on an outstanding debt. I dont like your chances of not having to pay the full balance, this is HSBC after all, and not a small business that might be happy to recoup only some of their lost money.
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