Posted by
hklccc
19 yrs ago
I've been inHK for 3 years. Have a tourist visa.
When I came here 3 years ago I got a credit card from HSBC and proceeded to spend the full limit, HK$70,000 thinking that I would return to the UK and never need to pay it! However, I'm still here and everytime I come in and out of HK I"m worried that immigration will have a record of this as I gave my passport as ID for the credit card.
Anyone got any ideas on the possibility of getting caught and what would happen?!
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You will never be detained by police for debt. However, HSBC may sue you and make you bankrupt.
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I agree with FOTH. A pity it doesn't work that way. I believe it's a civil case rather than a criminal case. But whether HSBC can serve a letter of demand to someone in the UK based only on a passport number is another story.
Oh boy, how can anybody THINK of doing such a thing!
Michael Chan
www.senseimichael.com
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This certainly could happen..we suggest that you hire us to contact and negotiate with HSBC re settling for an amount less.....meet us and we will coordinate..
Weir & Associates
Solicitors & Notaries
Agents for Patents & Trademarks
24-Hour Hotline: 852-2526-1767
Fax: 852-2868-3568
Email: Info@HongKongLaw.com
Webaite: http://www.HongKongLaw.com/weirlaw
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HSBC shares are listed in London, aren't they?
In any event, how did you get a HK$70,000 credit line with just a passport?
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My understanding is that the immigration dept. cannot prevent you from leaving HK with a debt.
However, if you owe the government money, they can prevent you coming back in until you have paid it - your situation is a civil one and therefore the immigration dept. would have no record of it until you are charged with a criminal offence - then they would probably get a bit upset with you.
That was a pretty dishonest thing to do - do you do it in every country you visit?
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If you owe money to Inland Rev they let you out but not back in? I don't understand. It would seem they want you to stay and not let you go....
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>Weir & Associates
I'm in a similar situation too, with a debt of 65k to HSBC for about 2 years but I have no idea how to solve it.
I've few questions.
a) For about how much may I expect to settle the debt of 65k and what kind of deal?
b) How much does your company charge for it?
c) How would that be possible for me to ever hold a credit card in HK?
Thanks in advance.
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190k
17 yrs ago
Its a CRIME "proceeded to spend the full limit, HK$70,000 thinking that I would return to the UK and never need to pay it!" he took the card and spent the limit thinking he did not have to pay that is "Deception" when he applied for the card as if the HSBC knew he had no intention to repay tehy would not have issued teh card to him.
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I don't believe that OP has an HSBC Hong Kong credit card. HSBC policy is to only issue credit cards to people with HKID. In fact, I think that is a HK Monetary Authority policy.
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I unfortunately lived off cash advances for a few years. 33% + regular credit card interest 31.xx% ?
I am not sure how much the actual amount borrowed has been, but I know they have made a hefty profit. Actually an unreasonable profit.
I requested HSBC to freeze my card, unfortunately they did not. Luckily it is now closed, however they are still charging the regular interest of 31.x% per month.
I just called to again to see if it is possible that they will freeze the interest whilst I try to get a personal loan to clear it.
If anyone has a suggested loan company or any other advice; such as will HSBC lower the interest or amount owed, etc?
Advice most gratefully accepted.
Christopher
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so long as you have a regular income and your fixed costs are less than 50% yr income its quite easy to change the card loan into a fixed instalkment loan either with the same bank or have another bank buy the loan. many local banks offer such buy back facilities for professionals like Engineers, doctors , accountants etc. Try BOC, Dah Sing, BEA.
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Transunion kept your bad debt records,I doubt if theres any lending company will ever trust you to have some personal loan.
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Credit card spending mostly Government law enforcement agencies wont get in. (As it is an agreement between bank and a customer) Unless you had singed and grant a personal load.
There is difference between load and Credit card guys.
The worst case scenario:
After 2-3 years the bank pass the authorization to debt collectors and they will start to write you letters and come to your address to ask for the payment.
If they failed to got a reply from you for some times like 2 years they will get a legal advice and try to build up more interest on your 70k (Lets say its 300k after 5years) and they asked small claim tribunal to help them chase you legally. In this case you would be possibly be stopped at the exit entry if you failed to show yourself in the tribunal.
What you have to do to just avoid such things.
Pay at least HK$500 a month to the bank as a repayment.
And keep it doing until you can. You debt will never end like this in your life for sure. But no authority can detained you because you are paying already by monthly.
is that work?
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