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Remix
Newbie
Joined: May 12, 2008
Posts: 5
Status: Offline
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 Posted:
May 12, 2008 - 10:48 AM |
 
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| Post subject: Credit Card -I am in trouble |
hello all
I have problem with China Merchants Bank . For the past 5months I was jobless ( you can't believe it but it is true) and living off my credit card. After severals remainder ,last week they give me up to 10th May to pay half which is about RMB20000( I was able to only put 3500) , the agent called just now to inform me that if I don't pay the total amount , they will report me to police. Of course I don't want the case to go to police and I don't have the possibility to pay right now. What should I do? Please advice. And If the case goes to the police, what will happen? Before calling them back or going to their office I need others people's advice , suggestion.
In advance thank you for taking the time to advice.
In big trouble ! |
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woaihuan
FooJay
Joined: Dec 15, 2007
Posts: 1730
Status: Offline
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May 12, 2008 - 10:58 AM |
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Why would you do that?
2 options.
Fly back to wherever you're from.
or
Deal with the consequences of spending money you don't have. |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 396
Location: Pudong & Hongkou, Shanghai
Status: Offline
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May 12, 2008 - 11:00 AM |
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What I can't believe is not that you were jobless (many people are, in Shanghai), but that you were living off a credit card in China for five months. Usually Chinese banks won't extend credit for that long.
Have you found a new job? If yes you might try to negotiate a payment term with them showing them proof of your new income etc., though I would be surprised to see them displaying any common sense. If the case goes to the police you might be in serious trouble, I haven't heard of similar cases before so I can't say how serious this might be. |
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spandex
Raver
Joined: June 06, 2006
Posts: 472
Status: Offline
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May 12, 2008 - 11:10 AM |
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Not sure about the PSB over here, but in the West the police would not be at all interested in this.
It is between you and the bank to sort out and the police won't get involved.
Tell them to stuff their threats; you will pay them back at 500 rmb a month. |
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If moths like the light so much why do they only come out when its dark?
Last edited by spandex on May 12, 2008 - 11:11 AM; edited 1 time in total |
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Remix
Newbie
Joined: May 12, 2008
Posts: 5
Status: Offline
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May 12, 2008 - 11:10 AM |
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Thanks for your input.
I am trying to find the best way to deal with the consequences of my act.
Pat, unfortunately I am still waiting the result of three interviews I had recently. Actually I reached my credit limit three months ago in the hope that I will find a good& solid job very soon.But........up to now |
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spandex
Raver
Joined: June 06, 2006
Posts: 472
Status: Offline
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May 12, 2008 - 11:13 AM |
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Greedy, irresponsible banks ............... it is as much their fault as yours, don't get over depressed about this ................ |
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If moths like the light so much why do they only come out when its dark? |
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sinned69
SuperStar
Joined: Sep 01, 2004
Posts: 1483
Location: China, Middle East, Asia Pacific
Status: Offline
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May 12, 2008 - 11:51 AM |
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| Quote: |
Not sure about the PSB over here, but in the West the police would not be at all interested in this.
It is between you and the bank to sort out and the police won't get involved.
Tell them to stuff their threats; you will pay them back at 500 rmb a month.
_________________
If moths like the light so much why do they only come out when its dark? |
| Quote: |
| Greedy, irresponsible banks ............... it is as much their fault as yours, don't get over depressed about this ................ |
spandex, man what planet are you on... the OP used the card knowing full well what the consequences would be, if unable to pay back... reality check!!! and this is not the f!@#*n west where the police are not interested, its china and the PSB may very well be interested in it.
while its a civil matter, if one wants to split hairs it also could be conceived as a kind of fraud. if it was a business using an extended line of credit (from creditors) over and above the agreed terms it would be both a civil and criminal matter for trading insolvently.
to the OP, if you speak English as a native language go get an English teaching job so that you can attempt to pay your debt in good faith, simply doing f^#k all is going to help your situation no end. And face up to your responsibilities, don't run away from them, you may then tarnish the opportunity for others to get a CC. |
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qing nin shao deng |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 17500
Location: ZhongShanParkArea SH
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May 12, 2008 - 11:53 AM |
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Sounds like the locals are learning the bad habits of the Americans afterall. Living on credit... sigh.
I remember having been in credit trouble before and while I am sympathetic to your predicament, the only solution is to work it out with the bank. Good luck. |
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Thoughts & updates about Shanghai On my Blog for more details:Random Thoughts about Living in Shanghai...and more |
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Michael
Moderator
Joined: Mar 22, 2002
Posts: 5145
Status: Offline
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May 12, 2008 - 01:08 PM |
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I am not sure if the PSB have a section to deal with this yet. Chances are they will not bug oiu directly, but if CMB does file a complaint, they might note it in your record and it could screw something up later on when a potential employer checks. I don't believe they will send someone after, but they might do the best they can do to hassle you by phone.
They just want their money back. You should make every effort to get it back to them. Of course, getting a job will help. If you pay x amount monthly and follow through.. they will be happy because they can show it as a performing asset. If you stop paying, they cannot and its bad news for them. You might want to ask them if they can give a loan to payoff the card, then cancel the card, and pay the loan with x amount monthly payments.
This is a drama being played out in a few million families all over the world right now. You are not alone.. but you do not have to be a deadbeat. |
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spandex
Raver
Joined: June 06, 2006
Posts: 472
Status: Offline
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May 12, 2008 - 01:20 PM |
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I've never heard of the cops getting involved for someone going over their credit limit - it would use up too much resources - as Micheal points out, there are milliions of people in this situation globally.
It's not the same as deceptively using someone else's credit card - that is fraud, and a different issue completely.
Oh and Sinned, your talking bollox. |
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If moths like the light so much why do they only come out when its dark? |
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PG-30
Reacher
Joined: Mar 22, 2008
Posts: 345
Status: Offline
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May 12, 2008 - 02:49 PM |
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1.never forget to pay the minimum payment every month.
2.have at least two credit cards.
I think you have to go negotiate with the agent of CMB this time. cuz your bad records are already in the database of banks, no other banks will help you. |
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woaihuan
FooJay
Joined: Dec 15, 2007
Posts: 1730
Status: Offline
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May 12, 2008 - 02:53 PM |
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| PG-30 wrote: |
2.have at least two credit cards. |
Why? |
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PG-30
Reacher
Joined: Mar 22, 2008
Posts: 345
Status: Offline
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May 12, 2008 - 03:04 PM |
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so that you can overdraw money from one card to pay off the other in this kind of case.(maybe not a good idea for the op)
I know some people who are living on applying for cards and paying minimum payments. |
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woaihuan
FooJay
Joined: Dec 15, 2007
Posts: 1730
Status: Offline
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May 12, 2008 - 03:10 PM |
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See, that's a really, really bad thing to suggest to anyone.
Are you one of these people by any chance? |
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PG-30
Reacher
Joined: Mar 22, 2008
Posts: 345
Status: Offline
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May 12, 2008 - 03:15 PM |
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nope, too bad i cant help you. |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 17500
Location: ZhongShanParkArea SH
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May 12, 2008 - 03:37 PM |
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genghis
Raver
Joined: Apr 02, 2008
Posts: 451
Status: Offline
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May 12, 2008 - 03:42 PM |
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ok, 20000rmb? Did you buy anything that you might be able to sell? |
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Swiss-James
StreetBeater
Joined: Jan 05, 2007
Posts: 2237
Status: Offline
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May 12, 2008 - 03:44 PM |
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| spandex wrote: |
| Greedy, irresponsible banks ............... it is as much their fault as yours, don't get over depressed about this ................ |
Disagree. I think adults should take responsibility for their own actions. |
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My Shanghai blog, I also write for Shanghaiist and City Weekend |
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woaihuan
FooJay
Joined: Dec 15, 2007
Posts: 1730
Status: Offline
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| Posted:
May 12, 2008 - 03:52 PM |
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| Swiss-James wrote: |
| spandex wrote: |
| Greedy, irresponsible banks ............... it is as much their fault as yours, don't get over depressed about this ................ |
Disagree. I think adults should take responsibility for their own actions. |
Yup.
And yeah, sell some stuff in the classifieds.
Such as your computer and cell phone, for example. |
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chingiskhan
Veejay
Joined: Apr 24, 2007
Posts: 2088
Location: Shanghai
Status: Offline
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| Posted:
May 12, 2008 - 03:55 PM |
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| spandex wrote: |
| Greedy, irresponsible banks ............... it is as much their fault as yours, don't get over depressed about this ................ |
Right. A guy has no job and blows 20,000 rmb on his credit card and it's the greedy bank's fault! Give us a break even the OP is humble enough to realise it's his own doing. |
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jzzzzzzz
PopStar
Joined: July 07, 2006
Posts: 1258
Status: Offline
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May 12, 2008 - 04:06 PM |
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Meet your bank as soon as possible and attempt to agree a payment plan you can afford. Find a job urgently and as others have suggested sell anything you can. |
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foodcoma
Reacher
Joined: Apr 29, 2006
Posts: 293
Status: Offline
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May 12, 2008 - 04:15 PM |
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Have you thought about asking your family or close friends for help? |
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MoonOverMiami
Reacher
Joined: Jan 07, 2008
Posts: 337
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May 12, 2008 - 05:22 PM |
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If I read it correctly, I believe the RMB20,000 is half of what the OP owes:
"...last week they give me up to 10th May to pay half which is about RMB20000( I was able to only put 3500)..."
So the OP owes RMB40,000.
On a separate issue, a colleague of mine went to report something to the police and was told the police would not get involved unless there was more than RMB50,000 involved. Not sure whether this is true or how uniformly its applied throughout Shanghai and/or China.
Speaking of which, does China have any type of record keeping for credits such as credit cards or loans? |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 8302
Location: EOA Seminar
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May 12, 2008 - 05:48 PM |
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| spandex wrote: |
| Greedy, irresponsible banks ............... it is as much their fault as yours, don't get over depressed about this ................ |
Yeah, shame on the bank for not letting some moron deadbeat steal their depositor's money. 
Fucking morons. |
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Last edited by underh20 on May 12, 2008 - 05:56 PM; edited 1 time in total |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 8302
Location: EOA Seminar
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May 12, 2008 - 05:50 PM |
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| MoonOverMiami wrote: |
If I read it correctly, I believe the RMB20,000 is half of what the OP owes:
"...last week they give me up to 10th May to pay half which is about RMB20000( I was able to only put 3500)..."
So the OP owes RMB40,000.
On a separate issue, a colleague of mine went to report something to the police and was told the police would not get involved unless there was more than RMB50,000 involved. Not sure whether this is true or how uniformly its applied throughout Shanghai and/or China.
Speaking of which, does China have any type of record keeping for credits such as credit cards or loans? |
Yes, they do. It is maintained by the People's Bank of China and all banks in China must contribute to the database.
Needless to say, OP is SOL as far as obtaining new credit. |
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