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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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 Posted:
May 13, 2008 - 07:52 AM |
 
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| worried wrote: |
| underh20 wrote: |
| 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. |
Actually, have you checked out how difficult it is to get a credit card in China? You need a (pricey) house of your own, a car, and various other things. Basically, you need to be one of the high-rolling, high-earning urban elite. Not a 'moron deadbeat' as you put it.
It's highly likely that the person was doing very very well for himself. How else would he have been given a balance of 40,000 RMB (2800 pounds - you need a fair salary even in the UK to get given that)? Do you really think some Chinese 'deadbeat' would ever even consider getting a credit card?
Christ, some people have no bloody idea about China... |
Actually, as others have aptly pointed out, banks do hand out credit cards like candy -- especially to Chinese people.
Even expats should have no trouble unless they are English teachers.* I have quite a few myself and the last thing anybody can accuse me of is being Chinese.
Any moron who decides to use borrowed money to live on when they have no job is, by definition, a deadbeat. Or don't they teach fiscal responsability on your planet?
* Not to put down English teachers, but they are usually viewed as not having stable employment by banks. |
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bougie
Board Buddha
Joined: Nov 20, 2004
Posts: 13292
Location: Wuhan Hubei China
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May 13, 2008 - 08:02 AM |
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To the OP. All the advice ha been given here, ask for family help, get a job asap, talk to the bank in a humble way (not the chinese save face bull crap) etc etc.
Now you are in deep doo doo .. look in the mirror and take responsibility and action. get it going ..
Personal note: I assume you are chinese .. how the fu ck you can be out of a job for 6 months ? |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 13, 2008 - 08:08 AM |
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| bougie wrote: |
| Personal note: I assume you are chinese .. how the fu ck you can be out of a job for 6 months ? |
And a retarded Chinese at that. |
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BONNIE
Veejay
Joined: June 17, 2005
Posts: 1892
Location: Amsterdam/Shanghai
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May 13, 2008 - 08:26 AM |
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Underwater, your signature, did Sienna really do that ? |
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Siberia.......Here I come ! |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 13, 2008 - 08:28 AM |
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| BONNIE wrote: |
| Underwater, your signature, did Sienna really do that ? |
Yes, she did.
Under a table at KFC. Gives a whole new meaning to "Finger licking good!" |
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chingiskhan
Veejay
Joined: Apr 24, 2007
Posts: 2198
Location: Shanghai
Status: Offline
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| Posted:
May 13, 2008 - 10:01 AM |
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| spandex wrote: |
| Of course banks never lend irresponsibly because this could lead to huge bad debts and a credit crisis. Err hello??? |
Huge bad debts and credit crisis? In China?
Respectfully Spandex, you are talking much more about the situation in the UK or the US. This is China and if you read the post, the OP's problem is in China. Things are a little different. I had to jump through a lot of hoops to get a Chinese credit card and the limit was derived from my proof of income.
And I should point out that many people like myself have several credit cards but don't spend money we don't have. |
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lababillarde
Rocker
Joined: May 26, 2005
Posts: 736
Status: Offline
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| Posted:
May 14, 2008 - 11:29 AM |
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i got it to shop online. other than that credit cards...in general are evils....and once you got addicted to it......
credit cards=some kind of drugs... |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 14, 2008 - 11:41 AM |
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| lababillarde wrote: |
i got it to shop online. other than that credit cards...in general are evils....and once you got addicted to it......
credit cards=some kind of drugs... |
Nah. Only for those who can't control their finances. |
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lababillarde
Rocker
Joined: May 26, 2005
Posts: 736
Status: Offline
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May 14, 2008 - 11:47 AM |
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yes...if you can ensure u can pay everything bad, the credit card is quite useful, especially in some urgent cases.
i'm looking forward to get another one soon and cancel my current one ...u got what i mean, underh20  |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 14, 2008 - 11:51 AM |
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| lababillarde wrote: |
yes...if you can ensure u can pay everything bad, the credit card is quite useful, especially in some urgent cases.
i'm looking forward to get another one soon and cancel my current one ...u got what i mean, underh20 |
Yup! 
But don't cancel the first one. Keep it and use it five times a year to avoid the annual fee. If you cancel the card, being the oldest, it will not help your credit score.
After you've had the card 1/2 a year or so, try ICBC. You can use their card online easily and it really is better than any other bank's. |
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lababillarde
Rocker
Joined: May 26, 2005
Posts: 736
Status: Offline
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May 14, 2008 - 12:01 PM |
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hmm...i got it in 12 but started using it since february. i'd like to get another one while i'm still with this fortune 500 as i might leave soon......not sure..still deciding. |
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lababillarde
Rocker
Joined: May 26, 2005
Posts: 736
Status: Offline
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May 14, 2008 - 12:02 PM |
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in december....not 12  |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 14, 2008 - 12:23 PM |
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| lababillarde wrote: |
| in december....not 12 |
Right.
Usually they like to see at least 6 moths of solid history and now you'd be at about 5. Still, I think you can try ICBC. I have some friends there if you have any problems. |
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bougie
Board Buddha
Joined: Nov 20, 2004
Posts: 13292
Location: Wuhan Hubei China
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May 14, 2008 - 04:55 PM |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 14, 2008 - 05:38 PM |
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| bougie wrote: |
| Agreed ICBC is good la |
Thank you, son. I'll increase your allowance now. |
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BONNIE
Veejay
Joined: June 17, 2005
Posts: 1892
Location: Amsterdam/Shanghai
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May 26, 2008 - 04:24 PM |
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One of my Chinese friends has defaulted on their credit card payments. I sent them to the bank to talk about getting this debt paid off but it seems like the debt has gone on too long, too much, etc and the bank does not want to talk.
They have given the person 3 days to pay the entire amount otherwise the bank say arrest and prison is imminent.
I phoned a friend who is in Commercial Law and she says that over RMB5000 is a criminal offense and could carry a jail sentence. |
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BONNIE
Veejay
Joined: June 17, 2005
Posts: 1892
Location: Amsterdam/Shanghai
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May 26, 2008 - 04:41 PM |
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Of course what I really want to know is how to help this friend. I have no intention of paying off their credit card debt in one hit (even I am not that silly) but I would like to know the facts and the laws before deciding my course of action.
As I said, I sent the friend to the bank with Rmb5000 to make a payment and ask the bank to set up a payment plan, but they were not interested. |
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dfoo
Post Roaster
Joined: Jan 19, 2005
Posts: 4140
Status: Offline
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May 26, 2008 - 05:28 PM |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 26, 2008 - 05:35 PM |
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The criminal law does not penalize failure to pay debts. Unless there is some type of fraud involved, they cannot prosecute her for the inability to pay her debts.
Like previously said, they can hound her at home and at work, contact all of her family members and commence a civil suit, but jail will not happen.
Which bank(s) is she dealing with and what is the total amount she owes (to each)? |
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BONNIE
Veejay
Joined: June 17, 2005
Posts: 1892
Location: Amsterdam/Shanghai
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| Posted:
May 26, 2008 - 06:49 PM |
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It's Bank of Shanghai, one card, 50,000 rmb |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 26, 2008 - 06:52 PM |
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^ That's one bank I don't know anybody in. Let me ask around and see if I can find someone.
Does that 50k include interest and penalties or is that the original amount of the credit limit she defaulted on? |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 26, 2008 - 07:32 PM |
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| BONNIE wrote: |
| It's Bank of Shanghai, one card, 50,000 rmb |
Ok, here's the deal. I spoke with a friend at one bank who has buddies in BOS.
It is in no way a criminal matter and she cannot / will not be arrested. The only way the police would become involved is if there were fraud involved such as her applying for the credit card giving false information on the application. If the amount of the default were extremely large (i.e. 100k +) they would probably suspect fraud and investigate, but 50k is really not that large an amount.
The bank is just trying to scare / bully her into paying everything off immediately.
Not that paying everything off immediately is a bad idea. First of all, she's paying at least 1.5% a month in interest and another fraction of a percent each for late payments and being over her credit limit. After they tack on collection costs, she'll probably owe 50% more than the original debt.
Personally, to get 50k in debt one has to be pretty fucking stupid. Obviously her credt file smells like $hit by now so she'll never get any new credit for the next ten years or so. Now she just needs to pay back what she owes and try to minimize her ever increasing debt. Although the police will not arrest her, they probably will hound her and visit her employer under the guise of an investigation to apease an obviously influential bank.
The best way to handle this is to try and negotiate with the supervisor of the initial person who refused to listen to her. Again, the bank will try to be as inflexible as possible since they know that sooner orlater they will hound her to death and get their money plus a hell of a lot more.
She should try to get as much cash together as she possibly can and go in and pay it on the account. If she has about 30%, the bank will probably cut her a deal with the guarantee that she pay the remainder off within 4 - 6 months. Otherwise, she should just pay as much as she can and continue on a regular basis until everything is paid off with the knowledge that the bank will not cut her a deal on interest and fees.
And before I forget, kick her in the a$$ for being such a retard and getting into this mess in the first place. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9647
Location: EOA Seminar
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| Posted:
May 26, 2008 - 07:36 PM |
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| lababillarde wrote: |
| hmm...i got it in 12 but started using it since february. i'd like to get another one while i'm still with this fortune 500 as i might leave soon......not sure..still deciding. |
This just in: Damned BankComm does not report your credit card history to the People's Bank of China for inclusion in your credit file unless you default.
I am hoping this is just some confusion on BankComm's fault by some ignorant BankComm staff member. I will definitely look into this and see WTF is going on. |
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BONNIE
Veejay
Joined: June 17, 2005
Posts: 1892
Location: Amsterdam/Shanghai
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| Posted:
May 26, 2008 - 07:36 PM |
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The 50K includes penalties and interest.
I gave the friend 5000 to go to day and try to work out a plan but they refused to take the payment and refused to talk about a plan. |
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Siberia.......Here I come ! |
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BONNIE
Veejay
Joined: June 17, 2005
Posts: 1892
Location: Amsterdam/Shanghai
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| Posted:
May 26, 2008 - 07:43 PM |
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Thanks for the information UnderH20.
I will get my friend to go into the bank again tomorrow and try to talk to the supervisor but I am afraid they will refuse to accept the payment again.
Is there any way to make them accept the payment?
Obviously it's not going to get any better if they won't accept the person is trying to pay back this debt. |
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Siberia.......Here I come ! |
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