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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar
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 Posted:
May 12, 2008 - 05:56 PM |
 
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| Michael wrote: |
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. |
This is the way it works.
The bank will report the incident to the PSB and the PSB will vsiit you a few times and use strong-arm tactics to get you to pay. If you cannot pay, in the end the police will do nothing because, after all, it is not usually anything but a civil matter.
The bank, realizing the police have failed, will sue you. The civil courts here are as efficient as criminal courts and within approximately 30 - 60 days they'll have a judgment against you and likely block you from exiting China.
At this point, it would be foolish to assume the bank will extend any new credit -- in any form -- to you. What I would do is pay them a reasonable amount on a regular basis. It might be less than what they demand you pay per month, but at least you can avoid legal action this way.
Your credit file with People's Bank of China will be fried, though, as they will certainly put you on the S-List.
Employers are prohibited by law from obtaining your credit file. It should not hinder you in getting a new job -- unless the police visit you at work. |
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Last edited by underh20 on May 12, 2008 - 05:58 PM; edited 1 time in total |
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woaihuan
Veejay
Joined: Dec 15, 2007
Posts: 1847
Status: Offline
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May 12, 2008 - 05:56 PM |
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If you're a foreigner and have no real ties to China, I highly suggest you skip the country.
Since it's an option.
It's not like it would affect an 'international credit rating'. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar
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| Posted:
May 12, 2008 - 05:59 PM |
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| woaihuan wrote: |
If you're a foreigner and have no real ties to China, I highly suggest you skip the country.
Since it's an option.
It's not like it would affect an 'international credit rating'. |
Make that three deadbeats.  |
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بارك الله ، بارك الله |
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woaihuan
Veejay
Joined: Dec 15, 2007
Posts: 1847
Status: Offline
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May 12, 2008 - 06:00 PM |
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I'm not a deadbeat.
I have ties to China, remember? |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar
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| Posted:
May 12, 2008 - 06:01 PM |
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| woaihuan wrote: |
If you're a foreigner and have no real ties to China, I highly suggest you skip the country.
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If it walks like a duck and talks like a duck ... .  |
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بارك الله ، بارك الله |
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woaihuan
Veejay
Joined: Dec 15, 2007
Posts: 1847
Status: Offline
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May 12, 2008 - 06:06 PM |
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...it must taste like chicken? |
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spandex
Raver
Joined: June 06, 2006
Posts: 477
Status: Offline
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May 12, 2008 - 06:49 PM |
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Of course banks never lend irresponsibly because this could lead to huge bad debts and a credit crisis. Err hello??? |
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If moths like the light so much why do they only come out when its dark? |
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woaihuan
Veejay
Joined: Dec 15, 2007
Posts: 1847
Status: Offline
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May 12, 2008 - 06:57 PM |
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Banks did the smart thing - whatever made their customers happy and increased their profits.
The original poster, as well as most of Americans (the ones in debt), used this service unwisely. |
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Remix
Newbie
Joined: May 12, 2008
Posts: 5
Status: Offline
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May 12, 2008 - 08:16 PM |
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Thanks everybody for your input. I sincerely appreciate it and I feel like I am not alone in this vast country.
The problem is half solved as I have contacted the bank agent with a payment plan proposal . She will report to her manager and back to me . Seems that it is ok( though didn't get a reply yet).
Once again thank you very much for the time and effort.
Salut a tous |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar
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May 12, 2008 - 08:28 PM |
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| UnderH20 wrote: |
| You might try to negotiate as part of the plan that they do not screw up your credit file or cancel your credit card. |
Specifically, you can mitigate the damage as follows:
1. Ask them not to cancel your card and let you keep it, but with a much lower limit.
The fact that they allow you to keep the account means it will not be reported as a chargeoff. Chargeoffs remain on your credit file for at least 10 years in China and also make you a likely candidate for inclusion on the PBC crap list. Being listed on the crap list means any other credit cards you now have will be cancelled and also make it impossible for any other bank to give you credit.
2. Ask them not to report you as having paid late. This is something they will likely not accept, but it can't hurt trying.
Anyhow, late payments only stay on your credit file 2 years. Better to have a few dings on your file for the next two years than to have one totally FUBAR file for ten. |
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بارك الله ، بارك الله
Last edited by underh20 on May 12, 2008 - 09:32 PM; edited 1 time in total |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar
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May 12, 2008 - 08:29 PM |
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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??? |
If you can logically equate OP's issue with the US subprime crisis, you need yet another lobotomy. |
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بارك الله ، بارك الله |
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woaihuan
Veejay
Joined: Dec 15, 2007
Posts: 1847
Status: Offline
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| Posted:
May 12, 2008 - 09:13 PM |
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| underh20 wrote: |
| Remix wrote: |
Thanks everybody for your input. I sincerely appreciate it and I feel like I am not alone in this vast country.
The problem is half solved as I have contacted the bank agent with a payment plan proposal . She will report to her manager and back to me . Seems that it is ok( though didn't get a reply yet).
Once again thank you very much for the time and effort.
Salut a tous |
You might try to negotiate as part of the plan that they do not screw up your credit file or cancel your credit card. |
That's real likely. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar
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May 12, 2008 - 09:24 PM |
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^ Actually, it is likely. It just depends on your attitude and how good of a customer you were before the problem came about. |
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بارك الله ، بارك الله |
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lababillarde
Rocker
Joined: May 26, 2005
Posts: 736
Status: Offline
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May 12, 2008 - 09:27 PM |
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Nice to hear that Remix. Don't worry too much. There're always solutions here. Perhaps if u got some collections or whatever, sell them on eBay...or Taobao, are u familiar with that, Remix?
But.......registering an eBay account in China is hard, given that regardless ur nationality, you have to go through a procedure called Cross Border Trade Verification......
Anyway, Good luck! |
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TaiShan
Seeker
Joined: Apr 13, 2006
Posts: 50
Status: Offline
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May 12, 2008 - 09:54 PM |
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the police won't get involved but have you heard of a "debt collector". my mate is a debt collector and he has plenty of fun dealing with little punks like you! |
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i want money, ah ohoh, that |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar
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| Posted:
May 12, 2008 - 10:07 PM |
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| TaiShan wrote: |
| the police won't get involved but have you heard of a "debt collector". my mate is a debt collector and he has plenty of fun dealing with little punks like you! |
Bullshit.
Banks here do not give uncollectable credit card debt to debt collectors. They handle collections in-house until such time as they file suit. Once they obtain judgment and have failed in collecting on it, they give it to a contract attorney. |
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بارك الله ، بارك الله |
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gw4khq
Reacher
Joined: Nov 13, 2006
Posts: 262
Location: Shanghai
Status: Offline
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May 12, 2008 - 10:09 PM |
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Sound like you keep good company. Fortunately the OP had the intelligence to negotiate a deal with his bank. |
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worried
Talker
Joined: Jan 17, 2007
Posts: 82
Status: Offline
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May 12, 2008 - 10:10 PM |
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| spandex wrote: |
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.
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Yeah, but this is a Chinese credit card we're talking about. Generally Chinese banks don't give out credit cards like sweeties like they do in the west. I suspect that defaulting it taken somewhat more seriously here.
Let's not forget, defaulting on debt was a criminal offense in the west in the past too - there were debtor's prisons. |
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gw4khq
Reacher
Joined: Nov 13, 2006
Posts: 262
Location: Shanghai
Status: Offline
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| Posted:
May 12, 2008 - 10:11 PM |
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^ sorry uh20. My post was directed to taishan. |
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worried
Talker
Joined: Jan 17, 2007
Posts: 82
Status: Offline
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| Posted:
May 12, 2008 - 10:13 PM |
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| 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... |
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woaihuan
Veejay
Joined: Dec 15, 2007
Posts: 1847
Status: Offline
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| Posted:
May 12, 2008 - 11:28 PM |
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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... |
You can sign up for credit cards in the subway to get free lock lock. It's not that hard.
My wife has at least one and she doesn't own a car, house, etc. |
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jeffry3
Reacher
Joined: June 01, 2007
Posts: 220
Location: 中山
Status: Offline
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May 12, 2008 - 11:40 PM |
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your wife is chinese... duh! |
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pat_togo
Raver
Joined: Feb 22, 2005
Posts: 403
Location: Pudong & Hongkou, Shanghai
Status: Offline
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May 12, 2008 - 11:42 PM |
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monkey7020
Barker
Joined: June 10, 2006
Posts: 157
Status: Offline
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May 13, 2008 - 03:04 AM |
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They hand them out let sweeties to the chinese - all my staff have them - including my minimum wage paid ayi with a 10k rmb credit limit!!! |
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bougie
Board Buddha
Joined: Nov 20, 2004
Posts: 13323
Location: Wuhan Hubei China
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May 13, 2008 - 06:51 AM |
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| woaihuan wrote: |
| PG-30 wrote: |
2.have at least two credit cards. |
Why? |
Steal from mr wong to pay mr wang ? |
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