Defaulting on credit card debt

[tonymontana32]

Hi I have a quick question that I hope someone knows the answer to.

 

I am unable to pay my massive credit card bills due to covid and I know that there is a 2 year statute of limitations from when I initially default. 

 

Credit cards are all unsecured by the way.

 

The question is can the credit card companies/debt collectors seize my car (which is on finance) due to the unpaid debt?

 

Thanks

[worgeordie]

Are you in Thailand ?, have a work permit and job.

regards Worgeordie

[tonymontana32]

Just now, worgeordie said:

Are you in Thailand ?, have a work permit and job.

regards Worgeordie

Yes in thailand but no work permit or job as I quit about a year ago. 

[stouricks]

4 minutes ago, tonymontana32 said:

Yes in thailand but no work permit or job as I quit about a year ago. 

So you say you 'bought' a car in Thailand with a non-Thai credit card? Or am I misunderstanding something. A Thai Credit Card must have funds in place to cover any spending on it ie It is a Debit Card. No?

[tonymontana32]

4 minutes ago, stouricks said:

So you say you 'bought' a car in Thailand with a non-Thai credit card? Or am I misunderstanding something. A Thai Credit Card must have funds in place to cover any spending on it ie It is a Debit Card. No?

You're missunderstanding. I have credit cards some of which i am not paying back due to covid, there is a statute of limitations of 2 years. If and when the card companies send the debt to debt collectors, are they able to seize my car which is on finance (not through a credit card, also i have no thai guarantour).

 

The only question is are they able to basically take my car which i don't technocally own as it's still on finance, I've only had it a year amnd was bought new if that makes any difference.

 

Thanks

Edited June 10, 2020 by tonymontana32
misspelling

[tonymontana32]

Just to add, the credit cards are from Thai banks, i have no other credit cards but Thai ones

[tonymontana32]

3 minutes ago, tonymontana32 said:

You're missunderstanding. I have credit cards some of which i am not paying back due to covid, there is a statute of limitations of 2 years. If and when the card companies send the debt to debt collectors, are they able to seize my car which is on finance (not through a credit card, also i have no thai guarantour).

 

The only question is are they able to basically take my car which i don't technocally own as it's still on finance, I've only had it a year amnd was bought new if that makes any difference.

 

Thanks

Sorry just read this part "A Thai Credit Card must have funds in place to cover any spending on it"

 

This is completyely wrong, all my cards are unsecured with no funds in place to cover spending, i hads a job here for 13 years and credit rating is/was amazing

[robblok]

If you default they will come after you. There is a chance they will go after your car. If you only had the car a year then you probably did not pay off enough to have any value left when its sold.

 

They might try it anyway (i would certainly not blame them). I would do anything to get my money owed too from clients. But i think it will cause them more grief then anything else.

 

 

[scorecard]

21 minutes ago, tonymontana32 said:

You're missunderstanding. I have credit cards some of which i am not paying back due to covid, there is a statute of limitations of 2 years. If and when the card companies send the debt to debt collectors, are they able to seize my car which is on finance (not through a credit card, also i have no thai guarantour).

 

The only question is are they able to basically take my car which i don't technocally own as it's still on finance, I've only had it a year amnd was bought new if that makes any difference.

 

Thanks

"...there is a statute of limitations of 2 years". Please explain what that means. 

[robblok]

1 minute ago, scorecard said:

"...there is a statute of limitations of 2 years". Please explain what that means. 

He seems to think if they can't collect the debt for 2 years then they cant collect it anymore legally. 

 

I am not sure if that is true, but that is what the OP assumes.

[bwpage3]

How did you run up massive credit card debt in 2 to 3 months?

 

The banks would have to get a court order to come after you.

 

I think if will all depend on how much you owe on the credit cards.

 

 

[tonymontana32]

1 minute ago, robblok said:

It will probably be deleted as we can't link BKK post but really interesting. I like stuff like that (not that I would default its just not done IMHO i honor my debts). But I do like legal rulings and stuff as a tax accountant its always interesting to see how laws work in other countries and how things are argued.

 

You assume though that things have not changed since then. The information is around 12 years old. It could be still true or things could have changed. 

I have 6 credit cards that i have held well for 9 years, i am only defaulting on 3 due to covid and a few other reasons because of the way the individual banks have treated myself/other foreigners and because the 3 that i will default on are in excess of 1 million in total. I have never defaulted on anything and have always paid my dues so i'm not a c@*t. Yes the statute of limitations is still in place for this.

 

The only that i need to know is can they seize my car which is under finance, and i plan to keep paying that off along with my other 3 cards.

 

Thanks

[Swiss1960]

13 minutes ago, tonymontana32 said:

 

Banks WILL take you to court, as otherwise it will encourage others to also default on their debts.

 

Banks WILL take your car when possible (car is in your name even if you have an open loan) and you will continue to pay back the loan even without having the car.

 

Why do people always think that in Thailand, they can be crooks and thieves and get away with it? 

[tonymontana32]

5 minutes ago, bwpage3 said:

How did you run up massive credit card debt in 2 to 3 months?

 

The banks would have to get a court order to come after you.

 

I think if will all depend on how much you owe on the credit cards.

 

 

I have held credit cards here for over 9 years, one of the cards increased my limit automatically by 160,000 in november as i've always been in good standing with my credit. My total on just 3 cards stands at around 1.2 million owed. Yes they need to get a court order and need to do that within 2 years of me defaulting.

 

This is not my question though, I'm asking if anyone knows if they can seize my car if they ever do get a court order, due to the car still being under finance i technically do not own it, the finance company do.

[Silent Number]

36 minutes ago, robblok said:

He seems to think if they can't collect the debt for 2 years then they cant collect it anymore legally. 

 

I am not sure if that is true, but that is what the OP assumes.

It’s basically true from what I read but the banks have fine print built into their contracts somewhere...Another thing if you make a part payment or agree to payment terms to reduce debt the card is reactivated automatically from that date.I am led to believe that they can take anything of value that belongs to you to recover the debt on a court order.

Edited June 10, 2020 by Silent Number
The car is yours...The debt to the finance company is yours.

[Olmate]

Speak with their dept who assists in debt difficulty situations,they may accept some lesser payout figure.

[stevenl]

20 minutes ago, robblok said:

If you default they will come after you. There is a chance they will go after your car. If you only had the car a year then you probably did not pay off enough to have any value left when its sold.

 

They might try it anyway (i would certainly not blame them). I would do anything to get my money owed too from clients. But i think it will cause them more grief then anything else.

 

 

The car will most likely still be in the name of the finance company, so they can't go after the car.

[robblok]

1 minute ago, tonymontana32 said:

I have 6 credit cards that i have held well for 9 years, i am only defaulting on 3 due to covid and a few other reasons because of the way the individual banks have treated myself/other foreigners and because the 3 that i will default on are in excess of 1 million in total. I have never defaulted on anything and have always paid my dues so i'm not a c@*t. Yes the statute of limitations is still in place for this.

 

The only that i need to know is can they seize my car which is under finance, and i plan to keep paying that off along with my other 3 cards.

 

Thanks

You can be sure that they will go after you with everything they have if you are defaulting over 1 million. Makes the story a bit different they could go after your car and I am quite sure they will go to court. Its not as if it a standard 100-200k debt but over a million is certainly worth it for them to sue. 

 

How they have treated you seems a bit of an excuse to me. I mean running up such a high debt you must have known what you were doing for me its totally unethical to skip on stuff like that. But I am a business owner and treat my clients fair and get <deleted> off when people don't pay their debts. I take it personal (I dont overcharge am ok with payments arrangements and so on).

 

So for me to default on a debt is a big no no. I hate it when others do it to me so I would not do it to nobody. But then again everyone is different. 

[tonymontana32]

Just now, Silent Number said:

It’s basically true from what I read but the banks have fine print built into their contracts somewhere...Another thing if you make a part payment or agree to payment terms to reduce debt the card is reactivated automatically.

correct

[blackcab]

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[robblok]

Just now, stevenl said:

The car will most likely still be in the name of the finance company, so they can't go after the car.

Its true that they can't take the car from the finance company but who knows what they can work out with the finance company. I am not saying it would happen. 

[oxforddon]

I was once in a situation where disputes with a bank issued credit card led to debt collectors. I was advised by lawyers that a) it is illegal for banks to pass on or "sell" debts to such debt collectors and b) there was a 5 year limitation on debt. I am not certain if all that still applies but at the time, once debt collectors were told of my lawyer advice, they backed off.

 

 

Edited June 10, 2020 by oxforddon

[colinneil]

Just now, tonymontana32 said:

You're not a bank though mate, banks are c*%ts

Totally disagree with your above comment.

The i thing i will say about banks, is they have been very stupid allowing you to have so many cards.

[tonymontana32]

4 minutes ago, stevenl said:

The car will most likely still be in the name of the finance company, so they can't go after the car.

Exactly my thoughts, just needed clarification

[tonymontana32]

Topic can be closed, i have my answer. Thanks all.

[blackcab]

@tonymontana32 It would really help others in the future if you would be kind enough to update this topic with your experiences as you go through this process.

[robblok]

3 minutes ago, tonymontana32 said:

You're not a bank though mate, banks are c*%ts

Same thing for me I honor my agreements. I know what I am getting into when i make them so i honor them. To rack up such a debt you must have known its crazy. Instead of economizing you rack up debt. Sorry we just have different views about this. 

[tonymontana32]

46 minutes ago, blackcab said:

@tonymontana32 It would really help others in the future oyf you would be kind enough to update this topic with your experiences as you go through this process.

Sure I will do. 

[JensenZ]

5 minutes ago, tonymontana32 said:

I have 6 credit cards that i have held well for 9 years, i am only defaulting on 3 due to covid and a few other reasons because of the way the individual banks have treated myself/other foreigners and because the 3 that i will default on are in excess of 1 million in total. I have never defaulted on anything and have always paid my dues so i'm not a c@*t. Yes the statute of limitations is still in place for this.

 

The only that i need to know is can they seize my car which is under finance, and i plan to keep paying that off along with my other 3 cards.

 

Thanks

I'd be more concerned about your other credit cards. If the other banks find out you have defaulted on 3, they will probably cut you off. The debt collectors might use this as leverage.

 

In Australia this information is shared to all credit providers. I'm not sure how it would work in Thailand.

[simon43]

You're not a bank though mate, banks are c*%ts

 

Well, they may well be c*%ts.  But it sounds like you are also a c*%t to 'exploit those banks for their generosity to give you unsecured loans....