Defaulting on credit card debt

[tonymontana32]

Just now, robblok said:

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. 

It would not have happened if covid didnt happen so what can i say? I've paid my dues for over 9 years its only due to covid that i am unable to keep paying the 3 big amounts.

[Swiss1960]

1 minute ago, tonymontana32 said:

Exactly my thoughts, just needed clarification

Not true, as I know for a fact with the car of an ex-wife. MY lawyer checked this for me, the bank can take possession of the car based on a court order, but the loan will stay with the original loan-taker.

 

(No, I did not pay off her debts, only made sure she had correct legal information)

[OneMoreFarang]

13 minutes ago, tonymontana32 said:

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

So you punish the banks because they didn't treat other foreigners the way you think they should have. Yeah, sure. You must be an "interesting character"...

I hope the banks will give you all you deserve.

[Pilotman]

50 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

It depends on the jurisdiction in which you live.  If you are in the country where you incurred the debt, then they could and probably will use the legal system in that country to chase you for the debt. They do this as a matter of policy to deter people like you who default.  Advice in that case is to contact them and come up with an agreement, don't just stop paying them. If you are not, say you return to a western country, they can pursue you through the civil courts, but I doubt that they would bother, but they may enlist international debt collectors who will try.  

[JensenZ]

1 minute ago, robblok said:

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. 

You're not always in control of everything and the unexpected can ruin you.

 

Some of the world's most successful businessmen  have gone broke or close to it on their way to success.

 

Elon Musk is a good example. He was living on borrowed money in 2008 to save his company, now he's worth around $21 billion.

[tonymontana32]

3 minutes ago, Swiss1960 said:

Not true, as I know for a fact with the car of an ex-wife. MY lawyer checked this for me, the bank can take possession of the car based on a court order, but the loan will stay with the original loan-taker.

 

(No, I did not pay off her debts, only made sure she had correct legal information)

wrong, found other info "Bailiffs and vehicles on finance, HP or contract hire. Bailiffs may not clamp or remove Hire Purchase, or leased Vehicles to recover unpaid debts owed by the hirer of the lessor. The law says the bailiff may only take control of the goods that belong to the debtor."

[OneMoreFarang]

4 minutes ago, tonymontana32 said:

It would not have happened if covid didnt happen so what can i say? I've paid my dues for over 9 years its only due to covid that i am unable to keep paying the 3 big amounts.

Talk to the banks. If you are a long time good and honest customer then I am sure they will find a solution for you.

[norfolkandchance]

OP. So what Visa are you on now ?

[tonymontana32]

Just now, norfolkandchance said:

OP. So what Visa are you on now ?

Non-o

[pineapple01]

1 minute ago, JensenZ said:

You're not always in control of everything and the unexpected can ruin you.

 

Some of the world's most successful businessmen  have gone broke or close to it on their way to success.

 

Elon Musk is a good example. He was living on borrowed money in 2008 to save his company, now he's worth around $21 billion.

Yeh but he has a Brain. Unlike................

[Curt1591]

 

25 minutes ago, tonymontana32 said:

I have 6 credit cards that i have held well for 9 years, ... the 3 that i will default on are in excess of 1 million in total. 

 

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

"Held well" Over $30,000 on 3 cards alone? Doesn't sound "held well" to me! I think you should have let go of that hold!

In any case, it may be time for a change of scenery ... ✈️

Edited June 10, 2020 by Curt1591

[Dante99]

1 hour ago, tonymontana32 said:

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

I hope they can take your car, your watch, your spare change and even your used clothing.  And soon.  Afterall why should you be left comfortable?

 

 

[theoldgit]

12 minutes ago, JensenZ said:

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.

 

Yes credit information is on a central register, I get a print out every year and I assume that information is shared amongst banks and other credit providors, or at least they can access it. 

[Silent Number]

The car belongs to the registered owner ..you I presume...the debt is a different obligation to the finance company you are still required to service your car loan even if it is seized I.MO. Kowjaimai

[Keyser Soze666]

CC's can be an absolute nightmare. I have some bad history with a UK one that went on for years. I racked up about 12k GBP debt, like some others have mentioned many have morals in cases like this and don't want to just run away from a debt. It was probably easier for me to do that since I had left the UK for some time, but I always made sure I paid at least the min amount most months. Just arranging that was a nightmare in itself, I would have to send money from my Thai acc to the UK just to pay the card, nightmare. I thought many times about leaving it but one problem was it was reg at my mum's house, so she would get bombarded with calls and letters when I missed payments, which was stressing her out, which I can understand, she also had the added worry of finding out I was in this debt so was then concerned about my welfare over here. I also know she was telling a few family members about it, so again, a nightmare situation really.

 

It eventually got to the point where I couldn't even pay the min each month, so mother was again being bombarded which then caused a problem in our relationship, she was very stressed over it. After around 6 months with no payments the bank handed over the debt to one of these debt collectable companies, they were pretty laid back when I spoke to them to be fair and we arranged a payment option where I would pay a small amount every month and if I couldn't make it one month just to let them know. They also assured me they would not hassle my mother, which they never. I made one payment of 500GBP, then again after that I just couldn't even afford the minimum payments so again I left it. Having the knowledge that they wouldn't contact my mum made it easier to do this. So they chased me for a few months with letters (to here) and then to my surprise they just left me alone, this was around 3 years ago now, so it's basically been written off.

 

I still actually have a current account with the bank and ironically now have enough funds in there to be able to have paid it, but they have never once raised the issue again.

 

Thanks for reading.

KS666

[Berkshire]

18 minutes ago, tonymontana32 said:

It would not have happened if covid didnt happen so what can i say? I've paid my dues for over 9 years its only due to covid that i am unable to keep paying the 3 big amounts.

Yeah, but COVID didn't make you run-up the million baht debt, did it?  I find it incredibly irresponsible for someone to spend someone else's money and then decide that they don't want to pay it back because of....whatever.  And some farangs wonder why they can't get a credit card in Thailand.  Look no further than the OP. 

[Silent Number]

15 minutes ago, tonymontana32 said:

wrong, found other info "Bailiffs and vehicles on finance, HP or contract hire. Bailiffs may not clamp or remove Hire Purchase, or leased Vehicles to recover unpaid debts owed by the hirer of the lessor. The law says the bailiff may only take control of the goods that belong to the debtor."

What the.? If you have all this info why the F@#& are you asking here.

[worgeordie]

I suppose it's easy to blame Covid 19 for your debt,

when really it's all down to YOU.......who needs 6 credit cards.

regards worgeordie

Edited June 10, 2020 by worgeordie

[robblok]

16 minutes ago, JensenZ said:

You're not always in control of everything and the unexpected can ruin you.

 

Some of the world's most successful businessmen  have gone broke or close to it on their way to success.

 

Elon Musk is a good example. He was living on borrowed money in 2008 to save his company, now he's worth around $21 billion.

No you can't always control what is happening. I agree, however racking up 1.2 million and blaming it on corvid is a bit strange IMHO. I mean just figure out how much per month the guy was spending. Still having a car and living it up. I would have economized and not racked up such a high debt. 

 

I just feel when you rack up a debt you have to pay it. That is my opinion others can think different.

 

There is a reason why they don't give out credit cards to foreigner. The OP is one of those reasons. 

[theoldgit]

2 minutes ago, Keyser Soze666 said:

this was around 3 years ago now, so it's basically been written off.

 

I still actually have a current account with the bank and ironically now have enough funds in there to be able to have paid it, but they have never once raised the issue again.

 

I don't think they will have actually writted it off, unless they actually sold it to the Debt Collector.

 

If the bank still have the loan on their books they're legally able to offset any funds you may hold in another account with them, or with another bank in the same group, they don't need a court to do this. 

[scorecard]

1 hour ago, tonymontana32 said:

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

I've had 4 cards issued by Thai banks all unsecured, closed 3, now just 1. Payments up to date.

I should mention all 4 were issued 25 to 30+ years ago.

 

[Swiss1960]

23 minutes ago, tonymontana32 said:

wrong, found other info "Bailiffs and vehicles on finance, HP or contract hire. Bailiffs may not clamp or remove Hire Purchase, or leased Vehicles to recover unpaid debts owed by the hirer of the lessor. The law says the bailiff may only take control of the goods that belong to the debtor."

Read my post. I said the bank will get a court order which will allow them to take your car and you will be stuck with your debt.

 

But up to you, who you believe.. you have already convinced yourself that you are not the crook and it is all the fault if others...

[Keyser Soze666]

8 minutes ago, theoldgit said:

 

I don't think they will have actually writted it off, unless they actually sold it to the Debt Collector.

 

If the bank still have the loan on their books they're legally able to offset any funds you may hold in another account with them, or with another bank in the same group, they don't need a court to do this. 

Right. I just can't remember if they sold it to the debt collector or not, I did know but have forgot lol.

 

So yes it's possible I could be in for a shock one day, but after this length of time I'd say highly unlikely.

 

I actually had 2 different debt firms come after me, for some reason the first lot didn't hang around for long, maybe this gives a clue if the bank sold the debt or not?

 

They also gave me an 'offer' of around 9k by memory to pay the debt in a one-off payment.

 

Edited June 10, 2020 by Keyser Soze666

[Pilotman]

18 minutes ago, theoldgit said:

 

Yes credit information is on a central register, I get a print out every year and I assume that information is shared amongst banks and other credit providors, or at least they can access it. 

not internationally.  Your credit rating in one country does not normally reflect, positively or negatively, on your rating in another.  However, lenders can and do can check across borders of course and if they do, the OP is screwed.   

[Silent Number]

34 minutes ago, tonymontana32 said:

It would not have happened if covid didnt happen so what can i say? I've paid my dues for over 9 years its only due to covid that i am unable to keep paying the 3 big amounts.

Tony could you enlighten me as to how Covid19 had a bearing on your inability to service your debt as you stated previously you have not worked for a year maikowjai?

[Monomial]

38 minutes ago, tonymontana32 said:

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

 

Agreed.

 

There is a HUGE moral difference between defaulting on an individual or an SME, who are actual people and operate within moral constraints, and defaulting on a bank or large corporation, who are legalized, institutional psycopaths.

 

I treat people in kind. A bank doesn't have any moral dillemma about cheating me or using the law to take everything I own. I have no moral dillemma about cheating them or using the law against them.  Just the way it is. If you can get the best of a bank, good on you. They do the same to you when they can get away with it.  I would never adopt that attitude with a small business or individual though.

 

As of right now, banks and some multinationals are the only people who can afford to pay for this economic crisis. They can get free money from the government. Let them absorb as much of the burden as possible. I have no ethical problem with that.

 

[sukhumvitneon]

34 minutes ago, JensenZ said:

You're not always in control of everything and the unexpected can ruin you.

 

Some of the world's most successful businessmen  have gone broke or close to it on their way to success.

 

Elon Musk is a good example. He was living on borrowed money in 2008 to save his company, now he's worth around $21 billion.

When you owe the bank $5000, you have a problem.  When you owe the bank $5M, the bank has a problem

[theoldgit]

3 minutes ago, Pilotman said:

not internationally.  Your credit rating in one country does not normally reflect, positively or negatively, on your rating in another.  However, lenders can and do can check across borders of course and if they do, the OP is screwed.   

 

Yes, I realise that, I was responding to the guy who was commenting on the OP who has credit card debts with Thai lenders.

[pineapple01]

I played hardball with them once when the Thai Bht Crashed. They pulled my executive card without warning. Refused to Pay, only to be reciprocal. We claim your Assets. You wont find any, ....off.

[Ventenio]

I haven't had debt in about 15-years.  Sold the german cars, bought some second-hand stuff.......I'm not sure if it's better or worse, whatever, life is short and you do whatever you want.  I went through that stage of having many CC's like 20-years ago.  whatever, who cares.  people will yell at you, "get a job, be responsible, pay it off!!!"  don't worry about all that stuff.  your life is your life.....take it all with a grain of salt.  maybe sell the car, buy a used car, give the CCs the difference. maybe not.  i have no idea what your situation is.......maybe they can keep you in the country until it's paid off, nobody really knows.  maybe you will hate yourself for years if you try to avoid paying.....maybe not.

 

Covid.....the ultimate conspiracy to burden the world with debt and get them to be even more sheep as before.  the power at the top really has been accelerated.  wealth inequalities have widened out massively.  Now everyone will yell at you, "why didn't you have a backup plan, savings for an emergency!!!!"   those people are usually massively overweight drunks who have had 11 divorces, 75 kids who hate them, and 5 cigarettes in their mouth.  lol.  i won't patronize you