Defaulting on credit card debt

[scorecard]

56 minutes ago, tonymontana32 said:

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.

 

But is it not possible the bank could argue that ultimately you have XXXBaht equity in the item, therefore since you are defaulting the bank is entitled to that equity to clear/partly clear your credit card debt?

[Keyser Soze666]

48 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. 

Git - The fact that I had 2 debt companies trying to get the funds, would you say that makes it more, or less, likely the bank sold my debt? You have got me thinking now lol.

 

The more I rack my brains I'm sure one of the co's told me that bank had not sold the debt, but can't be sure. I certainly won't be calling them to find out ????

Edited June 10, 2020 by Keyser Soze666

[Matzzon]

Simple. You are personally responsible for the debt on your credit cards. Everything that stands in your name they could come after, if there is a chance to get any money back out of that action. If you are married and your wife have been buying things of value after the marriage, then they could also come for that. 

[ChouDoufu]

1 hour ago, oxforddon said:

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.

 

 

the bank owns the debt, they can sell them to other banks.  or they can sell default accounts to collection agencies.  happens all the time.

 

the 5-year limitation on collection of "active" accounts is in the law somewhere, but good luck fighting it in court as an average thai person.  don't know if that rule applies to foreign person accounts.....either in the laws wording or how it is enforced.

[ChouDoufu]

2 hours ago, tonymontana32 said:

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

 

if you quit your job a year ago, how does covid affect your repayments?

[Olmate]

8 minutes ago, Matzzon said:

Simple. You are personally responsible for the debt on your credit cards. Everything that stands in your name they could come after, if there is a chance to get any money back out of that action. If you are married and your wife have been buying things of value after the marriage, then they could also come for that. 

You,re so wrong ...oh unsecured! What’s that mean again?

[Don Mega]

1 hour ago, Silent Number said:

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

The registered owner will be the bank or finance company until the outstanding finance amount is paid in full.

[theoldgit]

1 hour ago, Keyser Soze666 said:

Git - The fact that I had 2 debt companies trying to get the funds, would you say that makes it more, or less, likely the bank sold my debt? You have got me thinking now lol.

 

The more I rack my brains I'm sure one of the co's told me that bank had not sold the debt, but can't be sure. I certainly won't be calling them to find out ????

 

I'm not an expert on these matters, but I'l led to believe that UK banks often sell off bad debts to debt collection agencies when there is little hope of getting anything back, it's not always the case as sometimes the debt collection agencies are no more than in house staff.

I understand as debts become unenforceable they get sold down the food chain. 

[Matzzon]

34 minutes ago, Olmate said:

You,re so wrong ...oh unsecured! What’s that mean again?

Are you for real? You can take an unsecured loan in any country. That does not mean you did not sign the loan with your name. What it means is that you are individually responsible for the loan or credit amount. There is no guarantor or company that have signed or co-signed. That means the bank saw it as you had enough income an enough decent economy to be granted a loan in only your name. Unsecured is only a word that should be seen as something used as a risk analysis of the bank och credit institute.

You are responsible after you signed the loan. Everything you own or own together with somebody by law through a marriage they can go after.

Are you really that naive and unaware of how a loan or credit works?

Edited June 10, 2020 by Matzzon

[Keyser Soze666]

5 minutes ago, theoldgit said:

 

I'm not an expert on these matters, but I'l led to believe that UK banks often sell off bad debts to debt collection agencies when there is little hope of getting anything back, it's not always the case as sometimes the debt collection agencies are no more than in house staff.

I understand as debts become unenforceable they get sold down the food chain. 

Sure, I think I'm in the clear now anyway, but bugging me I can't remember what they said to me on that.

[talahtnut]

You could try to speak to the bank and

perhaps they may accept reduced payments.

Otherwise they may file bankruptcy

proceedings against you as you owe over

1 million. 

[Berkshire]

1 hour ago, ChouDoufu said:

4 hours ago, tonymontana32 said:

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

 

if you quit your job a year ago, how does covid affect your repayments?

It's pretty clear he's just making up bogus reasons for not wanting to pay back money that he borrowed. 

[marin]

4 hours ago, tonymontana32 said:

I ehave 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.

Yes you are still a c&^t, pay your bills. Just because you can rationalize thenm away does not make them gone in any way. Talk to your bank and find out what they will accept in terms of payments.  You are just going to make it harder for other non Thai people to get a CC card..   Now I see why most Thai banks are reluctant to give a Credit Card and much prefer the debit card.  People like you..

[kingstonkid]

4 hours 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

Going through this with ex gf as everything is in her name and my address. 

 

She hit the road and has not paid anything so all the paperwork comes here.

 

First thing they will do is take you to court.  BTW when they serve you it is part of a bulk service which means that your name will be seen by a few hundred people that also got served.

 

If you fail to appear because you are a foreigner there is always the chance that it will be noted and come up when you go to immigration.

 

If not then the court can order you to make the payment and they really do not care how you do it or the court can force you into bankruptcy.

 

No matter what the credit rating that you had are are so proud of is gone.  

 

If it goes to bankruptcy then all the credit card companies wil want their money and someone will get the car.

 

With all this said and done I do not know what type of visa you are on but I am pretty sure that if you are bankrupt you will not have the funds in your account to stay in Thailand or that they will let you stay.  That is a different legal matter.

 

BTW the debt never leaves.  It may not be collected but it sits on your credit rating.

 

My suggestion is to grow a pair apologize to the bank and make at least a minimum payment.  They are getting tough on Thais I can only imagine what they will do with you.

 

You liked the banks enough to take their money the least you can do is be a responsible adult and pay them back.

  

 

 

[kingstonkid]

3 hours ago, Keyser Soze666 said:

Git - The fact that I had 2 debt companies trying to get the funds, would you say that makes it more, or less, likely the bank sold my debt? You have got me thinking now lol.

 

The more I rack my brains I'm sure one of the co's told me that bank had not sold the debt, but can't be sure. I certainly won't be calling them to find out ????

Keyzer. In order to recoup some of the money banks do in fact sell bad debt to credit collection companies for pennies on the dollar.  They will buy a block of bad debt with the knowledge that some will not pay anything but that others when contacted will make some form of restitution.  Usually the amount they get will be more than their costs.

 

All companies that have debt of a major part of their business including utility companies do it in the west.  

[Keyser Soze666]

13 minutes ago, kingstonkid said:

Keyzer. In order to recoup some of the money banks do in fact sell bad debt to credit collection companies for pennies on the dollar.  They will buy a block of bad debt with the knowledge that some will not pay anything but that others when contacted will make some form of restitution.  Usually the amount they get will be more than their costs.

 

All companies that have debt of a major part of their business including utility companies do it in the west.  

Yes, sure. I was (pleasantly) surprised how laid back both co's were, really didn't make much effort at all and gave up pretty tamely. I mean, I wasn't expecting hooded men with baseball bats at my door, but was expecting more of a stressful time with it. They didn't even threaten me with any courts orders (can't remember what they call it now)

Edited June 10, 2020 by Keyser Soze666

[frogmo1]

The statute of limitation period in Thailand to sue on unsecured credit card debt is 3 years from the date of default.  If any payment is made after initial default, the 3-year period begins anew from that payment date.

 

To garnish wages or seize assets, the creditor must first sue the debtor and obtain a court judgment by winning the lawsuit.  A lawsuit filed during the 3-year period stops the running of the statue of limitations.  If the court dismisses the lawsuit for non-prosecution (for example, if the debtor cannot be found to be served with formal notice of the lawsuit), the statue resumes running. If the 3-year limitation period has run prior to the filing of the creditor's lawsuit, the debtor must assert the expiration of the limitation period as a defense to the lawsuit. Only after a final judgment has been obtained may the creditor use legal process to garnish wages or seize assets. 

 

This is all set out in the Civil and Commercial Code.

[Patanawet]

6 hours ago, Swiss1960 said:

 

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

What a strange reply! Who is being a crook of thief? That would involve doing an illegal act on purpose. I don't see any of that in the OP's messages.

[Swiss1960]

52 minutes ago, Patanawet said:

What a strange reply! Who is being a crook of thief? That would involve doing an illegal act on purpose. I don't see any of that in the OP's messages.

Wrong. If you read more from the OP, he clearly states that he will default only on 3 cards from banks where he felt not treated correct / nicely. That defines intent

[BTB1977]

Why are you worried about this car. You probably won't need it after you default on your large dept,  and land in jail.  

[Bob A Kneale]

8 hours 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.

 

 

Without actually stealing it, how can they go after a car that he doesn't own?  The car belongs to a finance company.

[Bob A Kneale]

7 hours ago, tonymontana32 said:

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

The banks are?  That's a bit rich from someone who's doing the defaulting.

Edited June 10, 2020 by Bob A Kneale

[KMartinHandyman]

Pay ฿100 each month on each card and tell the court your are attempting to make restitution and will continue to do so until paid in full. You’re just experiencing a difficult financial challenge. 
  Works in the USA , called “attempted restitution”. 

[BritManToo]

Just now, KMartinHandyman said:

Pay ฿100 each month on each card and tell the court your are attempting to make restitution and will continue to do so until paid in full. You’re just experiencing a difficult financial challenge. 
  Works in the USA , called “attempted restitution”. 

Doesn't work in Thailand or the UK, suspect it doesn't work in the USA either.

[metisdead]

Some posts using profane language have been removed:

 

8.) You will not post disruptive or inflammatory messages, vulgarities, obscenities or profanities.
 

Some troll posts have been removed. 

[digger70]

Defaulting on credit card debt.

You stopped working one Yr ago.Are you Retired ? Do you get a Pension or Super ?

What in the name of Satan are you Living of/from?

How did you get in to a Big Hole like that ? 

Something Wrong about  you're post and or Budgeting /wasting you're Money.

They Can get you're car and sell it and they Will pay the Finance Company First if anything left over they Will get it.

[NoshowJones]

They cannot touch you if there is more than six years from the last time you heard from the  creditors.

That is in the UK.

[Sujo]

The law is that the credit card is in your name. They cannot touch anything you own unless it is only in your name. 

 

If the car is in your name only they can take it, sell it, the finance company is paid first, the bank takes the rest. You are still liable for the outstanding amount.

 

They cannot take household things like furniture.

 

But all this must be done via court order.

[thailand49]

9 hours 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

Sorry, I decided a month ago I would post less but after reading your post it kind of burns me up and I'm trying real hard not to pass judgement.

 

This is what I'm trying to teach my Thai son and his wife " take responsibility for your action "  just because you haven't in the pass been a <deleted> you are clearly being one now!  How do you even come up with " defaulting on 3 due Covid and other reasons because of the way the individuals banks have treated you or OTHERS FOREIGNERS "

 

This is the type of stuff I heard from deadbeat Thais and it seems some of it might have rubbed off on you. Everyone comes here for a reason basically to each their own but you borrow and lived beyond your means for whatever reason and whatever country you come from surely you wouldn't even be consider any of this nonsense because you credit would be ruined for life and a lean would be attached to you no matter where you work in the future.

 

I suggest you grow up and take responsibility instead of trying to burn someone using excuses to get from under your debt you created now you want help as you noted you got your answer on page 1 or 2 and topic is closed. Personally based on your intend I hope they arrest and depot your <deleted>!

 

 

[NoshowJones]

9 hours ago, colinneil said:

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.

Surely one credit card is enough for anyone.