Defaulting on credit card debt

[Don Mega]

3 minutes ago, possum1931 said:

Surely one credit card is enough for anyone.

You would think so and my KBank one is enough to satisfy my needs but with  new employer came a new bank (Bkk Bank) and they insisted I have one of theirs too !!

[bkk6060]

Credit cards are good for establishing credit.

Otherwise, they are the facilitators for most of the personal debt in the world.

The US alone credit card debt is total over one Trillion dollars.

I have 2 cards but since I came here I always use cash.

If I do not have the cash, I do not buy it.  

 

[Jenkins9039]

10 hours ago, tonymontana32 said:

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

Have same setup (actual credit cards).

Figure out how you are going to pay it, statue of limitations is actually 6 yrs last time i checked (debts, bankruptcy) but can last an eternity as they dont just hide it after 6yrs...., but you can also be blacklisted, and can also if they want to, have civil possibly criminal suits if you've continued to spend in awareness of not being able to repay.

[newnative]

Hope so.

[Pedrogaz]

My mrs went bankrupt. She had two houses in Bangkok and a warehouse/office outside. She managed to sell the warehouse but the bank seized the houses....then they sued for about 60 million baht (the mortgages were at 20% from 1990). The bank said the sale of the houses didn't cover the loan and interest payments.

They caught her in 2006 and she was in bankruptcy court, had to get a court order to fly anywhere, could own NOTHING (on the advice of our lawyer who said anything she owned was liable for seizure). This went on for 5 or 6 years when she was finally discharged without paying anything. But now she cannot get credit anywhere, not even  as a second on my cards.

[Aliflair]

It fascinates me how "ex-pats" living here can get themselves into situations like this. Hope it's a bridge I never cross. I'd be worried about the immigration angle, who knows if that may one day bite. Only time I did something remotely close was in my 20's when I left a country and broke a rental lease, I had tried to talk to them about it, no dice. But still I left it clean and tidy and popped the keys in the admin mail slot on my way to the airport. Suppose I justified it in the same way that the big bad banks so horribly treated old mate by lending him an unsecured 1M ????

[KhaoYai]

10 hours ago, tonymontana32 said:

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.

I don't know the position under Thai law but I doubt its any different to anywhere else. Not only do you not 'technically' own the car - until its paid for in full, you don't own it full stop. Therefore I would very much doubt it could be counted as an asset. The owners of the car are the finance company.

[Letseng]

12 hours ago, tonymontana32 said:

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

Normally companies require a security deposit. Singapore at least does. You default and amount gets taken off your deposit. In general, it may not be a good idea to default as a foreigner.

[Letseng]

11 hours 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.

How on earth do you accumulate such an amount? Don't shop if you haven't got the money.

[bwpage3]

11 hours 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.

1.2 million charged credit states you are living higher than your means.

 

You mentioned CV, it is obvious you did not charge 1.2 million in the past 3 months since CV started?

 

That amount is certainly going to draw some legal action by the bank, which I think would include seizure of anything you own of value.

 

I would be worrying more about Thai law and legally what can happen if you don't pay?

 

Deny VISA? Deport? A foreigner doing this may not have the same protections as a Thai.

 

 

 

 

 

[bwpage3]

7 hours ago, kingstonkid said:

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.

  

 

 

You brought up a valid point of keeping money in the bank for a VISA. 

 

I suspect any monies in the bank would get confiscated.

[bwpage3]

In the end, it is a gross misuse living off credit cards with no job and no way to repay.

 

Long before running up 1.2 million, did you ever think about leaving Thailand and getting a job in your own country?

 

Why in the world do you need a CAR when you have 1.2 million in debt? 

 

Pretty sure you haven't even remotely convinced yourself how bad you have screwed up the rest of your future in Thailand.

 

Even if you got a job, 1.2 million plus interest, you will never earn enough money to pay it back.

 

Not sure how you old are, but I can't even imagine living the rest of my life never being able to buy anything because the credit is screwed.

 

No house, no nothing.

[Keyser Soze666]

12 minutes ago, bwpage3 said:

 

Even if you got a job, 1.2 million plus interest, you will never earn enough money to pay it back.

 

Not sure how you old are, but I can't even imagine living the rest of my life never being able to buy anything because the credit is screwed.

 

No house, no nothing.

Not everyone ends up teaching English, you know. And not everyone only buys things  like houses using credit.

 

You sound naive and very conformist. 

[Maha Sarakham]

58 minutes ago, Keyser Soze666 said:

You sound naive and very conformist. 

He sounds like he makes better financial decisions than the other guy.  Since when is being "conformist" a bad thing when it comes to crippling debt?  

[henry2109]

20 hours ago, Monomial said:

 

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.

 

Nonsense post. You only informed us about your crooked ethnics.

[Trillian]

20 hours ago, Monomial said:

 

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.

 

So you have variable morals that are different based on who you're dealing with, hmm, that's not morals, that's an excuse for not having any!

[Olmate]

12 minutes ago, henry2109 said:

Nonsense post. You only informed us about your crooked ethnics.

Lots of those around! ????Any Ozzie’s who followed the recent royal commission into the big four banks would vouch for their ethics!

[Don Mega]

9 hours ago, Letseng said:

Normally companies require a security deposit. Singapore at least does. You default and amount gets taken off your deposit. In general, it may not be a good idea to default as a foreigner.

A secured credit credit is nothing more than a glorified debit card, infact I have several and they have Visa Debit printed on them and they draw against my funds.

 

You can also if you meet the criteria obtain an un-secured credit card, I have 2 at different banks.

[hellohello123]

13 hours ago, thailand49 said:

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>!

 

 

a bit late now to be growing up, dont you think

[thailand49]

Moderation?  Too much and it becomes a disease and that includes credit " keeping up with the Jones "  this has no color or age barriers.

 

When it comes to morals we all have our standards and I feel the same ways about those white collar crooks like the banks how can I get the better of them I think majority of us think like this way but down deep we have been taught the real difference between right or wrong in the end we are human and make mistake and when we do how does one handle it is the question? 

 

It has taken a lifetime for me to get out of credit I remember my first card Bank of American credit limit $150.00 today I got two cards combine the limit is $40,000 USD, balance both is 0 there is no better feeling than paying cash I sit with my Thai wife of 15 years and smile how the downturn from the virus has hardly affected us money wise.

 

Just as banks have legal white collar ways of reducing their debt it is also available to individuals creditors. There is kind of a game if you want to burn them then do it legally.

[thailand49]

16 minutes ago, hellohello123 said:

a bit late now to be growing up, dont you think

You are judging him physically only!  Just because he looks like a man doesn't mean he is one!  One of my favorite lines I use whenever I get a chance to provide some of my so call wisdom to Thais? 

 

One thing I'm going through today with my son and his Thai wife.  Just because you can have a baby doesn't mean when it happens you get a birth certificate for the baby and then some GOD gives you an internal wisdom to know exactly how to raise them and you have all the answer.

 

Science tell you a human brain doesn't fully develop until you are in your mid twenties to make decision from my experience learning is a lifetime experience thinking you know everything is to know nothing in life I know a few close friends who today act like they are kids still making terrible decision.  Based on post the profile is he is around 28-32 years of age and the answer he is looking for tells me he " looks physically like a man but hasn't developed mentally as a person "  Just my two cents.????  It is never too late to do the right thing?

[Stygge]

Statue of limitation - as long as the bank notifies you about your debt it starts a new 2 year period.
They can keep this up forever.

The car: it depends if you lease the car or if you bought it on credit. The difference is who owns the car.
If it is the latter the bank can seize the car but has to esure the rights of the creditor. It means the bank kan extract the difference from the remaining debt to the market selling value of the car.

 

[Mayhem11]

It may depend on the nature of your title to the car and the existence of security held over the car by the vendor.

[Sujo]

1 hour ago, Stygge said:

Statue of limitation - as long as the bank notifies you about your debt it starts a new 2 year period.
They can keep this up forever.
 

 

Totally incorrect

[Max69xl]

On 6/10/2020 at 9:35 AM, 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

Why do you have 6 credit cards? From which banks? 

[treetops]

On 6/10/2020 at 3:35 AM, tonymontana32 said:

I have never defaulted on anything and have always paid my dues so i'm not a c@*t.

Of course you are a c@*t.  Planning to welsh on a sizeable debt that will then be borne by every other customer of the bank(s) is almost the definition of a c@*t.

 

On 6/10/2020 at 3:45 AM, tonymontana32 said:

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

You would take the word of one random poster on an internet forum as true?  Not very bright as well as a c@*t.

 

On 6/10/2020 at 3:53 AM, 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."

Quoting a comment written below a video with no relation to Thailand as backup for what you want to be true - unbelievable!

 

https://tr-cam.com/video/3RFbBY9gr88/marston-s-goons-try-again.html

 

[hellohello123]

6 hours ago, thailand49 said:

You are judging him physically only!  Just because he looks like a man doesn't mean he is one!  One of my favorite lines I use whenever I get a chance to provide some of my so call wisdom to Thais? 

 

One thing I'm going through today with my son and his Thai wife.  Just because you can have a baby doesn't mean when it happens you get a birth certificate for the baby and then some GOD gives you an internal wisdom to know exactly how to raise them and you have all the answer.

 

Science tell you a human brain doesn't fully develop until you are in your mid twenties to make decision from my experience learning is a lifetime experience thinking you know everything is to know nothing in life I know a few close friends who today act like they are kids still making terrible decision.  Based on post the profile is he is around 28-32 years of age and the answer he is looking for tells me he " looks physically like a man but hasn't developed mentally as a person "  Just my two cents.????  It is never too late to do the right thing?

My personal opinion is that especially in financial behaviour, its pretty hard to change ones mindest/behaviour, especially the older you get

 

I have always been conservative in my spending habits since a young age, so credit card has never been a problem except once when a business went broke,

 

however as I got older and even today, my conservative spending habits are hard to change

 

credit cards can be useful, convenient and even profitable tools

 

but if you have no/little financial control or discipline, it can be a huge trap

[frogmo1]

6 hours ago, Stygge said:

Statue of limitation - as long as the bank notifies you about your debt it starts a new 2 year period.
They can keep this up forever.

The car: it depends if you lease the car or if you bought it on credit. The difference is who owns the car.
If it is the latter the bank can seize the car but has to esure the rights of the creditor. It means the bank kan extract the difference from the remaining debt to the market selling value of the car.

 

The Civil and Commercial Code provides a three-year statue of limitation for unsecured credit card debt.  There is no two-year statute nor any revival of a statue because the creditor gives notice of the default.

[varun]

I think the OP has purposely convoluted his question to increase ambiguity about his financial state.

What does "I am unable to pay my massive credit card bills due to covid" mean?

 

Any defaulter running around with 6 credits cards, deserves to have their personal assets seized - starting with the car!

 

[thailand49]

8 minutes ago, hellohello123 said:

My personal opinion is that especially in financial behaviour, its pretty hard to change ones mindest/behaviour, especially the older you get

 

I have always been conservative in my spending habits since a young age, so credit card has never been a problem except once when a business went broke,

 

however as I got older and even today, my conservative spending habits are hard to change

 

credit cards can be useful, convenient and even profitable tools

 

but if you have no/little financial control or discipline, it can be a huge trap

I agree mostly, I'm a pretty liberal person but as I have gotten older moving towards moderate funny 17 years ago I was on a flight with a fellow from Canada, he had lived in Thailand for 30 years as a teacher I didn't know then but our conversation went on for hours I never knew many of the things he experience would come my way and much more.

 

When it comes to spending it wasn't until my first divorce I woke up and smelled the coffee, spending wasn't the reason she left but in the end she did me a favor it cause me to grow up fast and take responsibility in life. Some how a few years after things started to fall in place for me with help from some good friends they taught be a thing about finance and how to invest. I learn how to be more discipline and by doing so I forego many luxury the most important was having a roof over my head. While many of my co-workers were trying to keep up with the Jones I max out my 401K and venture out on my own with more investments properties. Every raise every overtime and there were plenty I socked away the more I saved the happier I was becoming.

 

My spending like you is conservative my Thai wife use to think I was cheap but found out the truth when she came down with cancer no insurance yet I had the money to pay for her treatment and it was expensive.  I have credit cards all of them have zero balance being debt free is worry free majority of the time.

 

It comes in handy when I go out and if I want to buy unlimited drinks for the ladies I don't think about cost anymore it is a great feeling!