Defaulting on credit card debt

[Keyser Soze666]

8 hours ago, Don Mega said:

A secured credit credit is nothing more than a glorified debit card.

Agree to an extent as it may feel like that to YOU, but to the big outside world it IS a CC. So for example you may wish to purchase something but the vendor will only accept CC and not DC. Also, you have more protection with a CC on a purchase, it's known as chargeback if something goes wrong.

[Monomial]

8 hours ago, Trillian said:

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!

Interesting perspective. Nonsequitor, but interesting nonetheless.

 

[hammerhammer]

Your answer is that they most likely have a chattel mortgage on your car and as such you have transferred title to them subject to the right of redemption that means when you have paid the debt back to the car financier they will release the mortgage unless they pay the debt on your behalf they have no right to it whilst under finance  

[taninthai]

6 credit cards and a new car on finance...are you Thai?

living way beyond your means if that’s how your running your finances..

interested to know if you quit your job a year ago ,,,how has Covid affected the not being able to repay the money,,,,if you quit your job you haven’t had any salary coming in.

[Don Mega]

1 hour ago, Keyser Soze666 said:

Agree to an extent as it may feel like that to YOU, but to the big outside world it IS a CC. So for example you may wish to purchase something but the vendor will only accept CC and not DC. Also, you have more protection with a CC on a purchase, it's known as chargeback if something goes wrong.

Visa Debit Card.

[Keyser Soze666]

2 minutes ago, Don Mega said:

Visa Debit Card.

What??

[Don Mega]

6 minutes ago, Keyser Soze666 said:

What??

https://www.visa.co.th/en_TH/pay-with-visa/find-a-card/debit-cards.html

[Keyser Soze666]

7 minutes ago, Don Mega said:

https://www.visa.co.th/en_TH/pay-with-visa/find-a-card/debit-cards.html

And what??

[Don Mega]

1 hour ago, Keyser Soze666 said:

And what??

In the context of my post were I mentioned visa debit cards, if you do not understand their functionality and usage then there us very little for me to explain to you.

[Stygge]

17 hours ago, frogmo1 said:

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.

Yes, there is. Statue of limitation, no matter how long, when notification is done to the debtor a new period starts running. Notification can be done by payment demands, or debtor makes payment or a civil suit is started at court. This principle is the same around the world. Otherwise it would be to easy for debtors to escape payment and credits wouldn´t be given. Rules of statutes exsist for the reason that the debtor might forget about the debt if not reminded within a time limit. If reminded in time the debtors memory is refreshed.

[bwpage3]

On 6/10/2020 at 11:12 AM, Keyser Soze666 said:

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

 

You sound naive and very conformist. 

Naive?

 

What a choice of words.

 

You agree that being in Thailand with no job and running up 1.2 million baht is a good idea?

 

I am a conformist. I pay my bills.

[Keyser Soze666]

14 hours ago, Don Mega said:

In the context of my post were I mentioned visa debit cards, if you do not understand their functionality and usage then there us very little for me to explain to you.

I have absolutely no idea at all what you are rambling on about. All I did was point out 2 advantages of having a CC (after you deemed them as only glorified DC's) and all you have done since is just say 'debit cards' like some kind of robot. It's all very strange.

 

Maybe I need to use crayons for you.

[Don Mega]

1 hour ago, Keyser Soze666 said:

I have absolutely no idea at all what you are rambling on about. All I did was point out 2 advantages of having a CC (after you deemed them as only glorified DC's) and all you have done since is just say 'debit cards' like some kind of robot. It's all very strange.

 

Maybe I need to use crayons for you.

Go back and re-read my post again, notice I mentioned Visa Debit Cards... now run along and google what that is.

 

 

[Keyser Soze666]

2 minutes ago, Don Mega said:

Go back and re-read my post again, notice I mentioned Visa Debit Cards... now run along and google what that is.

 

 

It's still not the same as a CC, so no idea what your point is. Anyway, I admit I'm bored, I'm VERY bored, I'm tempted to say that I don't have all day, but I do..but anyways I'll let you crack on and have the last word, you seem the type that would insist on it. 

[Sujo]

17 hours ago, Don Mega said:

Visa Debit Card.

Not good enough. I dont have any credit card. I do have a visa debit card. 

 

In the US i tried to pay extra baggage fees at an airport. Cash? No. Visa Debit card? No, because it doesnt have my name on it.  So visa debit is not the same as a credit card.

[Sujo]

1 hour ago, Stygge said:

Yes, there is. Statue of limitation, no matter how long, when notification is done to the debtor a new period starts running. Notification can be done by payment demands, or debtor makes payment or a civil suit is started at court. This principle is the same around the world. Otherwise it would be to easy for debtors to escape payment and credits wouldn´t be given. Rules of statutes exsist for the reason that the debtor might forget about the debt if not reminded within a time limit. If reminded in time the debtors memory is refreshed.

Again, totally wrong. The time only starts again if the borrower admits the debt. The limitation time starts on first notification and thats it.

 

Yes it is pretty easy to escape payment. Ignore all notifications. The debt is then cancelled after 5 years. The bank has no recourse after that time and the debt is cleared from your credit rating.

[Don Mega]

53 minutes ago, Sujo said:

Not good enough. I dont have any credit card. I do have a visa debit card. 

 

In the US i tried to pay extra baggage fees at an airport. Cash? No. Visa Debit card? No, because it doesnt have my name on it.  So visa debit is not the same as a credit card.

Ahhh yeah my bad, I forgot thai banks don't issue them with a name unless you request and pay extra for it.

 

Both my K Bank and BKK bank Visa Debit Cards have my name.

[Lancelot01]

On 6/10/2020 at 3:35 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

You bought a car on finance? Why didn't use a finance company to repay your credit card debt? 

Unfortunately I don't think you will be able to walk away from your liabilities as easy as you think.

[theoldgit]

On 6/12/2020 at 11:02 AM, Don Mega said:

Ahhh yeah my bad, I forgot thai banks don't issue them with a name unless you request and pay extra for it.

 

Both my K Bank and BKK bank Visa Debit Cards have my name.

 

That's good to hear that Kasikorn Visa Debit Cards can once again be issued with the holders name, they told me that they'd stopped that service when I renewed my card last year.

[Don Mega]

Just now, theoldgit said:

 

That's good to hear that Kasikorn Visa Debit Cards can once again be issued with the holders name, they told me that they'd stopped that service when I renewed my card last year.

My card is 3 years old, no idea if they still offer the service.