credit card debt. can they reposses car as recovery

[jansky]

Hi guys,

just a question a friend of mine has a credit card debt and ignored the payment since 2016 and meron naman sya sasakyan the question is can the collecting agency repossess the car as payment for the recovery? yung sasakyan naman nya matagal ng bayad

Thanks for your all inputs

[shadow]

Hi guys,

just a question a friend of mine has a credit card debt and ignored the payment since 2016 and meron naman sya sasakyan the question is can the collecting agency repossess the car as payment for the recovery? yung sasakyan naman nya matagal ng bayad

Thanks for your all inputs

Nope


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[sirkosero]

Hi guys,

just a question a friend of mine has a credit card debt and ignored the payment since 2016 and meron naman sya sasakyan the question is can the collecting agency repossess the car as payment for the recovery? yung sasakyan naman nya matagal ng bayad

Thanks for your all inputs

Pwede pero legal yan. Kailangan dumaan muna sa korte

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[_Cathy_]

Pwede pero legal yan. Kailangan dumaan muna sa korte

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Agree. If the company pursues it, pwede talaga

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[shadow]

So kung mas mataas value ng kotse sa utang niya, ibibigay ng bank yun diffeence na caah sa creditor?

Sabihin mo doon sa friend mo since andyan na yan ang hinde na talaga niya mabayaran huwag na siya umutenf ulit para paanfbayad sa utang niya sa CC. Or kausapin niya yun bank and come up with some form of payment plan. Kung wala na talaga kalimutan na lang niya yan and ibenta lang ng bank yan account niya sa mga collector.

Yun lang nga sira na credit niya. But it is what it is

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[_Cathy_]

Yun mga super delinquent accounts na hindi na ma collectahan ng legal ng bank, either endorsed or sold yun account sa collection agency

Its been 20 yrs na kasi, di ko na maalala pero if the bank SELLS the account/debt to the collection agency, yari siya kasi hands off na bank dun. I feel like mas ruthless ang collection agency kasi sa bank you can still restructure your debt

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[shadow]

Yun mga super delinquent accounts na hindi na ma collectahan ng legal ng bank, either endorsed or sold yun account sa collection agency

Its been 20 yrs na kasi, di ko na maalala pero if the bank SELLS the account/debt to the collection agency, yari siya kasi hands off na bank dun. I feel like mas ruthless ang collection agency kasi sa bank you can still restructure your debt

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Eh di mas lalong hinde na niya bayaran sa collection agency. In the first place wala siya utang sa kanila.


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[uls]

ang utang parang bond yun

ung bond issuer may utang sa bondholder

if the original holder of the bond sells the bond to someone else, the new holder receives the payment

the obligation of the debtor doesn't change even if the debt changes hands

[_Cathy_]

Eh di mas lalong hinde na niya bayaran sa collection agency. In the first place wala siya utang sa kanila.

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Why not? The bank SOLD the account to the agency so now the agency has the right to that account. They have to make money too kaya dapat maka singil sila.

BTW, I don't agree sa mga tao na hindi nagbabayad ng credit card debt. They have to learn responsibility. Also, sira pangalan nila kasi submitted name nila sa BAP. Also, they probably can't work in financial institutions anymore

ang utang parang bond yun

ung bond issuer may utang sa bondholder

if the original holder of the bond sells the bond to someone else, the new holder receives the payment

the obligation of the debtor doesn't change even if the debt changes hands

Exactly

[shadow]

ang utang parang bond yun

ung bond issuer may utang sa bondholder

if the original holder of the bond sells the bond to someone else, the new holder receives the payment

the obligation of the debtor doesn't change even if the debt changes hands

I know but for me tanga sila na binili nila yun bulok na accout and since hinde na rin ako magbabayad. I don't owe them anything.


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[uls]

if the bank SELLS the account/debt to the collection agency, yari siya kasi hands off na bank dun. I feel like mas ruthless ang collection agency

collection agencies use methods banks won't use

[shadow]

collection agencies use methods banks won't use

Kung wala na rin ako pang bayad in the first place hinde naman na aabot sa collection agency account ko kung meron. Ano pa mawawala sa akin?

They can use all the methods kung wala.talaga ibabayad ano magagawa nila?

That's my point. Kung wala ka ibabayad kahit anong gawin nila wala mangyayari.

Kidnapping nila pamilya ko para magbayad ako like mga pogo [emoji23]


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[uls]

I know but for me tanga sila na binili nila yun bulok na accout and since hinde na rin ako magbabayad. I don't owe them anything.


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ayaw ng mga bangko mag bother pa to run after debtors so they sell the debt at discount kunwari 70 or 80 cents per peso

binibili ng mga collection agency

ang business model ng mga collection agency they buy debt at discount and make money when they collect full amount

kunwari puhunan nila 700K naka coilect sila 900K

[shadow]

And since wala na rin mawwwala sa akin sira na credit rating ko. Eh di mas lalo hinde ako magbabayad sa mga collection agency dahil I will not reward them sa ginawa nilang sugal sa Account ko.


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[_Cathy_]

I know but for me tanga sila na binili nila yun bulok na accout and since hinde na rin ako magbabayad. I don't owe them anything.

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It's a successful business model so I don't think tanga sila Like what ULS said, yung utang hindi nawawala because it changed hands.

collection agencies use methods banks won't use

Yes that's why always advise people in deep credit card debt to restructure with the bank before it's endorsed to the collection agency

[uls]

collection agencies don't need to collect all the debt they bought

sigurado meron mga utang na di na macocollect

all they need is to collect enough to make profit

[shadow]

It's a successful business model so I don't think tanga sila Like what ULS said, yung utang hindi nawawala because it changed hands.



Yes that's why always advise people in deep credit card debt to restructure with the bank before it's endorsed to the collection agency

I know na hinde mawawala. Ano nga gagawin nila kung wala talaga ako pang bayad? If hinde ko kaya mag restructure ng payment plan sa bank eh di mas lalo hinde ako makipagusap sa mgs collection agency.

Kahit everyday pa sila pumunta sa a bahay kung wala ako pang bayad wala talaga.


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[shadow]

Ano pwese nilang gawin, there's nothing to lose Kung baon ka na sa utang.

If somebody is super baon na utang sa card then wala na mawawala sa kanya.


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[uls]

considering the methods they use like pinapahiya nila mga debtor

meron talaga bumibigay at nagbabayad

[_Cathy_]

And since wala na rin mawwwala sa akin sira na credit rating ko. Eh di mas lalo hinde ako magbabayad sa mga collection agency dahil I will not reward them sa ginawa nilang sugal sa Account ko.


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hindi naman sinugal account mo, at a certain point it's not worth for the bank to run after these people anymore kaya they sell it to collection agencies. I mean, someone has to collect.