credit card debt. can they reposses car as recovery

[uls]

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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gets ko sinasabi mo shadow

meron talaga mga di nagbabayad kahit ano gawin ng collection agency

pero madami sumusuko at nagbabayad

ang importante sa collection agency they collect enough to profit

[shadow]

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.

I meant sumugal ang CA sa pagbili ng bulok na account ko hoping kumita sila sa akin. Well, I'm not gonna reward them.


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[_Cathy_]

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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meron din nagbabayad. may mga tao na pinapaikot lang nila utang nila (uutang to pay off another utang)

[uls]

I meant sumugal ang CA sa pagbili ng bulok na account ko hoping kumita sila sa akin. Well, I'm not gonna reward them.


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collection agencies definitely encounter debtors like you described

ung ayaw talaga magbayad

pero successful naman sila sa ibang debtors

di lahat ng debtors matigas

madami lumalambot pag naka experience ng harassment

hehe

[shadow]

meron din nagbabayad. may mga tao na pinapaikot lang nila utang nila (uutang to pay off another utang)

Lalo sila mababaon sa utang pag ganyan. Kaya since sira na credit ratings eh huwah na bayaran pag nasa collection agency na then they can go on with their lives.

Usually mga nasa twenties siguro naman mababaon sa credit cards so I don't know kung meron statute of limitation yan sa credit and after ilan years buburahin na so meron pa time siguro makabawi


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[BratPAQ]

I meant sumugal ang CA sa pagbili ng bulok na account ko hoping kumita sila sa akin. Well, I'm not gonna reward them.


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Harassment tactic nila. If you have your office number tatawag sila dun at kung sino maka sagot ipapahiya ka dun. So ka kalat sa office mo na di ka nagbabayad. Kung sa bahay naman, ganun din.

Sometimes they will involve "police" and "lawyer". Ngayon iisipin mo bluff lang kaya to? Totoo kaya magsasampa sila kaso? Baka makulong ako. This will keep you up at night.

May mga bumibigay dahil sa harassment at pressure. Meron naman matigas talaga at hindi magbabayad. Although I never heard anyone nakulong dahil sa Credit card.

[dr. d]

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

they can potentially confiscate many things of commercial value that has your name as owner, to pay for your debt. bahay lupa, kotse, appliances, computer,...
but it has to pass thru due process.

but i think there are items that may be exempt from confiscation...

[shadow]

They can't posses family home and anything na more than yun amount sa utang mo.

I don't think they can posses anything really. Siguro garnishment pwede but other than that. I don't see it. Pero mahirap pa rin yan. Siyempre compute pa rin kung magkano lang pwede nila kunin dahil if payroll account yan compute pa nila yun expenses mo monthly basically hinde ka naman mabubuhay kung garnish nila monthly na sweldo mo.

My question pa rin is if yun car mo ang value is ₱1M and you owe the bank CC 500k. If they confiscated your car which I highly doubt na pwede nila gawin. So susuklian ka nila ng 500k?

Sinong judge ang mag approve sa bank na confiscate yun bahay or kotse to pay for credit card debt? Which I still highly doubt na pwede gawin.

The most siguro is huhulugan mo pa rin yan kung magkano kaya mo monthly pag meron na order and court.

Ganun pa rin compromise pa rin mangyayari. They can't force you to pay 80% ng monthly sweldo mo eh di hinde ka na mabubuhay nun.

So para sa OP kung hinde na kaya ng friend mo magbayad. Huwag na na niya pilitin. Lesson learn.

Hinde makukuha yan kotse niya. Don't worry. Baka ang nagsabi lang sa kanya eh mga collection agent tinatakot siya. Call their bluff and tell them mag demanda na lang sila para hinde na sila mairpaan tawagan siya parati.

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[dr. d]

they might sell it for 500K only, para ma-enganyo agad yung interested buyers.
their interest is only to get paid their due asap, not to sell the item at highest price, which might take a considerably longer period of time.

[shadow]

they might sell it for 500K only, para ma-enganyo agad yung interested buyers.
their interest is only to get paid their due asap, not to sell the item at highest price, which might take a considerably longer period of time.

Paano pa rin nila makukuha? In the first place it's not theirs hinde naman car yun naka collateral sa credit card ah.

Unsecured loan credit card. Sila sumuhal ang based sa background check nila pasok yun friend na bigyan ng Unsecured loan.


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[_Cathy_]

Meron kami tenant na kinasuhan namin for not paying their rent. We won the case, nung hahatakin na yung kotse (and other possessions) natakasan kami. From then on, we don't rent out to lawyers na Pero yung value ng car niya less than his arrears

[_Cathy_]

My question pa rin is if yun car mo ang value is ₱1M and you owe the bank CC 500k. If they confiscated your car which I highly doubt na pwede nila gawin. So susuklian ka nila ng 500k?

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I asked my banker friend na sa cards nagwo work. The properties will be liquidated to pay off the debt

[shadow]

I asked my banker friend na sa cards nagwo work. The properties will be liquidated to pay off the debt

And you think banks will go through all that hassle? Binebenta na nga nila mga delinquent accounts eh.

Banker's talk ng friend mo lang yan.

Ganun gusto nila in a perfect world pero.no judge will grant them that. It will always magusap yun bank and debtor kung magkano kaya niya hulugan.


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[shadow]

I asked my banker friend na sa cards nagwo work. The properties will be liquidated to pay off the debt

Like bahay to pay off yun cc debts? Impossible yan.

Kung garnishment nga hinde nila pwede kunin buong amount ng salary eh dahil meron din expenses yun debtor.

At the end of the day I know it's being guaranteed by govt yun unsecured loans like CC either thru tax rebate or something, kaya doble pa kikitain ng banks diyan pag naka singil siguro collection agency. Kumita na sila sa pagbenta ng delinquent accounts meron pa sila cut sa na collect ng CA.


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[xwangbu]

Yung collector ng mga delinquent payments hindi na sa bank yan.

[shadow]

Yung collector ng mga delinquent payments hindi na sa bank yan.

Meron pa rin cut yan banks sa masisingil ng mga CA, sigurado. Gahamam mga banko.

They will squeezed everything sa delinquent account. Benta sa CA, cut sa ma collect then write off para tax rabate. Wala.talo banko sa mga unsecured loans.


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[uls]

when a bad loan is sold by the bank that means bayad na siya

kung P100 face value ng loan and it's sold for P70 tanggap na ng bangko ung konting lugi

bahala na ung nakabili ng loan paano nila sisingilin and whatever amount masingil nila it's theirs

they don't have to pay the bank they already paid the bank when they bought the loan

[uls]

unless the collection agency did not buy the loan

unless collection agencies are really only companies hired by banks to collect debt

then the money collected goes to the banks minus the fee paid to the collection companies

[uls]

so ang tanong who really owns the loan

is the loan still on the bank's balance sheet or not

[dr. d]

so ang tanong who really owns the loan

is the loan still on the bank's balance sheet or not

when he starts getting nasty calls and messages,
that's probably when the loan is now owned by the collection agency.
heh heh.

i am curious,
magkano ba yung utang?

also,
how important is credit rating?
is it so important that the guy should sell his car to settle the debt?
what about debt re-structuring?
i read that the worst thing one can do, is to run away from the debt...