credit card debt. can they reposses car as recovery

[shadow]

I know of a similar incident. House and lot and a car was taken by the bank. Employees were offered to buy the properties pero mahal (i inquired kasi) so binenta as one the foreclosed properties of the bank.

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So mas malaki utang niya sa credit card kesa sa value ng house and lot plus car? Ano yun bahay ng kalapati?


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[sirkosero]

So mas malaki utang niya sa credit card kesa sa value ng house and lot plus car? Ano yun bahay ng kalapati?


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No. Malaki yung bahay. Car was actually a luxury car. Hinabol talaga yung properties na yun...

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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...

[Walter]

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

That's too high ... industry standard is around 10 cents to the dollar ... collection agencies make money when they are able to collect 20% of the purchased delinquent loans ... when they reach their quota, they let go of the small loans wherein the cost of litigation isn't worth the amount of loan ... you could haggle up to 50% of principal loan and they might bite ... assuming they've reached their 20% quota ...

[uls]

That's too high ... industry standard is around 10 cents to the dollar ... collection agencies make money when they are able to collect 20% of the purchased delinquent loans ... when they reach their quota, they let go of the small loans wherein the cost of litigation isn't worth the amount of loan ... you could haggle up to 50% of principal loan and they might bite ... assuming they've reached their 20% quota ...

yup i was too generous

[shadow]

yup i was too generous

Basta wala na ako pakialam diyan kung magkano if I'm a delinquent they bought my bulok account eh di manigas sila, wala sila masingil sa akin. [emoji23]

And besides kung mag habol sila for sum of money eh kung wala na nga ako talaga pa bayad, ano magagawa nila? Kunin nila electric fan saka gasul sa bahay then liquidate nila?

At the end of the day sigurado naman talo ka pa rin sa court dahil meorn kang utang so sabihin saiyo magbayad ka then siguro sabihin ng judge na magusap kayo kung magkano monthly baka alisin pa ng judge yun mga interest and charges.


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[shadow]

That's too high ... industry standard is around 10 cents to the dollar ... collection agencies make money when they are able to collect 20% of the purchased delinquent loans ... when they reach their quota, they let go of the small loans wherein the cost of litigation isn't worth the amount of loan ... you could haggle up to 50% of principal loan and they might bite ... assuming they've reached their 20% quota ...

Sino mag demanda? The CA? I haven't read anything pa na CA ang nag sue for sum of money it's always the bank.

kaya nga lagi nila sinasabi diba client nila yun bank?


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[uls]

Sino mag demanda? The CA? I haven't read anything pa na CA ang nag sue for sum of money it's always the bank.

kaya nga lagi nila sinasabi diba client nila yun bank?

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2 klase

meron ung CA hired by bank to collect (the bank still owns the loan) -- so client ng CA ang bank

meron naman ung the CA bought the loan so labas na ang bangko diyan

[shadow]

Going back to the original post. Hinde kukunin yun kotse ng friend ng OP para pang bayad sa CC debts. That's absurd.

And going back sa unang post ko. Since andyan na yan at wala na siya pa bayad. Huwag siya matakot sa mga CA puro pananakot lang ginagawa ng mga yan mas maganda nga you called their bluff and 100% walang magagawa mga yan puro salita lang.

Sa sobrang dami ng bad debts sa CC, kung alam nila hinde ka engot namaniniwala sa mga sinasabj nila they'll just move on sa ibang tao na mas matatakot nila.


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[Rob@143]

Going back to the original post. Hinde kukunin yun kotse ng friend ng OP para pang bayad sa CC debts. That's absurd.

And going back sa unang post ko. Since andyan na yan at wala na siya pa bayad. Huwag siya matakot sa mga CA puro pananakot lang ginagawa ng mga yan mas maganda nga you called their bluff and 100% walang magagawa mga yan puro salita lang.

Sa sobrang dami ng bad debts sa CC, kung alam nila hinde ka engot namaniniwala sa mga sinasabj nila they'll just move on sa ibang tao na mas matatakot nila.


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Kahit naman mag settle ka ng utang either sa bank or CA hindi pa rin mabura ang pangalan as deliquent borrower sa mga credit bureau like CIBI, CMAP and BAP

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[bugsmobile]

So in short, hindi makukuha ng bank or CA ang properties mo either car or lupa? Kahit gaano kalaki utang sa card? Kahit P1m above?

[_Cathy_]

So in short, hindi makukuha ng bank or CA ang properties mo either car or lupa? Kahit gaano kalaki utang sa card? Kahit P1m above?

If it's worth pursuing they will file a case and if they win, the delinquent cardholder will be made to pay by the court. Like I said, the properties will be liquidated. Yung pag enforce lang ang problema hehehe. Kapag ganyan na million ang utang, ipu pursue yan.

[shadow]

So in short, hindi makukuha ng bank or CA ang properties mo either car or lupa? Kahit gaano kalaki utang sa card? Kahit P1m above?

Nope. Unsecured loan yan CC. Kung mas malaki value ng properties mo sa utang mo paano nila kunin yan? And besides if ever naman na gawin nila yan you'll have all the time para maka bayad dahil it will take a long time for the case to get settled.

It will always comes down to you pay your debt and just come up with a settlement payment with the bank. but this time it's legal na dahil meron na utos ng court. So usap pa rin kung magkano lang kaya mo monthly.

Walang judge na gagawa na kunin.bahay mo para liquidate then bayarang CC debt mo.

Again kunin nila kotse or bahay tapos bigay saiyo yun difference in cash kung mas malaki pa value ng properties na kukunin nila?

Saka pag ka loan pa kotse and bahay mo? Paano nila kunin? Sila na magtuloy ng bayad sa ibang bank kung saan naka loan mga yan?

It will always be sum of money lang I file naman mga yan and pag natalo ka which you will dahil meron ka naman talaga utang eh di monthly payment ulit


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[Rob@143]

Are banks allowed to provide personal identifiable information like home address, home landline number, celfone number to the collection agency considering meron Data Privacy Law na?

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[shadow]

Are banks allowed to provide personal identifiable information like home address, home landline number, celfone number to the collection agency considering meron Data Privacy Law na?

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Yes they're allowed but you can always ignore them. If you don't have plan or hinde mo pa kaya bayaran huwag mo na lang sila pansinin.

You have given then authority to divulge your informations. Kahit mga postpaid cellphone or internet. Yun privacy thing na pinapa pirma saiyo nakasulat pwede nila share.

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