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]

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

[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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[_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

[bugsmobile]

I feel like mas ruthless ang collection agency kasi sa bank you can still restructure your debt

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Alam ko they also offer discount & sometimes x # of months to pay.

Many, many years ago a friend incurred credit card debt. So collection agency was calling their house & was telling the lola na hahatakin nila lahat ng gamit sa bahay.

They also called his office (small business lang) & hinaharass siya din nun. Eh one time I was there, ako sumagot. Hinahanap siya, sabi ko wala. Ayaw maniwala & sabi tinatago ko daw. Nag escalate & hinamon akong suntukan. Sabi ko puntahan mo ako dito sa office ng friend ko antayin kita. Then binaba ko yung phone.

Hindi niya alam may kilala ako dun sa kanila. I asked my other friend who was handling my friend’s account & this other friend gave the name of the agent. So when he called again, siyempre nag aangas nanaman siya. I said “Hoy, alam ko hindi Atty. X pangalan mo (which is usually the case naman) & ang pangalan mo talaga is XYZ. Alam ko rin saan ka naktira. Wag mo akong gaguhin, mas gago ako sayo.”

He then stopped harassing my friend hehe. My friend din naman settled with them for a discounted rate & paid in installments.

[shadow]

Alam ko they also offer discount & sometimes x # of months to pay.

Many, many years ago a friend incurred credit card debt. So collection agency was calling their house & was telling the lola na hahatakin nila lahat ng gamit sa bahay.

They also called his office (small business lang) & hinaharass siya din nun. Eh one time I was there, ako sumagot. Hinahanap siya, sabi ko wala. Ayaw maniwala & sabi tinatago ko daw. Nag escalate & hinamon akong suntukan. Sabi ko puntahan mo ako dito sa office ng friend ko antayin kita. Then binaba ko yung phone.

Hindi niya alam may kilala ako dun sa kanila. I asked my other friend who was handling my friend’s account & this other friend gave the name of the agent. So when he called again, siyempre nag aangas nanaman siya. I said “Hoy, alam ko hindi Atty. X pangalan mo (which is usually the case naman) & ang pangalan mo talaga is XYZ. Alam ko rin saan ka naktira. Wag mo akong gaguhin, mas gago ako sayo.”

He then stopped harassing my friend hehe. My friend din naman settled with them for a discounted rate & paid in installments.

If ako yan mas lalo ako hindeqml magbayad sa kanila. Hinde ko na nga kaya magbayad sa bangko eh bakit ko pa sa sayagin oras ko sa lanila eh sira na credit ratings ko din.

Saka pakita nila sa kanila ka may utang, wala sila doon nun nag apply ka card and hinde mo nabayaran. I know, I know nalipat na rights sa kanila but pan bwisit lang sa kanila na pakita nila you have signed anything with them.

Sila nagusap sila 2 ng bank sila engot bumili ng bad debts.

Eh di sila mag singilan.


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[_Cathy_]

If ako yan mas lalo ako hindeqml magbayad sa kanila. Hinde ko na nga kaya magbayad sa bangko eh bakit ko pa sa sayagin oras ko sa lanila eh sira na credit ratings ko din.

Saka pakita nila sa kanila ka may utang, wala sila doon nun nag apply ka card and hinde mo nabayaran. I know, I know nalipat na rights sa kanila but pan bwisit lang sa kanila na pakita nila you have signed anything with them.

Sila nagusap sila 2 ng bank sila engot bumili ng bad debts.

Eh di sila mag singilan.


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I am so disappointed in you shadow Why does it seem to me like you are taking the side of these delinquent card holders. Ang utang ay utang, no matter how "evil" banks may seem, nakinabang yung card holder sa pag gamit ng card.

Huwag mag card kung hindi kayang bayaran. Masama yung thinking na walang nakukulong sa utang. Walang consequence ang hindi pagbayad ng utang.

[shadow]

I am so disappointed in you shadow Why does it seem to me like you are taking the side of these delinquent card holders. Ang utang ay utang, no matter how "evil" banks may seem, nakinabang yung card holder sa pag gamit ng card.

Huwag mag card kung hindi kayang bayaran. Masama yung thinking na walang nakukulong sa utang. Walang consequence ang hindi pagbayad ng utang.

Yes utang is utang but ang premise natin eh wala na baon na sa utang sa CC and hinde na makabayad tapos nasa CA na. Andyan na ano pang gagawin niya? Siguro kung kaya niya restructure ginawa na niya with the bank eh malamang hinde na rin kaya kahit restructure pa yun loan.

Sira na lahat wala na siya chance maka loan or anythings Ewan ko ilang years ba ganyan.

So bakit pa siya utang sa iba para bayaran itong utang. Lalo lang siya mabaon.

Move on na lang, huwag na makipag deal sa CA. Delinquent na nga ako ano pa ba mawawala kung hinde ako magbayad sa CA?

Baka diyan pa mamatay sa stress kung kausapin yun CA.

Eh kasi pwedeng good payer naman tapos bigla nawalang ng work or something or meron health emergency nagamit yun card or kahit na ginanahan mag shopping and nabaon sa utang.

Yun ma blacklist na eh i think that's enough consequence na sa maling nagawa niya.

It should serve as a good lesson hopefully early sa buhay nangayari para meron pa time makabawi later on.


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[dr. d]

Alam ko they also offer discount & sometimes x # of months to pay.

Many, many years ago a friend incurred credit card debt. So collection agency was calling their house & was telling the lola na hahatakin nila lahat ng gamit sa bahay.

They also called his office (small business lang) & hinaharass siya din nun. Eh one time I was there, ako sumagot. Hinahanap siya, sabi ko wala. Ayaw maniwala & sabi tinatago ko daw. Nag escalate & hinamon akong suntukan. Sabi ko puntahan mo ako dito sa office ng friend ko antayin kita. Then binaba ko yung phone.

Hindi niya alam may kilala ako dun sa kanila. I asked my other friend who was handling my friend’s account & this other friend gave the name of the agent. So when he called again, siyempre nag aangas nanaman siya. I said “Hoy, alam ko hindi Atty. X pangalan mo (which is usually the case naman) & ang pangalan mo talaga is XYZ. Alam ko rin saan ka naktira. Wag mo akong gaguhin, mas gago ako sayo.”

He then stopped harassing my friend hehe. My friend din naman settled with them for a discounted rate & paid in installments.

but does settling in full the debt, to the collection agency, clear one's credit rating?
kasi, the debt to the CC company was never settled...

[shadow]

but does settling in full the debt, to the collection agency, clear one's credit rating?
kasi, the CC company's debt was never settled...

Kahit sabihin ng CA na ma clear daw. Don't believe them unless bank mismo magsabi. Always deal with bank pag ayaw na nila and sinabi na napasa na sa CA then it mean wala na sila pakialam so I will never deal with CA.

CA can't be trusted kaya nga sabi ni uls they can use methods that banks can't sa pag singil. Kaya wala kwenta to deal with them.

Kung ganun gagawin na tatawag, mangulo eh di mas lalo ako hinde magbayad.


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