credit card debt. can they reposses car as recovery

[_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?

Sent from my iPhone using Tapatalk

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.


Sent from my iPhone using Tapatalk

[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.


Sent from my iPhone using Tapatalk

[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.


Sent from my iPhone using Tapatalk

[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...