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advice please!!!!

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1 advice please!!!! on Wed Aug 14, 2013 12:03 am


Arresto Menor
i am a newbie here and i really want to seek help or any advice for my situtation right now with my credit card debts. here is my situtation:

i have 2 HSBC credit cards right now with huge total account balances on each card (60k & 80k) pero lumaki lang sila dahil sa monthly interest nila. honestly, hindi po lahat sa akin ang mga balances, sa mga hipag ko po at kapatid ang mga un, trying to help them before kya lang right now, they don't have the means to pay me. i am able to pay at least the minimum amount every month kaso po, nauuwi lng sa interest ung binabayad ko. i was never a defaulter though. matagal na po akong hindi gumagamit ng card kc nga po gusto ko n sana mabayaran lahat. luckily, my fiance is willing to help kaso po masyadong malaki talaga ung amount. nahihiya po talaga ako kaso we want to start a new life together without any debts. we just agreed na babayaran na lang sa amin ng mga hipag at kapatid ung mga utang nila pag kaya na nila.

my question is, does anybody knows here if i can negotiate with the bank and ask them to give me a discount if i am going to pay the discounted price in full amount? i really want to at least ma lessen man lng ung total account balance kc po halos interest lang ang mga un e. i would really appreciate if somebody can help me with this. TIA.

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2 Re: advice please!!!! on Thu Aug 15, 2013 3:13 am


Reclusion Perpetua
Is your fiance Pinoy or puti?
Will you live in the Philippines or abroad?
If he is puti and you will live abroad it PERHAPS would make the bank interested to give discount to be sure to they will get most pay, instead of risk not geting any.
OR they think "Oh she has got a rich fiance, then we will get all surely" so perhaps better NOT tell it's fiance, but saying it's a friend, who PERHAPS will pay IF the bank give discount Smile
BUT different creditors think very different, so you better ask you bank.

IF the bank say No, and your fiance have problem to pay all, and you will live abroad, it can be worth checking geting a loan in OTHER country and pay WHOLE to the Philippine bank, because in many countries are the interest much lower than in the Philippines, so it would be less hard to pay back such loan.
(E g in my country the common interest without colateral is 10 % or less. I guess the interest at your loan is higher.)

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3 Re: advice please!!!! on Thu Aug 15, 2013 5:22 pm


Arresto Menor
my fiance is puti and in two months time, i will be flying back with him since by then, hopefully, i will get my visa on hand. so you see, i'm figuring out the best way on how we can get a good discount before paying them and within that period of time. i really don't know what to do right now and how i can get a good negotiation with the bank. like what you've said, two things might happened when they find out, either they will give me a good discount or they will see my fiance a walking dollar sign instead and that they can get more from him (i think tama po ung advice nyo on not telling them about my fiance). the least thing i can do to help is be able to get a good discount right now. i don't know if not being a defaulter is good for me since i was able to give them a good record from the time i had those cards, since they will thought that i can always pay them anyways. halos lahat ng binayad ko sa kanila nauuwi lang s interest, parang lalo lang nilang binabaon sa utang ang mga tao instead of helping them. oh well, that's their job right? Sad 
arrgghhh!!! should i go to an HSBC Bank or call the customer service? and is it possible to wire payment from the US to my account pag magbabayad? please help! i really need some ideas right now and im running out of time!

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4 Re: advice please!!!! on Fri Aug 16, 2013 1:40 am


Reclusion Perpetua
(The part I didn't understand: "halos lahat ng binayad ko sa kanila nauuwi lang s interest, parang lalo lang nilang binabaon sa utang ang mga tao instead of helping them. oh well, that's their job right?")

I suppouse you are from a rich Pinoy family, because your bank let you borrow 60k plus 80k, because most Pinoys can't pay such amounts.
You can need a MEETING with one with higher position in your bank ti try to get discount, because the cassiers don't have power to decide such.

Is it high interest at the utang you have?
Yes, I suppouse you can pay to your bank from anywhere.

I guess your fiance has capacity to pay WHOLE your utang if necesary, but if not -
NOTE! I don't know if the bank can stop you from geting permit for leaving from the Philippines, if they know and worry you will not pay. So IF your fiance can't pay all now, it's perhaps better to NOT ask the bank for discount, just go to USA and pay from there.

It's an other economical thing you can do for your fiance than geting discount for your utang
= Try to spend extra litle when you live in USA Smile

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5 Re: advice please!!!! on Fri Aug 16, 2013 11:29 am


Arresto Menor
*halos lahat ng binayad ko sa kanila nauuwi lang s interest, parang lalo lang nilang binabaon sa utang ang mga tao instead of helping them
(what i mean is this >>>> almost all of my payment are just good for the interest alone, feels like im getting more and more stucked with debts for all those huge interest and the bank seems like they're are not helping me out but putting me more in debt with them)

i just talked with HSBC customer rep and i told her my concern and asked if i can get hold on to a supervisor but she didn't let me. it was frustrating. she told me that they don't have a program right now that gives discounts and she only suggested that i apply for easy pay installment program which is still subject for approval. i already applied for an Amnesty program before and sadly, they rejected my request.

i am not from a rich family. i just happened to accumulate big interests from the cards within years. apparently, my sisters-in-law aren't helping me out right now by not paying their balances in those cards. perhaps i would just discuss another way out on how to get rid of my total account balance with my fiance since like what you have said, asking for a discount is not really possible and that it may give me a bad credit history record and that is the last thing i want.

about your suggestion of having a meeting, is it possible to have that on an HSBC bank? i mean can i go to HSBC bank in my area to ask for a meeting on how to pay them in full or credit card matters fall to different bank/office?

by the way, i really appreciate your time in replying to this topic. thank you so much.

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6 Re: advice please!!!! on Fri Aug 16, 2013 6:43 pm


Reclusion Perpetua
I see. Yes, it's common with crazy high interests in the Philppines, so many have problem paying.
Oh part of the loan is for other.

Yes, probably they say No to discount on amount,
BUT perhaps they are prepared to lower the interest.
And as I said - if it's a normal high Pgilippine interest, then you better try to switch to a much lower interest loan in USA and pay whole Philippine loan by that. Then it will be less hard to pay back. 60k + 80k pesos isn't so much for an USA bank, so I suppose they say Yes to everyone who has employment and no remarks. I mean if needed, if your fiance can't pay all.

Some get meetings in banks. It can be different for different situations and in different offices. You can ask in your local bank. If they say No to meeting with you, then you can try bringing your fiance - dressed proper Smile For some it make a change concerning allow meetings.

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7 Re: advice please!!!! on Mon Aug 19, 2013 6:42 pm


Reclusion Perpetua
I found notes, which (parts of) perhaps can be interesting for you.
First Posted 22:31:00 07/13/2008

Filed Under: Economy, Business & Finance,Banking

THE WAY THE BANKING IS wired at the moment, there seems to be no real and lasting happy ending to a bad. Bankers admit that Filipinos who have made credit card mistakes credit history, bounced checks or have messed up their credit records one way or another will have to live with the hit on their name in banks? databases for virtually forever.
Marissa (not her real name) is a self-confessed bad creditor who has turned a new leaf. She thinks mistakes happen all the time, and not being able to make up for them is unfair. Now that prices are going through the roof, a responsibly used credit card] can make all the difference between eating and starving between paydays. Or at least being able to buy a child?s book or art supplies for school.
?I admit I was a bad borrower. I was young and I made mistakes. But instead of helping us, this bank charged me with very high interest. After that, my mom got sick and I needed to help the family, so the charges and the principal grew and grew,? she says.
Marissa eventually found a way to pay off her debt, chunk by painful chunk. It took a long time, yet even after her successful ?graduation,? she was denied every time she applied for a new credit card, and she couldn?t open a checking account. She didn?t try getting a car loan or personal loan anymore.
?I stopped trying after a while. I don?t know if there?s anything I can do to change the past,? Marissa says.
Karen, on the other hand, says her problems started on a foreign trip when her friend asked to ride on her credit card. ?I was a revolver, but I paid at least the minimum. When my friend couldn?t pay her purchases charged to my card, the very high interest kicked in and at one time my bill went up to P200,000. I eventually paid off everything?she paid but very late?the damage was done. I was already on the negative list,? Karen says.
As of now, banks rely on the Bankers Association of the Philippine?s (BAP) so-called negative list to identify bad borrowers. Once you?re on the roster, you?re there forever. Individual banks have their own hot lists, but the contents of these are closely guarded.
That can all change if a bill on creating a centralized Credit Information Bureau authored by Sen. Edgardo Angara and his son Rep. Juan Edgardo Angara is passed, signed into law and fully implemented. The idea is to have something similar to the Experian, TransUnion and Equifax services in the US, where banks can use a reliable, common database so that they can lend faster, require less collateral and charge lower interest. In the US, consumers can also access their own credit records for a fee, and check for errors.
Until the bill turns into law and is implemented, bankers say there is little those who have a hit on their name can do but fix their financial habits.
?[Filipinos] need to be aware that without putting an effort to maintain a good credit history, they will not be able to borrow from legitimate lending institutions and could find themselves open to unscrupulous lenders,? says Suresh Nanoo, senior vice-president at HSBC and head of the persona financial services division.
If you are one of those who find yourself in the deep end or you have a loved one who does, here are a few things that you can do to fix the past:
1. Admit your mistake. From a business standpoint, banks will make more money from you if you recover from that low point.
They don?t like advertising that they restructure debt because it?s prone to abuse, but banks admit that they give lighter payment terms if the customer has a ?genuine desire to settle??even if the period is protracted, says Nanoo. An official from another bank says you might even get brownie points if you call your bank and don?t wait for them to call you. Hiding from creditors has never done anybody any good.
2. Pay your debts. If you are given another chance to pay your arrears, make good on your commitments. The whole game plan is to rebuild your credit score, and that won?t do with another wave of credit card bingeing. Nanoo says over the years, Filipinos have been more conscious of their credit history. ?Even during difficult times, Filipinos would try to comply with their payables and would even seek bank?s assistance for flexible payment options,? he says.
3. Save regularly?in the same bank. As they say, Rome wasn?t built in a day. Rebuilding your credit score will take some time, but there?s no source the bank will trust more than their own record of your savings account. Sock away money on a regular basis?say P500 or P1,000 a month?into your bank account. The regularity, more than the amount, will show goodwill. Some banks will even give you a pre-approved credit card that can rebuild your record faster if the savings balance goes up high enough.
4. Ask for a written seal of good housekeeping. A handshake and a warm smile from a bank officer is well and good, but a written seal of good housekeeping is better. Keep one in your file and remind the bank to send this file to the BAP. Nanoo says Philippine banks are required to notify the BAP when debts are settled. While the negative record will not be deleted, now you have something to show when trying to apply for financial products.
5. Live within your means. With a written record under your wing, you may think its time too loosen up and spend a little. You didn?t bear those months of self-control to ruin your record again. Florentino T. Gonzalez III, vice president for credit and business analytics at Bank of the Philippine Islands recommends living within your means and borrowing only for the right reasons.
?Filipino borrowers? concern over their credit history varies depending on the persons social background, family background, educational attainment, personal habits and other traits, vices or a lack of it, among others,? says Gonzales.
Rich people are not necessarily good payers, he says. ?[They] wouldn?t care so much about their credit track record, unlike perhaps some of the downtrodden, like the poor farmer, who is very particular about upholding his credit standing, may turn out to be credit worthy,? Gonzales adds.
Life and money always go together, and credit records go awry often when relationships also do. ?Family troubles, impending breakup of marriage may indicate greater risk to compromise their credit history,? the banker says.
It?s hard to fight a bad credit record that you can?t see nor touch. But for now at least, deletion is not the only answer for people who want to change history. Good habits and sincere intent can soften even serious bankers.

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8 Re: advice please!!!! on Tue Aug 20, 2013 5:25 pm


Arresto Menor
thank you for the article you have sent me. i sent another letter to hsbc to ask them if they can give me an assitance on how i can pay them easily and conveniently. i just want to try anything, who knows something might work out in the end specially if they see that i really want to pay them. i wish i should have set up a meeting with them when my fiance came here a week ago. as you had implied, sometimes they tend to ignore people who don't "dress up very well and don't look like they are professional to their own taste". right now, i am still clueless on what to expect. i guess the decision will come up when fiance and i will talk about it more when we have the chance. i really want to pay them myself when i am able to find work in the US but that will take a time considering that i still have to apply for a permit to work since i will be entering on a K1 visa. but then, he really wants to pay them and start a fresher way without any debts and he is afraid that i will have a problem on getting out of the country. the only thing im really hoping is to be able to lessen at least a smaller amount on the total balances if the option we are taking is paying them. somehow, it's hurting me that he is the one who will pay for it :'(

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9 Re: advice please!!!! on Tue Aug 20, 2013 7:08 pm


Reclusion Perpetua
Yes. Worth trying.
Remember it's better to switch to an USA BANK LOAN, NOT credit card, because such has much lower interest.
Good luck!

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10 Re: advice please!!!! on Wed Sep 04, 2013 4:46 pm


Arresto Menor
No case nmn daw pag credit card. Un lng ma lagay k sa black list so meNing hindi kna pwede mg loan sa mga banks

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