Question:
Dear Steve,
I got myself involved in a bad debt situation. I am now getting my life back under control but need help.
I have an old credit card and personal loan here in Hong Kong. It’s been over two years since in made any payments.
I know they have passed to a debt collector but I haven’t heard from them in a year.
Anyway I’ve got to get my life back on track and would like to pay it off but can only afford 2000hkd a month or so.
Who should I go to or what can I do. I now have bad credit rating so I cannot get a loan from another bank.
Thanks for your help
Fiona
Answer:
Dear Fiona,
You are in luck. While Hong Kong is now part of China they managed to keep the old debt resolution plans they had during their British control. This includes bankruptcy and also binding debt resolution plans.
I’m sure you could do a web search from Hong Kong to locate a bankruptcy firm to talk to but here is one such firm.
I can’t stress enough how much the services of an insolvency practitioner can assist you in the situation. There is no substitute for direct professional advice and assistance. A Hong Kong based insolvency practitioner can help you determine is bankruptcy or a debt restructing plan would be best for your situation.
These past article on Hong Kong debt may help.
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