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How Can I Deal With My Bad Debt in Hong Kong?

Written by Steve Rhode

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.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

READ  I Owe a Lot of Money in Hong Kong for Cancer Treatment. I Want to Avoid Bankruptcy. - Yogi



About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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