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cavarsan
Joined: 27 Jun 2012
Location: SEOUL
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 Posted: Tue Aug 20, 2013 5:01 am Post subject: lotte credit card screwed my visa? |
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I overspent on my korean credit card and gave up trying to pay back.
Yesterday i went to the bank to open an account and they said there is a restriction on my ARC (im F6).
Can a private company like Lotte Card create any problems for me regarding my visa? |
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Jake_Kim
Joined: 27 Aug 2005
Location: Seoul
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| Posted: Tue Aug 20, 2013 8:04 am Post subject: |
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There's a clear different between 'Your ARC (accordingly your visa) is restricted in some manner' which is an immigration and/or criminal issue and 'Your ARC number is on a nationwide blacklist' which is a civil issue that may or may not evolve into a criminal case.
And yes, if you don't pay your debt from any bank or credit card company within the original terms and conditions, you get blacklisted and the list is shared among all financial institutions. If you don't pay your mobile or internet bills, you get blacklisted by the same network of financial institutions.
It has nothing to do with your being a foreign citizen, Koreans are subjected to the identical process of chasing debts. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Tue Aug 20, 2013 3:09 pm Post subject: |
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| By law, they must review your credit rating every year. |
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thebearofbundang
Joined: 02 Sep 2012
Location: Bundang
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| Posted: Tue Aug 20, 2013 3:14 pm Post subject: |
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The same thing happened to a former teacher I worked with. He didn't pay back a big credit card for over 6 months. He received a letter from the bank stating that he had until X date to start repaying (I assume you got this letter already?). When he didn't pay on time, he became blacklisted from all the credit banks he went to.
Assuming you are married (F6), just to let you know, they went after his wife's credit as well. Her credit was frozen and he was eventually taken to civil court by the bank where he was ordered to pay it back plus interest over a period of time set by the court. I believe he felt like failure to pay on time could lead to criminal charges, but I'm a bit fuzzy about that detail.
My advice would be go into the bank that the credit card is through, and work out a payment plan to pay it back. They won't give up till they get their money. |
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Otherside
Joined: 06 Sep 2007
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| Posted: Tue Aug 20, 2013 4:43 pm Post subject: Re: lotte credit card screwed my visa? |
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| cavarsan wrote: |
I overspent on my korean credit card and gave up trying to pay back.
Yesterday i went to the bank to open an account and they said there is a restriction on my ARC (im F6).
Can a private company like Lotte Card create any problems for me regarding my visa? |
Lotte Card didn't screw anything, if you want someone to blame, look at the chump in the mirror who didn't pay his bills. |
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Gaininganadventur
Joined: 02 Aug 2013
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| Posted: Tue Aug 20, 2013 10:39 pm Post subject: Chump |
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| Scott isn't a chump! |
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valkyrian2
Mod Team
Joined: 15 May 2007
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