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Korean Job Discussion Forums
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pangaea
Joined: 20 Dec 2007
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 Posted: Thu Mar 31, 2011 9:41 am Post subject: |
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Kuros wrote:
No it's not.
It is legal for a collection agent to call family, friends, neighbors, etc. in an attempt to find someone. They can't discuss the debt with anyone other than the debtor, but they can say that they are trying to reach the person and ask for other contact numbers. They can also ask to leave a message for that person. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Thu Mar 31, 2011 10:10 am Post subject: |
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| pangaea wrote: |
Kuros wrote:
No it's not.
It is legal for a collection agent to call family, friends, neighbors, etc. in an attempt to find someone. They can't discuss the debt with anyone other than the debtor, but they can say that they are trying to reach the person and ask for other contact numbers. They can also ask to leave a message for that person. |
That is true, but 804(2) states that the debt collector cannot state that the person owes any debt.
People shouldn't be shamed into collection by a debt collector, of all people. |
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pangaea
Joined: 20 Dec 2007
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| Posted: Thu Mar 31, 2011 10:45 am Post subject: |
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Kuros wrote:
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That is true, but 804(2) states that the debt collector cannot state that the person owes any debt.
People shouldn't be shamed into collection by a debt collector, of all people. |
That's exactly what I said. A debt collector can't discuss the debt with anyone other than the debtor. However, most people can put two and two together and know that the calls they are receiving from a credit card company or collection agency are in reference to a debt owed by the person they are looking for.
No one is trying to shame anyone. I am simply stating facts. Just because someone doesn't pay a debt, for whatever reason, doesn't mean that it goes away quietly. Just something to consider. |
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andersondm4
Joined: 01 Feb 2011
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| Posted: Thu Mar 31, 2011 11:12 am Post subject: |
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to the OP
What salary were you working on?
What kind of lifestyle / where did you live in Korea.
I'm graduating in Dec. and it looks like I'm headed to Korea with the same goal in mind. |
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hondaicivic
Joined: 01 Jul 2010
Location: Daegu, South Korea
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| Posted: Thu Mar 31, 2011 2:30 pm Post subject: |
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| andersondm4 wrote: |
to the OP
What salary were you working on?
What kind of lifestyle / where did you live in Korea.
I'm graduating in Dec. and it looks like I'm headed to Korea with the same goal in mind. |
1) 1.9
2) was saving like crazy for the first 6 months/ live in daegu
3) I'm a recent grad as well. |
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Gimbap Lover
Joined: 06 Mar 2011
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| Posted: Thu Mar 31, 2011 3:33 pm Post subject: |
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| bucheon bum wrote: |
| silkhighway wrote: |
| Illysook wrote: |
| No, they can't keep reporting. They can keep trying to collect, but they can't keep reporting...unless you make a payment. Then the process can begin all over again. If you don't mind 7 years of bad credit, you don't have to pay those rotten creditors. It's not very honorable, but it can be done...until our government reinvents poorhouses or something. |
I actually went to look this up and ended up spending the last 2 hours reading about it and have learned...very little haha.
There doesn't seem to be easy to find consistent information on the web and in any case it's different based on jurisidictions.
From what I found:
Different types of credit and different institutions have different rules about how accurately and frequently they must report financial transactions, with credit card and financal companies having the strictest. Late payments on debts like credit cards and unsecured loans are marked 30,60,90, and then 120days default. After 120 days default, the company can then mark it is as collections/chargeoff, which allows them to write off the debt and sell it to a collections agency. I think there is a slight difference between collections and charge-off, but I never could figure out how that impacted the debtor.
Anyways, the chargeoff stays on your credit reports for 6-10 years depending on where you live and is counted from when your first payment was deliquent. There's also a statute of limitations for how long the creditor has to sue you, typically 3-10 years. Making payments on a chargeoff does not extend how long it will remain on your credit report, but it may extend the statute of limitations depending on where you live or accrued the debt. ONce you have a chargeoff on your credit report the damage is done to your credit score even if you pay the chargeoff, but if you pay the debt or agree to pay a reduced amount, it will be marked "paid", or "settled" which is better than an unsettled chargeoff.
An unpaid debt is an unpaid debt regardless of how much time passed, and and even if they creditors cannot legally sue you for the debt, they can continue you try to get you to pay it until you are discharged from a bankruptcy. |
yes, they have to write off the debt and sell it off to a collection agency. From that point forward it is 7 years. That's the gist of it basically.
If you plan to be in Korea for awhile and/or do not need a consumer loan for that number of years, I guess it wouldn't be that bad of a move, but it would definitely limit your options for awhile. |
Well, I defaulted in 2001 and it got sent to collections shortly after. I've been here since 2003, so from the time I defaulted until now it has been 10 years. I think that any record of that is long gone.
And to the other poster who mentioned piss poor credit -bad credit is better than no credit. At least it shows that people have lent to you in the past. |
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ajosshi
Joined: 17 Jan 2011
Location: ajosshi.com
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| Posted: Thu Mar 31, 2011 4:54 pm Post subject: |
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| Gimbap Lover wrote: |
| bucheon bum wrote: |
| silkhighway wrote: |
| Illysook wrote: |
| No, they can't keep reporting. They can keep trying to collect, but they can't keep reporting...unless you make a payment. Then the process can begin all over again. If you don't mind 7 years of bad credit, you don't have to pay those rotten creditors. It's not very honorable, but it can be done...until our government reinvents poorhouses or something. |
I actually went to look this up and ended up spending the last 2 hours reading about it and have learned...very little haha.
There doesn't seem to be easy to find consistent information on the web and in any case it's different based on jurisidictions.
From what I found:
Different types of credit and different institutions have different rules about how accurately and frequently they must report financial transactions, with credit card and financal companies having the strictest. Late payments on debts like credit cards and unsecured loans are marked 30,60,90, and then 120days default. After 120 days default, the company can then mark it is as collections/chargeoff, which allows them to write off the debt and sell it to a collections agency. I think there is a slight difference between collections and charge-off, but I never could figure out how that impacted the debtor.
Anyways, the chargeoff stays on your credit reports for 6-10 years depending on where you live and is counted from when your first payment was deliquent. There's also a statute of limitations for how long the creditor has to sue you, typically 3-10 years. Making payments on a chargeoff does not extend how long it will remain on your credit report, but it may extend the statute of limitations depending on where you live or accrued the debt. ONce you have a chargeoff on your credit report the damage is done to your credit score even if you pay the chargeoff, but if you pay the debt or agree to pay a reduced amount, it will be marked "paid", or "settled" which is better than an unsettled chargeoff.
An unpaid debt is an unpaid debt regardless of how much time passed, and and even if they creditors cannot legally sue you for the debt, they can continue you try to get you to pay it until you are discharged from a bankruptcy. |
yes, they have to write off the debt and sell it off to a collection agency. From that point forward it is 7 years. That's the gist of it basically.
If you plan to be in Korea for awhile and/or do not need a consumer loan for that number of years, I guess it wouldn't be that bad of a move, but it would definitely limit your options for awhile. |
Well, I defaulted in 2001 and it got sent to collections shortly after. I've been here since 2003, so from the time I defaulted until now it has been 10 years. I think that any record of that is long gone.
I'll bet you it's still on there. If it were discharged in bankrupcy, then it would no longer appear after that time.
And to the other poster who mentioned piss poor credit -bad credit is better than no credit. At least it shows that people have lent to you in the past. |
You got this mixed up. It's the other way. |
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cyui
Joined: 10 Jan 2011
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| Posted: Thu Mar 31, 2011 5:19 pm Post subject: |
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Thankyou for this inspiring post, sometimes people just need positive motivation to get them going in the right direction.
Getting into debt is one of the worst things one can ever do for themselves and thier life. |
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silkhighway
Joined: 24 Oct 2010
Location: Canada
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| Posted: Thu Mar 31, 2011 5:52 pm Post subject: |
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| ajosshi wrote: |
| Gimbap Lover wrote: |
Well, I defaulted in 2001 and it got sent to collections shortly after. I've been here since 2003, so from the time I defaulted until now it has been 10 years. I think that any record of that is long gone.
I'll bet you it's still on there. If it were discharged in bankrupcy, then it would no longer appear after that time.
And to the other poster who mentioned piss poor credit -bad credit is better than no credit. At least it shows that people have lent to you in the past. |
You got this mixed up. It's the other way. |
It really depends. The solution to fixing bad credit/no credit is the same though. Start with a small amount of credit like a credit card with a low limit. Buy something small with it, and then if you have a history of being bad with money, cut that card up and never use it again. Then make slightly above minimum payments *on time* for a few months until it's paid off. |
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pangaea
Joined: 20 Dec 2007
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| Posted: Thu Mar 31, 2011 6:38 pm Post subject: |
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Gimbap Lover wrote:
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| And to the other poster who mentioned piss poor credit -bad credit is better than no credit. At least it shows that people have lent to you in the past. |
Um, no. Why on earth would that be better? With no credit, at least there is no negative history. With bad credit, there is proof that a person borrows money and doesn't pay it back. I don't think that's considered a plus in the world of lending. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Thu Mar 31, 2011 9:17 pm Post subject: |
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| silkhighway wrote: |
| It's a good idea to check your credit history about once a year because they can and do make a lot of mistakes, especially if you have a common name. Well maybe not once a year when you're in Korea, but a check of your credit history before you return home could prevent a rejection surprise when you find out you can't rent an apartment or get turned away from a job because you have an outstanding $20 power bill you never knew about from some student flat you were in 5 years ago. |
Sound advice. I need to get back in the habit but honestly my credit report is very, very simple for the time being.
The odd thing was that the bill I got slammed with after filing had never shown up on my credit record. It was definitely a bill from an account that had existed, valid address, everything, and all I can think of is that I forgot to close the account when I moved out to go to Korea.
The reason I panicked and just paid it was because I didn't want it to end up appearing on my credit history...for...7...years...because I made a dumb mistake and people couldn't figure out how to contact me until I filed my taxes lol. I'm sure it wasn't smart of me to just pay it, and the bill while large wasn't insane, but the collection agency actually refused to communicate with me at all after the initial "PAY IN FULL IN 30 DAYS OR SUFFER!!!!!" letter. Being over here, and being lazy, my options were limited. |
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D.D.
Joined: 29 May 2008
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| Posted: Fri Apr 01, 2011 4:40 am Post subject: |
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one word for you hondacivic and that word is "sucker"
Last edited by D.D. on Fri Apr 01, 2011 7:44 pm; edited 1 time in total |
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hondaicivic
Joined: 01 Jul 2010
Location: Daegu, South Korea
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| Posted: Fri Apr 01, 2011 7:20 am Post subject: |
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| D.D. wrote: |
| one work for you hondacivic and that word is "sucker" |
Is it work or word?.... Get your grammars in order before you call me a sucker.  |
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Sergio Stefanuto
Joined: 14 May 2009
Location: UK
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| Posted: Fri Apr 01, 2011 9:50 am Post subject: |
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| cyui wrote: |
| Getting into debt is one of the worst things one can ever do for themselves and thier life. |
Not necessarily. I lent rather a large sum of money to a friend (in return for 25% of his business) who couldn't get a loan due to his poor credit history. He now owns 75% of a successful business as opposed to 100% of nothing.
But certainly, those who go into debt to finance a mickey mouse degree are to be held in contempt. Proof indeed that there's very little point even trying to educate the ignorant rabble. |
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cyui
Joined: 10 Jan 2011
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| Posted: Fri Apr 01, 2011 11:50 am Post subject: |
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| Was thinking about no return on intial investment of compounded interest ( ie, credit card), |
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