Questions related to repayment
1. What if I can't keep up the repayments?
During the repayment period, if you are unable to keep up the repayments due to unexpected issues, for example, if you lose your job (if applicable) or have unexpected new financial commitments, please inform us as soon as possible. Our staff will provide you with professional advice according to your current financial situation.
2. What should a customer do if he/she is encountering financial difficulties during the repayment period?
If you are encountering financial difficulties due to reduced income, illness, or other personal reasons, please contact us for assistance. Our staff will render support by providing personalized debt relief advice and a tailor-made repayment plan to fit the specific circumstances. If you have debts with more than one financial creditor, we could assist you in developing a "Interbank Debt Relief Plan ("IDRP")" and contact the list of creditors provided by you to discuss personalized repayment option. Currently, all retail banks (including digital banks) in Hong Kong and major money lenders that offer consumer credit products have participated in the "IDRP" framework. They will work together to see if a viable debt restructuring proposal can be drawn up for you. Please call the enquiry hotline at 2108 3024 for assistance if needed. Getting back on track towards financial stability will help you build a positive future credit track record.
3. What are the benefits of the "Interbank Debt Relief Plan" (“IDRP”)? How is it implemented and is there any administration fee?
The "IDRP" could help you renegotiate the monthly repayments and terms of your unsecured debt repayments, and combine these repayments and pay them as a single monthly instalment. If the "IDRP" is successfully implemented and you fulfill your repayment obligations on time, it can avoid banks exercising the right of set-off or debit authorization, action from collection agents or legal actions. It can also avoid bankruptcy and its consequences, such as difficulty in obtaining credit in the future, travel restrictions, etc. If you wish to contact other creditor institutions through our bank, please provide the information of the creditor(s) and all relevant documents to expedite the process. Our company will not charge any fee or charge for the related services provided. We recommend customers in need to call the enquiry hotline at 2108 3024 for assistance.
4. Will "IDRP" affect the records of Credit Reference Agencies?
Debt restructuring will be reported to the Credit Reference Agencies. If a customer fails to fulfill the "IDRP" and is in arrears for more than 60 days at any time during the debt restructuring period, the relevant arrears record will be retained for 5 years after the final settlement of the "IDRP".
**If you have further enquiries after viewing the above FAQ, please call our Customer Services Hotline at 2853 8828.