Expat leaving debts in Chile

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Gloria
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Re: Expat leaving debts in Chile

Post by Gloria » Tue Feb 05, 2019 7:29 pm

I would have to see it to believe that you will settle your debt when you sell your property in the UK. I don´t buy it.It´s not a shame that I exist. It´s a shame that people like you go out in the world ripping foreign credit cards and getting away with it and having the nerve to come back to rip some more...that´s damn shame! Go home girl!
Genuinely.......my ass!
I'm from the generation of common sense, wisdom and unfiltered answers. I sayeth as I seeth.

loulou23
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Re: Expat leaving debts in Chile

Post by loulou23 » Tue Feb 05, 2019 8:18 pm

Wow, you are getting rather boring. But thank you for taking the time to comment. It's a shame you can't offer something constructive.

at46
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Re: Expat leaving debts in Chile

Post by at46 » Tue Feb 05, 2019 8:43 pm

I'm sure you can make monthly wire transfers into your account from the UK, and the wires don't cost that much, maybe 10-15 pounds? If I were you, I'd set up these arrangements with my executiva before I leave, and I'd certainly not miss any payments if I were planning to come back.

Having said that, find out if there might be a thing where they allow you to miss some payments before they kick into high gear chasing you down. For example, on one of my Canadian cards they allow up to six months of missing payments without any repercussions.

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admin
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Re: Expat leaving debts in Chile

Post by admin » Tue Feb 05, 2019 9:59 pm

come on.

this is chile, and the way chileans fall behind in their payments just not paying attention the banks probably do not even notice you are delinquent for a year.

years ago went to try to pay all our bills in advanced. the computer systems could not even process the payments. it caused so many problems, i never tried it again.
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Gloria
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Re: Expat leaving debts in Chile

Post by Gloria » Tue Feb 05, 2019 10:22 pm

admin wrote:
Tue Feb 05, 2019 9:59 pm
come on.

this is chile, and the way chileans fall behind in their payments just not paying attention the banks probably do not even notice you are delinquent for a year.
Seriously? I truly think you also believe in unicorns and rainbows.
I'm from the generation of common sense, wisdom and unfiltered answers. I sayeth as I seeth.

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41southchile
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Re: Expat leaving debts in Chile

Post by 41southchile » Tue Feb 05, 2019 11:59 pm

If you ignore all the phone calls you can take it up to a year without paying mortgage payments before they embargo the stuff in your house and the house and sometimes longer depends on the bank, apparently, k ow several people who have done that, cc card not sure, phone they cut off pretty quickly. Banks are not quick for anything here even recovering debt.
Comuna Loncotoro Lakes Region Chile

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tiagoabner
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Re: Expat leaving debts in Chile

Post by tiagoabner » Wed Feb 06, 2019 6:05 am

loulou23 wrote:
Tue Feb 05, 2019 6:20 pm
Gloria wrote:
Tue Feb 05, 2019 5:03 pm
Donnybrook wrote:
Tue Feb 05, 2019 4:26 pm
I am not sure how you plan to pay back this debt (plus whatever interest accrues) and would be interested to know how this would work.
She won´t and I can bet you anything, anything you want. This is what´s going to happen.....hear me out. She´ll go thru the International Police like an innocent white dove. Will take her seat on the plane and after asking for a drink will say...."those dumbass chileans!" "I got away with it! YAY!
What are you talking about Gloria!?. If I was going to that then why would I be registering on this site, trying to find out advice.I would be on my British Airways sipping gin with not a care in the world! It seems you have a serious chip on your shoulder about expats. And who by the way said I'm white.
That's Gloria, our resident troll. Gloria posts are rarely constructive and it seems that her goal is to see how much of an asshole admin let's her be. Ignore Gloria, don't feed the trolls.

On the topic of debt repayment, use Transferwise to lower the transfer fees if making minimum payments is viable for you. If not, contact your CC company and arrange with them to get a "período de gracia" on your card payments. It can be done, although you may need to give it multiple shots; the executive may not know how/want to do it.

Defaulting on the payments will obviously hurt your credit, so you need to take care of it if you want to live in Chile in the future. Yes, you can live with having a bad credit score, but there's no reason to do so if you can avoid it.

On the topic of morals of defaulting: while defaulting does, indeed, raise the costs for all other clients, the default rates are calculated as part of the interest rate. A single person is but a grain of sand in the grand scheme of things. There's even less moral ground for debt shaking you, as you're only postponing payments.

Julito
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Re: Expat leaving debts in Chile

Post by Julito » Wed Feb 06, 2019 12:04 pm

It won´t have any repercussions on your relationship with your UK bank, they won´t know about it. And nobody can stop you leaving Chile over a credit card debt, they won´t even bother trying to chase you. As mentioned above, changing circumstances leading to defaults or slow repayments are all factored into the risk.
What generally happens with a straight up default on say 50k is the bank sells the debt to a debt collector for say 10k and it´s up to the debt collector to see if he can recover the rest plus interest and pocket it. So he assumes the risk but in some cases he buys a dud, for example when someone has emigrated.

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admin
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Re: Expat leaving debts in Chile

Post by admin » Wed Feb 06, 2019 12:58 pm

As for it affecting expat's in Chile's ability to get accounts, I don't think it even makes a statistical blip on the banking systems radar screen compared to just a couple countries. The Peruvians, Bolivians, Colombians, etc have been coming to Chile for decades, obtaining residency, maxing their credit, and running away.

There were reports a few years ago about organized Bolivian gangs coming over the boarder, using false names and documents to obtain residency, maxing their credit, then running away. They would return a little later, with a different set of immigration documents, and do it all over again with another name.

The real culprit for all of that is the banks in Chile. There is no good reason to attach millions of pesos of credit to basic savings or checking accounts. If the banks pulled their heads out of their rear, and joined even 19th century international banking practices, they would not be loosing money to people that can not afford to pay back their debts. Even more, they would probably have a whole lot more people that need basic banking, start with a simple account, and then apply for credit.

I went to the ATM yesterday to take out some spending cash. I have to stand there waiting while they tried to give me a 6 million peso consumer credit loan on the screen. I had ZERO pesos in my account. My wife regularly cleans out my account, to use the money for other things. Occasional she leaves me some spending money. Guess what? I was still able to take $40,000 pesos out, go buy gas, go buy some other things, with my account that had 0 pesos, without even taking the consumer loan they were pushing. Because there is a credit facility attached to my account that allows me to overdraw, and it is automatically paid. Works just like a credit card. Even a plane jane debit card in Chile, is really a credit card. Of course, I told my wife she needs to put some money back in my account when I got home, but who offers $10,000 U.S. to someone with no money in their account?

That is the game. The banks want you to stress your financial situation. They don't want you to be able to easily pay your bills. If I deposit say 10 million pesos in my account each month, they will offer me 50 or 60 million in consumer credit at the stupid ATM. They are playing the impulse buy game, and they know Chileans are really bad at resisting that. They do everything in their power, to get you to leverage up beyond your means. The interest rates are like 23% or some ridiculous rate on those consumer loans.

I am public enemy number one as far as the bank bean counters are concerned and the same logic of people being "bad people" for not paying their debts.

I pay cash for everything. Every loan, mortgage, or other credit I have ever taken in Chile, I have paid off way, way in advance. I took a 15 year mortgage, and paid it off in 6 months (long story). I don't even have a valid credit card. I keep ordering credit cards, and forgetting to pick them up at the bank. I think I am on my third set of cards that expired in a drawer. My last set I had in had was like 5 years ago, and they expired unused because I forgot my pin from lack of use.

But, to the accountants, I am the sucker that is robbing them of their interest payments, fees, penalties, etc. They would like nothing more than to trick me in to taking way more than my annual income can support, so they can really turn those interest rate screws and penalties.

Guess what?

The banks all over the world penalize people's credit reports for being a good credit risk and paying off their debts early.

I am waiting for the new Fintech industry to put all these old school banks down (even if that kills my stock investment a bit). They are all 19th century. Most should not even exist anymore.
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eeuunikkeiexpat
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Re: Expat leaving debts in Chile

Post by eeuunikkeiexpat » Wed Feb 06, 2019 1:25 pm

admin wrote:
Wed Feb 06, 2019 12:58 pm
The banks all over the world penalize people's credit reports for being a good credit risk and paying off their debts early.
Not necessarily, in the decade after I left, my US Empire credit score increased and now sits at 840 with both TransUnion and Experian. For the record, I am a pay in full and on time guy.

Regarding credit offers, it is still impossible for this permanent resident to get a Cuenta Corriente or a Chile credit card, but who needs them when I've done fine without. Screw the banks it they think a newly arrived Peruvian bringing no resources making the minimum wage on a possible false work contract deserves millions in credit just because of "official" Chile income.
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

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Donnybrook
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Re: Expat leaving debts in Chile

Post by Donnybrook » Wed Feb 06, 2019 2:32 pm

Regarding credit offers, it is still impossible for this permanent resident to get a Cuenta Corriente or a Chile credit card
This is what is strange, that you can't get one but someone on a temporary visa did. I know some foreigners working here are able to get an account because the company they work for does a lot of business with a bank so it is a sort of "pituto" favour by the bank. That may be the case here. Or some bank ejecutivo made a bad judgement call They do get a lot of pressure to add new customers. Hope it doesn't negatively affect the ejecutivo.

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Re: Expat leaving debts in Chile

Post by admin » Wed Feb 06, 2019 3:24 pm

eeuunikkeiexpat wrote:
Wed Feb 06, 2019 1:25 pm
admin wrote:
Wed Feb 06, 2019 12:58 pm
The banks all over the world penalize people's credit reports for being a good credit risk and paying off their debts early.
Not necessarily, in the decade after I left, my US Empire credit score increased and now sits at 840 with both TransUnion and Experian. For the record, I am a pay in full and on time guy.

Regarding credit offers, it is still impossible for this permanent resident to get a Cuenta Corriente or a Chile credit card, but who needs them when I've done fine without. Screw the banks it they think a newly arrived Peruvian bringing no resources making the minimum wage on a possible false work contract deserves millions in credit just because of "official" Chile income.
Yea, that is typical. Best thing I ever did for my U.S. credit rating, was leave. If you don't live there, your credit report is not getting hit constantly all day every day, every time you sneeze wrong, apply for public library card, or whatever other ho hum daily activity the credit companies now require a credit report to do. You probably can not order beer in the U.S. anymore, without a credit check of some sort.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

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