credit card debt and new bank account

Discussion in 'Money Matters' started by helpful, Mar 26, 2015.

  1. helpful

    helpful New IL'ite

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    hi,can someone plese help me while i was working in dubai my dad mishandled my credit cards and i have lots of credit card debt, the money which i didnt use.now i plan to go back to india and find a job .i will need bank account for any job ?.do i hv to pay back ? can i open i bank account without any problem please advice
     
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  2. sokanasanah

    sokanasanah IL Hall of Fame

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    In general it is difficult to get by without a bank-account. So yes, you will need one.

    I do not think that your credit rating will affect your ability to open a bank account. However, it will affect your ability to obtain credit in the form of cash loans, mortgages, car-loans, credit / debit cards etc. Even if you get a new card, the interest rates and other fees may be punitive.

    It does not matter who used the money - if it is charged to a credit-card in your name, then you are liable. So, yes, you have to pay it back.

    The laws are tricky and vary from country to country. However, since the banks are international, skipping out on what you owe on your cards can affect you for a long time. In the United States, many employers perform credit-checks as part of the hiring process. Unpaid credit card debt will reflect badly on you. This is apart from any financial / legal penalties you may face (fines, interest, liens etc.), should the issuing bank decide to hand over your debt to a debt collection agency.

    Dubai has quite stringent laws on debts & debtors. Please proceed with caution and seek financial advice before simply moving to India and walking away from the debt. Many banks issuing credit-cards will allow you to work out a payment plan.

    I am very sorry to hear that your father put you in such a difficult position. Be very careful and protect your long term interests.
     
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  3. helpful

    helpful New IL'ite

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    Thanks you so much for prompt reply.i really appreciate i.i think i didnt write clearly the credit card debt happened in india not in dubai and i plan to go to india.
     
  4. CrayoNess

    CrayoNess Platinum IL'ite

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    It does not matter where the purchases were made, the card issuer location is the most important. But as most of the banks and credit card providers are international it will follow you. I would say that of course you have to pay. You have borrowed money and of course the credit card company will do their best to recover the money.

    Most probably you are able to get a bank account in India but if you apply for a credit card, loan or mortgage this may show up. You can also run into visa problems returning as the credit card companies may report frauds to the authorities. Put your father to pay it back.
     
  5. peartree

    peartree Platinum IL'ite

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    helpful, the credit tracking in India might not be as thorough as the US, but banks sure do have ways to recover the money.

    I remember a distant relative whose daughter ran up her credit card bill and she was constantly harassed with threatening phone calls and such to recover the money. So it is always better to pay it off!
     

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