Credit card debt case from 8.5 million to 8.8 billion VND: State Bank takes action

On March 15, speaking with VietNamNet, Director of the State Bank of Vietnam, Quang Ninh Branch, Nguyen Duc Hien, said that he had sent a document requesting the local Eximbank branch to report the incident in writing.

According to Mr. Hien, Eximbank Quang Ninh Branch has not yet responded to the incident because it is still waiting for Eximbank Headquarters in Ho Chi Minh City to support related information.

“All activities must comply with the law, both the customer and the bank, if either side is at fault, that side must take full responsibility,” Mr. Hien affirmed.

As reported by VietNamNet, the Debt Management and Asset Exploitation Company Limited - Vietnam Export Import Commercial Joint Stock Bank (Eximbank AMC) has just sent a notice to a customer named PHA in Quang Ninh about a credit card debt worth over VND8.83 billion, of which the principal debt is only VND8.55 million. The above information makes many people curious, even surprised when they see "interest on interest", so the sharing speed is pushed up even higher.

“This is an overdue debt that has lasted for nearly 11 years. Eximbank has notified and worked directly with the customer many times, however, the customer still has no plan to handle the debt,” Eximbank said.

On March 14, speaking with PV. VietNamNet, Mr. PHA (residing in Ha Long City, Quang Ninh) said that he did not borrow the credit amount of 8.5 million VND from Eximbank Quang Ninh Branch.

According to Mr. HA, in 2012, through a friend, he asked a male employee (unknown identity) of Eximbank Quang Ninh Branch to make a credit card.

At this time, the male bank employee asked Mr. HA to sign the card opening contract and receive the card. After that, he gave Mr. HA a regular card with the reason that the credit card was having problems.

Because he thought he couldn't do it, Mr. HA didn't pay attention to it anymore. In 2016, Mr. HA wanted to borrow money from the bank but was informed that he had bad debt at Eximbank Quang Ninh Branch.

Credit card debt case from 8.5 million to 8.8 billion: Customer did not know how to calculate interest, authorized a lawyer

In the case of a credit card debt of 8.5 million becoming 8.8 billion, the debt collector, Mr. PHA, informed that "the bank also did not tell me how to calculate interest when 8.5 million increased to more than 8 billion VND". This is also something that attracts public attention.

Credit card case of 8.5 million being asked to pay 8.8 billion: Customer is upset 'I didn't borrow a single cent'

Mr. PHA affirmed that he had never borrowed a credit card from Eximbank Quang Ninh Branch and did not accept paying the total amount including interest of up to 8.8 billion VND.

Credit card debt from 8.5 million to 8.8 billion: What you need to know to avoid 'debt flooding' because of cards

The case of a credit card debt of 8.5 million being turned into a debt of 8.8 billion caused much controversy. Bad debt leaves consequences for both borrowers and banks. What should credit card holders pay attention to in order to avoid falling into a situation where they are asked for unbelievable debts?

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