Taiwan Banks Warn Against Consulting With Agents On Paying Debt
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TAIPEI, April 01, 2008 (Asia Pulse via COMTEX) - - The Bankers Association of the Republic of China (BAROC) Monday proposed that the implementation of the new provisions make it easier for the repayment of debt, the debtor, trying to negotiate rules 3 The Only You Need To The Trade Market with banks on the terms of their repayment would be better off with an agent. The BAROC officials said some of the debt, including lawyers, the ads have exaggerated the complexity of the insolvency proceedings of consumers, which are designed to rely on April 11, with the aim of debtor protection, who are not able to pay their debts at the same time. These ads debtor to deceive consumers could believe that only with the assistance of a lawyer is able to better treatment from the bank, far from the truth, the BAROC said. “The consumer insolvency proceedings, the debts really simplifies the process of negotiation,” said Spike Wu, chairman of the Consumer Finance falls Debt Restructuring Program Committee. Wu said that in the proceedings, the debtor, just fill out the form of a document, for example, revenue for a refund of relationships with banks. The regulation, Wu has made payment options flexible. “After negotiations, the bank is the debtor a solution to consider, in which the amount of the monthly payroll and payment terms vary depending on the situation of the debtor to pay,” he said. “BAROC also the government action against misleading advertising, agents,” said Wu Wang Jing-rong, a judge of the Judicial Yuan, Wu echoed say that the best way to clarify the debt to negotiate with the largest creditor Thrash recoverable. “Hiring a single agent to delay the process, and hence your wallet thinner,” Wang added. He added that the Ministry of Justice is to determine whether the misleading advertising in violation of a law. The Consumer insolvency proceedings last June, two separate procedures for the problems posed by the debtor pays its lending - the reorganization or liquidation of debts of debt. Debt re-organization allows the debtor, the creditor to beat an investment bank, that the terms of payment terms, the conditions proposed repayment options of up to eight years. Liquidation of the debt if the debtor does not need to strike a satisfactory control of the Bank and by the court before and disposal of the debtor’s assets to pay its debts. |