I have several credit cards issued by banks here. My plan was to pay them all off with a loan that I am trying to get now, they are slow to complete it. I am dominican and my husband is canadian, he is my sole source of income. He saw the 84% rate for the minimum payments and has now refused to pay any of them. He says get the loan and pay them off and he will pay the loan over the next 5 years at a much lower rate. My problem is I am late with some of my cards and now the first bank has turned it over to a lawyer. I have about 350,000 pesos to pay. At 84% the minimum payments collectivly should be about 24500 pesos per month but they are much more than that so what gives? Best I can figure they are about twice that just to pay the intrest. My husband says pay nothing and renegochiat the contracts just like barrick gold. He is not a happy camper over this. So my question is what can they do to me. My credit rating will suffer but that is not important. All my cards where in the process of being canceled by me and i am to keep only one bank account here and the rest in canada with my husband.
- Thread starter cba
- Start date
Dominican credit cards defaulting
You sound like a liability, 84%, you have been using credit cards to withdraw cash?
They won't lock you up, even if you lied on a legal document to gain the loan. You ain't gunna pay nothing from the inside of a cell.
Here, everyone and their dogs are in debt, so you are not alone. People seem to just up and leave, move address. You will be looked for for 12 years (well a couple of weeks anyway) and then you'll drop off the black list and be able to start again.
Again, you sound like a liability, but you are excused as you are dominican, 'consequence' is none existent in your vocab, 'pass the buck', 'bury your head' are in its place. Good luck!
They won't lock you up, even if you lied on a legal document to gain the loan. You ain't gunna pay nothing from the inside of a cell.
Here, everyone and their dogs are in debt, so you are not alone. People seem to just up and leave, move address. You will be looked for for 12 years (well a couple of weeks anyway) and then you'll drop off the black list and be able to start again.
Again, you sound like a liability, but you are excused as you are dominican, 'consequence' is none existent in your vocab, 'pass the buck', 'bury your head' are in its place. Good luck!
I am new to this foram, thanks for all the quick replies so far. Maybe a little bit more background will help me get the info I am seeking. The banks would not give me a bridge loan to build my new house but I had several credit cards so I started using those. About 4 years ago my husband got me to apply for a store card so I got Avansa from jumbo thru banco popular with a 10000 peso limit. Then he would transfer money from canada directly into my account....lots of times. He then had me tell the banks that my income from internet sales more or less matched these amounts. Soon banks where calling me offering credit cards so I accepted...the house was consuming a lot of money. We started the house about a year and a half ago 3400 sq ft, 5 bedrooms, 6 bathrooms, two kitchens and a large workshop with another seperate shop started in the back yard. Oh yea a stone fireplace in the middle. It is not finished but we are living in it and have been for about a year now. The plan was to get a normal loan to payoff all the credit cards then go to canada and start a business and get my residency, that will take about 4 years. Also my husband says he can borrow money in canada at a better rate so.....we can sell all possesions to my daughter..we would prefer to get a normal loan for about 300,000 pesos and pay that over a couple of years time but if not possible we will still leave and deal with the banks when we get back so....I am trying to decide what i have to do to protect my house and stuff should the loan not be approved. Hope this clarifies my situation..thanks
LOL - this sounds like typical real estate mistake #1 - borrowing money that you can not afford to pay back unless things go very well!!! Which means either your husband is a financial idiot or you are! (If it is you then he is an idiot for letting you do it in the first place!) You have invested a lot in a house you coulod not afford and now you are trying to escape the consequences!
Honestly, the best thing you can do is to learn to live a cash only lifestyle and control your spending. Since you have online access I would suggest starting with DaveRamsey.com and listening to his podcast.
In the mean time have your husband go back to Canada and work two jobs so that you can keep your home. I highly doubt that he will be able to gat a loan on DR real estate in Canada; but, I only work in USA real estate lending.
However, if this is a result of your stupidity and not his then I would highly suggest he seperate from you until you learn to manage money or you will destroy him financially. (Most of the posts I have read here seem to suggest that Dominican women lack even basic financial planning training! If that is your case them you need to get educated and stop screwing up!)
I'm not trying to attack you or him; but, I have spent years in lending and debt counselling! Someone messed up big time and marrages in the USA and Canada do not last if you can not deal with money!!! Money problems are the number one cause of divorce!
This can quickly become a much more massive issue than just you house - this could eventually end your marraige so take some time and think about what your life would be like without your partners. I don't care how much he says I love you - mess up the money and the odds are about 50% that you will get a divorce!
Peace
Honestly, the best thing you can do is to learn to live a cash only lifestyle and control your spending. Since you have online access I would suggest starting with DaveRamsey.com and listening to his podcast.
In the mean time have your husband go back to Canada and work two jobs so that you can keep your home. I highly doubt that he will be able to gat a loan on DR real estate in Canada; but, I only work in USA real estate lending.
However, if this is a result of your stupidity and not his then I would highly suggest he seperate from you until you learn to manage money or you will destroy him financially. (Most of the posts I have read here seem to suggest that Dominican women lack even basic financial planning training! If that is your case them you need to get educated and stop screwing up!)
I'm not trying to attack you or him; but, I have spent years in lending and debt counselling! Someone messed up big time and marrages in the USA and Canada do not last if you can not deal with money!!! Money problems are the number one cause of divorce!
This can quickly become a much more massive issue than just you house - this could eventually end your marraige so take some time and think about what your life would be like without your partners. I don't care how much he says I love you - mess up the money and the odds are about 50% that you will get a divorce!
Peace
One last thing about credit - In the USA and Canada your damaged credit can prevent you from getting jobs especially if they require bonding or security clearance!!! I doubt that they will look into your DR credit but I could be wrong if it is a multi-national company.
Peace
Peace
it will be less than a week before he logs as himself asking for divorce lawyer. i know i would.