Finance, Forex and Investments

what happens after a person has been blacklisted from the central bank because of nonpayment of a credit card?

a credit card collector told my friend that he will be blacklisted at the central bank of the philippines coz his credit card is 90 days past due... what will happen to him?.... can he still reapply for another credit card? is there any way that he can do to take his name off from that list?... or is the credit card collector telling the truth that my friend will be blacklisted?

Public Comments

1. Why would you want another creditcard if you are not able to pay the firts one? Creditcards are a luxury with costs associated. If you dont have the money to afford them, dont get them.
2. As he is blacklisted he will no more a prime customer he will come under sub prime or below category as he has lost his credit worthiness, He may also face some problem in future if we want some loan or money from a money lending organization as they will also check his credit history. it may or may not happen to him but this is for sure if he continues to miss further payments he will become a defaulter
3. I can't fully answer this question for a couple of reasons- a) i'm not an expert, and b) this deals with international things. BUT- I will tell you that I have credit card bills that are YEARS past due, and the credit card companies can and will say just about anything to scare you into paying them. They told me they'd come to my job and arrest me in front of all my co-workers if they didn't get a payment that day. Well, here I am, never been arrested. And I've gotten bank accounts, as well. It does take time to build up your credit after delinquent bills, However 90 days is hardly something to be "blacklisted" from a central bank for. Again I'm not positive how things work in another country, unless your friend has no connection with the phillipines. If he's never lived there, his card isn't through there, I imagine it's just hot air being blown. Tell your friend not to worry- their bark is way worse than their bite. They know people who owe money are in a very sensitive state and will play on that fear just to get their money now. Remember, years and years and thousands upon thousands of dollars of debt here- and while I don't encourage or endorse this kind of behavior, I am an example of someone who is carrying on a normal, human being life with bank accounts. Getting another credit card is a huge challenge, and I'll likely have to go through lots and lots of steps. But, a consultation with a financial advisor isn't a bad idea for someone with repetative credit issues, just as far as getting your credit score back up. But I must stress that a 90 day late bill isn't a big deal at all!! His biggest threat right now is interest being added on, which while not good isn't really going to affect very much of anything at all!! :)