My Taiwanese friend has rather a lot of debt hanging around her neck. In the UK, if I call my bank and describe my accounts to them, and if the accounts show I am unable to make a payment, they will register my debt as a default and probably sell it on to a debt collection company. These companies are not allowed to visit my house or demand payments I can not afford. My credit record is (of course) ruined for 6 years. Do similar protections exist in Taiwan? Has anyone here been through the process of debt cancellation?
Thank you both for the helpful replies. @tando especially, those links look very useful. @Charlie_Phillips I should have been clearer. The debt is owed to a bank.
Right, libtard “protections” to keep irresponsible people spending money! Whatever happened to keeping one’s word? You take out a loan - you pay it back. Even if it takes a long time. Simple as that.
I’m not saying your theory is not true, but I’ve only seen it here at Forumosa. Can you enlighten us about how “libtardism” is responsible for high debt levels and how voting for illiberal or classically liberal parties would fix it?
I don’t see bankruptcy protection as a libtard vs conservative issue. Remember that companies can and do go bankrupt as well. In the end, a loan is an investment. Some investments will go bad and investors need to do their due diligence. To that end, lenders bear some responsibility for the loans that they issue. More restraint is needed on the part of both borrowers and lenders.