CREDIT DEBT A value of between VND 4,000,000 and under VND 50,000,000 may be subject to a prison term of between 06 months and 03 years and be fined up to VND 100,000,000, banning practicing or doing certain jobs for between 1 and 5 years or partial or full confiscation of property.

There are times when people have a hard time, need money for daily life purposes, but cannot borrow relatives or friends for many reasons, so most people choose financial companies or banks to borrow. Or there are those who have “Debit” cards but do not intend to use, when having trouble using them without control.

In many cases, when a credit card is opened or a loan is needed, the borrower always disregards the fact or he or she does not listen carefully the advice of the counselor about the interest rate, they still accept to sign the loan contracts for instant disbursement, but when they were unable to repay the loan due to high interest rates, they turned away and said that the counselor did not explain or clearly told them and chose to flee to avoid the creditor. Because avoidance and failure to pay the debt may be charged with “Abuse of trust for appropriation of property” in Article 175 of the Penal Law amending and supplementing 2017, issued on June 20, 2017.

“Article 175. Crime of abuse of trust and appropriation of property”

1. Any person who commits one of the following acts of appropriating property of another person with a value of from VND 4,000,000 to under VND 50,000,000 or under VND 4,000,000 but has been administratively sanctioned for administrative violations for appropriating property or has been convicted of this crime or one of the crimes prescribed in Articles 168, 169, 170, 171, 172, 173, 174 and 290 of this law and has not yet had their criminal records wiped out and if properties are the main means of livelihood of the victims and their families, they shall be subject to non-custodial reform for up to 3 years or a prison term of between 06 months and 03 years:

a) Borrowing, renting property of others or receiving property of others by contract and then using deceitful tricks or running away to appropriate that property or fail to return the property at due date even though having enough conditions and capabilities to pay;

b) Borrowing, renting property of others or receiving property of another person in the form of a contract and having used such property for illegal purposes, thus being unable to return such property.

2. Committing the crime in one of the following circumstances, the offenders shall be sentenced to between 02 and 07 years of imprisonment:

a) Organized;

b) Being of professional character;

c) Appropriating property valued between VND 50,000,000 and under VND 200,000,000;

d) Abusing positions, powers or taking advantage of the names of agencies or organizations;

e) Using cunning tricks;

f) Adversely affecting security, social order and safety;

g) Dangerous recidivism.

3. Committing the crime of appropriating property valued between VND 200,000,000 and under VND 500,000,000, the offenders shall be sentenced to between 5 and 12 years of imprisonment.

4. Committing the crime of appropriating property valued at VND 500,000,000 or more, the offenders shall be sentenced to between 12 and 20 years of imprisonment.

5. Offenders may also be imposed a fine of between VND 10,000,000 and VND 100,000,000, banned from holding certain jobs, practicing certain occupations or doing certain jobs for between 1 and 5 years or partially or wholly confiscated property ”.

To avoid cases where the borrower is unable to pay due to high interest rates and unnecessary disputes,

Lenders are banks and financial companies

– Require consultants to carefully consult clearly about loans, loan interest rates, and repayment terms for customers to know. It is necessary to record voices when consulting and confirming that customers have carefully researched and understood before signing a loan contract

– Need to clearly assess the financial capacity of the individual borrower. Require to provide all information related to the loan

Borrower or credit card opening

– Consider carefully before signing a loan contract to buy assets, goods and services.

– Sign documents only when thoroughly researching and making sure that information is presented correctly on documents required to sign.

– Request the financial company to provide the contract, transaction documents with full signatures and seals of the service provider to store, compare and comply with the content of the contract.

– When a dispute arises, in addition to reflecting on the phone to the relevant department of the service provider, consumers should combine email or mail to ensure traceability of information, avoiding the case that the financial services companies saying they don’t receive consumer complaints so that they have no basis for resolution.

– In case of borrowing the money and having financial problems, lead to inability to pay, you should proactively contact to apply for an extension of payment period, and comply with the new payment plan agreed by both parties.

If you have any questions about debts that you cannot resolve, please send mail to songbao@sbdebtcollection.com or contact 1900636213 we will respond to your questions and offer advice as soon as possible.