Debt Collection: Eximbank to revise loan interest policy after $8.5 million credit card scam leads to $8.8 billion debt

On the afternoon of March 20, 2024, Eximbank - Joint Stock Commercial Bank for Export and Import of Vietnam (HOSE: EIB) announced that the bank is currently conducting an examination, evaluation, and adjustment of procedures and documents related to lending and credit card issuance.

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Eximbank announced that on the morning of March 19, 2024, representatives of the Bank met with customer P.H.A in Hanoi. During the meeting, Eximbank and the customer had a frank and cooperative discussion, showing understanding and support. Both parties agreed to work together to resolve the issue, ensuring fair and favorable outcomes for both sides as soon as possible.

Eximbank is currently conducting urgent inspections, reviews, evaluations, and adjustments of its policies, regulations, procedures, contracts, and agreements. This includes interest and fee calculation methods for lending and credit card services, as well as customer care processes. The aim is to provide timely support, sharing, and ensure a balanced benefit for both the Bank and its customers.

In the coming time, Eximbank will continue to implement transparent, comprehensive, and clear communication programs regarding the rights and responsibilities of cardholders and customers who use the Bank’s services.

Recently, the Governor of the State Bank of Vietnam also issued a directive requesting the Chairman of the Board of Directors and the CEO of Eximbank to directly respond or provide information to the media and public opinion about the responsibilities, authorities, and handling directions regarding the incident. The Bank is urged to approach this matter with a receptive and attentive attitude, and consider feedback and suggestions from the public.

The Bank’s management representative also requested an expedited verification of the incident to protect the legitimate rights and interests of customers and the Bank. Eximbank is required to report the incident to the State Bank before March 21, 2024.

Can I be criminally prosecuted for not repaying a credit card debt?

From a credit card incident involving 8.5 million VND, where the user is being demanded a debt of 8.8 billion VND, what should customers be aware of?

Han Dong

SOURCEvietstock
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