- Home
- INTRODUCE
- MONEY AND FINANCE
- PROJECTS
- SOLUTION
- NEWS
- Contact
Outstanding debt is a financial problem that will become increasingly serious if not handled promptly. However, there are many ways to get out of overdue debt and improve your financial situation.
1. Credit counseling
If you are having difficulty dealing with debt, financial counseling organizations in Vietnam can help you manage and resolve debt through support services such as:
Review your debt and income
Set up a reasonable personal budget
Negotiating with creditors to reduce bill payments
Planning future spending
Credit counseling services help you have a clear financial plan and effectively get out of debt.
2. Your rights when being harassed by creditors
In Vietnam, the law protects the rights of debtors. According to regulations, creditors do not have the right to harass or threaten debtors. This includes:
Using violence or criminal means that cause damage to property or reputation
Insulting, using obscene language when communicating
Continuously contacting and harassing the debtor outside of business hours
Contacting a third party without the debtor’s consent
If you are experiencing harassment from creditors, you have the right to contact and receive support from agencies related to consumer protection and financial management through units such as:
Vietnam Competition and Consumer Protection Agency (VCCA) – Ministry of Industry and Trade:
This is the agency responsible for protecting consumer rights in Vietnam, including handling complaints and protecting consumers in financial and consumer transactions.
Address: Vietnam Competition and Consumer Protection Agency – Ministry of Industry and Trade, No 68, Nguyen Canh Chan, Hai Ba Trung District, Hanoi.
State Bank of Vietnam (SBV):
The State Bank is the agency that regulates and supervises financial and credit activities, including protecting consumer rights in banking transactions.
Address: State Bank of Vietnam – 49 Ly Thai To, Hoan Kiem District, Hanoi.
Vietnam Banking Association (VNBA):
Provides information, complaint support and financial services to consumers on banking-related issues.
Address: Vietnam Banking Association – 91 Dinh Tien Hoang, Hoan Kiem District, Hanoi.
3. Bankruptcy – The Last Resort
Bankruptcy is an extreme and final resort to eliminate debt or repay debt under court supervision. However, not all debts can be eliminated through bankruptcy proceedings. Obligations such as child support, taxes, penalties or student loans cannot be eliminated.
Bankruptcy will have a lasting impact on your credit report, possibly lasting up to 10 years, and it may affect your ability to buy a home, get credit, or rent in the future. Interest rates may increase after you are declared bankrupt.
Dealing with debt effectively is an important part of maintaining financial stability. Use sound strategies such as debt consolidation and credit counseling, and remember that you always have the right to protection from creditors. If your debt is too heavy, bankruptcy may be a last resort, but it should be carefully considered before proceeding.
Related Articles
Life is full of surprises, and no one can predict every possible situation. No matter how well prepared we are, we will still have to face unexpected events that can greatly affect our personal finances. However, it is important that we can proactively prepare our finances to deal with these situations effectively. 1. Unexpected job […]
Retirement is an important milestone in life, marking the end of the working process and moving into a new phase of freedom. However, to have a comfortable retirement life without having to worry about finances, early financial planning is extremely necessary. Whether you are young or close to retirement age, preparing your finances properly will […]
1. Financial planning for the elderly Elderly care is not only a health issue but also a financial one. You need to plan your finances to ensure that medical, living, and health care expenses are maintained throughout the elderly’s life. The costs to prepare include: Medical expenses and regular medical check-ups: Elderly people often have […]
When you are getting married or having children, financial planning is essential to ensure financial stability in the family. Important events such as marriage or childbirth are major changes in life and will have a profound impact on personal and family finances. To prepare well for these changes, it is important to budget and prepare […]
1. Regular Health Care: Benefits and Importance Regular health care is an annual health check-up, including basic tests such as blood pressure checks, blood tests, ultrasounds, liver and kidney function tests, and other health issues. For adults, regular health check-ups help detect potential health problems that you may not have noticed. This is especially important […]
Recruitment Process in Vietnam The recruitment process in Vietnam varies depending on the industry. Some companies require candidates to participate in multiple rounds of interviews or take professional tests, while others can hire quickly. Interviews can now be conducted via video calls, which saves time and is convenient for both candidates and employers. To prepare […]
Buying a Home: A Major Financial Decision Buying a home is a major financial decision and is often one of the biggest purchases you will make in your lifetime. Before you make a purchase decision, you need to understand the financial factors involved and how they will affect your budget. Down Payment – Deposit When […]
1. Citizens’ tax responsibilities Every citizen and business has the responsibility to pay taxes to the state, which is an obligation to ensure financial resources for public services such as education, health, security and infrastructure projects. This responsibility not only helps maintain and develop state activities but also helps build a fair and sustainable society. […]
Foreign currency is the currency of another country, used in international transactions or when traveling, working in other countries. The use of foreign currency helps promote international trade and exchange between economies. Each country has its own currency, and these currencies can be exchanged and traded at banks, financial markets or through international money transfer […]
1. Introduction to Currency What is Currency? A simple and easy-to-understand explanation of the concept of currency. The role of money in everyday life. The history of currency: From barter to paper money and electronic money. The interesting story of money through the ages. 2. Popular currencies Cash: Paper money, coins and how to identify […]
1. Apartment rental market in Vietnam The apartment rental market in big cities like Hanoi and Ho Chi Minh City is currently very developed and highly competitive. Rental prices can fluctuate greatly depending on the location, area and amenities of the apartment. Areas in the city center or near industrial parks, schools, and hospitals are […]
1. Determine your car budget Before deciding to buy a car, you need to determine the budget that you can reasonably spend. Car prices can vary greatly, from cheap cars to high-end models, so consider your financial capacity carefully. In addition to the value of the car, you also need to consider other additional costs […]
