4 ms·

Since you might know the answer, I've been curious how delinquency is handled. When someone borrows and stops repaying do they get sued? Is the power of Ant's p

Since you might know the answer, I've been curious how delinquency is handled. When someone borrows and stops repaying do they get sued? Is the power of Ant's payment network so strong that getting banned is enough to keep people repaying?

rfoo 6y ago
Usually no as it does not scale. They usually use several (third party) "debt collection" services which operate in a questionable way (I'd call it mafia-style). Examples of what they would usually do: - Call you 100 times per day. - Call you family and your friends and your colleague daily (via contact data collected by their apps) - Threaten (but not actually do unless you owe them a lot) to sue you, in a way maximizing your stress. - Visit your family in person and "politely" ask if they know you are in debt. Google "花呗催收" or "借呗催收" then use Google Translate if you want to dig into this.
- eznzt 6y ago
  That also happens here in Europe...
  - NicoJuicy 6y ago
    I live in Europe ( Belgium) and that's bullshit. My dad had to receive money from someone who couldn't repeat their debts and there was an intermediate party that came to talk about everything and propose a plan.
    - eznzt 6y ago
      Try to ignore that intermediate party and see what happens.
oefrha 6y ago
As a sibling comment said, outstanding debt is sent to collections after a certain period, similar to how credit card debt (and all kinds of other debt) is handled in the U.S., and maybe in most parts of the world? Can’t comment on implementation details since thankfully neither my contacts nor I have experience with collections. (Btw, once upon a time, my Experian credit score dropped by like 150 points after a mysterious debt appeared on my credit report; turns out someone else’s debt was mistakenly put on my file. Luckily my name wasn’t also “mistakenly” sent to some collections agency. Definitely scared the shit out of me.)

rfoo 6y ago

Usually no as it does not scale. They usually use several (third party) "debt collection" services which operate in a questionable way (I'd call it mafia-style). Examples of what they would usually do: - Call you 100 times per day. - Call you family and your friends and your colleague daily (via contact data collected by their apps) - Threaten (but not actually do unless you owe them a lot) to sue you, in a way maximizing your stress. - Visit your family in person and "politely" ask if they know you are in debt. Google "花呗催收" or "借呗催收" then use Google Translate if you want to dig into this.

eznzt 6y ago
That also happens here in Europe...
- NicoJuicy 6y ago
  I live in Europe ( Belgium) and that's bullshit. My dad had to receive money from someone who couldn't repeat their debts and there was an intermediate party that came to talk about everything and propose a plan.
  - eznzt 6y ago
    Try to ignore that intermediate party and see what happens.

oefrha 6y ago

As a sibling comment said, outstanding debt is sent to collections after a certain period, similar to how credit card debt (and all kinds of other debt) is handled in the U.S., and maybe in most parts of the world? Can’t comment on implementation details since thankfully neither my contacts nor I have experience with collections. (Btw, once upon a time, my Experian credit score dropped by like 150 points after a mysterious debt appeared on my credit report; turns out someone else’s debt was mistakenly put on my file. Luckily my name wasn’t also “mistakenly” sent to some collections agency. Definitely scared the shit out of me.)