Is the bank right?

Is the bank right?
Jul 19, 2007 22:29
JIMMYB Points: Join Date: Feb 7, 2007 Status: offline	News from People's Daily. In recent days, a peice of news has aroused big concerns. A bank in Beijing leaked personal information of those students who aksed loans when they were in college but did not return to the bank according to the contract on the internet. When interviewed, the bank said that they did not have other ways except doing so because they could not contact those students. They have changed their adress and phone number and did not return the loan to the bank. According the data offered by a newpaper, it is said that 28.4% college students broke their promise with the bank and did not return the loans at the end of 2005. Some o them did not find a job after graduation so that they were not capalbe of returning the loans. Some of them refused to return the loans because they thouht that the loans were offtered to them for free. They did not need to return. Any comments? Do you think it is right for the bank to do so?

Jul 19, 2007 22:29

JIMMYB
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Join Date: Feb 7, 2007
Status: offline

News from People's Daily.

In recent days, a peice of news has aroused big concerns. A bank in Beijing leaked personal information of those students who aksed loans when they were in college but did not return to the bank according to the contract on the internet. When interviewed, the bank said that they did not have other ways except doing so because they could not contact those students. They have changed their adress and phone number and did not return the loan to the bank.

According the data offered by a newpaper, it is said that 28.4% college students broke their promise with the bank and did not return the loans at the end of 2005. Some o them did not find a job after graduation so that they were not capalbe of returning the loans. Some of them refused to return the loans because they thouht that the loans were offtered to them for free. They did not need to return.

Any comments? Do you think it is right for the bank to do so?

Jul 20, 2007 02:02	#1
WESTNORWOODGAS Points: Join Date: Jun 22, 2007 Status: Offline	It depends who the information was leaked to, here in the UK if you fail to repay on time you get " black listed " making it hard to get further credit, you could stay on that list for 12 years.

Jul 20, 2007 06:00	#2
APAULT Points: Join Date: Mar 11, 2006 Status: Offline	No, it is not right, it is a breach of confidentiality. The bank is claiming thatthe students have defaulted on a contract. If they claim it publicly without evidence they are guilty in western terms of libel... making statements that degrade a person without proof. The balck listing in most countries is argued about, sure the banks need this but they often make mistakes.

Jul 20, 2007 10:44

GRIZ326
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Join Date: Jun 12, 2006
Status: Offline

A bank has every right to recover the money it lends to an individual. In my experience, lending institutions will accommodate an individual experiencing difficult economic times so long as that person makes a good faith effort to pay something on their debt.

"28.4% college students broke their promise with the bank" ...we have similar problems with student loans. For a time, many graduates filed for bankruptcy after college.

IMO, bankruptcy is an excuse. A person who fails to pay back a debt they incur is a common thief.

Jul 23, 2007 21:25	#4
ZOEY Points: Join Date: Nov 29, 2004 Status: Offline	In China, the credit system was just started. It is not mature. If those students could not keep their promise, they will be included in the black list. In future, if they are going to buy a house and ask credit from the banks, the banks will not lend them money because they have 'criminal record'.

Aug 28, 2007 01:12	#5
KEVIN0518 Points: Join Date: Mar 13, 2007 Status: Offline	The move of the bank has taken effect. About 100 college students have contacted the bank and 80000 yuan has been returned. To pay the loans is college students' obligation. The banks helped you when you were in difficulties so that you should pay the debt as soon as you can.

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