How to Get a Bank Clearance for your Credit Card

If you decided to stop paying your credit card, and have been receiving calls regularly, chances are your record has been passed on to a credit card debt collector. From what I know, banks would turn over (or sell) your record to a third-party collector after a month. If you happen to be reading this and your latest due date has not passed one month yet, save yourself some trouble by contacting your bank immediately and ask for a remedial or amnesty. You could be very honest about your financial status and be ready to negotiate nicely. This option is so much better than receiving endless calls and letters with threats later on.

In my case, I avoided these debt collectors for six years. I was only renting so changing an address was easy. I also got a new mobile number although I did not deactivate the old one which every now and then receives calls from unknown numbers. Of course, I never answered. In September 2016, upon the suggestion of BPI where I applied for a home loan, I contacted HSBC. This was a last resort as BPI nor any other bank, will not consider my loan application unless I submit a clearance. I was so hesitant that it actually took my agents months to convince me to do it.



I went through my old emails and found my credit card number. I then called their hotline and upon giving them my information, I was transferred to their Recovery Department. Basically, I stated my case and expressed my willingness to settle. It was not as difficult as I thought, no lawyers, no subpoenas, no court orders! Don’t believe the credit card debt collectors.

  • The Credit Risk Management representative whom I spoke with was very nice. During the call I learned that my total balance including interests that have accumulated in the past six years is now at Php120,000+.
  • I said I don’t have that much money and asked if we could deduct all the interest.
  • She came up with Php35,000. I couldn’t remember my exact total balance from six years ago, it must have been around Php25,000 (without interest) so I was okay with the offer. I thought it was fair and reasonable for a 6-year old debt.
  • I agreed to meet up with the representative at the lobby of HSBC in Taguig, near St. Luke’s. We went straight to the deposit machine and she had me fill-out the deposit slip myself. We deposited the money and I kept the receipt from the machine. She then asked me to sign the clearance and handed me my copy. I checked all the details and confirmed everything to be correct. I went on and took several pictures of the clearance to make sure I have soft copies.

What a relief!

It was quite an experience, literally liberating. I will no longer be afraid to answer calls from unknown numbers. I can now change my Jobstreet and LinkedIn profile settings to “public”. Most of all, I can now continue with my home loan application with BPI!

If you have the same problem, and don’t want to settle with rude credit card debt collectors, call your bank. Be nice.

2 thoughts on “How to Get a Bank Clearance for your Credit Card”

  1. Hi sir, would you mine sending me the name of vice president of recoveries? I think my certificate of full payment is fake. They we’re sent to me by the collection agency and its bear a different signature. Thank you

    1. Is this for HSBC? If yes, you can contact them at 976-7100 to verify. You can also request for a certificate directly from them. They should be able to check if the payment has actually been made through the debt collecting agency.

Leave a Reply

Your email address will not be published. Required fields are marked *