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Updated Friday, February 26, 2010 9:45 am TWN, The China Post news staff

Debtor to pay NT$10,000 a month for eight years

CHANGHUA, Taiwan -- A man, surnamed Cheng, who owes 10 banks NT$2.03 million applied and was approved by the court yesterday to pay NT$10,000 per month in 96 installments over eight years. He is banned from purchasing or getting unnecessary luxury products and services during this period.

Cheng applied for a Consumer Debt Clearance at the Changhua District Court and promised to settle part of the debts by paying NT$10,000 a month for eight years, which would total NT$960,000. Cheng is currently earning NT$18,951 per month.

The judge approved the application and said Cheng seemed sincere enough in promising to return more than 47 percent of the debts, higher than the percentage stated by the Regulation of Consumer Debt Clearance for unsecured debts.

The court banned Cheng from taking taxi, high-speed rail and flights, purchasing any financial products, and getting any unnecessary beauty and medical services in the eight years.

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