Prince Chiu Struggles to Pay off Father’s Debts for 14 Years

By on August 12, 2020 in NEWS, Taiwan

Prince Chiu Struggles to Pay off Father’s Debts for 14 Years

Although Taiwanese artiste Prince Chiu (邱勝翊) has a successful acting career and is currently dating Stephy Tang (鄧麗欣), his personal life is less smooth. It has been revealed that the 31-year-old artiste and his brother Chris Chiu (邱翊橙) have been helping pay off their father’s financial debts over the last 14 years, a bottomless pit which sometimes involved threats from loan sharks.

Falling into financial trouble after his business in China failed, Prince’s father reportedly borrowed more than $1 million Taiwanese dollars from loan sharks for his business. Another speculation arose that his financial struggles were the result of his gambling addiction.

As Prince’s father was unable to repay his debts, the loan sharks quickly turned to Prince ever since he first debuted in the entertainment industry as a member of the boy band, Lollipop. The loan sharks tried many ways to force Prince to pay for his father’s debts and even waited outside his recording studio.

Over the last 14 years, Prince’s father’s debts never cleared and continued to escalate–it is estimated that Prince and his brother have helped their father pay more than NT$10 million in debt and they cannot continue to help out anymore. The majority of Prince’s earnings went into repaying his father’s debts and this has taken a toll on the star’s own savings, forcing him to continue renting as he does not have sufficient funds to even buy a house.

Source: HK01

This article is written by Sammi for JayneStars.com.

Stephy Tang Wholeheartedly Trusts Prince Chiu

10 comments to Prince Chiu Struggles to Pay off Father’s Debts for 14 Years

  1. hohliu says:

    There should be a law that protects such loans by other family members. Helping family members is good well but it should not be forced. Each are individual. His Dad sign for the loan, the dad deals with it.

    Login or Register before you can reply to hohliu
    • bizzybody replied:

      @hohliu Sadly, there’s no such protection if his dad borrows from loan shark instead of legit financial institution

      Login or Register before you can reply to bizzybody
      • hetieshou replied:

        @bizzybody
        Very true and plus you know the Asian ancient saying “a father’s debt is paid by the children “ sadly. I wonder why they still have not paid of off after so many years. Nicky Wu’s dad owed a big debt due to a failed business investment too but he managed to help pay it off after 12 years, so I wonder why they are not done paying for their father yet. You wonder how accurate this article is…

        Login or Register before you can reply to hetieshou
      • rika replied:

        @hetieshou Illegal moneylenders charge even higher interest rates than normal. At least, with legal moneylenders, their father could have declared bankruptcy and the debt wouldn’t trickle down to his sons.

        Login or Register before you can reply to rika
      • hetieshou replied:

        @rika
        Oh yea that is true which is why I wish people would never borrow from those illegal moneylenders. I wonder why their dad did not take out loans from legal money lenders instead of these illegal ones as it seems they are paying forever and still have not paid it off yet. I feel so bad for them and have known them since their debut and have never heard of this. They kept saying good things about their dad and all so I never heard of it. I guess paper cannot hide fire.

        Login or Register before you can reply to hetieshou
      • rika replied:

        @hetieshou I don’t know how “tainted” their father’s credit ratings are. If he had overleveraged or history of poor repayment habits, legal financial institutions might not want to lend to him. Yeah, I feel sorry for the brothers as illegal money lenders are worse than vampires. They will keep leeching and sucking every penny out of them. I can’t imagine how much mental turmoil they have been suffering to shoulder their father’s debts.

        Login or Register before you can reply to rika
    • hetieshou replied:

      @hohliu
      Very true but sadly things are not always so simple. Yes it is great to help family members out but there needs to be a limit too. Sadly family members often take advantage of you too.

      Login or Register before you can reply to hetieshou
  2. hohliu says:

    As much as I admire how filal the 2 sons are…There must be a limit. They need to live their own lives too.

    Login or Register before you can reply to hohliu
  3. hetieshou says:

    @hohliu
    I agree and this reminds me of the Ada Choi’s incident years ago. It is good to be filial to your parents but there has to be a limit as they need to live their own lives too.

    Login or Register before you can reply to hetieshou
  4. elizabeth says:

    He is lucky to have two filial sons. I hope everything goes well for the family. I went through my childhood with gambling uncles accumulating legal and illegal debt. It is very hard to deal with especially if the neighbours know about it.

    Login or Register before you can reply to elizabeth