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Debts in CC and licensed moneylenders

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lmkandyyl
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Debts in CC and licensed moneylenders

Post by lmkandyyl » Thu, 30 Apr 2015 3:51 pm

Hi all,

A close friend of mine lost a lot of monies in stock gram long, have left Singapore with 2 CC debts around 40k and a couple of licensed moneylenders (around 30k)

What will be the outcome if he comes back to Singapore?

Is it a good idea if I persuade him to file insolvency (as he has no money to pay off he huge outstanding)? If he file insolvency, will he be able to leave Singapore afterwards?

Many thanks and looking forward advices

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ecureilx
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Re: RE: Debts in CC and licensed moneylenders

Post by ecureilx » Thu, 30 Apr 2015 8:12 pm

lmkandyyl wrote:Hi all,

A close friend of mine lost a lot of monies in stock gram long, have left Singapore with 2 CC debts around 40k and a couple of licensed moneylenders (around 30k)

What will be the outcome if he comes back to Singapore?

Is it a good idea if I persuade him to file insolvency (as he has no money to pay off he huge outstanding)? If he file insolvency, will he be able to leave Singapore afterwards?

Many thanks and looking forward advices
If you did a simple search, you will know that a lot has been discussed about foreigners leaving debts here and their limited options

lmkandyyl
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Re: Debts in CC and licensed moneylenders

Post by lmkandyyl » Thu, 30 Apr 2015 8:51 pm

Thanks. Just had a search and found many of them are actually worrying when re-entering Singapore. But my friend wants to file insolvency to close the file. But 2 concerns are, whether insolvency works against licensed moneylender and whether he will be prohibited to leave the country.

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sundaymorningstaple
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Re: Debts in CC and licensed moneylenders

Post by sundaymorningstaple » Thu, 30 Apr 2015 10:24 pm

Besides the court cases, you will probably have massive hospital bills after the moneylenders you stiffed find out you are back.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

lmkandyyl
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Re: Debts in CC and licensed moneylenders

Post by lmkandyyl » Thu, 30 Apr 2015 10:55 pm

sundaymorningstaple wrote:Besides the court cases, you will probably have massive hospital bills after the moneylenders you stiffed find out you are back.
?
Hi SMS, in fact the so called "insolvency protection" does apply on these moneylender or not in legal sense?

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sundaymorningstaple
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Re: Debts in CC and licensed moneylenders

Post by sundaymorningstaple » Thu, 30 Apr 2015 11:23 pm

Go ahead, push yer luck. Let us know how it turns out. If they are called legal moneylenders instead of finance companies, or banks, then there are only a single step above being ah longs. In fact, most of 'em ARE ah longs who are trying to launder the rest of their ill gotten gains. I wouldn't want to be in your shoes, truth be known. I'm foolhardy, but not stupid.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

lmkandyyl
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Re: Debts in CC and licensed moneylenders

Post by lmkandyyl » Thu, 30 Apr 2015 11:37 pm

sundaymorningstaple wrote:Go ahead, push yer luck. Let us know how it turns out. If they are called legal moneylenders instead of finance companies, or banks, then there are only a single step above being ah longs. In fact, most of 'em ARE ah longs who are trying to launder the rest of their ill gotten gains. I wouldn't want to be in your shoes, truth be known. I'm foolhardy, but not stupid.
Then i think the biggest concern for my fd is...if filed insolvency in singapore...he is prohibited to leave singapore then big headache liao...

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