Just learnt about a ballooned15 year old CC debt!

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tonycostanza
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Just learnt about a ballooned15 year old CC debt!

Post by tonycostanza » Mon, 16 Aug 2021 11:27 pm

Hello expat forum people -

I recently moved back to Singapore after a good decade and half away. Decided to get my credit report as part of usual settling in processes, and I learnt that I apparently have an unpaid credit card with DBS from ~2008. This was an outstanding balance of ~SGD 6,000, but this has now ballooned to SGD 120,000 or so, with interest upon interest!


I have absolutely no recollection of this, as I remember settling all my cards when I left Singapore in 2006, and I do want to resolve this. I don't mint paying down even double of the SGD 6000 owed, but paying down 120K is absolutely impossible.

What's the best way to resolve this - should I call up DBS and ask for a resolution? It's been nearly 15 years since I last remember even having that card.

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x9200
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Re: Just learnt about a ballooned15 year old CC debt!

Post by x9200 » Tue, 17 Aug 2021 5:26 pm

tonycostanza wrote:
Mon, 16 Aug 2021 11:27 pm
Hello expat forum people -

I recently moved back to Singapore after a good decade and half away. Decided to get my credit report as part of usual settling in processes, and I learnt that I apparently have an unpaid credit card with DBS from ~2008. This was an outstanding balance of ~SGD 6,000, but this has now ballooned to SGD 120,000 or so, with interest upon interest!


I have absolutely no recollection of this, as I remember settling all my cards when I left Singapore in 2006, and I do want to resolve this. I don't mint paying down even double of the SGD 6000 owed, but paying down 120K is absolutely impossible.

What's the best way to resolve this - should I call up DBS and ask for a resolution? It's been nearly 15 years since I last remember even having that card.
Google: credit card debt statute of limitations. 20y is far beyond the limit. I think in Singapore it is something like 6y. Having said that, check it well or even better talk to a lawyer because different legal action may extend the period. Also while the base amount is already "expired" you may still be liable for the interests incurred.

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malcontent
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Re: Just learnt about a ballooned15 year old CC debt!

Post by malcontent » Tue, 17 Aug 2021 8:49 pm

This is called “trying their luck” — the court would throw out their nonsense interest charges. It’s a plain and simple scare tactic that might work for those who are gullible.

If you do take any action, be very very careful not to admit that you ever owed and failed to pay anything - such an statement could restart the statue of limitations (at least in the US this is how it works).
It’s not what happens to you, but how you react to it that matters ~ Epictetus

tonycostanza
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Re: Just learnt about a ballooned15 year old CC debt!

Post by tonycostanza » Wed, 18 Aug 2021 10:03 am

Thanks @x9200 and @malcontent -

I will speak with a lawyer to understand the implications and what is the worst that could happen under these circumstances (statute of limitations, CC noted as default etc..), and whether I can resolve this by paying out the principal + some nominal interest.

Thanks for the advice.

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emergency234
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Re: Just learnt about a ballooned15 year old CC debt!

Post by emergency234 » Thu, 02 Sep 2021 8:43 pm

malcontent wrote:
Tue, 17 Aug 2021 8:49 pm

If you do take any action, be very very careful not to admit that you ever owed and failed to pay anything - such an statement could restart the statue of limitations (at least in the US this is how it works).
What exactly does this mean :?

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malcontent
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Re: Just learnt about a ballooned15 year old CC debt!

Post by malcontent » Thu, 02 Sep 2021 10:06 pm

When asked… do you have an unpaid debt from company XX in the amount of XXXX from 2007?

And you answer… well yes, I may have.

Boom! The original statute of limitations that had past no longer applies because just today you just admitted that you have an unpaid debt that you owe.
It’s not what happens to you, but how you react to it that matters ~ Epictetus

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emergency234
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Re: Just learnt about a ballooned15 year old CC debt!

Post by emergency234 » Thu, 02 Sep 2021 10:31 pm

malcontent wrote:
Thu, 02 Sep 2021 10:06 pm
When asked… do you have an unpaid debt from company XX in the amount of XXXX from 2007?

And you answer… well yes, I may have.

Boom! The original statute of limitations that had past no longer applies because just today you just admitted that you have an unpaid debt that you owe.
Nice lol

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