Singapore Expats Forum

Help with debts...

Discuss about life in Singapore. Ask about cost of living, housing, travel, etiquette & lifestyle. Share experience & advice with Singaporeans & expat staying in Singapore.

Sponsored by:
Image
AE Logistics - Movers & Storage

antoinettechua
Newbie
Newbie
Posts: 5
Joined: Sat, 08 Feb 2014

Help with debts...

Postby antoinettechua » Sat, 08 Feb 2014 6:20 pm

Hi everyone, I am new here and my husband has a problem with debts with financing companies in singapore. He's a foreigner there and because of bad investments his debts with financing companies has gone too far. What options could people here share?

PNGMK
Director
Director
Posts: 4856
Joined: Thu, 21 Mar 2013

Postby PNGMK » Sat, 08 Feb 2014 6:29 pm

1. Consolidate into one loan. No easy as a foreigner. If you are an SC you may need to go guarantor but then you have risks...
2. Declare bankruptcy - major issues travelling etc (he may be banned from leaving Singapore).
3. Do the Dave Ramsey "snowball" method and pay off the highest interest loan first etc. Takes discipline and long time.
4. Negotiate with the lenders.... they may cut interest rates if they realize they will lose 100% ior 99% in a bankruptcy.
5. Run away from Singapore (but they can and will follow you if the debts are significant).

You personally may need to consider divorce in order to preserve your own assets (if they are significant). Right now you too are potentially liable IMO.

IT may help to look for a lawyer with experience in loan modification and negotiation in Singapore. Unfortunately the problem you face is becoming the bane of many Singapore women thanks to the two damn casinos.

antoinettechua
Newbie
Newbie
Posts: 5
Joined: Sat, 08 Feb 2014

Postby antoinettechua » Sat, 08 Feb 2014 6:40 pm

will he be fired from work if he files for bankruptcy?

PNGMK
Director
Director
Posts: 4856
Joined: Thu, 21 Mar 2013

Postby PNGMK » Sat, 08 Feb 2014 6:51 pm

antoinettechua wrote:will he be fired from work if he files for bankruptcy?


If the conditions of the bankruptcy (such as no travel) affect his work ability or if he is in a position handling money (trust) then maybe.

antoinettechua
Newbie
Newbie
Posts: 5
Joined: Sat, 08 Feb 2014

Postby antoinettechua » Sat, 08 Feb 2014 8:08 pm

thanks… whew this is really tough..

PNGMK
Director
Director
Posts: 4856
Joined: Thu, 21 Mar 2013

Postby PNGMK » Sat, 08 Feb 2014 9:41 pm

antoinettechua wrote:thanks… whew this is really tough..


Yes, sorry, debt is tough. JR8 is a good poster with some financial sense as well who might have some ideas.

Can you sell assets to clear the debts? It may be worth doing.

davidgan666
Newbie
Newbie
Posts: 9
Joined: Mon, 10 Feb 2014
Location: sg

Re: Help with debts...

Postby davidgan666 » Mon, 10 Feb 2014 1:21 pm

antoinettechua wrote:Hi everyone, I am new here and my husband has a problem with debts with financing companies in singapore. He's a foreigner there and because of bad investments his debts with financing companies has gone too far. What options could people here share?


1. IF the debts/loan is more than S10k, the bank/institution can sue him to bankruptcy.

2. IF your husband is SC/PR, he may approach to CCS (credit counselling singapore) for further help. This is a very powerful association which helps people in debts. but if your husband is not SC/PR, this maybe a problem. Do not think you can negotiate with banks alone, the chances is very slim. but through CCS, YES, this organization only charge you S$30. no more further charge. it is set up by one of the singapore minister.

3. IF the worst case turned up, your husband become bankruptcy, his bankrupt status will be public and his employer will be notified.IF his company will fired him or not it depends on his boss

4. yes bankrupt person is not allowed to travel overseas, if he needs to travel, he has to submit application to his OA. approval has to be granted before he can do so, if not fine of 10k and jail

there are many more consequences before choose to bankrupt. please consult CCS for free consultation, search the web with credit counselling singapore, they are only one time service charged as mentioned, the rest of service is FOC.

PNGMK
Director
Director
Posts: 4856
Joined: Thu, 21 Mar 2013

Re: Help with debts...

Postby PNGMK » Mon, 10 Feb 2014 2:48 pm

davidgan666 wrote:
antoinettechua wrote:Hi everyone, I am new here and my husband has a problem with debts with financing companies in singapore. He's a foreigner there and because of bad investments his debts with financing companies has gone too far. What options could people here share?


1. IF the debts/loan is more than S10k, the bank/institution can sue him to bankruptcy.

2. IF your husband is SC/PR, he may approach to CCS (credit counselling singapore) for further help. This is a very powerful association which helps people in debts. but if your husband is not SC/PR, this maybe a problem. Do not think you can negotiate with banks alone, the chances is very slim. but through CCS, YES, this organization only charge you S$30. no more further charge. it is set up by one of the singapore minister.

3. IF the worst case turned up, your husband become bankruptcy, his bankrupt status will be public and his employer will be notified.IF his company will fired him or not it depends on his boss

4. yes bankrupt person is not allowed to travel overseas, if he needs to travel, he has to submit application to his OA. approval has to be granted before he can do so, if not fine of 10k and jail

there are many more consequences before choose to bankrupt. please consult CCS for free consultation, search the web with credit counselling singapore, they are only one time service charged as mentioned, the rest of service is FOC.


thanks David, good info...

antoinettechua
Newbie
Newbie
Posts: 5
Joined: Sat, 08 Feb 2014

Postby antoinettechua » Thu, 06 Mar 2014 9:01 pm

Hi, he is not PR/SC .. he owes from moneylenders (I know it's a bad idea) he already tried talking to CCS but they only help PRs.

We don't have any assets to liquidate.

:( what can he do? There are already threats of legal action and visitation to the company he's working in.

PNGMK
Director
Director
Posts: 4856
Joined: Thu, 21 Mar 2013

Postby PNGMK » Thu, 06 Mar 2014 10:21 pm

antoinettechua wrote:Hi, he is not PR/SC .. he owes from moneylenders (I know it's a bad idea) he already tried talking to CCS but they only help PRs.

We don't have any assets to liquidate.

:( what can he do? There are already threats of legal action and visitation to the company he's working in.


If the loans are to illegal moneylenders you may need to consider leaving Singapore. They cannot pursue an illegal debt overseas.

If the loans are from legal moneylenders... eventually they will push him into bankruptcy. If his work is being affected by them visiting I would recommend entering bankruptcy voluntarily. This gives a form of protection as they cannot sue/harass him anymore once the bankruptcy action has taken place.

antoinettechua
Newbie
Newbie
Posts: 5
Joined: Sat, 08 Feb 2014

Hi again

Postby antoinettechua » Wed, 26 Mar 2014 10:41 pm

If he is going to leave the country.. what will be the consequences?

PNGMK
Director
Director
Posts: 4856
Joined: Thu, 21 Mar 2013

Re: Hi again

Postby PNGMK » Thu, 27 Mar 2014 1:00 am

antoinettechua wrote:If he is going to leave the country.. what will be the consequences?


That depends on the condition of his debts when he leaves.

If he is running away from LEGAL debts here... eventually the creditor will get a judgement for the debt in a Singapore court. Eventually that will be onsold by the creditor to debt collector who thinks they can collect on it. There are debt collection agencies that specialise in international debts and they will find him. Worse case they will launch a new action in court in his new country and manage to get a judgement and then use sheriffs to seize assets / garnish wages - unless he is in the middle east in which case he will possibly go to prison. Best case is they will contact him and negotiate some sort of settlement as a % (30% is easy).


  • Similar Topics
    Replies
    Views
    Last post

Return to “Staying, Living in Singapore”

Who is online

Users browsing this forum: No registered users and 1 guest