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Bank loan and EP application.

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mega_kid
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Bank loan and EP application.

Postby mega_kid » Sun, 06 Mar 2016 8:33 pm

Hi all,

I would like to ask about the EP application for my case. I graduated from NTU in 2012 with honor, I worked in Singapore for 2 years from 2012 to 2014. By the time I graduated, I had a student loan with 2 big banks in Singapore with the amount of over 40k. During the period when I worked in Singapore from 2012 to 2014, I have paid over 10k to the banks, but then I moved to Japan in 2014, and since then I never made any payment to the banks and I also never heard from them. After 2 years now I have a job offer in Singapore and will be back to work under Employment Pass. I would like to ask if there will be any problem for me to apply for EP? since I still have loan with these 2 banks.

Thanks in advance.

PNGMK
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Re: Bank loan and EP application.

Postby PNGMK » Mon, 07 Mar 2016 9:26 am

Possibly - you may have been made a bankrupt in your absence - in which case I think your EP will fail. You need to find out ASAP what has happened so you can avoid this happening. The low limit for bankruptcy in Singapore is $10,000 and there are fairly severe restrictions on a bankrupt.
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ecureilx
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Re: Bank loan and EP application.

Postby ecureilx » Mon, 07 Mar 2016 9:50 am

PNGMK wrote:Possibly - you may have been made a bankrupt in your absence - in which case I think your EP will fail. You need to find out ASAP what has happened so you can avoid this happening. The low limit for bankruptcy in Singapore is $10,000 and there are fairly severe restrictions on a bankrupt.


I still can't find out of EP Holders are under the credit bureau .. And I am convinced one of these days a EP Holder runway will be hanged and dried as a lesson to the others.

OP, now most employer require you to declare credit issues. Good luck on that score. And few companies do retrospective screening, and I am not sure which source will provide credit reports.

you may approach the following organisations managing the credit reports in Singapore.

Credit Bureau (Singapore) Pte Ltd
2 Shenton Way
#20-02 SGX Centre 1
Singapore 068804
Email: consumer_services@creditbureau.com.sg
Fax: (65) 6538 4326
Telephone: (65) 6565 6363

DP Credit Bureau Pte Ltd
10 Kallang Avenue
#14-18 Aperia Tower 2
Singapore 339510
Tel: (65) 6320 1900
Fax: (65) 6298 2310
Email: cs@dpcreditbureau.com.sg
Website: http://www.dpcreditbureau.com.sg

PNGMK
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Re: Bank loan and EP application.

Postby PNGMK » Mon, 07 Mar 2016 9:54 am

I think all account holders would end up under a credit bureau - the banks simply report defaults to them and with a FIN that never changes OP is shit out of luck if he wants to hide this issue.
I have gay, black, Asian friends and then JR8.

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ecureilx
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Re: Bank loan and EP application.

Postby ecureilx » Mon, 07 Mar 2016 10:01 am

PNGMK wrote:I think all account holders would end up under a credit bureau - the banks simply report defaults to them and with a FIN that never changes OP is shit out of luck if he wants to hide this issue.


And in any case, OP can forget about working for a bank ;)

And I wonder why The credit bureaus aren't allowed report retrieval for EP holders, like PR/SC.

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Re: Bank loan and EP application.

Postby PNGMK » Mon, 07 Mar 2016 10:17 am

Note:
DP Credit Bureau Pte Ltd comprising Bank of China, Diners Club International, OCBC Bank, Sing Investments & Finance and United Overseas Bank.
I have gay, black, Asian friends and then JR8.

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ecureilx
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Re: Bank loan and EP application.

Postby ecureilx » Mon, 07 Mar 2016 10:32 am

PNGMK wrote:Note:
DP Credit Bureau Pte Ltd comprising Bank of China, Diners Club International, OCBC Bank, Sing Investments & Finance and United Overseas Bank.


And all of them, except Sing Investment - share info with the other CB as well :)

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Re: Bank loan and EP application.

Postby PNGMK » Mon, 07 Mar 2016 10:35 am

OP should also realise he can't run away from these debts by working outside of Singapore. The banks will sell off the debts and the collectors will hound him and get judgements wherever they can to enforce payment.
I have gay, black, Asian friends and then JR8.

mega_kid
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Re: Bank loan and EP application.

Postby mega_kid » Tue, 08 Mar 2016 9:48 pm

ya, I think I should make this issue clear before moving back.

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Re: Bank loan and EP application.

Postby PNGMK » Tue, 08 Mar 2016 9:59 pm

mega_kid wrote:ya, I think I should make this issue clear before moving back.


Why not just start paying your debts scoundrel? You will not escape them. Some debt collector is going to pick them up off the banks when a judgement occurs and make a small fortune getting you to pay. He will pick them up at 10c or so in the dollar and settle with you for 50c or so in the dollar.... and you'll still have a judgement over your head!

PS - a lot of folk thing bankruptcies go away. And they're partially correct. But a bad record with a bank NEVER goes away... the bank has every right to remember that bad debt and refuse you a mortgage, a credit card, an account, a relationship.... A lot of smart finance folk try to argue this one out with me but I've seen this in action... people growing up and getting all responsible and then discovering when they want a mortgage that instead of being able to get on from bank A,B and C they can only use Bank C...What's worse is when Bank A merges with a new Bank D - your record follows you... and suddenly you find you can only get a tier 2 (high interest rate) mortgage as your risk profile is very high....
I have gay, black, Asian friends and then JR8.

mega_kid
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Re: Bank loan and EP application.

Postby mega_kid » Tue, 08 Mar 2016 10:13 pm

PNGMK wrote:
mega_kid wrote:ya, I think I should make this issue clear before moving back.


Why not just start paying your debts scoundrel? You will not escape them. Some debt collector is going to pick them up off the banks when a judgement occurs and make a small fortune getting you to pay. He will pick them up at 10c or so in the dollar and settle with you for 50c or so in the dollar.... and you'll still have a judgement over your head!

PS - a lot of folk thing bankruptcies go away. And they're partially correct. But a bad record with a bank NEVER goes away... the bank has every right to remember that bad debt and refuse you a mortgage, a credit card, an account, a relationship.... A lot of smart finance folk try to argue this one out with me but I've seen this in action... people growing up and getting all responsible and then discovering when they want a mortgage that instead of being able to get on from bank A,B and C they can only use Bank C...What's worse is when Bank A merges with a new Bank D - your record follows you... and suddenly you find you can only get a tier 2 (high interest rate) mortgage as your risk profile is very high....


Since when I left the country I still keep using my debit cards provided by these banks. I am still having some balance in my account so I believe the banks just consider it as late payment. I think there will probably be a fine for the late payment. Yes, in the end I will still pay off the loan, but my concern now is whether the banks report anything to ICA

carlosbenz
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Re: Bank loan and EP application.

Postby carlosbenz » Wed, 15 Jun 2016 1:53 am

how about ep status now ? your ep got approved or rejected now ?


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