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Re: interest on late rental payment
Rental agreements here are signed mostly on private basis, so terms and conditions are between you and your landlord, whatever is written in there, they have the right to exercise it. Including the compound interest. If you had a IOU signed with a friend, they could charge you compound interest.
If you don't like the term, the only choice is to not sign or rent it with them and go look for someone else.
Anyways if you were to meet with private legal implications, most likely they wouldn't be able to do a thing because it's just not practical for time and resources sake (like going after you for compound interest) so long as you're not renting from them any longer. Unless it's criminal offence that's more major where authorities are involved. My friends had tenants damaging their properties before last months are up and stuff, can't do a thing about it.
If you don't like the term, the only choice is to not sign or rent it with them and go look for someone else.
Anyways if you were to meet with private legal implications, most likely they wouldn't be able to do a thing because it's just not practical for time and resources sake (like going after you for compound interest) so long as you're not renting from them any longer. Unless it's criminal offence that's more major where authorities are involved. My friends had tenants damaging their properties before last months are up and stuff, can't do a thing about it.
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sundaymorningstaple
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Re: interest on late rental payment
Singapore doesn't abide by UK or US law. It uses Singapore Law. Welcome to Singapore. What were you expecting?
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
Re: interest on late rental payment
Ask him the amount - offer something mid way.
I not lawyer/teacher/CPA.
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You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
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Strong Eagle
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Re: interest on late rental payment
Consider that most everyone around Singapore has no idea what an amortized loan is, especially when it comes to cars. Interest rates are quoted as simple on the entire amount. Borrow $12,000 with monthly payments of $250? You'll be quoted a simple interest rate of 5 percent for the life of the loan... 5 percent interest each year on $12,000 even though you are making payments. You can figure out what your effective APR is, and,
I'd assume that he's thinking in simple terms and pay accordingly, ie, if you are thirty days late on a $2000 payment, that's 0.12 * (30/365) = 0.0099 percent * 2000 = $19.72 late fee.
I'd assume that he's thinking in simple terms and pay accordingly, ie, if you are thirty days late on a $2000 payment, that's 0.12 * (30/365) = 0.0099 percent * 2000 = $19.72 late fee.
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