Just learnt about a ballooned15 year old CC debt!

[tonycostanza]

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.

[x9200]

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.

[malcontent]

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).

[tonycostanza]

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.

[emergency234]

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

[malcontent]

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.

[emergency234]

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

[redhead14]

I have a similar situation from 2014, just checked my credit file and about $8k has ballooned to over $100k, also DBS. Did this situation get resolved for you? Any info very gratefully received!

[Lisafuller]

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.

This is absolutely terrifying! I can't imagine they wouldn't have reached out to you to resolve this.

[Lisafuller]

I have a similar situation from 2014, just checked my credit file and about $8k has ballooned to over $100k, also DBS. Did this situation get resolved for you? Any info very gratefully received!

Do you live in Singapore? I wonder what would happen if you just left it alone and never addressed it at all.

[malcontent]

Leaving well enough alone is a potential strategy - especially if you aren’t planning to stay long and don’t need any credit/loans. Also, I wouldn’t be surprised if DBS sold the debt to a collection agency - who might have given up and deemed it uncollectible by now. Just make sure you don’t show up on their radar; keep that cold case file cold.

Do people skip town with unpaid bills? Why do you think the IRAS is such a stickler about tax clearance? Of course people do.

[redhead14]

I have a similar situation from 2014, just checked my credit file and about $8k has ballooned to over $100k, also DBS. Did this situation get resolved for you? Any info very gratefully received!

Do you live in Singapore? I wonder what would happen if you just left it alone and never addressed it at all.

No, UK, but planning multiple visits over the coming couple of years.

[redhead14]

Leaving well enough alone is a potential strategy - especially if you aren’t planning to stay long and don’t need any credit/loans. Also, I wouldn’t be surprised if DBS sold the debt to a collection agency - who might have given up and deemed it uncollectible by now. Just make sure you don’t show up on their radar; keep that cold case file cold.

Do people skip town with unpaid bills? Why do you think the IRAS is such a stickler about tax clearance? Of course people do.

Thanks for the advice.

[PNGMK]

I have a similar situation from 2014, just checked my credit file and about $8k has ballooned to over $100k, also DBS. Did this situation get resolved for you? Any info very gratefully received!

Do you live in Singapore? I wonder what would happen if you just left it alone and never addressed it at all.

No, UK, but planning multiple visits over the coming couple of years.

It will eventually be sold off to a collection agency. They may try to contact you in the UK.

[Lisafuller]

Leaving well enough alone is a potential strategy - especially if you aren’t planning to stay long and don’t need any credit/loans. Also, I wouldn’t be surprised if DBS sold the debt to a collection agency - who might have given up and deemed it uncollectible by now. Just make sure you don’t show up on their radar; keep that cold case file cold.

Do people skip town with unpaid bills? Why do you think the IRAS is such a stickler about tax clearance? Of course people do.

Seems completely absurd to me.