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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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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).
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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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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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.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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

Post by redhead14 » Wed, 20 Sep 2023 5:36 pm

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!

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

Post by Lisafuller » Thu, 21 Sep 2023 1:11 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.
This is absolutely terrifying! I can't imagine they wouldn't have reached out to you to resolve this.

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

Post by Lisafuller » Thu, 21 Sep 2023 1:12 pm

redhead14 wrote:
Wed, 20 Sep 2023 5:36 pm
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.

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

Post by malcontent » Thu, 21 Sep 2023 2:49 pm

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.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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

Post by redhead14 » Thu, 21 Sep 2023 9:04 pm

Lisafuller wrote:
Thu, 21 Sep 2023 1:12 pm
redhead14 wrote:
Wed, 20 Sep 2023 5:36 pm
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.

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

Post by redhead14 » Thu, 21 Sep 2023 9:05 pm

malcontent wrote:
Thu, 21 Sep 2023 2:49 pm
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.

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

Post by PNGMK » Fri, 22 Sep 2023 3:06 pm

redhead14 wrote:
Thu, 21 Sep 2023 9:04 pm
Lisafuller wrote:
Thu, 21 Sep 2023 1:12 pm
redhead14 wrote:
Wed, 20 Sep 2023 5:36 pm
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.
I not lawyer/teacher/CPA.
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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Re: Just learnt about a ballooned15 year old CC debt!

Post by Lisafuller » Fri, 22 Sep 2023 11:26 pm

malcontent wrote:
Thu, 21 Sep 2023 2:49 pm
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.

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