Just learnt about a ballooned15 year old CC debt!

[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.

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

Not smart at all to keep coming back here when you have such unfinished business.

[Lisafuller]

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.

This would make it a real nightmare, once they find you it means the problems start all over again.

[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.

Seems completely absurd to me.

I know, right? …but I have several close family members who have done similar things and gotten away with it. It ain’t right, but hey, to each their own! Personally, I have never owed a single cent of credit card debt in my life.

The other thing I have observed, sometimes trying to do the right thing can backfire and you can end up getting screwed over, royally. Lenders (or worse, collection agents) are often as unscrupulous (or more so) than borrowers. I strongly suspect that in this case, considering how much it has ballooned.

[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.

I know, right? …but I have several close family members who have done similar things and gotten away with it. It ain’t right, but hey, to each their own! Personally, I have never owed a single cent of credit card debt in my life.

The other thing I have observed, sometimes trying to do the right thing can backfire and you can end up getting screwed over, royally. Lenders (or worse, collection agents) are often as unscrupulous (or more so) than borrowers. I strongly suspect that in this case, considering how much it has ballooned.

Right! The interest rates will have to have been astronomical.

[PNGMK]

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.

This would make it a real nightmare, once they find you it means the problems start all over again.

Actually it helps. The collection agency just want some money. The original debt is closed off. You can negotiate with the collection agency to pay something to stop them contacting you. Your original lender (bank or CC) will blacklist you forever though and often internationally if they are a global bank like Citi or HSBC. No such as thing as a limitation on a bank listing you permanently as a debt risk.

[Lisafuller]

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

This would make it a real nightmare, once they find you it means the problems start all over again.

Actually it helps. The collection agency just want some money. The original debt is closed off. You can negotiate with the collection agency to pay something to stop them contacting you. Your original lender (bank or CC) will blacklist you forever though and often internationally if they are a global bank like Citi or HSBC. No such as thing as a limitation on a bank listing you permanently as a debt risk.

True. And I'm sure if you don't care about being bugged constantly you can always just not pay the agency a cent. Not sure what lengths they can go to to get the money back, though.

[malcontent]

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

This would make it a real nightmare, once they find you it means the problems start all over again.

Actually it helps. The collection agency just want some money. The original debt is closed off. You can negotiate with the collection agency to pay something to stop them contacting you. Your original lender (bank or CC) will blacklist you forever though and often internationally if they are a global bank like Citi or HSBC. No such as thing as a limitation on a bank listing you permanently as a debt risk.

If so many years have passed and I’d never been contacted… I would not volunteer anything: my whereabouts, my contact info… much less any money to a collection agency (at least not without a lawyer).

I don’t know what the statute of limitations is here for uncollected debts, but I assume a statute exists (as it does in other countries). Once that time is exceeded, their legal ability to collect the debt ends — and as long as you never admit to owing that debt, they have no legal means to collect it (despite what they might say).

That is their usual technique, sucker people into admitting they owed something in the past, either verbally or on paper… that then gives them fresh legal ability to go after you.

[x9200]

Admitting may not have any sinister effects but likely the interests from the principal sum (and later from the interests itself) can go far beyond the statute of limitations periods. That's probably why they are so inflated.

[abbby]

Omg 6k to 120k sounds totally absurd to me.
Have you managed to speak to a lawyer? Would be good to know what they could advise.

[Lisafuller]

This would make it a real nightmare, once they find you it means the problems start all over again.

Actually it helps. The collection agency just want some money. The original debt is closed off. You can negotiate with the collection agency to pay something to stop them contacting you. Your original lender (bank or CC) will blacklist you forever though and often internationally if they are a global bank like Citi or HSBC. No such as thing as a limitation on a bank listing you permanently as a debt risk.

If so many years have passed and I’d never been contacted… I would not volunteer anything: my whereabouts, my contact info… much less any money to a collection agency (at least not without a lawyer).

I don’t know what the statute of limitations is here for uncollected debts, but I assume a statute exists (as it does in other countries). Once that time is exceeded, their legal ability to collect the debt ends — and as long as you never admit to owing that debt, they have no legal means to collect it (despite what they might say).

That is their usual technique, sucker people into admitting they owed something in the past, either verbally or on paper… that then gives them fresh legal ability to go after you.

This is truly valuable knowledge, it's never happened to me, but very good to know just in case.

[Lisafuller]

Admitting may not have any sinister effects but likely the interests from the principal sum (and later from the interests itself) can go far beyond the statute of limitations periods. That's probably why they are so inflated.

But wouldn't they only be claimable if one admits to having knowledge of the debt? In that sense admitting does carry serious detrimental effects.

[Lisafuller]

Omg 6k to 120k sounds totally absurd to me.
Have you managed to speak to a lawyer? Would be good to know what they could advise.

Seems like a good idea, so I'm not sure what more they could tell you other than to not acknowledge the debt.

[x9200]

Admitting may not have any sinister effects but likely the interests from the principal sum (and later from the interests itself) can go far beyond the statute of limitations periods. That's probably why they are so inflated.

But wouldn't they only be claimable if one admits to having knowledge of the debt? In that sense admitting does carry serious detrimental effects.

For this, I don't think so, because the principal amount and the interest are likely based on the agreement that was signed by the debtor (so he should know).
But now I see that actually admitting to the debt may void the limitation period and restart the clock, so I stand corrected - better not to admit to it.

[Lisafuller]

Yeah, best not to acknowledge it at all. You live and you learn, ha.

[YuyeeMum]

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!

Hi! Just wondering if there is any update about your situation? I am currently facing the very same thing - a cc account from DBS which I thought was closed more than 15 years ago - ballooned to about 120K when I purchased my credit report recently! I am still living at the same place for the past 20 years and had never received any payment reminder from them. Am thinking of my next step to do and would appreciate any advise. Thank you in advance!