Leaving Singapore

EricRoberts · Post by **EricRoberts** » Sun, 12 Jul 2009 10:21 pm

I'm an expat living in Singapore for less than a year. I'm about to be laid off from my company and will have to return to the UK in two month's time. My problem is that I have a 2 year lease with my landlord which I have to break and credit card debt (about $25K). I do not have another job lined up in the UK (being let go suddenly was a huge shock!) and don't know if and when I will gain employment there. Should I declare for bankruptcy?

ksl · Post by **ksl** » Sun, 12 Jul 2009 11:03 pm

EricRoberts wrote:I'm an expat living in Singapore for less than a year. I'm about to be laid off from my company and will have to return to the UK in two month's time. My problem is that I have a 2 year lease with my landlord which I have to break and credit card debt (about $25K). I do not have another job lined up in the UK (being let go suddenly was a huge shock!) and don't know if and when I will gain employment there. Should I declare for bankruptcy?

OMG! You really do have a problem, hav

Why not try the loan sharks, pay the debt then do a runner, only joking, but that would be retribution on your landlord, who's also going to screw you too. I know what i would do

The paint over the doors is a pain in the butt, it appears to happen often here

Besides loan sharks are also illegal here in Singapore but there are lots of them, you could end up in profit

not bankrupt!

This is not a serious post, just a slight observation and sarcastic humour, what else is there left for people that have been turned over!

QRM · Post by **QRM** » Sun, 12 Jul 2009 11:25 pm

A standard contract normally has a diplomatic clause that allows for bailing out after a year (if you are made redundant)

Otherwise have a chat with a lawyer to read through your contract to see if there's any technicalities to be able to leverage on, once armed with this info go and have a chat with the landlord and explain your situation, who knows they may be understanding.

My tenant in London has just defaulted on rental due to redundancy and changed the locks after 9 month of a 2 year contract. I am just glad to get them out and relist it. Though UK law is biased towards the tenant here in Singapore the tenants have about the same rights as FDW.

How about offer to find another tenant and you will cover the cost difference for the remaining year?

As to the credit card looks like you are buggered, you have to have a chat with the banks and see what can be done.

Good luck.

EricRoberts · Post by **EricRoberts** » Mon, 13 Jul 2009 12:15 am

How about offer to find another tenant and you will cover the cost difference for the remaining year?

Thanks for the tip. I actually know a couple interested in my building but until now no vacant units. I'll give my landlord a ring and try to work something out. Thanks again.

Girl_Next_Door · Post by **Girl_Next_Door** » Mon, 13 Jul 2009 10:21 am

Most of the time, I think the landlord is quite receptive if you take the responsibility to find a new tenant. If they find it themselves, its their time and effort, and not forgetting the fact that they have to pay an agent (again) to find a new tenant.

Speak to your landlord first, and if they are fine with it, you can start to actively post in classified ads or even Craiglist, to find a tenant to take over your lease. Good luck!

louy · Post by **louy** » Mon, 13 Jul 2009 3:16 pm

Good luck with that.

Please can you keep me updated on what you do with your appartment. I would like to do a runner to and want to hear peoples success stories to motivate myself.

Cheers

Post by **sundaymorningstaple** » Mon, 13 Jul 2009 4:58 pm

louy wrote:Good luck with that.

I would like to do a runner to and want to hear peoples success stories to motivate myself.

Please respect this Board and keep your plans on doing something illegal off the board (what you do via PM is your business but not here on the open board). Thanks,

moderator

EricRoberts · Post by **EricRoberts** » Mon, 13 Jul 2009 10:50 pm

Phew I'm glad I didn't rush into declaring bankruptcy. My agent immediately found someone willing to take over my lease. This person doesn't plan on being in Singapore longer than a year so the duration of my lease is perfect. The agent also arranged for the 2 month deposit to be paid directly to me so I'm not losing out on anything!

As for the credit cards I consulted my company's legal department and someone will help me consolidate for a lower interest rate and negotiate a grace period with the banks until I land on my feet in the UK.

Grateful for everyone's advice. Looks like everything fell into place after all

ksl · Post by **ksl** » Tue, 14 Jul 2009 1:37 am

EricRoberts wrote:Phew I'm glad I didn't rush into declaring bankruptcy. My agent immediately found someone willing to take over my lease. This person doesn't plan on being in Singapore longer than a year so the duration of my lease is perfect. The agent also arranged for the 2 month deposit to be paid directly to me so I'm not losing out on anything!

As for the credit cards I consulted my company's legal department and someone will help me consolidate for a lower interest rate and negotiate a grace period with the banks until I land on my feet in the UK.

Grateful for everyone's advice. Looks like everything fell into place after all

Well done!

xtasy010 · Post by **xtasy010** » Tue, 14 Jul 2009 5:08 pm

Just wondering how you landed up with a 25K credit card debt? Was it due to relocation expenses?

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