Debts Debts Debts

[sgbum]

Hi Every1!

I lived in Singapore for 6 years, I migrated to the US early this year, and I just denounced my PR. I have about six credit cards. Some I owe 5,000 some I owe 2 or 3,000. I am current on all of my payments but not having a job cleaned out my life savings paying for my cards. I do not have any money for next months payments and I still do not have a job. What will happen if I do not pay my cash line or credit cards? Will I go to jail? I would like to go to Singapore sometime next year to get the rest of my belongings from my friend. Will they hold me up at the airport if I go back to Singapore?

Thanks

SGBUM

[Answers?]

Hopefully.

[Strong Eagle]

Honesty is probably the best policy. You need to contact the credit card companies, notify them of your job loss and inability to pay, and work out some kind of deal. If they are unwilling to work a deal, then consider filing for bankruptcy to have your debts adjudicated... you may still have to eventually pay them but can get breathing room.

You can contact a couple of Singapore credit counseling agencies for more info.

http://www.ccs.org.sg/

http://www.debtfreelife.biz/?gclid=CJTC ... pAodLwpTbg

(I have no knowledge of the effectiveness of any organization or business... do your homework)

[SunWuKong]

This sound like a 'Can I do a runner and get away with it?' question.

Yes you can, and I encourage it as strongly as I discourage usury of all kinds. However, it probably isn't in your best interest. SE offered good advice when he said that you should contact the credit companies in question, they are remarkably compliant when they realize that you may be on the verge of skipping your debt. This generally means that you pay back the money that you owe slowly, with little or NO INTEREST.

The other option mentioned was Bankruptcy, and since you will not be living in Singapore any longer I am not even sure if it is possible. If you declare bankruptcy in Singapore, you have to go through a lot of hassle to get permission to leave the country. If you are already outside the country, you may not be able to declare personal insolvency, full stop.

[sgbum]

Thanks for all your reply. I'm no longer in the country and left SG in feb of 2009. Im stil current on my bills, but next month I dont have any money to pay them I tried talking to them and they would not help me. one bank emptied out my checking account so that the balance was paid in full. this is after I told them im running out of money and I would like to work things out. I do intend to pay my debt once I have a job. but for now I cant pay. so will I go to jail if I go to singapore or will I get held by immigration at the airport? I would like to pay my debt in the future since I am thinking of coming back to singapore to work and to live in the near future