I like to think that I contributed to the EU financial crisis a bit. But, I mean, if a bank is stupid enough to lend a graduate on a pretty small salary that amount...they shouldn;t be that surprised if they default.alittlerisky wrote:I think people need some perspective here.
snip!
Not sure about Singapore law though.
I see, so it was the banks' fault and not yours? Interesting perspective.alittlerisky wrote:I like to think that I contributed to the EU financial crisis a bit. But, I mean, if a bank is stupid enough to lend a graduate on a pretty small salary that amount...they shouldn;t be that surprised if they default.alittlerisky wrote:I think people need some perspective here.
snip!
Not sure about Singapore law though.
the more I convince myself I won't be going back to the US for a long time, I consider doing the same thing. I have three or four credit cards with $20k US+ limits, and no balances. Why not ring them up to the max and just ride it out for seven years? I still have to pay US Taxes which are helping "banks recover" and bail out other people in the US that pay much less or no tax who do the same thing. Why shouldn't I reap a bit too?alittlerisky wrote:I like to think that I contributed to the EU financial crisis a bit. But, I mean, if a bank is stupid enough to lend a graduate on a pretty small salary that amount...they shouldn;t be that surprised if they default.alittlerisky wrote:I think people need some perspective here.
snip!
Not sure about Singapore law though.
+1 - my former Indian tenant skipped out with a whole bunch of CC's - I complained to the agent about the bills and she said - "Don't worry - the banks will find that curry muncher and make him pay up". It took a year but suddenly - the bills (which I was opening) suddenly showed the balances paid off - I suspect the tenant had been tracked to India and had his wages garnished - or threatened to be garnished.sundaymorningstaple wrote:ZZM, I've been here over 3 decades now. I STILL carry two US credit cards out of habit. A Platinum Visa & an Bog Standard AMEX Gold card. While the US VISA card does get some use (funny enough, the last place was the hotel in Kerala - everybody else in the wedding party from Singapore couldn't get their CC's through or approved. So I said, what the hell, let's see if a Yank card will work. Smooth as silk.for 9 people with from 3 to 8 days lodging & meals! But back to the thing. I've not used my AMEX card in literally, years. and when I did, it was for the cheque cashing privileges at the AMEX office here in Singers, cashing a US cheque from my US checking account. The real reason I carry them till today? Both have member since dates of 1979. Grim reminder of what can happen when one doesn't mind the pennies and ends up going bankrupt in the old days in the US (1973). A combination of Hurricane Agnes, a Divorce and the ponies of three famous Int'l Race tracks all within 30 minutes or less from my home. Took me 6 years to regain my credit facilities. (While I learned my lesson with the ponies, seems I never did with wives!)
So, word of advice for those who are thinking of doing a runner on their CC bills, phone bills, or even loans...... The world has shrank alarmingly to a rather small ball of dirt floating through space. When I first came to Singapore there wasn't any Credit Rating Agency at all, for quite a few years. Also, it's very easy to garnish ones wages in other countries today as most lawyers have "links" to lawyers in virtually every country so they CAN operate overseas in a manner of speaking. Test it only if you dare.
till date there is no one in such a case had come back with their update. they run away and leave singapore with debts.... all are guessing what are the consequences only......Mad Scientist wrote:What situatiobn will that be ? If you owe money , you OWE money. The two question is how much and from whom did you borrow?janetw65 wrote:hello. i'm just wondering how's your situation now? i'm kinda in the same situation
The outcome is quite straightforward. Losing your money or losing your limbs
till date there is no one in such a case had come back with their update. they run away and leave singapore with debts.... all are guessing what are the consequences only......[/quotedavidgan666 wrote:Mad Scientist wrote:What situatiobn will that be ? If you owe money , you OWE money. The two question is how much and from whom did you borrow?janetw65 wrote:hello. i'm just wondering how's your situation now? i'm kinda in the same situation
The outcome is quite straightforward. Losing your money or losing your limbs
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