
If I leave Singapore with a mounting debt...
If I leave Singapore with a mounting debt...
I'm a SPR and have lost my job for 2 months now, however I have a mounting personal debt with major banks, total at approx S$50k. I was unable to repay them back now if I still can't get a job.
If I leave Singapore now and back to NZ, without paying them back for now, what will happen to me? This is the last resort of course, but just wondering if Singapore law will prevent me from entering into Singapore again in the future. I did not owe government a cent of course, but banks like DBS, UOB, & Standard Chartered.
What would be your advices.
Thanks a million.
If I leave Singapore now and back to NZ, without paying them back for now, what will happen to me? This is the last resort of course, but just wondering if Singapore law will prevent me from entering into Singapore again in the future. I did not owe government a cent of course, but banks like DBS, UOB, & Standard Chartered.
What would be your advices.
Thanks a million.
- Mad Scientist
- Director
- Posts: 3457
- Joined: Thu, 03 Dec 2009
- Location: TIMBUKTU
These two part question.
Yourself and the Gahmen
1. Your SPR validity is either 5 or 10 yrs . Most of SPR now is on 5 yrs reentry permit.
2. If you do not stay in SG until your Re-entry permit expires, chances of renewal will be slim. You need to live here at least the last three years prior to REP renewal. That is to stay paying your income tax in SG
3. Your Permanent Residence does not expire BUT your REP will.Unlike in NZ, where the condition resident permit is either 2, 3 or 5 yrs.Once the section 18 is met, your PR and reentry visa is indefinite and it will not affect even if you are out of NZ for many years.
4. Hence your SPR expires, but if you are an undischarged bankrupt you will be flagged at border control upon reentry
Yourself and the Debtors
1. The bank will file chap 11 of the bankruptcy act.
2. Once the court receive this and found that you are unable to pay, the OA takes over. If you are in SG , you cannot leave the country prior OA registrar approval.
3. If you are already out of the country, the court will rule by default on you and file an injunction to recover the loan
4. Credit cards depending on amount will pass your name to the interpol and NZ police . Your case will be credit fraud
5. The SG bank will use under the moratarium of bank law on loans which is internationally binding to recover your debt in NZ.
6. Russell McVeagh Solicitors of Wellington is famous for this kind of recovery. They can use the court in NZ to recover the debt overseas.
7. There are several cases that I have read which the bank managed to recover their debt
8. Your asset in NZ should be place under family trust under different name to prevent recovery.
So please take this with alot of salt . I understand your predicament at this moment but you are digging yourself into a bigger hole with bottomless pit if you chose to scoot. Thread carefully, my friend
Yourself and the Gahmen
1. Your SPR validity is either 5 or 10 yrs . Most of SPR now is on 5 yrs reentry permit.
2. If you do not stay in SG until your Re-entry permit expires, chances of renewal will be slim. You need to live here at least the last three years prior to REP renewal. That is to stay paying your income tax in SG
3. Your Permanent Residence does not expire BUT your REP will.Unlike in NZ, where the condition resident permit is either 2, 3 or 5 yrs.Once the section 18 is met, your PR and reentry visa is indefinite and it will not affect even if you are out of NZ for many years.
4. Hence your SPR expires, but if you are an undischarged bankrupt you will be flagged at border control upon reentry
Yourself and the Debtors
1. The bank will file chap 11 of the bankruptcy act.
2. Once the court receive this and found that you are unable to pay, the OA takes over. If you are in SG , you cannot leave the country prior OA registrar approval.
3. If you are already out of the country, the court will rule by default on you and file an injunction to recover the loan
4. Credit cards depending on amount will pass your name to the interpol and NZ police . Your case will be credit fraud
5. The SG bank will use under the moratarium of bank law on loans which is internationally binding to recover your debt in NZ.
6. Russell McVeagh Solicitors of Wellington is famous for this kind of recovery. They can use the court in NZ to recover the debt overseas.
7. There are several cases that I have read which the bank managed to recover their debt
8. Your asset in NZ should be place under family trust under different name to prevent recovery.
So please take this with alot of salt . I understand your predicament at this moment but you are digging yourself into a bigger hole with bottomless pit if you chose to scoot. Thread carefully, my friend
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!
- Mad Scientist
- Director
- Posts: 3457
- Joined: Thu, 03 Dec 2009
- Location: TIMBUKTU
FaeLLe wrote:Well said, not to mention extradition back to Singapore and being tried in a court of law irrespective of having recovered your debts in NZ.
Incorrect. There is NO extradition law on personal debt.Please do not give advise on something that you are not aware of. You are confusing everyone here
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!
- sundaymorningstaple
- Moderator
- Posts: 34782
- Joined: Thu, 11 Nov 2004
- Location: Still Fishing!
- Contact:
- Strong Eagle
- Moderator
- Posts: 10831
- Joined: Sat, 10 Jul 2004
- Location: Off The Red Dot
- Contact:
-
- Reporter
- Posts: 549
- Joined: Thu, 03 Jan 2008
- Location: Singapore
-
- Newbie
- Posts: 9
- Joined: Mon, 10 Feb 2014
- Location: sg
Re: If I leave Singapore with a mounting debt...
nexpro123 wrote:I'm a SPR and have lost my job for 2 months now, however I have a mounting personal debt with major banks, total at approx S$50k. I was unable to repay them back now if I still can't get a job.
If I leave Singapore now and back to NZ, without paying them back for now, what will happen to me? This is the last resort of course, but just wondering if Singapore law will prevent me from entering into Singapore again in the future. I did not owe government a cent of course, but banks like DBS, UOB, & Standard Chartered.
What would be your advices.
Thanks a million.
Hi there, how is your situation now since 3 years back?
- sundaymorningstaple
- Moderator
- Posts: 34782
- Joined: Thu, 11 Nov 2004
- Location: Still Fishing!
- Contact:
-
- Similar Topics
- Replies
- Views
- Last post
-
-
Mounting an Antique wooden door - Suggestions please
by Mockdog » Wed, 04 Jun 2014 1:56 pm » in General Discussions - 1
- 1340
-
by JeffyDoo
View the latest post
Sun, 15 Jun 2014 2:22 pm
-
-
-
Coming back to Singapore with PR credit card debt
by aries123 » Sat, 15 Mar 2014 5:52 pm » in Relocating, Moving to Singapore - 17
- 6199
-
by PNGMK
View the latest post
Mon, 05 Oct 2015 8:29 pm
-
-
-
Entering/Exiting Singapore with Student loan debt
by zp1995 » Sun, 28 Aug 2016 3:35 am » in General Discussions - 16
- 4869
-
by PNGMK
View the latest post
Mon, 29 Aug 2016 8:48 am
-
-
- 1
- 1785
-
by PNGMK
View the latest post
Mon, 19 May 2014 8:28 pm
-
- 12
- 3352
-
by ecureilx
View the latest post
Tue, 23 Aug 2016 6:22 pm
Return to “General Discussions”
Who is online
Users browsing this forum: No registered users and 7 guests