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If I leave Singapore with a mounting debt...

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nexpro123
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If I leave Singapore with a mounting debt...

Postby nexpro123 » Sun, 25 Jul 2010 12:23 pm

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.

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Mad Scientist
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Postby Mad Scientist » Sun, 25 Jul 2010 6:19 pm

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
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

FaeLLe
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Postby FaeLLe » Tue, 27 Jul 2010 3:46 pm

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.

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carteki
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Postby carteki » Tue, 27 Jul 2010 5:22 pm

Not sure extradition applies for outstanding debts. Agree with MS that they can however attach your assets back home. My suggestion is speak to the banks concerned and see if you can come to an arrangement with them or see one of the organisations in SG that do debt counselling (and stop spending)

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Postby Mad Scientist » Tue, 27 Jul 2010 6:08 pm

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 !!!

FaeLLe
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Postby FaeLLe » Wed, 11 Aug 2010 4:14 pm

[quote="anyuta"][/quote]

Spam alert..........

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Barnsley
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Postby Barnsley » Wed, 11 Aug 2010 4:35 pm

FaeLLe wrote:
anyuta wrote:


Spam alert..........


It does give good advice on Yoga though :D

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sundaymorningstaple
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Postby sundaymorningstaple » Wed, 11 Aug 2010 5:55 pm

If I leave Singapore with a mounting debt...


Almost sounds like he's spent too much time in OT or Geylang.

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Strong Eagle
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Postby Strong Eagle » Wed, 11 Aug 2010 7:45 pm

sundaymorningstaple wrote:
If I leave Singapore with a mounting debt...


Almost sounds like he's spent too much time in OT or Geylang.


Har har... those ladies are cash only... must have hit the ATM on the first floor big time.

curiousgeorge
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Postby curiousgeorge » Thu, 12 Aug 2010 9:08 am

sundaymorningstaple wrote:
If I leave Singapore with a mounting debt...


Almost sounds like he's spent too much time in OT or Geylang.


This and despite the $100 charge for SPRs at the integrated resorts. Surely not possible!

Should we refer nexpro to the "ban a friend from the casino" hotline? :P

hadr
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Postby hadr » Wed, 18 Aug 2010 11:17 am

Try contacting the Credit Bureau and see if they are able to provide you with any advice.

davidgan666
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Re: If I leave Singapore with a mounting debt...

Postby davidgan666 » Mon, 10 Feb 2014 12:20 pm

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?

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sundaymorningstaple
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Postby sundaymorningstaple » Mon, 10 Feb 2014 4:01 pm

Once he gets out of Changi, he'll let you know....... :o

Just kiddin'! He's never been back so it's anybody's guess.


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