Singapore Expats Forum

Debts from EU

A moderated forum for serious discussions only.
User avatar
MrBear
Regular
Regular
Posts: 54
Joined: Wed, 20 Aug 2008
Location: Bedok

Debts from EU

Postby MrBear » Tue, 05 Oct 2010 11:18 am

Hi all,

Bit of a long story I'm hoping some of you can advise on, I used to live in the Netherlands and when I departed there in '08 I lost a ton of money selling my house (sold week after world economic fallout). I had a credit facility with my local Bank ABN AMRO, Felixable credit, basically a bank account you could go into the Red with. I ended up having to use that for a while.

So I'm now $15k in debt to bank in NL, I have been paying irregular payments to them. I think they have realized that my monthly wage is no longer going into their account and have decided to end to Flex Credit account. I was checking my bank and got a message to call them as my account was kind of locked, so I called.

This is where is all started to get a bit weird. instead of the friendly bank person I get some arrogant aggressive jerk telling me if I don't stump up all the cash in the next 6 weeks they will be sending a debt collector out to HK to get me and their money (I was logging in to update me details and address as SG).

my questions are:

1.) Do any SG & NL have any cross border credit/debt agreements?

2.) Dose anyone know what will happen if I tell them to get lost? will they make me bankrupt in NL or EU ?

3.) Anyone got any advise for me?

A little bit about me, I'm English, works and lived in NL for 5+ years and have no plans on going back their to live & work, I may have a short holiday there one day.

Please don't flame me, I have been doing my best to pay this off but it was oblivious not good enough for them hence this course of action, if i have the cash to hand I would pay it and it this guy was not such an ass maybe we could have come to some smaller monthly agreement but he was having none of it.

Thanks

MrB
The right to bear arms is slightly less ludicrous than the right to arm bears!

Koalabear
Chatter
Chatter
Posts: 158
Joined: Mon, 27 Jul 2009

Re: Debts from EU

Postby Koalabear » Tue, 05 Oct 2010 11:46 am

MrBear wrote:Hi all,

Bit of a long story I'm hoping some of you can advise on, I used to live in the Netherlands and when I departed there in '08 I lost a ton of money selling my house (sold week after world economic fallout). I had a credit facility with my local Bank ABN AMRO, Felixable credit, basically a bank account you could go into the Red with. I ended up having to use that for a while.

So I'm now $15k in debt to bank in NL, I have been paying irregular payments to them. I think they have realized that my monthly wage is no longer going into their account and have decided to end to Flex Credit account. I was checking my bank and got a message to call them as my account was kind of locked, so I called.

This is where is all started to get a bit weird. instead of the friendly bank person I get some arrogant aggressive jerk telling me if I don't stump up all the cash in the next 6 weeks they will be sending a debt collector out to HK to get me and their money (I was logging in to update me details and address as SG).

my questions are:

1.) Do any SG & NL have any cross border credit/debt agreements?

2.) Dose anyone know what will happen if I tell them to get lost? will they make me bankrupt in NL or EU ?

3.) Anyone got any advise for me?

A little bit about me, I'm English, works and lived in NL for 5+ years and have no plans on going back their to live & work, I may have a short holiday there one day.

Please don't flame me, I have been doing my best to pay this off but it was oblivious not good enough for them hence this course of action, if i have the cash to hand I would pay it and it this guy was not such an ass maybe we could have come to some smaller monthly agreement but he was having none of it.

Thanks

MrB


I doubt its worth the bank hiring overseas debt collector for a mere 15k. However, you ought to be worried about your credit score if they try to publicize you.

User avatar
MrBear
Regular
Regular
Posts: 54
Joined: Wed, 20 Aug 2008
Location: Bedok

Re: Debts from EU

Postby MrBear » Tue, 05 Oct 2010 11:54 am

Koalabear wrote:[

I doubt its worth the bank hiring overseas debt collector for a mere 15k. However, you ought to be worried about your credit score if they try to publicize you.


will it affect me here? I read that UK banks can't see NL credit ratings?
The right to bear arms is slightly less ludicrous than the right to arm bears!

User avatar
Mad Scientist
Director
Director
Posts: 3459
Joined: Thu, 03 Dec 2009
Location: TIMBUKTU

Re: Debts from EU

Postby Mad Scientist » Tue, 05 Oct 2010 12:58 pm

MrBear wrote:Hi all,

Bit of a long story I'm hoping some of you can advise on, I used to live in the Netherlands and when I departed there in '08 I lost a ton of money selling my house (sold week after world economic fallout). I had a credit facility with my local Bank ABN AMRO, Felixable credit, basically a bank account you could go into the Red with. I ended up having to use that for a while.

So I'm now $15k in debt to bank in NL, I have been paying irregular payments to them. I think they have realized that my monthly wage is no longer going into their account and have decided to end to Flex Credit account. I was checking my bank and got a message to call them as my account was kind of locked, so I called.

This is where is all started to get a bit weird. instead of the friendly bank person I get some arrogant aggressive jerk telling me if I don't stump up all the cash in the next 6 weeks they will be sending a debt collector out to HK to get me and their money (I was logging in to update me details and address as SG).

my questions are:

1.) Do any SG & NL have any cross border credit/debt agreements?

Cross border litigation and filling for bankruptcy and recover of debts is under the International Agreement of Banking Law. The answer is YES

2.) Dose anyone know what will happen if I tell them to get lost? will they make me bankrupt in NL or EU ?

They will appoint a representative lawyers either in HKG or wherever they are able to locate you to recover their monies owed

3.) Anyone got any advise for me?

Engage with them earnestly. Structure a debt repayment agreement with them if possible. Proof of current income against sustainability of oneself against repayment to show them your sincerity to settle this. Never , never let this go to court . YOU WILL LOSE BIG TIME PLUS THEIR LAWYER FEES TOO.

A little bit about me, I'm English, works and lived in NL for 5+ years and have no plans on going back their to live & work, I may have a short holiday there one day.

Please don't flame me, I have been doing my best to pay this off but it was oblivious not good enough for them hence this course of action, if i have the cash to hand I would pay it and it this guy was not such an ass maybe we could have come to some smaller monthly agreement but he was having none of it.

You can explain at all you can. End result bank always win. This is life, you have somehow try to resolve this with the bank.Going thru lawyer will only incur more cost

Thanks

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

User avatar
MrBear
Regular
Regular
Posts: 54
Joined: Wed, 20 Aug 2008
Location: Bedok

Re: Debts from EU

Postby MrBear » Tue, 05 Oct 2010 1:17 pm

Mad Scientist wrote:
MrBear wrote:Hi all,

Bit of a long story I'm hoping some of you can advise on, I used to live in the Netherlands and when I departed there in '08 I lost a ton of money selling my house (sold week after world economic fallout). I had a credit facility with my local Bank ABN AMRO, Felixable credit, basically a bank account you could go into the Red with. I ended up having to use that for a while.

So I'm now $15k in debt to bank in NL, I have been paying irregular payments to them. I think they have realized that my monthly wage is no longer going into their account and have decided to end to Flex Credit account. I was checking my bank and got a message to call them as my account was kind of locked, so I called.

This is where is all started to get a bit weird. instead of the friendly bank person I get some arrogant aggressive jerk telling me if I don't stump up all the cash in the next 6 weeks they will be sending a debt collector out to HK to get me and their money (I was logging in to update me details and address as SG).

my questions are:

1.) Do any SG & NL have any cross border credit/debt agreements?

Cross border litigation and filling for bankruptcy and recover of debts is under the International Agreement of Banking Law. The answer is YES

2.) Dose anyone know what will happen if I tell them to get lost? will they make me bankrupt in NL or EU ?

They will appoint a representative lawyers either in HKG or wherever they are able to locate you to recover their monies owed

3.) Anyone got any advise for me?

Engage with them earnestly. Structure a debt repayment agreement with them if possible. Proof of current income against sustainability of oneself against repayment to show them your sincerity to settle this. Never , never let this go to court . YOU WILL LOSE BIG TIME PLUS THEIR LAWYER FEES TOO.

A little bit about me, I'm English, works and lived in NL for 5+ years and have no plans on going back their to live & work, I may have a short holiday there one day.

Please don't flame me, I have been doing my best to pay this off but it was oblivious not good enough for them hence this course of action, if i have the cash to hand I would pay it and it this guy was not such an ass maybe we could have come to some smaller monthly agreement but he was having none of it.

You can explain at all you can. End result bank always win. This is life, you have somehow try to resolve this with the bank.Going thru lawyer will only incur more cost

Thanks

MrB


MS, thanks for your input, I'll try get back on to them and hope to get someone nicer this time.
The right to bear arms is slightly less ludicrous than the right to arm bears!

User avatar
Mad Scientist
Director
Director
Posts: 3459
Joined: Thu, 03 Dec 2009
Location: TIMBUKTU

Re: Debts from EU

Postby Mad Scientist » Tue, 05 Oct 2010 3:17 pm

MrBear wrote:
Koalabear wrote:[

I doubt its worth the bank hiring overseas debt collector for a mere 15k. However, you ought to be worried about your credit score if they try to publicize you.


will it affect me here? I read that UK banks can't see NL credit ratings?


Credit ratings agencies are only binded to ONE country of residence. Credit card fraud however will be linked to interpol, the bank and your local police.
They may share info with subsidiary branches but to extend to other banks will involve privacy information act. Only when the police is involved than everything and everyone shares your info as it is call white collar crime
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

User avatar
MrBear
Regular
Regular
Posts: 54
Joined: Wed, 20 Aug 2008
Location: Bedok

Re: Debts from EU

Postby MrBear » Tue, 05 Oct 2010 3:49 pm

Mad Scientist wrote:
Credit ratings agencies are only binded to ONE country of residence. Credit card fraud however will be linked to interpol, the bank and your local police.
They may share info with subsidiary branches but to extend to other banks will involve privacy information act. Only when the police is involved than everything and everyone shares your info as it is call white collar crime


Hey hold your horse's there, first of all its not a credit card, there is no fraud involved just a disagreement me and the bank need to sort out. I don't think I've reach the status of white collar criminal just yet. :cry:
The right to bear arms is slightly less ludicrous than the right to arm bears!

User avatar
Mad Scientist
Director
Director
Posts: 3459
Joined: Thu, 03 Dec 2009
Location: TIMBUKTU

Re: Debts from EU

Postby Mad Scientist » Wed, 06 Oct 2010 3:42 am

MrBear wrote:
Mad Scientist wrote:Hey hold your horse's there, first of all its not a credit card, there is no fraud involved just a disagreement me and the bank need to sort out. I don't think I've reach the status of white collar criminal just yet. :cry:


I know, I was clearing the issue on Koala Bear's post on "credit scores". Credit scores are pertaining to credit card, bank loan etc but only curtail to one country as far I know of.It is binded to one particular country and normally sanctioned and recognise by that particular govt. of the country The onus to declare if you have been denied bank loan or bad credit scores from one country to the other is on yourself. Unless it is serious credit fraud whereby it will be shared among many agencies world wide.
I realise that you are not at that stage now. I would suggest read my earlier post before jumping on the horse :o
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!


  • Similar Topics
    Replies
    Views
    Last post

Return to “Strictly Speaking”

Who is online

Users browsing this forum: No registered users and 0 guests