This is only possible by mutual agreement (the banks are often willing to negotiate, as getting a little is still better than getting nothing) or by challenging the charges in court (they really seem excessive to me).
One precludes the other. In both cases it might be advisable to engage a lawyer.
And you should learn from it: Running away never solves a problem, just makes it worse.
You should have talked to the bank in 2010 when you lost your job!
SOS really need help!
14848
2889
In addition to Beppi's advice. I certainly very much sure that if you speak to them and request them to waive off the interest amount as it's now more than 13 times of the principal amount, they will think of accepting it. Bank is well aware of that no sense a debtor who was unable to pay the principal amount $6k few years back, will pay $80k now. So, it's time for them to come forward to negotiation table and close this. Try to approach them politely and request them as a goodwill gesture towards the customers, please waive the interest amount and you will be paying back $6k and in addition to if any little interest. Hope they will accept your proposal. Good luck
4
hi.
It is bit urgent..
Recently i got a job in Signaproe and my VISA also got approved.. But when i came to india from singapore 3years back. My debt of around 30k with the multiple banks. I couldnot repay because i got sick in singapore ( my both kidneys were failed) and i returned back to my country. now 1 year back i undergone for kidney transplant and now i am doing good. But now i want to go there and work( my VISA is already approved). But i have received number of mails from collection Dept from the bank like arrage the payment with in 3 days and we tried to reach you but could not able to contact,etc. So please let me know if i go there will the police catch me. What will i do?
Now i am ready to repay once i started working in singapore.Please suggest me..
14848
Apparently, the banks have not yet started legal proceedings against you - otherwise you would not have gotten the visa.
But they will do so sooner or later - probably as soon as they know that you are back in Singapore and earning a salary (so there is something to get).
You should contact them before that and offer to repay all outstanding debt and accrued interest.
And for the future, learn that it is NOT a good idea to spend more than you have!
4
Thanks you for your reply.
I am approaching them today to get the restructured pattern. is it suggestible to get in touch with them before landing in Singapore ?
In case if they caught in immigration if show my medical reports (sevier illness) are they going to consider ?
14848
If the officer sees a report about your unpaid debt, what do you want to achieve with a medical certificate?!?
That won't work!
I think there is no legal report yet (so nothing to worry). But the only way to find out is contacting the banks - of course BEFORE you travel.
4
Thank you ..i will do ..by the way may i know your profession please ??
14848
My profession is unimportant in this context, but I am industrial project manager.
4
just nothing like that i am very curious to ask..anyhow thank you for your reply bro and support.
2
@Trident81
Since this is a 5yo thread, i have accidentally trounce into, I would like to clear up some here, Yes there is a Debt Consolidation company in Singapore where locals and foreigners alike can ask assistance for debt consolidation. They indeed are a big help! Why? I used them as well before. Their name is Credit Counselling Singapore (CCS), there is also EduDebt, google it.
2
Also, I may be able to shed some light here, I was in singapore for 6yrs (2007-13) and racked up debts up to 50k from multiple financial sources, banks and loan sharks as I was retrenched twice and had lots to pay before. I ended up getting help from Credit Counselling Singapore to consolidate them all and it did helped, I was able to pay gradually.
But then I got retrenched again, so I had no choice but to go back to my mother country w/ my family w/ my debt still hanging.
I never went back to SG but my wife was left in SG to work and during these years, they didn't even bother her regarding my debts, she even have a bank account that I have debt w/ for almost 10k that I failed to pay. Maybe you're asking why my wife did not helped me pay those banks? Coz her salary won't be enough so she stayed and worked. No banks contacted her whatsoever.
About me, I never received any email demand from banks that I need to pay these or I am already being sued etc, I think i owe credit card debts to 5-6 banks in SG, until now, 2022, none! I even still getting bank reminders that my due date is on this month etc but no amount indicated.
It's been 9 years since I've left SG and I was thinking of going back there to visit my wife but we're also not sure if i'll be flagged in immigration coz of this.
So I remember a colleague who racked up debts as well in SG, went back to our country for a few years then went back in SG to work w/o any issues!!!! My friend is still there with a new family working and living!
It took him i think 2-3 years before he went back to SG, no immigration issues or visa issues. He got a job and a bank account where his payroll is coming in.
I asked him how he was not detected he has debts from the banks, he said, simple, he never transacted and opened any bank accounts from the banks he has debts. That's it!
After learning this, I now am planning to go back to SG to visit my wife for my anniversary.
My friend went back as early as 2-3 yrs after and nothing happened, he even had more debts than me. Now it's been 9+yrs and no email from banks I received.
What do you think? Is it safe to say I'm safe?
Judging from my friend's experience and no emails or demands from my banks, and my wife never got contacted and she even have a bank payroll account to a bank i had debts with.... what's your verdict?
Hope I helped some here.
14848
What do you think? Is it safe to say I'm safe?- @Sing-alog
No, you are not necessarily safe.
Your friend was lucky and probably had not too high debt - the banks do not pursue a few thousands (not worth the effort and expense), but certainly will above a certain threshold, which varies from bank to bank. They can also start pursueing it after years, if they notice you are in Singapore again (and thus their chances higher).
The only way to be safe is to contact the banks and find an agreement!
Your wife is of course not contacted if she is not the one who owes.
Learn to never spend more than you have, then this cannot happen!
1
@Sing-alog
hi! may i know did you manage to enter singapore without being stop by the custom. because i am same situation with you
3
@Zion_cepheroe
hi
14848
@Rsankar The user you refer to, Zion_cepheroe, was last seen on this forum four years ago. So you may not get a reply.
But perhaps others can help, if you explain what you want in more than one word?
2
I am facing the same issue now, owing several banks about 45k cash advanced and 35k personal loan due to some failed investments recently. Now I'm so stress about going bankruptcy at age 30s.
If it becomes insolvency, the only option for me is to go back to Malaysia and give up my PR status, will I become bankruptcy in Malaysia too? or will i get arrested in Malaysia? since SG-MY are just neighbour country.
13
@zailow5231
I suggest you to seek advice from a lawyer which knows how to handle the clients issue such as yours. They can help you on the settlement which is usually 50% of your total debt can be arranged.
giving up PR is the last option.
goodluck
24
@zailow5231 Being a PR, Banks would be keen to help you out and with Legal council you would be benifiting from the debt as they cnsolidate the outstandingamount without the intrest and arrange a 5+ year plan with as low as within 1000$ installments
4
@zailow5231 after reading your message, I assume that you are Malaysian, and you are now in Singapore, and the money you owe is in Singapore dollars. What I suggest is to take the proactive step, go and meet the officer in the banks and arrange with them for instalment to clear all your debts. Banks also don't want to sue you for bankruptcy as they may not be able to get back all the money. If your financial allows you to go for instalment, the banks are willing to work out something for you.
If come to the worst case that you are declared bankrupt in Singapore, you will have to stay in Singapore and cannot travel out of the country. Every time you need to travel for a short trip to Malaysia or other countries, you need to write in for permission to leave Singapore, and it is subjected for approval. In case you face bankruptcy in Singapore, you won't be charged bankrupt in Malaysia. Singapore insolvency office will assign an officer to look after your case and work out with you on your monthly repayment plan to them. After serving for more than 5 years, you can apply to be released from bankruptcy in Singapore. This is all I know, and you are find out more with the Insolvency office.
Subscribe to this topic
Articles to help you in your expat project in Singapore
Banking in Singapore
Singapore offers a wide range of personal banking services and has a complete offering of international banking ...
Guide to open a global offshore banking account in Singapore
PricewaterhouseCoopers revealed in July 2013 that in its Global Private Banking and Wealth Management Survey that ...
Driving in Singapore
Singapore has an efficient public transportation system coupled with excellent taxi services, with phone apps ...
Internships in Singapore
Singapore is home to many universities of international repute, as well as companies from a diverse range of ...
Dating in Singapore
Moving to Singapore has been fun since you've been exploring a new country and culture. But if you ...
Using phones in Singapore
As in many developed countries, mobile phones have taken over the landline network in Singapore. Whether you're ...
Open a bank account that suits you
Discover the best international banks to manage your money securely.
"