How did the bank find out?

[mandingo72]

after so many years of both sides keeping quiet, suddenly the lawyer letter for the bank-client come to my new address which they SHOULDN'T have a clue.

Did they get it from HDB, SPF, ICA or Credit Bureau? Did they get it legally or under the table?

I am not afraid of the letters, but I don't want them to start harrassing me day in day out and cause an old person to stress out. The last time, they visited me and "pao toh" my mother, she have a heart attack.

Any advice??

[queeniegal]

Bank usually based on your updates of details then able to have yr latesr details or contact.

I do not understand how they harass you but usually bank only send letters. If you owe 100l or more then that they will sue you for bankruptcy. i don't think they will personally go down and look for you.

Not very sure what happen, I just based on what collection dept does n tell you that all

[Ninja_Assassin]

Not very sure what happen, I just based on what collection dept does n tell you that all

Collection is now outsourced to private contractors. The banks are not interested in how they get the job done... only in the results. These private debt collectors are very resourceful and have their ways to locate a "missing" person. :p

[Max77]

10yrs ago ICA very not linked to ROM . . .

I believe now almost all linked liao. Most bank's credit card T&C also changed a lot liao if u bother to scrutinize thru those boring pages of that booklet.

[69wolverine]

Bro mandingo72

Perhaps u should contact the bank-client and discuss on how u can settle the matter. If it involves money, I'm sure the bank will be willing to discuss with u payment plan including instalments. Most banks would not wanna go thru the hassle of going via legal court proceedings as this involve time and $$.

If ur payment plan is realistic and is a better option than the legal avenue, most likely the bank will agree to it. BUT u must be prepared to negotiate and discuss with them. Pls do not make things more challenging for the bank or the payment company such as trying to pull a fast one on them.

If u r honestly trying to pay them what u owe them BUT are only able to do so via installment due to the amount owed, discuss with them. It's better then when the recovery company come over to your house and 'try to persuade' u to pay in the presence of ur love ones.
Just my 2 cents worth bro. Hope that will help u.

[fornicator]

Yes, this is the sad truth. Once you come under the radar, that's it!

Merry Christmas & Happy New Year!

Cheers.

10yrs ago ICA very not linked to ROM . . .

I believe now almost all linked liao. Most bank's credit card T&C also changed a lot liao if u bother to scrutinize thru those boring pages of that booklet.

[hhlover]

Jus to share my experience, I owe quite a few credit card from bank.. Try to talk n finally got one bank agree installment payment.. Every month $500, pay straight 4 months then come 5th month got some problem didn't pay.. One wk later come a lawyer letter from the bank with an additional $2000 charge to my outstanding bill.. Call to ask they say is their procedure to charge legal fee n interest for not paying on the follow month..
Pay 4 months $2000 miss one month charge another $2000.. All I can say bank is jus another approve ah long from government..

[queeniegal]

Collection is now outsourced to private contractors. The banks are not interested in how they get the job done... only in the results. These private debt collectors are very resourceful and have their ways to locate a "missing" person. :p

Wah really but that was 10yr ago I work in collection hahaha

[Iemanishere]

Well bro.. best advice is to talk to them, no bank in singapore would want to make u go bankrupt as by doing so thy cant get their money.. but than saying again.. lots of people now days dont want to pay and just go under the radar like start putting funds in other country and start anew..
As without getting hold of u thy cant make u bankrupt fast..thus it a very long process for them to do so..

To each it self and thinking. .

[mseveninch]

In Singapore there is a well known system call OSCAR that setup and run by government to track all legal resident of their where about. All ministry are linked and could be access legally by keying your NRIC nos. These is legal and already available about 20 years now.

Noted - Bank that operating in Singapore are under MOF regulated. If any client that try to runaway from their obligation - they just forward your details to MOF agency - to trace you.

Unless you did not registered your identity to any authority - they can't find you.

Example - HDB - CPF - Police - Hospital - Immigration & registry office are government agency that could track your where about. These agency is essential where every resident in Singapore will goes to for their needs in time to come. So the radar is always on. Can't hide.

[queeniegal]

Collection is now outsourced to private contractors. The banks are not interested in how they get the job done... only in the results. These private debt collectors are very resourceful and have their ways to locate a "missing" person. :p

Oh really I left this depT for 10 yr lol

[queeniegal]

TS go for credit counseling talk from there you can tell them your financial woes.

Then maybe arrange monthly repayment mode to the creditor you owe or really within yr mean to pay can declare bankrupt.

Anw next credit counseling talk is on early Jan 2012.

[eozei]

Just some legal tidbits -- some forummers have earlier mentioned placing assets overseas and travelling there to start anew.

By virtue of reciprocal enforcement agreements, courts in certain foreign jurisdictions can enforce court judgements obtained here. Such jurisdictions include M'sia, Hong Kong, India and Australia.

This means that if your creditors obtain summary judgement here (which is actually very cheap) they can get the authorities overseas to freeze your assets and transfer them back.

Moving assets overseas isn't as safe as it seems.

[jameschong1]

Pay 4 months $2000 miss one month charge another $2000.. All I can say bank is jus another approve ah long from government..
============
have u try talking to your MP?
if yours is opposition, then bad luck lah.
if your mp is ang mo kio, pasr ris, sembawang, maien parade, power lah

[ilovepolkadots]

Try to see if you can can help from family, relatives or friends first to pay lump sum.
The pre payment interest is very high even if you opt for installment.
Otherwise neg for an amount you are comfortable with. Start the payment and they will stop coming the min the money is in and when you are able to pay them on time each mth! :)

[Max77]

actually the benefit of credit cards/ready credits should be limited to:

1) got discount when using any of them
2) got cash rebate when using any if them
3) got interested free installment (some even got first month waived)
4) can accumulate points (Eg. M1) so that can offset new phone price
5) special previleges (Eg. Dont have to queue long long for tickets)
6) freebies like free membership/meal/drinks/event/trials/entries/golf etc
7) speed up payment (pay wave)
8) convenience (only need to bring one card as cashcard/nets/credit/ezlink/'identity'/erp)



I think some of u got into financial trouble bcoz u have misused it and expect to get away with it...

Seriously if its not Singapore u r talking about, probably u might get urself into deeper shit somewhere else

[CSIteam3]

Self declare bankrupt, everything case close chop chop