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In heavy debts & wish to run away

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  • A Failure's Avatar
    4 posts since Oct '13
    • Hi people,

      I need some value advise.

      I am in heavy debts from credit cards and biz loan. Biz not doing well and there is no way to revive.

      I am married with a kid and we are staying in my parents home.

      I cant take the pressure and stress here anymore. I also don’t wish to bring trouble to my wife.

      Does anyone know if I left a divorce letter with my wife and fled to other country. Will the debt collectors from bank pester my wife or my parent to return the debts?

      Can I get a work permit or permanent resident in other countries with my current status?

      Will the banks get the country official to arrest me and bring me back to Sg?

      Appreciate with your kind answer.

      Am really depressed.

  • Gu7777g's Avatar
    475 posts since Dec '10
  • A Failure's Avatar
    4 posts since Oct '13
  • tripsky's Avatar
    844 posts since Aug '07
  • A Failure's Avatar
    4 posts since Oct '13
    • No… I have admitted failure and I have no face to stay… I really cant take the expression that my family gonna look at me.

  • Re's Avatar
    3 posts since Oct '13
    • Run away to let your parents, wife and own children carry your debt is a coward;  not a man.

      CCS Hotline: 1800-CALL-CCS (1800-2255-227). Mondays – Fridays, 9am–6pm

      Address: #05-04, 210 Middle Road, Singapore 188994 |
      T
      el: 6338 2663 | Fax: 6338 6586 | Email: [email protected]

      CCS is to assist consumers recover from serious debt problems by providing general credit management information, credit counselling and where applicable, put up a debt repayment plan for suitable consumers. To assist indebted individuals resolve their debt problems and educate members of public on financial literacy.

       

      Need Help?

      SEEKING ASSISTANCE FROM CCS

      There is this 3-step process to seek assistance from CCS:

      STEP 1 – Compulsory Attendance of the Free Info Talk on Debt Management:
      The consumer is requested to attend a compulsory free info talk that is being conducted on a weekly basis.  This talk explains the various options in handling a debt problem and the common collection actions taken by the creditors.  It will also explain the services offered by CCS so that the consumer can self-assess and decide what he wants to do next.

      Consumers are requested to register for the free info talk online.

      STEP 2 – Credit Counselling to Explore Solution:
      If the consumer wished to seek further assistance after he has attended the free info talk, he needs to collect the Counselling Session Request Package at the end of the talk, complete and submit it with photocopy of the necessary documents to CCS. 

      After receipt of the submission, CCS will call the consumer to set up a one-to-one counselling session for him to discuss his situation in details with a credit counsellor.

      To ensure a meaningful discussion and assessment during the counselling session, consumer must have attended the free Info Talk first.  He must also submit all the relevant documents and be upfront about the assets, liabilities, income and other resources available. 

      To achieve a plausible solution, the consumer needs to be open-minded to explore the various options and be prepared to make lifestyle adjustment in resolving the debt problem.

      STEP 3 – Set up a Debt Management Programme (DMP):
      At the counselling session, the counsellor will assist the consumer to work out a monthly budget, explore options and identify the most appropriate solution for his debt problem at the moment. 

      If at the end of the counselling session, both the counsellee and his counsellor concurred that the Debt Management Programme (DMP) is the most suitable option, CCS will then work on it, subject to the DMP Review Committee’s approval, put it up for the creditors’ consideration and acceptance.

      A DMP is a debt repayment plan via monthly installment payment over a reasonable time frame.

       

      OPTIONS IN HANDLING A DEBT PROBLEM

      There are basically four options in handling a debt problem, namely, Self Administration, Composite Settlement, Debt Management Programme (DMP) and Bankruptcy (or via a Debt Repayment Scheme, ie DRS).

      Option 1: Self Administration
      As the name suggest, the consumers are to administer the debt problem themselves by liaising with the creditors directly to explain their financial plights and appeal for assistance from the creditors (eg. request for an installment plan to repay the debt owed).

      Option 2: Composite Settlement
      The consumers may engage a licensed professional (eg. lawyer or accountant) to make a composite offer to the creditors via a Voluntary Arrangement.  Alternatively, the consumers may also raise the money and negotiate with the creditors directly themselves, and appeal for a discounted lump sum settlement of the debt.

      Option 3: DMP (Debt Management Programme)
      This is an unsecured debt repayment plan via monthly installment payment.  It is put up by CCS on behalf of suitable individuals who have the desire, determination and means to repay the debt owed.

      Option 4: Bankruptcy
      This serves as the last resort when all else fail to resolve the debt problem.  The indebted individual may either wait to be sued by the creditors or apply for a self-file bankruptcy petition.

      When an individual is sued by a creditor for or self-filed a bankruptcy petition, he may qualify for the Debt Repayment Scheme (DRS, effective from 18 May 2009) if his unsecured debt is no more than $100,000, holds a regular paying job and is committed to make repayment in about five years.  For more information on DRS, please visit www.drs.gov.sg.

       

      DEBT MANAGEMENT PROGRAMME

      The Debt Management Programme, known as DMP, is basically a debt repayment plan.  It is a monthly installment plan that allows the consumers to gradually repay their unsecured debt (eg. credit cards and overdraft), including the principal amount and interest charges, to their creditors over a reasonable period of time.

      This repayment plan is suitable for consumers who are willing (ie, have the desire to avoid bankruptcy and the determination to live within a discipline budget) and able (ie, have the means) to repay the unsecured debt that they owe.

      The DMP is a voluntary arrangement between the individuals and the creditors.   In short, it is the creditors’ prerogative to offer an installment plan and to specify the terms of the repayment.

      DMP status is NOT on public record but is registered with the Credit Bureau Singapore whose data is accessible to financial institutions.

       

      You Aren't Alone

      Very often, consumer who has a debt problem feels very alone. He tends to keep the debt problem to himself, not wanting anyone to know because he may feel ashamed, silly, guilty, loss of pride or worry about losing his job… For some married persons, they don’t share or even dare to let the spouse know about the debt problem. In short, many heavily-indebted individuals carry the heavy burden alone and in silence. As a result, the debt problem grows bigger, the stress level becomes higher, work performance is affected, relationships turn tense and subsequently, the individual may become depressed and suicidal thought may began to arise…

      You are not alone.

      Since people rarely talk about money problem, many consumers tend to think that he is the only one who has a BIG DEBT PROBLEM! Or that he has to handle his BIG DEBT PROBLEM himself.

      You are not alone.

      CCS has come across many individuals who have BIG DEBT PROBLEM and were suffering alone and quietly until they have decided to do something about their BIG DEBT PROBLEM. These individuals decided to help themselves by seeking assistance from CCS; and with their own resourcefulness, determination and discipline, they are slowly climbing out of the debt pit and looking forward to debt-free living.

      You are not alone... CCS is here to assist.

       

       

       

       

      CLIENTS TESTIMONY

      Mr Ben (in his 40s)
      This is my story:
      I am working as a Manager drawing a salary of S$6,000 per month. To many people I know, this is an upper salary bracket. However, to me this is the minimum sum required to keep my family survive. This amount do not include allowance for food. My wife has to work to help me make ends meet. And I only have one son who is in secondary school now. This is because three
      quarter of my salary is used to pay my credit card debts.

      Sounds tough ... it was tougher two years ago when almost all the banks who had issued me with credit cards, magnified and spelled out the fine wordings stated in the terms and conditions that I had earlier signed; except I must add CITIBANK who was quick to equitably help me restructure my credit card debt to term loan. The same banks who had for many, many years loan me the money and treat me like VIP as a customer at the front counter had now transferred my acounts to their Collection Dept who termed me legally as debtor. The legal language switched from Banking Act to Bankruptcy Act. Many are armed with willing lawyers who had memorised the Bankruptcy Act by heart to prey on obviously unrepresented debtor. Some of the banks employed licenced ’Tai Long’ who are fond of offending and breaching the debtor’s privacy. It was a very tough period for me; psychologically.

      I requested the help of The Association Bank of Singapore who directed me to Credit Counselling Singapore (CCS). The latter had helped me mitigate the situation by summarising my expenses and expenditure thereby showed me my financial strong and weak point. My financial situation was dire; I can easily submit to bankruptcy but I opt to be responsible for my debts. Now I am still struggling to pay back my debt but at least I can see the light. Four years more and I hope to be free of the credit card debts and bank loans of more than S$100k.

      I now prefer Debit Card.

      CCS is well recognised by the government, the banks and the courts. My advice is if you are having "credit card problems" talk to them first.

      Ms Helen (in her 30s)
      As a result of my carelessness, my little debt snowball to a huge debt of S$100K. I was stressed when my total monthly repayment has exceeded my monthly salary. I was really desperate for help and unable to cope. On my own accord, I tried to approach banks, credit cooperative etc for help, but was unsuccessful. For almost a year, I struggled to cope with the hounds of my creditors. The feeling was terrible. I felt insecure, helpless, hopeless, despised, rejected and a failure.

      I was overjoyed when I heard of CCS from the media. Immediately, I called to enquire. I attended their awareness talk, counseling and finally had my DMP worked out.

      At CCS, I was treated with respect. CCS has helped me to restructure my debts and my lifestyle. I begin to appreciate the beauty of credit free living. Today, I am able to meet my monthly debts repayment. My stress was gone and I have gained back my confidence. I am now a happier person and I look forward to be debt free soon.

      Mr Patrick (in his 40s)
      Hi, I am 44 yrs old. In 2002, due to cost saving plans in my company, I was left with free time due to less O/T in my company.

      To pass the time, i resorted to gambling and in a short space of 1 and a half yrs, i chalk up a debt of more than $100k. How to pay? In 2004, i called up the banks whom i am owing .Except for Citibank, the rest of the bank did not respond to me. So every month, i just paid the minimum sum. I then realise that i was not reducing my debt at all.

      Earlier this year, i read in the Sunday Times about CCS. I then called up CCS and attended the talk at the Subordinate Courts. Afetr i had filled up all the forms, I attended the councilling session.I was then put on the DMP.

      CCS has helped me to appeal to the banks for a lower monthly repayment which i am able to service, of course with a lot of self discipline. However, i know that if i am to keep my part of the plan, i will be debt free in 6 yrs time.

      Thank you CCS and especially Gillian for your help for i know that without you, my name will be added to the bankruptcy list. Thank you once again and will be grateful always,

      Sincerely,
      Patrick

      Mr Leo (in his 30s)
      To vent the escalating pressures of everyday working life, I had uncontrollably chalked up heavy investment loses (during the economic downturn) and also indulged in impulsive spending in order to relieve the stress. As credit was then "readily available" as a result of the immense competition amongst the financial institutions, I had plunged deeper and deeper into taboo of using one credit source to cover the other. Later, as my financial burdens got heavier, partly due to the debts’ high interest rates and also the increasing medical/hospitalization costs of my family, I had reached the point whereby I was having problems in meeting even the monthly minimum sum repayments of the credit loans.

      I had, on my own, tried to make genuine and sincere appeals to all my creditor banks for a manageable repayment scheme by explaining to them my financial situation. However, it may be because I am not a good negotiator and also the fact that the credit control departments of the some of the banks have generally set their priorities to recover as much as possible in the shortest possible period, my appeals, in the light of my adverse financial situation, were doomed to failure. After weeks of prolonged unsuccessful negotiations with some of the banks, a few had even initiated legal actions against me. It was at the point of having received legal judgments awarded against myself that I totally gave up on any further negotiations and virtually resigned to face bankruptcy.

      It was by chance that I later came across the CCS website and decided to give a last ditched attempt to salvage my seemingly hopeless situation and avoid the social stigma of being a bankrupt. I attended one of the weekly CCS briefings and was informed of the options available and the assistance CCS can offer. Although I was still rather apprehensive of what CCS can do in view of my precarious situation, I nevertheless signed up for a counselling session. After learning about my case (and the urgency involved due to the legal suits that have already commenced), the professional and very experienced CCS officers swung into immediate action by swiftly contacting all my creditor banks in a desperate bid to stave off the legal actions and negotiate for a solution that is beneficial to both parties. Within a few weeks, CCS had managed to draw up a Debt Management Program (DMP) agreement with all my creditor banks and I had begun making my first installment repayments.

      My advice to people who may be in the same situation as I am, is to give yourself a decent chance by urgently seeking expert counselling from CCS, especially if you are sincere about fulfilling all of your financial obligations. On your own, you may not be able to bring your case successfully to all of your creditor banks as you may not be technically good in negotiation. It may also be extremely stressful in trying to deal
      with a number of creditors at the same time and coping with burdens of your
      job and even perhaps your family’s growing financial commitments.

      Although I still have a long, long way to go, to repay all of my debts, I am indeed very grateful to CCS for at least getting me to the starting line, which I am sure I know I would not be able to on my own.

      Ms Grace (in her 30s)
      I’m currently holding an executive post with monthly gross salary of $4,000 per month. Rightfully speaking, I should not get myself into this financial predicament.

      It all started when my second brother started to do his own business. In the initial stage, the business was good and he did make some profit. With this, he ventured into another business and mixed with some ’bad company’. He started gambling the last year and got himself stranded with debts and started borrowing money from the loan sharks. It became a snowball situation and owed the loan shark about S$100K.

      He was not able to make his credit card payment, phone bill and car loan. With this, I lend him my savings to pay the loan sharks and also pay his phone bill...etc. Worst of all, he left the house without informing us. With his ’disappear’, I had to shoulder the household expenses, take care of my father. In the end, I couldn’t even pay the minimum payment for all my credit cards.

      Everyday, I’m receiving calls from the banks chasing for payment and also received lawyer’s letters. At one stage, I really thought of committing suicide as I do not know who to turn to for help.

      Luckily I read about CCS from the newspapers and attended the talk.

      With CCS’ help to negotiate with the banks, they allowed me to pay my debt using the DMP programme.

      I consider myself lucky, without CCS’ help, I will be sued bankruptcy by the banks.

       

      Edited by Re 07 Oct `13, 12:54AM
    • www.moneysense.gov.sg

      MoneySENSE - A National Financial Education Programme

      MoneySENSE is a national financial education programme launched by Mr. Lee Hsien Loong, then Deputy Prime Minister and Chairman of the MAS on 16 October 2003. MoneySENSE brings together industry and public sector initiatives to enhance the basic financial literacy of consumers.

      The MoneySENSE programme covers 3 tiers of financial literacy:

      • Tier I - Basic Money Management - which covers skills in budgeting and saving, and provides tips on the responsible use of credit;
      • Tier II - Financial Planning - to equip Singaporeans with the skills and knowledge to plan for their long-term financial needs; and
      • Tier III - Investment Know-How - which imparts knowledge about the different investment products and skills for investing.

       MoneySENSE is a national financial education programme launched by Mr. Lee Hsien Loong, then Deputy Prime Minister and Chairman of the MAS on 16 October 2003. MoneySENSE brings together industry and public sector initiatives to enhance the basic financial literacy of consumers.

      Since its launch in October 2003, MoneySENSE has published over 253 educational articles in the media, organised talks, seminars and workshops that have attracted over 93,000 participants as well as issued 29 consumer guides with a total circulation exceeding 2.2 million.

      MoneySENSE has also disseminated financial tips and messages in interesting ways such as a series of games at the inaugural MoneySENSE 2006 Roadshow which attracted over 89,000 visitors, organised a MoneySENSE-CPF inter-polytechnic financial education outreach that saw over 33,000 visitors, and subsequent roadshows at the Institute of Technical Education and various locations. In addition, MoneySENSE commissioned TV shows “Dollar and Sense” and “Mind Your Money” which saw over 1.1 million viewers, and various radio programmes with total listenership exceeding 1 million.

      The MoneySENSE programme covers 3 tiers of financial literacy:
      - Tier I - Basic Money Management - which covers skills in budgeting and saving, and provides tips on the responsible use of credit;
      - Tier II - Financial Planning - to equip Singaporeans with the skills and knowledge to plan for their long-term financial needs; and
      - Tier III - Investment Know-How - which imparts knowledge about the different investment products and skills for investing.

      MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee (FESC). The FESC provides strategic direction and oversees financial education programmes in Singapore. It comprises representatives from the Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People's Association.

      The FESC works closely with the MoneySENSE Industry Working Group (MIWG) to implement MoneySENSE programmes. The MIWG comprises the Association of Banks in Singapore, the Association of Financial Advisers (Singapore), the Consumers Association of Singapore, the Financial Planning Association of Singapore, the General Insurance Association of Singapore, the Insurance and Financial Practitioners Association of Singapore, the Investment Management Association of Singapore, the Life Insurance Association of Singapore and Singapore Exchange Ltd.

       

      www.creditbureau.com.sg

      Every month, payment performance data is uploaded by the Banking and Finance industry to Credit Bureau Singapore (CBS).

      Data relating to your loan payment performance is collated on your credit file and may be used by Banks and Finance companies as part of the assessment process for any new loans you may apply for, or for a review of your existing loans.

      Your Credit Bureau file is an indication of your financial health. This is very important to the lenders as they assess the risk involved in granting credit.

      You should therefore know what’s on your credit file and periodically check to see what new data has been uploaded.

      How Do I Get A Copy Of My Credit File?

      You can request a copy of your credit file on-line, at any of the 62 SingPost branches, at the Credit Bureau office, at CrimsonLogic Service Bureaus or at CASE office.

      A transaction fee of $6 plus GST applies
      You can request for a copy of your credit report at any of the following offices:-

      1. Online


      2. SingPost
      62 SingPost Branches Islandwide


      3. Credit Bureau(Singapore) Office
      72 Anson Road, #11-03,
      Anson House, Singapore 079911
      Hotline: 6565 6363


      4. CrimsonLogic Service Bureau
      133 New Bridge Road, Chinatown Point #19-01/02, Singapore 059413
      Tel: (65) 6538 9507
      1, Supreme Court Lane, Level 1, Supreme Court Building, Singapore 178879
      Tel: (65) 6337 9164


      5. CASE Office
      170 Ghim Moh Road, #05-01, Ulu Pandan Community Building, Singapore 279621
      Hotline: 6 1000 315

       

      Your credit report is a record of your credit payment history compiled from different credit providers.

      As most lenders will check your credit file to assess your credit worthiness prior to making a decision, a good credit repayment history will make it easier for you to obtain credit and to qualify for loans.

      By reviewing your credit report regularly, it allows you to be aware of any information that is uploaded on your credit file.

      The other advantage of monitoring your credit file is that it protects against possible fraudulent use of your personal details to obtain credit.

      CBS’ ‘My Credit Monitor’ service checks your report daily and notifies you by email when key changes are detected. Early detection is key to minimising the damage that ID theft can have on your credit.

      You can subscribe to ‘My Credit Monitor ’ service at any Singapore Post branch or visit the CBS office to make an application.

      Your credit report also helps credit providers to make faster and more objective lending decisions. By providing credit data to its members (credit providers) under authorised conditions, CBS helps them to determine whether or not the person applying for credit is a good credit risk. In doing this, lenders can make better lending decisions quickly and objectively.

      This will also contribute to a more competitive credit marketplace among the credit providers. With the Bureau in place, responsible customers can expect faster and more competitive services from the credit providers.

       

      1. Pay your bills on time As far as possible, strive to pay up in full and on time.

      Late or missed payments will certainly lower your credit worthiness. Therefore, be sure to check your bills to see when payments are due. Late fees and interest penalties add up quickly and make it hard to pay the balance. Payment history is an important factor in determining your credit worthiness. Since recent history carries more weight than what happened five years ago, getting in the habit of making on-time payments is an incredibly powerful way to improve your credit worthiness.

      2. Pay down your debts and consider charging less

      Lenders like to see plenty of breathing room between the amount of debt reported on your credit cards and your total credit limits. The more debt you pay off, the wider that gap and the better your credit worthiness. When you pay the full balance on your bill each month, you are taking advantage of an interest-free loan from the card issuer. If you make only the minimum payment on a significant balance, it can take years to pay off the full debt. If you are unable to meet the payment deadlines, let your financial institution know and the reasons why.

      3. Limit the number of credit cards you own

      Avoid multiple sources of credit. It is more manageable to keep track of 2 credit cards than 10. Opening a new credit line may reduce your credit worthiness, especially if you do not have a long and favorable credit history.

      4. Cancel any unused cards

      If you have many credit card accounts but are only using a few, it is a good idea to close out the unused ones. However, it is advisable to keep the cards that you have had the longest and cancel the new ones as a long record of prompt payments will improve your credit worthiness.

      5. Stay out of bankruptcy if you can

      Bankruptcy is the most catastrophic impediment to your good credit reputation -- far worse than delinquencies, loans or collections. Its impact, however, is dependent on how many defaults you made on your credit before you filed.

      6. Don’t be afraid of credit counselling

      Most of us want to pay our bills on time and as agreed. However, there could be unforeseen circumstances such as loss of employment, business failure etc, which makes it impossible to settle the minimum payments on the due dates stipulated by the bank. If you’re overloaded with high-interest debt and are in danger of falling behind on your payments -- or you already have -- consider working with a nonprofit agency such as Credit Counselling Singapore to set up a debt repayment plan. They can help you to reschedule payments with the creditors, negotiate lower interest rates and help you pay off your bills within a few years.

      7. Get your credit report

      Your credit report is a record of your credit payment history compiled from different credit providers. As most lenders will check your credit file to assess your credit worthiness prior to making a decision, a good credit repayment history will make it easier for you to obtain credit and to qualify for loans. By reviewing your credit report regularly, it allows you to be aware any information that is uploaded on your credit file. The other advantage of monitoring your credit file is that it protects against possible fraudulent use of your personal details to obtain credit.

      8. Know the differences between Debit Card and Credit Card

      When you charge a purchase on your credit card, you have a minimum of 30 days to pay the bill. If you do so, it will be to your benefit as you’re taking advantage of the card issuer’s money as a no-interest loan, provided you pay the balance in full each month. On the other hand, when you charge a purchase on a debit card, your bank will deduct your deposit account immediately. If you do not have sufficient funds in your bank account, the transaction will not be accepted.

      9. Don’t close accounts if you still have debt remaining on them

      Closing accounts before they are fully paid can hurt your credit worthiness. If you are planning on not using a certain credit card anymore, you should wait to close it until after you have paid it off. In order to keep yourself from charging, simply cut up the card into pieces and keep it in a drawer.

      10. Don’t apply for lots of credit at once

      People are bombarded with new credit card offers all the time. While it may be OK to sign up for a new credit card here and there, it is a bad idea to sign up for several at once. This sends a signal to creditors that you are desperate for credit and are a risk to loan to. Resist the urge to sign up for many credit cards at once and don’t overextend yourself.

       

      Credit is an integral part of everyday modern life. From buying movie tickets, to paying for a meal at a restaurant or buying a car, credit is used. The most common use of credit is through credit cards. Knowing how to use credit wisely is a critical part of managing your finances and key to your financial health.

      Advantages of using Credit:
      Able to buy need items now
      Don’t have to carry cash
      Creates a record of purchases
      More convenient than writing cheques
      Consolidates bills into one payment

      Disadvantages of using Credit:
      Interest (higher cost of items)
      May require additional fees
      Financial difficulties may arise if one loses track of how much has been spent each month
      Increased impulse buying may occur

    • FAQs

       

      Q1
         

      I wish to skip the Info Talk because I am very busy / I work in the evening / I work in the financial industry / I’ve already received a lawyer’s letter……

      A1
         

      CCS requires individuals to attend the free Info Talk first before they request for a counselling session for two important reasons:

      (1)   The Talk provides information on one’s options in settling a debt problem, the collection process, and the services offered by CCS.  This will give the individual a better idea of what they can do regarding their debt problems and also what CCS can do for them.  Individuals will be able to decide on their next course of action which are more suitable for their situation and which may not involve CCS.

      (2)   The counselling session assumes the individual already has an understanding of the procedures of common collection action taken by the creditors, the requirements stipulated by the banks, and the services provided by CCS which will be provided at the information talk.

      The counseling session will explore in detail the options available to a debtor.  Therefore, the individual is required to attend the Talk to learn about the above first to ensure that no time is wasted covering information which would have been already discussed at the information talk, thus making the counseling session more productive and meaningful.

      Q2
         

      If an individual already have a legal suit issued against him, can he skip the Info Talk?

      A2
         

      No. The individual is advised to quickly register for and attend the next available Info Talk, this will help to ensure that he will have a meaningful discussion at the counselling session to identify an appropriate solution to address his concerns/problem.

      If the individual decides that he still wants to go for a counseling session after the information talk, we can give priority in fixing the counseling session if there is an impending legal action against him, subject to the availability of counsellors.

      Q3
         

      Can CCS talk to my banks and tell them not to take legal action against me and/or to give me an installment plan?

      A3
         

      CCS can only intercede with the Banks after understanding the debtor’s financial situation and ascertaining that the debtor is suitable for the debt management plan.

      This is why individuals have to attend the Information Talk and go through a detailed counselling session in order for CCS to ascertain his status and the options available to him.

      To learn more about how to obtain assistance from CCS, please register online for the Info Talk.

      Q4
         

      How does CCS differ from the other debt consultancy firms?

      A4
         

      CCS is a non government organisation and a charity registered with the Commissioner of Charities.

      CCS has been established since 2004 and is the only debt counselling organisation supported by The Association of Banks in Singapore.  Among its many sponsors is the Subordinate Courts of Singapore which first mooted the idea for CCS.

      CCS provides professional debt advisory services to the general public in Singapore and is the only debt counselling organisation that has a formal debt restructuring scheme with the major consumer banks in Singapore.

      Being a non profit organisation, its charges are nominal compared with other debt consultancy firms.

      Q5
         

      Will CCS inform my employer that I have come to seek assistance from CCS?

      A5
         

      All information provided by individuals to CCS is on a strictly private and confidential basis.  CCS will not divulge any information to third parties without the expressed approval of the debtor.

      It does not inform employers of an individual’s debt problems or that the individual has come to CCS for assistance.
      With the permission of the debtor, CCS will provide relevant information to creditors as well as the Credit Bureau of Singapore if the person qualifies and opted for the debt management program which it has with bank creditors.

      Q6
         

      Is Debt Management Programme (DMP) status on public record?

      A6
         

      It is a requirement that individuals who are placed on the debt management programme will be reported to the Credit Bureau.  Credit Bureau reports are only available to the individual concerned as well as the participating institutions (eg. banks).

      Q7
         

      Will the information I shared with CCS be kept confidential?

      A7
         

      CCS has a policy about keeping all debtors information confidential.  Information will only be released to relevant parties with the permission of the individuals concerned.

      Q8
         

      Can CCS help me to put up a Debt Management Programme (DMP) that includes my housing loan or car loan?

      A8
         

      CCS only deals with unsecured debts and therefore does not handle secured debts such as housing loans and car hire purchase loans.

      However in the event that the security is sold and there is a shortfall, such amounts can be assessed together with the other unsecured debts of the individual.

      Q9
         

      How often does CCS conduct the Info Talk?

      A9
         

      CCS conducts the Info Talk every week (except during certain festive seasons, eg. Chinese New Year).

      Q10
         

      What is the duration of the Info Talk?

      A10
         

      The Info Talk lasts about 2 hours inclusive of a Q&A session.

      Q11
         

      Can I bring someone to attend the Info Talk with me?

      A11
         

      Yes.  We would appreciate all attendants of the Info Talk to register in order to control the number of people coming for the talk.

      Q12
         

      How do I register for the Info Talk?

      A12
         

      Please register online by clicking "Sign up Info Talk"

      Q13
         

      Do I have to pay for the Info Talk?

      A13
         

      The Info Talk is free of charge and opens to members of the public regardless if s/he has a debt problem.

      Q14
         

      How to apply for a Debt Management Programme (DMP)?

      A14
         

      (1) The individual must firstly attend the Info Talk.

      (2) After the talk, if he decides that he needs to attend a counselling session, then he will have to submit the counselling request form and supporting documents, provide us with information and data in order for us to ascertain his financial situation. 

      After the receipt of the counselling request and the documents.  CCS will contact the individual to set up an appointment to meet with a counsellor.

      (3) During the counselling session, the options available to the debtor will be discussed and explored.   The debtor will then have to decide whether he wants to proceed with a debt management program if he meets the requirements for the DMP.

      (4) It must be stressed that the DMP is only one of the options available to debtors and not all individuals will qualify for a DMP.  Debtors should not assume that a DMP will be assured at the end of the counselling session as CCS needs to further ascertain the suitability after the counselling session.

      (5) If he is suitable and also opts for the DMP, CCS will then process a DMP on his behalf for his unsecured creditors’ review and approval.

      Q15
         

      What are the requirements to put up a DMP?

      A15
         

      Briefly, the individual must have an income which after deducting living expenses will yield a surplus that will allow his debts to be repaid over a reasonable time period.

      The details and process of putting up a DMP will be covered during the free Info Talk.

      Q16
         

      Can CCS help me get a lower interest rate?

      A16
         

      The DMP is only for genuinely distressed debtors who are unable to meet their debt repayments without some concessions from the creditors.  It is not a scheme to reduce interest costs for the debtor.  Any interest reduction is solely at the discretion of the creditors to help distressed and deserving debtors.

      Q17
         

      Does CCS handle debts incurred with overseas financial institutions?

      A17
         

      CCS only works on unsecured debts incurred with financial institutions and other relevant parties in Singapore.

      Q18
         

      Where can I check my credit rating or obtain my credit report?

      A18
         

      You may check your credit rating or obtain a copy of your credit report of your borrowings from all financial institutions from Credit Bureau Singapore (www.creditbureau.com.sg).

      Q19
         

      Do I have to pay for the credit report?

      A19
         

      Yes.  Please check with the credit bureaus directly on the fee of the report.

      Q20
         

      I want to know about bankruptcy and/or Debt Repayment Scheme (DRS)

      A20
         

      Please visit the Insolvency and Public Trustees’ Office’s website: www.ipto.gov.sg for information.

      Q21
         

      How do I file for bankruptcy?

      A21
         

      Please seek advice from the Insolvency and Public Trustee’s Office (www.ipto.gov.sg) or a lawyer (please refer to "Useful Link" for a list of free legal advice)

      Q22
         

      What is the difference between bankruptcy and DMP?

      A22
         

      (1) Bankruptcy is a legal process where the debtor is publicly recognised to be insolvent by the Supreme Court and the Official Assignee (OA) is appointed by the Court to administer the bankruptcy estate. There are laws and regulations covering bankrupts which have to be observed.

      (2) DMP is a voluntary debt repayment plan put up by the debtor to his unsecured creditors for review and approval. This is purely a private arrangement between the debtor and his creditors and is not a legal arrangement.

      (3) For more information about bankruptcy, please visit the Insolvency and Public Trustees’ Office’s website: www.ipto.gov.sg / Email: [email protected] / Tel: 6325 1500 for information about bankruptcy.

  • A Failure's Avatar
    4 posts since Oct '13
    • You are very helpful RE, thank you very much.

      But people, I have chosen the path. Pls advise my question in 1st post. Thank you.

  • Mid9Sun's Avatar
    986 posts since Jun '06
    • Originally posted by A Failure:

      You are very helpful RE, thank you very much.

      But people, I have chosen the path. Pls advise my question in 1st post. Thank you.

      I strongly hope the path you have chosen is the not the run away option. It WILL BE the WORST decision you can ever make and I guarantee you will never know peace as long as you lived.T urn the table around, how would you feel if you are the wife and the hubsand just ran away. 

      Granted 80k+ is not small amount but it is neither insurmountable. Anyway here's some answers:

      Does anyone know if I left a divorce letter with my wife and fled to other country. Will the debt collectors from bank pester my wife or my parent to return the debts? - They will.

      Can I get a work permit or permanent resident in other countries with my current status? - Legally, it will be difficult, unless you go to some dodgy country or go as illegal worker (is that a life you want)

      Will the banks get the country official to arrest me and bring me back to Sg? - I think you will have trouble at the customs.

       

      None of the answers to your questions lead to anything good. Once again, please abandon your plan to flee and follow RE's advise. Speak to people who knows how to help you.

      All the best.

       

       

  • ditzy's Avatar
    68,869 posts since Dec '03
    • You will bring trouble to your wife and kid by abandoning them, because they will be pestered with your debt problems instead.

      Your kid will grow up, and wished he didn't, because some f**ked up dad left him to fend for himself.

  • "newbie"'s Avatar
    215 posts since Jul '10
    • Originally posted by A Failure:

      Hi people,

      I need some value advise.

      I am in heavy debts from credit cards and biz loan. Biz not doing well and there is no way to revive.

      I am married with a kid and we are staying in my parents home.

      I cant take the pressure and stress here anymore. I also don’t wish to bring trouble to my wife.

      Does anyone know if I left a divorce letter with my wife and fled to other country. Will the debt collectors from bank pester my wife or my parent to return the debts?

      Can I get a work permit or permanent resident in other countries with my current status?

      Will the banks get the country official to arrest me and bring me back to Sg?

      Appreciate with your kind answer.

      Am really depressed.


  • Queen of sgForums
    驚世駭俗醜不啦嘰 moderatress
    FireIce's Avatar
    265,921 posts since Dec '99
  • Genie99b's Avatar
    976 posts since Jan '13
    • depending on the country n general it will not affect yer ability to migrate or get a work permit

      however the debt will continue to accrue and is not as simple as leaving the country and nvr going back

      reason b

      eing yer credit rating will suffer and that information is shared btwn banks meaning u prob will find it difficult to get any type of loan

       

      im not 100% sure but off the top of my head

       

       

       

       

    • wahsei mid9sun long time no see hope all is well :)

  • Demon Bane's Avatar
    3,228 posts since Dec '10
    • Running away will not solve the problem....even if you suceeded in fleeing overseas, you'll be on your own with no work/visa and can't get any jobs overseas....you'll be living on the streets "forever"....do you want that?

      $80K++ is not that much....why don't you try borrowing from a few friends? If the banks sue you until you become a bankrupt....its better than you hiding overseas forever....

       

  • Bio-Hawk's Avatar
    1,009 posts since May '10
    • Sir,

       

      Seems like you have a difficult part of life.

      As good people mentioned it would be advisable to finish off your debts. 80k++ can easily become 200k++ in 2-3 years with fees and loads of charges. If you sell/close your biz may be you can get some and pay it off.Even if you find a job and pay 1k/month it can be paid off in 7 years and earlier with support of your wife/family.

       

      Start with your wife and family to see if they can help.If you run off and lets say you find something in another contry, possibility of coming back for next 5 years would be quite hard. Most likely she will move on,get married with some one else and you will still be liable for debt. You will loose your child as well,perhaps never see your living parents again and probably have criminal case against you.Country official can get a warrant to arrest you or a debt collector can harrass you in your new country(normally with added charges to existing amount).

      All the best.

       

  • M the name's Avatar
    1,763 posts since Mar '09
  • fudgester's Avatar
    25,382 posts since Jan '04
    • Originally posted by A Failure:

      You are very helpful RE, thank you very much.

      But people, I have chosen the path. Pls advise my question in 1st post. Thank you.

      People have shown you better paths. Yet you still choose the path of destruction.

      And believe me when I say destruction. Your debts will not magically disappear when you disappear. Yes, your wife and parents will be hounded by your creditors. Yes, your creditors can literally chase you to the ends of the earth. Why are you being so selfish to make your wife and parents bear your problems for you?

      80k is a lot of money, but it is not insurmountable. With the help of CCS, you can negotiate a reasonable repayment plan with your creditors.

      If you run away, the interest will make your debts balloon, and your child will grow up cursing you for being his father. 

      For goodness' sake, just call CCS and let them help you sort things out with your creditors.

      Edited by fudgester 10 Oct `13, 11:56AM
  • lce's Avatar
    2,464 posts since Jun '11
    • 80k n running away?

      u r dirt cheap!!!!

      run yr debt to 100k then declare bankrupt  then work hard to get yr way out

      Edited by lce 10 Oct `13, 1:03PM
  • All the Best!'s Avatar
    2,754 posts since Oct '13
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