SOS really need help!

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!

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

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..

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!

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 ?

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.

Thank you ..i will do ..by the way may i know your profession please ??

My profession is unimportant in this context, but I am industrial project manager.

just nothing like that i am very curious to ask..anyhow thank you for your reply bro and support.

What do you think?  Is it safe to say I'm safe? 

- @Sing-alog

@Zion_cepheroe

hi

@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?

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.

@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

@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

@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.

Hi monty, so your friend's COC doesn't have any notes about his unpaid loan? I want to know since i need get COC as well coz ill be applying my PR this year. I need to know if it will reflect on my COC of having unpaid loan in Singapore 9yrs ago.

@Boynkie19 The user you ae referring to, Monty007, was last seen on this forum nearly seven years ago.

I think it is unlikely that you will get a reply from him. But please feel fee to start a thread of your own to open the discussion to others as well!