Credit card debt affect EP renewal?

Last activity 07 April 2020 by beppi

974 Views

3 replies

Post new topic

IjklpqrsMember07 April 2020 09:51:57

Hii

I have been living in Singapore for 6 years and got 3 credit cards.

In mid of 2017 there was a crisis back home and I was the lonely bread winner and took around 10 k loans in each card( total 30 k) to help my family. Payment was going well till 2018 and in June 2018 my company was shut down and I got job again couple of months back and my pay was less and I was unable to do the payment properly 😔

Fast forward I got debt notice in all three banks and my EP is currently in renewal. Scared to death whether my application will be rejected.

Any suggestions?

beppiGermany - Singapore Expert07 April 2020 12:01:47

15314

This will only influence your EP when the debtors have taken legal action against you.
If you are still in negotiation with the banks, or have mutually agreed on a solution (e.g. payment in installments), you are relatively safe.
But please learn from this situation: It is NOT a good idea to spend (or give away) money you don't have!

IjklpqrsMember07 April 2020 14:02:19

What if legal action was taken? One of the bank send me legal notice. Yes true lesson learned in a hard way!

beppiGermany - Singapore Expert07 April 2020 16:35:16

15314

If legal action was taken, MoM will know about and consider it during the approval process.

Articles to help you in your expat project in Singapore

Work visas for Singapore
As an expat, you must have a job to pay for your rent, bills, and leisure activities, but you can't just move ...
Work visas in Singapore
PEP applicants are assessed on the following criteria:
Driving in Singapore
Singapore has an efficient public transportation system coupled with excellent taxi services, with phone apps ...
Dating in Singapore
Moving to Singapore has been fun since you've been exploring a new country and culture. However, if you ...
Internships in Singapore
Singapore is home to many universities of international repute, as well as companies from a diverse range of ...
Marriage in Singapore
Singapore allows both foreigners or a foreigner and a local national to marry in the country. The procedures and ...
Using phones in Singapore
As in many developed countries, mobile phones have taken over the landline network in Singapore. Whether ...
Finding a job in Singapore
Singapore has a well-developed job market with numerous outlets providing information on employment opportunities, ...