Question on EP Renewal

NPrakash1990 Member

Member since 04 January 2022

NPrakash1990Member04 January 2022 16:33:04

Hello all, new to this forum. I have been working in SG since 2015.
Had EP renewed 4 times.
Current package is 100K SGD and equipped with good skills which are in much demand.
Permanent employee in one of the big Indian MNC.
My employer raised EP renewal on 10th Dec and status still shows pending.

My question is, I do have 3 credit cards and have taken 24K loan. I might have missed 2-3 times minimum payment but have been very consistent in paying every month. In fact I have paid close to 7K already. Only received 2 follow up calls in 2020 from banks and payments have been made accordingly. All cards are active and under use.

Do you think this would affect the EP renewal outcome?

Will there be any spontaneous/compulsory checks on one’s financial status and bank statements?

beppi Germany/Singapore Expert

Member since 08 August 2010

Germany & Singapore Expert

beppiGermany/Singapore Expert04 January 2022 20:10:31

15445

Unless you committed any offence (like defaulting on the payments), credit card or other debt will not impact your EP renewal.

NPrakash1990 Member

Member since 04 January 2022

NPrakash1990Member05 January 2022 00:59:12

Thanks for the reply! May I know what exactly is considered as defaulting?
Missing couple of payments considered as defaulting? I did get a call from a bank and they told me to pay some amount right away and share the screenshot which I did immediately.

Does this considered as defaulting or it’s just missed payments which was made up later?

Thanks in advance

beppi Germany/Singapore Expert

Member since 08 August 2010

Germany & Singapore Expert

beppiGermany/Singapore Expert05 January 2022 08:11:56

15445

Did they start legal proceedings against you?

NPrakash1990 Member

Member since 04 January 2022

NPrakash1990Member05 January 2022 08:51:10

No no! There is nothing as such. Just reminder calls to make the payment and it was done.
None of the cards were blocked, and also in last one year there were no calls also made as every payment was done timely.

I was just trying to understand what it means by defaulting. Would there be a legal proceedings that involve bank, recovery agents, visits to home, lawyer and police involvement? No such things happened in my scenario.