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Cancellation of PR with unpaid credit cards
Posted: Wed, 02 Mar 2011 5:15 pm
by creepingdeath
Hi there!
I need some help regarding my small problem. Let me give you a short background:
I'm a PR here in Singapore, and fortunately, I was hired by a company in NZ. Also, all the necessary documents required to land in NZ are already in my possession. But these are the scenarios:
1. I filed my resignation on my current company Here in SG effective 15 April 2011. And my employer NZ already purchased a plane ticket for me, and my flight to NZ will be on 12 April.
2. I only got few days to settle my cancellation of PR, which I believe can be cancelled on the day itself (I mean to fascilitate the cancellation procedures at ICA).
3. Next stop is to settle my tax at IRAS. My current employer already filed my last year assessment, and IR21. For sure I can settle these things at IRAS within a day.
4.. I have no time to withdraw my CPF money. Since the day of my last day of employment here in SG is too close to my flight in NZ.
5. I have a few outstanding balances on my 2 credit cards, which I planned to pay all of these once I withdraw my money at my CPF account.
My questions are the ff:
1. Is it possible to forward my CPF money on an overseas bank account? (say in NZ).
2. Can I have an arrangement with the banks for my payment on my credit card bills even though I'm already outside Singapore?
3. Will the airport authorities (or immigration officers) prevent me from leaving Singapore because of these credit card debts?
You may call me a runner temporarily, but once I get my hands on my CPF money, surely I'll pay these debts. It so happened that my new employer eagerly wants me to start work immediately. I have no choice because surely it's a good opportunity that I can't miss.
Thanks in advance.
Re: Cancellation of PR with unpaid credit cards
Posted: Wed, 02 Mar 2011 5:49 pm
by sundaymorningstaple
creepingdeath wrote:Hi there!
I need some help regarding my small problem. Let me give you a short background:
I'm a PR here in Singapore, and fortunately, I was hired by a company in NZ. Also, all the necessary documents required to land in NZ are already in my possession. But these are the scenarios:
1. I filed my resignation on my current company Here in SG effective 15 April 2011. And my employer NZ already purchased a plane ticket for me, and my flight to NZ will be on 12 April.
2. I only got few days to settle my cancellation of PR, which I believe can be cancelled on the day itself (I mean to fascilitate the cancellation procedures at ICA).
3. Next stop is to settle my tax at IRAS. My current employer already filed my last year assessment, and IR21. For sure I can settle these things at IRAS within a day.
4.. I have no time to withdraw my CPF money. Since the day of my last day of employment here in SG is too close to my flight in NZ.
5. I have a few outstanding balances on my 2 credit cards, which I planned to pay all of these once I withdraw my money at my CPF account.
My questions are the ff:
1. Is it possible to forward my CPF money on an overseas bank account? (say in NZ).
Yes. CPF Board will forward the money electronically to any bank you designate within 10 business days (theoretically) If it's in Christchurch though, might take a wee bit longer.
2. Can I have an arrangement with the banks for my payment on my credit card bills even though I'm already outside Singapore?
Unsure. You would have to check with the NZ bank.
3. Will the airport authorities (or immigration officers) prevent me from leaving Singapore because of these credit card debts?
No, if you aren't really in arrears yet. On the other hand, if you have been in arrears for quite some time, it might be another matter, but doubtful.
You may call me a runner temporarily, but once I get my hands on my CPF money, surely I'll pay these debts. It so happened that my new employer eagerly wants me to start work immediately. I have no choice because surely it's a good opportunity that I can't miss.
Remember, if you give up your PR and withdraw your CPF you will not get it back. If the job in NZ falls through, well you done broke all your eggs here. Good Luck
Thanks in advance.
Re: Cancellation of PR with unpaid credit cards
Posted: Wed, 02 Mar 2011 6:13 pm
by Mad Scientist
creepingdeath wrote:Hi there!
My questions are the ff:
1. Is it possible to forward my CPF money on an overseas bank account? (say in NZ).
Once you surrender your PR to ICA, you have to run to CPF building. It will only takes less than an hour to get your monies back. This is the easiest way. OR leave a local bank. To remit the money from CPF to your appointed bank in NZ, may take you a few days and you will not get a good exchange rate. On top of that , CPF does guarantees the money will be in your foreign as they indemnify themselves from any error occurs. Hence you have to provide them the correct acc. no etc. POSB will be easier, you can arrange a letter of indemnity with your appointed local bank. At least the local bank you appointed knows you.
2. Can I have an arrangement with the banks for my payment on my credit card bills even though I'm already outside Singapore?
Yes , you can. Provide the credit card bank with your overseas address
3. Will the airport authorities (or immigration officers) prevent me from leaving Singapore because of these credit card debts?
NO, unless your name got submitted to interpol. That may take a while before it happens
Re: Cancellation of PR with unpaid credit cards
Posted: Thu, 03 Mar 2011 11:33 am
by ecureilx
Mad Scientist wrote:
3. Will the airport authorities (or immigration officers) prevent me from leaving Singapore because of these credit card debts?
NO, unless your name got submitted to interpol. That may take a while before it happens
And the last time I check, Credit Card debts are not criminal enough to warrant an arrest, though the collection agencies may say otherwise ..
Re: Cancellation of PR with unpaid credit cards
Posted: Thu, 03 Mar 2011 11:35 am
by Strong Eagle
ecureilx wrote:Mad Scientist wrote:
3. Will the airport authorities (or immigration officers) prevent me from leaving Singapore because of these credit card debts?
NO, unless your name got submitted to interpol. That may take a while before it happens
And the last time I check, Credit Card debts are not criminal enough to warrant an arrest, though the collection agencies may say otherwise ..
Besides, if you make minimum monthly payments, the bank won't care where you are paying from, and you are not breaking your end of the bargain.
Re: Cancellation of PR with unpaid credit cards
Posted: Thu, 03 Mar 2011 11:38 am
by ksl
ecureilx wrote:Mad Scientist wrote:
3. Will the airport authorities (or immigration officers) prevent me from leaving Singapore because of these credit card debts?
NO, unless your name got submitted to interpol. That may take a while before it happens
And the last time I check, Credit Card debts are not criminal enough to warrant an arrest, though the collection agencies may say otherwise ..
Though a phone call to NZ, will soon have the loansharks around
Posted: Fri, 04 Mar 2011 3:56 am
by Mad Scientist
OK , I think some of you might construed differently from what I meant.
1. Credit card debt is only debt between you and bank. AS long as you make good on your payment or min. monthly payment, It does not matter where the money is coming. Do not close your bank account and your local cheque book in SG, just sent it over once the CC statement arrives. At the back of the statement it usually has a change of address , if you no longer residing in SG.
2. Credit card fraud that will go to Interpol if the local bank filed it in the court and found out that you are no longer in SG. It will takes some serious Sh!t for you to be in that list.
3. If you failed to pay your CC debt and the bank is able to locate where you are. debt collection agency overseas will come after you . In NZ, debt recovery is alive and kicking.
I would suggest that once you have renounce your PR and go over to CPF to withdraw your money. Inform CPF to remit it to your local bank. If you inform them you want it to be remitted overseas, you will need the appointed bank Swift Code. If you do it locally , then apply for Demand Draft in NZ dollar and you can bring it over in NZ. Save and secured
Posted: Sun, 09 Oct 2011 8:17 am
by jared
just f*cking fly out!
Life is short to worry about these things. Looking back, you'll probably tell yourself you should have done it more and more!
Posted: Sun, 09 Oct 2011 11:40 am
by ecureilx
jared wrote:just f*cking fly out!
Life is short to worry about these things. Looking back, you'll probably tell yourself you should have done it more and more!
You lack moral fiber in your brain, do you ????
Posted: Sun, 09 Oct 2011 12:05 pm
by carteki
why not use your CPF money to pay the outstanding credit card bill? You'll lose soooo much money on the forex costs to NZD and then back to SGD it really isn't worth doing it that way.
Posted: Sun, 09 Oct 2011 6:49 pm
by Mi Amigo
jared wrote:just f*cking fly out!
Life is short to worry about these things. Looking back, you'll probably tell yourself you should have done it more and more!
... and we wonder why there is so much anti-foreigner feeling here. What an unbelieveable attitude.
Posted: Sun, 09 Oct 2011 7:32 pm
by sundaymorningstaple
He's probably just had his EP renewal rejected and doesn't understand why.
Posted: Mon, 10 Oct 2011 10:21 am
by ScoobyDoes
carteki wrote:why not use your CPF money to pay the outstanding credit card bill? You'll lose soooo much money on the forex costs to NZD and then back to SGD it really isn't worth doing it that way.
I doubt it given the original post was back in March....... talk about a goner.