Singapore Expats

Hello all,

A buddy of mine who recently moved to Spore from just got a notice from a debt collector in HK. He used to live in HK over 10 years ago and apparently has some outstanding credit card debt.

A couple of quick Qs:

1) What kind of jurisdiction does the debt collector based in HK have here in Spore?
2) What kind of rights does he have to protect himself against harassment?

Should he hire a lawyer?

Thanks all

Quick answer, from my past experience with the debt collectors ..

agoodfella wrote: 1) What kind of jurisdiction does the debt collector based in HK have here in Singapore?

Nothing they can do .. but, they can engage a counter-part debt collector here, to chase for payment. Other than a periodic reminder, call, letter to your employer - they can't do much ..

2) What kind of rights does he have to protect himself against harassment?

Should he hire a lawyer?

Thanks all

Why protect ? Does he really owe money ? If yes, pay it or work a repayment plan. If no debts, go to Police for legal advice .. no kidding - Police here are the best advisors .. in my own experience ..

A couple of quick Qs:

1) What kind of jurisdiction does the debt collector based in HK have here in Singapore?
2) What kind of rights does he have to protect himself against harassment?

1.None (but it won't help)
2.The same rightone: though it won't help as there are hundreds here that get harassed for non payment, just like HK, Taiwan, and China....

Better off arranging payment or suffer the consequences, of a debt collector, your name will be spray painted on the walls of your apartment blk, with house number, just to remind you to pay your debts The police do not take kindly either to people that don't pay their debts, as there is no excuse, for not paying. You may even be flagged here as a undesirable too so maybe your work pass will not be renewed.

HK and SG are a part of Commonwealth countries which were colonies to British Empire. There are some legal binding between all these countries which can be applied to each countries thru court proceedings in each country.
1. First of all, the HK Debt Collector is representing a bank hence you are done for.
2. The HK bank will appoint a legal team in SG to collect the debt on behalf of them if they are aware of your friend's whereabout.
3. If not, after a period of time in HK(Not sure on HK legality) , they will file a Chap 11 on your friend in HK court. This will enable them to get jurisdiction on your assets in HK, and other countries(depends). All banks has secondary insurance cover for debt loss to defaulters . With this injunction they can recover their monies through insurance.SG court recognise this as valid and make this a filing motion on your friend here and injunction can be applied here too.
4. If this fails, your friend name will end up on the list in interpol.This will depend on the bank submission to court)
5. International Debt collector will not harrassed you literally. They will go thru legal procedures that makes you feel miserable and squeeze.
6. If he is already in debt, it is best to settle it amicably with them.
7. Never, never goes against the bank if you are already found to be at fault. Going thru lawyer is just a waste of money and the lawyer's fees will be better to pay off the debt

I doubt your friend wants to go thru this. Trust me, it is much worse than you can imagine once the bank in HK file it here in SG court. Your friend will have trouble in getting good credit rating with the banks here too.

And that was positive thinking issit?

JR8 wrote:And that was positive thinking issit?

Sorry, I do not catch you?

Hi All,

A good friend who was working here for the last 10 years has left Singapore for good. He has sold his HDB, cancelled his PR and has quit the country forever. He had raked up huge loans from banks and due to some severe financial crisis back home in his home country India,he could not pay up the loans here inspite of the fact that he sold his house.

Few questions in this regard -

1) What kind of jurisdiction does the Singapore banks have considering the man is now back in India and would never return to Singapore?
2) Considering he would never return back to Singapore, can the banks chase him in India?

Thanks all.

Consultant123 wrote:Hi All,

A good friend who was working here for the last 10 years has left Singapore for good. He has sold his HDB, cancelled his PR and has quit the country forever. He had raked up huge loans from banks and due to some severe financial crisis back home in his home country India,he could not pay up the loans here inspite of the fact that he sold his house.

Few questions in this regard -

1) What kind of jurisdiction does the Singapore banks have considering the man is now back in India and would never return to Singapore?
2) Considering he would never return back to Singapore, can the banks chase him in India?

Thanks all.

Especially, when it comes to India, the banks here has wisened up .. especially HSBC and Stan Chart .. and engage debt collectors, through their counterparts, to locate and demand payment.

How far they will go ? I have no clue ..

Its very complicated and I dont think they can do anything to him, while he is in India.

The thing is personal loans are unsecured and there is no collateral against it, unlike car loans or home loans. If a person decides that he doesnt want to return the money, they cant do anything to him other than just trying to harass him mentally, but not physically.

While he is in India, he is bound by Indian laws and they are even more lax than Singapore, there is no concept of bankcrupcy there so I cant see how they will ever be able to recover the money.

revhappy wrote:Its very complicated and I dont think they can do anything to him, while he is in India.

The thing is personal loans are unsecured and there is no collateral against it, unlike car loans or home loans. If a person decides that he doesnt want to return the money, they cant do anything to him other than just trying to harass him mentally, but not physically.

While he is in India, he is bound by Indian laws and they are even more lax than Singapore, there is no concept of bankcrupcy there so I cant see how they will ever be able to recover the money.

But that will not stop any debt collector from visiting his house or sending letters - if his address is proper ..

ecureilx wrote:

revhappy wrote:Its very complicated and I dont think they can do anything to him, while he is in India.

The thing is personal loans are unsecured and there is no collateral against it, unlike car loans or home loans. If a person decides that he doesnt want to return the money, they cant do anything to him other than just trying to harass him mentally, but not physically.

While he is in India, he is bound by Indian laws and they are even more lax than Singapore, there is no concept of bankcrupcy there so I cant see how they will ever be able to recover the money.

But that will not stop any debt collector from visiting his house or sending letters - if his address is proper ..

Yeah, they can do all that at worst send goons to the house to threaten, but thats it. Any kind of physical assault or seizure of property is not allowed.

revhappy wrote:

ecureilx wrote:

revhappy wrote:Its very complicated and I dont think they can do anything to him, while he is in India.

The thing is personal loans are unsecured and there is no collateral against it, unlike car loans or home loans. If a person decides that he doesnt want to return the money, they cant do anything to him other than just trying to harass him mentally, but not physically.

While he is in India, he is bound by Indian laws and they are even more lax than Singapore, there is no concept of bankcrupcy there so I cant see how they will ever be able to recover the money.

But that will not stop any debt collector from visiting his house or sending letters - if his address is proper ..

Yeah, they can do all that at worst send goons to the house to threaten, but thats it. Any kind of physical assault or seizure of property is not allowed.

Well that's really a good thing it isn't allowed in India, he has nothing to worry about, right?

Personally, I wouldn't worry about the bank. But if it's like the US where they start selling your debt to third parties, I'd be worried even in India.

All he has done is force himself to stay in India for the rest of his masters holding life. Those banks will blacklist him internationally. He'll never get credit outside or even inside India again.

revhappy wrote:Its very complicated and I dont think they can do anything to him, while he is in India.

The thing is personal loans are unsecured and there is no collateral against it, unlike car loans or home loans. If a person decides that he doesnt want to return the money, they cant do anything to him other than just trying to harass him mentally, but not physically.

While he is in India, he is bound by Indian laws and they are even more lax than Singapore, there is no concept of bankcrupcy there so I cant see how they will ever be able to recover the money.

In India, they can just pull him over on the road and beat him up. Nothing happens to the bank guys for doing that. Happens to about 10k people everyday. I have heard incidents of people hospitalized after the bank guys had beaten them mercilessly.

vishalgupta2 wrote:

revhappy wrote:Its very complicated and I dont think they can do anything to him, while he is in India.

The thing is personal loans are unsecured and there is no collateral against it, unlike car loans or home loans. If a person decides that he doesnt want to return the money, they cant do anything to him other than just trying to harass him mentally, but not physically.

While he is in India, he is bound by Indian laws and they are even more lax than Singapore, there is no concept of bankcrupcy there so I cant see how they will ever be able to recover the money.

In India, they can just pull him over on the road and beat him up. Nothing happens to the bank guys for doing that. Happens to about 10k people everyday. I have heard incidents of people hospitalized after the bank guys had beaten them mercilessly.

But I thought that wasn't allowed? You mean people flout the law in India?