Debt Questions and Answers Forum

Since you already filed for bankruptcy, you have nothing to worry about. One of the benefits of filing for bankruptcy is that creditors cannot sue you because they are banned from commencing legal proceedings against you to recover debts incurred before bankruptcym after the making of the Bankruptcy Order.

As long as you are able to pay your credit balance as soon as possible, I don't see the harm in paying of a loan with your credit cards, since it would obviously be better for you to pay the loan that you had before, since every month it will increase in interest and would cost more, while the credit card that you posses only needs to be paid monthly and will be unaccesible only if you exceed the credit limit but mind you, as long as it remains unpaid credit can also increase in interest so exercise this with caution

First of all, loan sharks are illegal loaners that the government does not recognize. It is illegal to lend money without a license. If the loan sharks loan lent you the money in a illegal matter, the loan shark has no legal right to collect it and they can't take you to court to get it back. Some loan sharks will threaten you by saying you will be prosecuted and even sent to prison if you don't pay up. This can not happen, an unauthorised lender such as a loan shark has no legal right to recover the debt.

You can immediately report to the authority a potential loan shark given that they gave you a higher interest rate above than legal. Any debtee that threatens or uses violence to collect debt may be reported to the police, illegal or legal, as it against the law. Your failure to pay the debt is not a criminal offense given that you are willing to pay but lacks time.

A law exists in Singapore that is strictly states that certainty and completeness (Ch 08 Law of Contract) must be present in a contract before being agreed upon. Given that you and the company have agreed upon a specific time, they cannot and must not forced you to pay other than before or on the exact day of due date. Hence, if not followed or attended, the other party may file a civil suit for a breach of contract.

After filing the Debtor’s Bankruptcy Application and the Affidavit in Support of Debtor’s Bankruptcy Application and the procedures done, there is a 21-day allotment required to instruct the bankcrupt by the Official Assignee of his responsibilities and state his liabilities and assets. His monthly contribution plan will be discussed as well with the Official Assignee.

The family, including his wife (unless they have joint accounts) and sons, will not be inheriting the debts that your uncle left them. The debts of your uncle will be payable out of his estate. The executor responsible will then proceed to sell off investments and withdraw the money left in the deceased's bank accounts to pay off his debts. After settling the debts, is the time when the executor will distribute the remaining assets according to the instructions of the deceased’s will.

Unfortunately, you can't hastily go to the police since you have a private settlement and agreement. Personal loan cases or debt cases are considered to be civil case and not a criminal case so the police cannot take action of the said circumstance. Given the situation, you might want to ask him personally.

Guarantor loans are one way to help a person to pay his debts by lending him a money. It involves a guarantor agreement that must be armed with facts. A guarantor is usually a relative or someone you know well so he will be able to ensure that you will repay the borrowed money. Given your situation, you can ask help from you parent or sibling as long as you have separate accounts.

A foreclosed home purchased through auction might also have liens filed against it, such as liens for outstanding tax payments. Banks will often sell these homes at prices below market value to get rid of them. The best news for buyers is that banks are required to pay off any liens filed against these properties

You can sue someone for money you loaned to them. A verbal agreement is usually enforceable. You will have to be able to prove the terms of the agreement and hopefully, you can do that through your bank records and text. Evidence must be provided to sue those who borrowed money from you. It is not a rare case here in Singapore but it also happens in other countries.

Loan sharks have existed every since people and groups needed money to create business or pay their existing debts. Unfortunately, they do not operate within the regulations of Singapore's Ministry of Law. In turn, they can increase interest rates to the highest levels they wish monthly and reject the amounts you regularly pay to allow them to gain higher interest rates and more money from you.

Loans are usually offered by banks. You can get a loan if your pay check is validated by the bank that you are capable of doing a loan. You can also get loans from other agencies, but they have different qualifications. Some agencies do not require pay check but have a legal contract before you get your loan.

When collecting a debt from someone, you must do everthing professionally. In this case, the debt collector dealt it in a private settlement. What sets them apart from your neighbourhood ah long is the fact that they try to comply with the law. There’s also an industry Code of Ethics set up by the Credit Collection Association of Singapore, which resolves disputes between debtors and collection agencies; however, the CCAS does not have a great deal of power to enforce the code.

Most loan sharks have a lot of money due to their way of business. Other loan sharks are under by a much bigger company that also lend money. Even though being a loan shark is illegal, they still continue to do this business. They usually do this illegal stuffs to pay their debts. So even though they are doing illegal things, they are doing it to pay other people.

Holding patients because of medical bills are illegal and you can fight for your right. A judge recently said that it was illegal to detain a patient because it will be a violation of human rights. Detaining a person inside a hospital will limit his or her movements which means that the hospital kind a took the freedom of the patient.

Your brother will be a guarantor and it is anyone who will be liable or someone who is willing to pay other's debt. That will be the job of your brother. He will have no choice but to pay your debts if you cannot. In this case, your brother is your guarantor but not legally, comparing it to the jobs a guarantor should have.

Being a guarantor is a nice job since you will be able to get a big money when one of your products was sold like a house or a car because it will be one huge amount of money in one person. But of course, it will tough during the first times since your credibility will be in question but once the skill was proven, more clients will come to your way.

A notice of default should be issued first by the lender and if the borrower still not responded, a notice of trustee's sale is recorded in the county office. The lender can then sell the property through a public auction and the money that will be collected to that will be the payment for the borrower's unpaid debt.

Helping someone is an ethical thing to do when they are at the point that they need help. But there are situations that those people who seek help are pretending only to get an advantage with you. You must always choose people who you would help. When you are helping, do not expect something in return. If you are being helped and want to return the favor in ways that you can provide it is good. If the person accepts your way of gratitude and wants something inhuman, you can demand them for harassment.