I am about to file for bankruptcy but I've heard that there are certain restrictions once a person is declared bankrupt. I am curious about those restrictions and I want to find out more about them so that I could re-evaluate my current situation and think of alternative solutions before I file for bankrupptcy.
Every transaction you complete using CardUp will incur a 2.6% transaction fee. This can actually add up over time, especially if you’re relying heavily on CardUp. That being said, if your card offers cash rebates or frequent flyer miles, you may easily be able to offset the transaction fee. CardUp works by being a middleman in your transactions. Instead of directly transferring funds from your account to a vendor, you pay CardUp via credit card. CardUp will then transfer the funds to your designated vendor. CardUp charges you a transaction fee for each payment made.
CardUp / CardUp
Liquid Pay is a much smaller player in the scene, but I am seeing more and more of that bright blue logo nowadays. Liquid Group is a payments technology company that works with financial institutions and telcos to enhance mobile payment capabilities. Amidst the competitive market, it seems that Liquid Pay has an uphill battle acquiring customers from other mobile wallets that boasts more integration with other uses like GrabPay and DBS PayLah. Yet, given the circumstances, Liquid Pay is surprisingly widely accepted at food and beverage outlets.
Liquid Pay / Fave Group
I transferred the wrong amount of KrisFlyer miles to KrisPay and could not reverse it. As the top up process into KrisPay account is only one-way, I was told I will not be able to process any reversal. Please ensure that the KrisFlyer miles or partner reward points you wish to transfer to KrisPay are correct before proceeding to confirm the top-up. All conversion transactions cannot be reversed.
KrisPay / Singapore Airlines
This platform provides zero flexibility of refunding from wallet if there is an error in the process of toping up the amount. Been told by Customer service that the only way is to terminate the account and the refund will be credited after 2 weeks. The UI as well have to be clear at the home screen on which default payment mode are we on as I've been told that the payment mode might switch every time after updating the app
NETSPay / Electronic Transfers Singapore
The BOC SG eWallet is a new mobile app that allows you to manage your credit card account and payment service. You can use your BOC SG eWallet mobile app to bind/unbind your BOC Unionpay credit card for QR Code payments, QR transactions history tracking, etc.Both consumer-presented and merchant-presented QR scanning functions are available. Your transactions made via the mobile app is secured. For more details, you can click on “Security Tips
BOC SG eWallet / Bank of China
FavePay is the new kid on the block somewhat, yet they’ve been growing aggressively. Fave Pay is now available not only in Singapore but also in Johor Bahru, Kuala Lumpur, Penang, Jakarta, Bali and other Malaysian and Indonesian locations.The main thing that sets FavePay apart from the rest is that they offer generous deals and cash back at many of the merchants on their list and you can even use the app to search for deals nearby. Rather than shopping and retail, Fave Pay is focused on dining and experiences, and their merchant selection reflects that
FavePay / Fave Group
No Name
If you are in debt and are having a hard time repaying your creditors then I suggest that voluntarily filing for bankruptcy is the better option. Though there are some restrictions, it wouldn't really affect your daily life and necessities. Once declared bankrupt you cannot be appointed as a trustee or personal representative in respect of any trust or estate, unless the court approves, commence legal action against another person without permission from the OA unless on the grounds of personal injury or divorce, leave Singapore without the OA's permission, borrow more that S$500 without informing the lender that you are bankrupt and participate in the management of business or acts as the director of a company without the permission of the OA or the High Court.