MoneyDuck Experts
Waiting for your Request!
Forum
Last updated: 

I have a debt and charged me with high interest rate, what should I do?

I borrowed money from a person that I know offers a loan shark as he promised me an immediate financial help for my daughter that is in the hospital. I am a construction worker and I am incapable of paying the debt plus their high interest rate. The loan shark gave me a short span of time to pay them back. As a result I was not able to pay them with the given due date and they threatened me with violence like painting on our gates.

User comments

  • user image

    No Name

    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.

    2020.03.24 15:44

Please leave your knowledge and opinion!

Related Products

Related Forums

Is being a guarantor a practical job?

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.

Can I get loan even though I have debts?

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.

My neighbor owed me money for a year and stil haven't paying me back.

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.

Can civil suit be taken regardless of private settlement?

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.

Can creditors sue me for debts if I file for bankruptcy?

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.

Foreclosure of a private property

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.

Related Providers

Related Reviews

No transaction fee for your cash withdrawal via 24,000 BOC ATMs in Mainland China

With this card there are no currency exchange fees for all RMB transactions through RMB account. Plus enjoy convenience via UnionPay, the largest payment network in China. Interestingly, if the balance on your RMB sub-account is insufficient, the card will deduct from your SGD sub-account based on BOC’s real time exchange rate. There are no transaction fee for your cash withdrawal via 24,000 BOC ATMs in Mainland China for a limited time however.

BOC UnionPay Dual Currency Debit Card / Bank of China

Cash rebate is capped at a maximum of S$10 per calendar month.

The Bank of China is now officially part of the atm5 shared network and in effect you can now check your account balance and enjoy cash withdrawals with your BOC Great Wall International MasterCard Debit Card at over 230 ATMs with atm5 Logo Island wide without any transaction fees. You should know that cash rebate is capped at a maximum of S$10 per calendar month.

Bank of China Great Wall International Debit Card / Bank of China

3% cashback for contactless payments like Visa PayWave, Apple Pay transactions

The DBS Visa Debit Card has my vote for being the one of the best debit cards in Singapore. You get 3% cashback for contactless payments like Visa PayWave, Apple Pay transactions with a few conditions to be met like spend at least $400 a month on your debit card and limit cash withdrawals to $400 or less a month. Cashback is capped at $50 a month while you should note that PayWave transactions are capped at $200 per transaction. You should also know that the card can be used overseas with no foreign transaction fee if paired with a DBS Multi-Currency Account

DBS Visa Debit Card / DBS Bank

Enjoy up to 10% off on travel related bookings with participating merchants

With this card, you’ll be able to get cash rebates of up to 10% when you use your card to make purchases at participating merchants such as Cathay Cineplexes and Cold Storage.If you’re one for travelling and adventure, you can also enjoy up to 10% off on travel related bookings with participating merchants.There is no minimum income and annual fee required for this card.You only need to be 16 years or older with a UOB Savings Account or Current Account

UOB Direct VISA Debit Card / United Overseas Bank

Greater control over foreign currency exchange rates that you get

With UOB Mighty FX, you not only save on additional foreign exchange (FX) conversion fees when you shop on overseas websites, but you also have greater control over the foreign currency exchange rates that you get. UOB Mighty FX allows you to view and exchange with real-time foreign exchange (FX) rates for popular currencies including USD, GBP, Euro, Australian Dollar (AUD) and Japanese Yen (JPY). Some exchange rates offered by UOB Mighty FX are even better than those at popular money changers, so clearly, this can help you save some money.

UOB Mighty FX / United Overseas Bank

Allows you to check your LinkPoints balance and transaction history conveniently

The NTUC Plus! Visa Debit Card Plus App enhances your rewards experience and allows you to check your LinkPoints balance and transaction history conveniently. So be it shopping, exercising, traveling or dining, explore the discounts and deals you can get under Plus! Treats. You can even collect stamps from Plus! Partners to redeem exciting rewards.

NTUC Plus! VISA Debit Card / Oversea-Chinese Banking Corporation

Trending topics