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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.

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    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

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Is my brother a possible guarantor?

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.

The debt collector is asking for a private settlement

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.

I owe my boss

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.

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.

What will happen if someone unfortunately die of accident leaving his debts behind?

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.

I am called to pay my debt earlier than the agreed 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.

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