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I need assistance with my debts.

I am a little late in paying my rents and I am a little short in money for a while because I just got fired in my previous job. I am currently finding a new job while I work part time as a freelancer. I am also in debt with some of my relatives and late in paying all my bills, I am wondering if where can I find a guarantor even just for my rents.

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    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.

    2020.03.24 15:44

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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.

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 a loan shark be full of debts?

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.

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.

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.

Is borrowing money from a loan shark legal?

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.

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