CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Read

[ahleebabasingaporethief]

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</td></tr> <tr><td class="msgtxt"><table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td>Can bank seek private info from debtor's employer?
</td></tr><tr><td><!-- headline one : end -->
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</td></tr></tbody></table> <!-- START OF : div id="storytext"--> <!-- more than 4 paragraphs --> A RECENT incident experienced by a close friend has left me wondering if banks have become overzealous in their debt collection tactics.
My friend's employer received a letter from a solicitor stating that there was a judgment obtained by a bank against my friend, and that the solicitors were acting on the bank's behalf.
The letter went on to ask if my friend was an employee, what his monthly salary was, how the salary was disbursed, whether by cheque, Giro or cash, the day it was paid, and the bank and account number to which the salary was credited.
My friend was hauled up and told that his employment would be terminated because of this legal suit. Naturally, he was devastated, wondering how he would feed his family and find a new job in this economic downturn.
Can the Monetary Authority of Singapore (MAS) clarify whether such letters violate banking secrecy laws?
Even if the financial institution is not named, the employer will ask the named individual, who will be forced to divulge personal and confidential details of his banking relationship.
Surely the banks cannot claim ignorance of banking secrecy when their action places customers in a position where they are forced to disclose such information.
In many cases, termination of employment is a very real possibility, and the bank cannot plead ignorance of this consequence for the debtor.
What is the stand of the Association of Banks in Singapore (ABS) regarding such letters? Surely they border very close to a breach of banking secrecy and should be regarded as harassment of a distressed debtor who may lose his job.
I hope MAS and ABS can stop such practices. It makes a mockery of the ABS code of conduct, which stresses fairness in dealing with customers.
Patrick Low



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[BlueCat]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

this is surely against those Banking's act or MAS regulations about personal data,i believe.
but maybe these is/are loopholes which those lawyers just take.
but still it is not the right,either the sum is big else i believe they will not take this path. without a job,he/she will not be able to repay those debts.

 

[londoncabby]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

<table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr class="msghead"><td><table border="0" cellpadding="0" cellspacing="0"><tbody><tr class="msghead"><td class="msgT" align="right" width="1%" height="20" nowrap="nowrap">To: </td><td class="msgTname" width="68%" nowrap="nowrap">ALL <nobr></nobr></td> <td class="msgNum" align="right" nowrap="nowrap"> (1 of 11) </td></tr></tbody></table></td></tr><tr><td rowspan="4" class="msgleft" width="1%"> </td><td class="wintiny" align="right" nowrap="nowrap">16556.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt"><table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td>Can bank seek private info from debtor's employer?
</td></tr><tr><td><!-- headline one : end -->
</td></tr><tr><td><!-- show image if available -->
</td></tr></tbody></table> <!-- START OF : div id="storytext"--> <!-- more than 4 paragraphs --> A RECENT incident experienced by a close friend has left me wondering if banks have become overzealous in their debt collection tactics.
My friend's employer received a letter from a solicitor stating that there was a judgment obtained by a bank against my friend, and that the solicitors were acting on the bank's behalf.
The letter went on to ask if my friend was an employee, what his monthly salary was, how the salary was disbursed, whether by cheque, Giro or cash, the day it was paid, and the bank and account number to which the salary was credited.
My friend was hauled up and told that his employment would be terminated because of this legal suit. Naturally, he was devastated, wondering how he would feed his family and find a new job in this economic downturn.
Can the Monetary Authority of Singapore (MAS) clarify whether such letters violate banking secrecy laws?
Even if the financial institution is not named, the employer will ask the named individual, who will be forced to divulge personal and confidential details of his banking relationship.
Surely the banks cannot claim ignorance of banking secrecy when their action places customers in a position where they are forced to disclose such information.
In many cases, termination of employment is a very real possibility, and the bank cannot plead ignorance of this consequence for the debtor.
What is the stand of the Association of Banks in Singapore (ABS) regarding such letters? Surely they border very close to a breach of banking secrecy and should be regarded as harassment of a distressed debtor who may lose his job.
I hope MAS and ABS can stop such practices. It makes a mockery of the ABS code of conduct, which stresses fairness in dealing with customers.
Patrick Low



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I dont understand. What does the Credit Bureau of Singapore have to do with this?

The credit bureau is just a database of credit facilities extended to assess risk for financial institutions. They have no information on bank account, or income, only credit facilities and lawsuits.

What you are referring to is something very different. When a judgment has been obtained by the bank there is no more defense or discussion. The bank is therefore entitled to attach any assets, bank accounts etc to collect. The solicitor is trying to enforce said judgment and collect through GARNISHMENT of wages. Its perfectly legal and common WORLDWIDE

Instead of pointing finger and banks instead point finger at our stupid laws. In the US for example, it is against the law for the employer to dismiss an employee in such a case when the solicitor is only trying to collect. Instead typical stupid Singaporean fashion, the employer terminate your friend.

In the US, your friend can sue the employer.

And the bank can sue the employer too! As they are not assisting with a court order.

I blame the employer in this case.

 

[Char_Azn]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

Pretty stupid Bank. Force the guy out of his job now he really will not be able to pay them

 

[wuqi256]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

I dont understand. What does the Credit Bureau of Singapore have to do with this?

The credit bureau is just a database of credit facilities extended to assess risk for financial institutions. They have no information on bank account, or income, only credit facilities and lawsuits.

What you are referring to is something very different. When a judgment has been obtained by the bank there is no more defense or discussion. The bank is therefore entitled to attach any assets, bank accounts etc to collect. The solicitor is trying to enforce said judgment and collect through GARNISHMENT of wages. Its perfectly legal and common WORLDWIDE

Instead of pointing finger and banks instead point finger at our stupid laws. In the US for example, it is against the law for the employer to dismiss an employee in such a case when the solicitor is only trying to collect. Instead typical stupid Singaporean fashion, the employer terminate your friend.

In the US, your friend can sue the employer.

And the bank can sue the employer too! As they are not assisting with a court order.

I blame the employer in this case.

Agree, they do however have the names of the banks on your credit report that you are rated against based on your credit history and the grading gives an indication whether you were late or prompt in payment.

I used to work there when it was still at Temasek Tower and saw cases galore. Worst bank to owe money is the US banks because they will go ahead with bad rankings even if a month and some of the data was pretty bad initially.

 

[scroobal]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

Nothing to do with Credit Bureau or banking secrecy. The bank that he owes money is attempting to garnish his salary. All he has to do is talk to the bank and arrange payment. If he can't they will garnish the pay, if not the next step is bankruptcy if it is over $10K.

<table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr class="msghead"><td><table border="0" cellpadding="0" cellspacing="0"><tbody><tr class="msghead"><td class="msgT" align="right" width="1%" height="20" nowrap="nowrap">To: </td><td class="msgTname" width="68%" nowrap="nowrap">ALL <nobr></nobr></td> <td class="msgNum" align="right" nowrap="nowrap"> (1 of 11) </td></tr></tbody></table></td></tr><tr><td rowspan="4" class="msgleft" width="1%"> </td><td class="wintiny" align="right" nowrap="nowrap">16556.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt"><table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td>Can bank seek private info from debtor's employer?
</td></tr><tr><td><!-- headline one : end -->
</td></tr><tr><td><!-- show image if available -->
</td></tr></tbody></table> <!-- START OF : div id="storytext"--> <!-- more than 4 paragraphs --> A RECENT incident experienced by a close friend has left me wondering if banks have become overzealous in their debt collection tactics.
My friend's employer received a letter from a solicitor stating that there was a judgment obtained by a bank against my friend, and that the solicitors were acting on the bank's behalf.
The letter went on to ask if my friend was an employee, what his monthly salary was, how the salary was disbursed, whether by cheque, Giro or cash, the day it was paid, and the bank and account number to which the salary was credited.
My friend was hauled up and told that his employment would be terminated because of this legal suit. Naturally, he was devastated, wondering how he would feed his family and find a new job in this economic downturn.
Can the Monetary Authority of Singapore (MAS) clarify whether such letters violate banking secrecy laws?
Even if the financial institution is not named, the employer will ask the named individual, who will be forced to divulge personal and confidential details of his banking relationship.
Surely the banks cannot claim ignorance of banking secrecy when their action places customers in a position where they are forced to disclose such information.
In many cases, termination of employment is a very real possibility, and the bank cannot plead ignorance of this consequence for the debtor.
What is the stand of the Association of Banks in Singapore (ABS) regarding such letters? Surely they border very close to a breach of banking secrecy and should be regarded as harassment of a distressed debtor who may lose his job.
I hope MAS and ABS can stop such practices. It makes a mockery of the ABS code of conduct, which stresses fairness in dealing with customers.
Patrick Low



</td></tr></tbody></table>

 

[londoncabby]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

Agree, they do however have the names of the banks on your credit report that you are rated against based on your credit history and the grading gives an indication whether you were late or prompt in payment.

I used to work there when it was still at Temasek Tower and saw cases galore. Worst bank to owe money is the US banks because they will go ahead with bad rankings even if a month and some of the data was pretty bad initially.

Yes our credit bureau in Singapore is based on the US system developed by Fair Issacs and Co or FICO.

We dont have a numerical score but the most important aspect on the credit report is your payment history - 65% of your score in the USA is payment history, and course which bank has issued you credit and how many inquiries you have made to obtain credit in the past 2 years, when the credit was opened, closed, etc.

But this has nothing to do with wage garnishment, which is just a part of enforceability of judgments.

And its upsetting how little protected we are in the workplace from errant employers who can get away with firing people in unfair circumstances. Just because of an attempt to have wages attached is not a valid reason to sack people and our MOM needs to address this.

 

[wuqi256]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

Yes our credit bureau in Singapore is based on the US system developed by Fair Issacs and Co or FICO.

We dont have a numerical score but the most important aspect on the credit report is your payment history - 65% of your score in the USA is payment history, and course which bank has issued you credit and how many inquiries you have made to obtain credit in the past 2 years, when the credit was opened, closed, etc.

But this has nothing to do with wage garnishment, which is just a part of enforceability of judgments.

And its upsetting how little protected we are in the workplace from errant employers who can get away with firing people in unfair circumstances. Just because of an attempt to have wages attached is not a valid reason to sack people and our MOM needs to address this.

Oh definitely, i fully agree that CBS has nothing to do with this as its not their perogative nor are they anywhere related on banks enforcement, etc. Wage garnishment on the other hand is the business of the bank and purely as a way(rude) to recover their monies. The person should have kickstarted a discussion earlier with the bank or go to Credit Counselling Singapore for their guidance. Some folks who were with CBS are helping out with CCS.

 

[scroobal]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

Employers in Singapore have very little clue what to do when they get a legal letter seeking to garnish pay.

Citibank interestingly will ignore any legal letter to garnish the pay of its employees despite it initiating probably more such requests.

Oh definitely, i fully agree that CBS has nothing to do with this as its not their perogative nor are they anywhere related on banks enforcement, etc. Wage garnishment on the other hand is the business of the bank and purely as a way(rude) to recover their monies. The person should have kickstarted a discussion earlier with the bank or go to Credit Counselling Singapore for their guidance. Some folks who were with CBS are helping out with CCS.

 

[annexa]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

Own goal. Now he lagi canot service the loans!

 

[lifeafter41]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

<table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr class="msghead"><td><table border="0" cellpadding="0" cellspacing="0"><tbody><tr class="msghead"><td class="msgT" align="right" width="1%" height="20" nowrap="nowrap">To: </td><td class="msgTname" width="68%" nowrap="nowrap">ALL <nobr></nobr></td> <td class="msgNum" align="right" nowrap="nowrap"> (1 of 11) </td></tr></tbody></table></td></tr><tr><td rowspan="4" class="msgleft" width="1%"> </td><td class="wintiny" align="right" nowrap="nowrap">16556.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt"><table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td>Can bank seek private info from debtor's employer?
</td></tr><tr><td><!-- headline one : end -->
</td></tr><tr><td><!-- show image if available -->
</td></tr></tbody></table> <!-- START OF : div id="storytext"--> <!-- more than 4 paragraphs --> A RECENT incident experienced by a close friend has left me wondering if banks have become overzealous in their debt collection tactics.
My friend's employer received a letter from a solicitor stating that there was a judgment obtained by a bank against my friend, and that the solicitors were acting on the bank's behalf.
The letter went on to ask if my friend was an employee, what his monthly salary was, how the salary was disbursed, whether by cheque, Giro or cash, the day it was paid, and the bank and account number to which the salary was credited.
My friend was hauled up and told that his employment would be terminated because of this legal suit. Naturally, he was devastated, wondering how he would feed his family and find a new job in this economic downturn.
Can the Monetary Authority of Singapore (MAS) clarify whether such letters violate banking secrecy laws?
Even if the financial institution is not named, the employer will ask the named individual, who will be forced to divulge personal and confidential details of his banking relationship.
Surely the banks cannot claim ignorance of banking secrecy when their action places customers in a position where they are forced to disclose such information.
In many cases, termination of employment is a very real possibility, and the bank cannot plead ignorance of this consequence for the debtor.
What is the stand of the Association of Banks in Singapore (ABS) regarding such letters? Surely they border very close to a breach of banking secrecy and should be regarded as harassment of a distressed debtor who may lose his job.
I hope MAS and ABS can stop such practices. It makes a mockery of the ABS code of conduct, which stresses fairness in dealing with customers.
Patrick Low



</td></tr></tbody></table>

Not to sound harsh. You will be surprised banks in Singapore has got pretty much leeway on the kind of tactics they can used to chase for payment.

As for the employer, it is the typical kiasu and kiasi type. On the first sign of any legal document regarding its employee, the easiest way out is to terminate the that poor chap, especially with regards to banks demanding payment on debts.

Paying up the debts promptly would be good nd not getting into any debt would be the best, wherever possible.

 

[borom]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

banks in Singapore has got pretty much leeway on the kind of tactics they can used.......As for the employer...On the first sign of any legal document regarding its employee, the easiest way out is to terminate the that poor chap....not getting into any debt would be the best, wherever possible.

Even during the ongoing financial crisis, many have not learned their lessons.
(eg borrowing monies from banks to chase HDB prices to record high while receiving less than 1% interest on their hard earned savings).Banks are nothing but legalised loan sharks .
The banks conned many into losing their life savings (via sale of structured products) and what they get is a light tap on the wrist-no fine, nobody charged in court, no dismissal.If an individual were to do the same-guess what the penalties would be.
Guess who invested and lost billions of our public funds investing into such financial institutions and why? So between the banks and the individuals who gets better protection form the government in Singapore ?
Ironically its the individuals who voted the very same government into power.

Can anyone with legal training advise whether a court order need to be obtained before the bank's lawyers write such letters to the employer.

 

[scroobal]

Re: CREDIT BEREAU FARKS S'poreans Properly. All In Some Trouble And Employed Must Rea

N0. ...........

can anyone with legal training advise whether a court order need to be obtained before the bank's lawyers write such letters to the employer.