KNN Writ Of Seizure For CC Debt Less than 10K

[clown]

This is stanchart's risk management strategy. They contract with a law firm that will give them a good price for generating these lawyer letters. The lawyer letter is basically a scare tactic by the bank. Most othe financial institutions do not even bother with the lawyer until you are way behind, or they cannot contact you, or cannot reach an agreement with you, etc. stanchart knows that if you are behind in payments to them, than u are probably behind to other creditors too. They want to scare u into putting them first in your priority for making payments to your creditor. That way, if you have spare money, u will pay them first before others.

This is new to me, their divergent from standard practices.

Such a practice has a fallout on their customers. The fact that one bank takes a legal suit against the customer will be quickly known by the other banks as such suits are watched daily. They will check their records and once they find you are also past due, they will not hesitate to write letters too. Because the bank that goes first past the post will have the prime pickings in a writ of seizure and sale.

In any case whether a person is past due or not, a credit check can easily tell the whole story. In your friend's case, you might like to find out if he owes other banks more than 90 days. If yes, following your reasoning, a bank might like to shoot the first arrow to get the prime pickings. Otherwise, it does not make business sense to do such things. A bank values its reputation.

 

[clown]

If it is really less than $10k, he will not be bankrupted. The bank will close the file and black mark him after the auction.

That $10K is not the amount that he owed. He may only owe $4K (about the minimum credit line - unlikely for a person not to be able to pay off the minimum if less than this, unless he lost his job) but with lawyers' letters, court cases (he pays for the bank's lawyers to attend court and file proceedings), that amount will escalate to $10K very quickly.

Then because it is beyond $10K, he will be made a bankrupt.

The purpose of filing suit is to try to recover as much as possible. Failing that, to make him a bankrupt so that monies can still be recovered from any future settlement for early discharge. His expenditure after bankruptcy may be tracked to ensure that it is a genuine bankruptcy. If not, the Official Assignee will be informed with all the evidences.

 

[clown]

You're right that a full discharge will not make him loanworthy. However, full payment of the debt will, as it will clear his credit bureau record.

Full discharge = full payment. To clarify, the plaintiff bank will defniitely never grant him any loans. I am not sure if the credit bureau record will ever be cleared. I believe it will indicate a full discharge and it is up to the banks to make their own decisions.

However if he start all over again, build up a record with the banks, he just might find a bank willing to take a risk on him, especially on secured lines and depending on the quantum. He might like to consider the smaller banks or those recently granted QFB as they are hungrier for business and have less customers to choose from. Note that this is unlikely to happen but not impossible.

For example he wanted to buy a car, pays 70% in cash and borrow only 30% over 7 years. He just might find a bank willing to take a risk on him. But can he show such financial strength?

In any case, not being able to get a loan is a blessing to him. It forces him to be prudent.

What is important to him now is to get a job or stick with his job. Companies and businesses do not like to employ bankrupts because they can do practically anything and there is nothing the company can do about it. Sad for him but true for the company.

 

[scbccb]

wah you are john the baptist or yahya the next infidel?

none of the above from your condemnation list

 

[nextinfidel]

Any legal advisers here can help? This fucking bank is worse than the loan sharks.

so have they repo all your iPhone, iPad, iPod, iTV, iBengCar, iGirlfriend, iHouse, iLaptop, iMOS, iCreditcard, iPC, iZouk, iToiletpaper, iModifiedExhaust etc.......?

 

[cass888]

Full discharge = full payment. To clarify, the plaintiff bank will defniitely never grant him any loans. I am not sure if the credit bureau record will ever be cleared. I believe it will indicate a full discharge and it is up to the banks to make their own decisions.

Full discharge in bankruptcy sence does not always equate to full payment.

For this kind of negligible debt, other banks will also disregard once they see credit bureau showing that the debt is fully paid.

 

[singveld]

Any legal advisers here can help? This fucking bank is worse than the loan sharks.

bank is legal loan shark. what did you borrow the money for ?

 

[Don Muthuswamy]

I am sorry to hear about your situation.

It would seem that you will need to have a writ enforced against you. It is not a pleasant feeling, so be prepared.

Also contrary to what another forumer said, you will not be able to get a loan from any bank in Singapore thereafter. Even if you get a full discharge, which you can't since a church mouse lives on faith, banks will still steer clear of you.

.

Just curious. If a person has judgement agst him or had S&S issued, assume he pays back all his debts, how long will his cr rating b bad i.e. how long will he have prob getting loans, I heard like 5-7 yrs. Is it true?

 

[shelltox]

owe$pay$, there's nothing wrong with the bank asking for the debts to be paid.

 

[Windsor]

My sympathies and all I can say is try and talk to your MP and CADC if relatives cannot help. It will be worse for them to auction off your stuff as they will sell them for much less than what it is worth. Any valuables pass them to friends relatives in exchange for money promising to pay back when your situation is better. In the worse scenario, if the items in the house belongs were have bills that says it was bought by the wife or someone other than you, you can still keep them. I am sorry but I hope you will get over this problem. Good luck.

 

[clown]

Just curious. If a person has judgement agst him or had S&S issued, assume he pays back all his debts, how long will his cr rating b bad i.e. how long will he have prob getting loans, I heard like 5-7 yrs. Is it true?

If he pays back every cent he owes including interest, he will be given a full discharge. He must keep this document and it is to his advantage to produce it whenever he applies for a loan.

As to whether he will have problems getting loans, he should expect the worst. I doubt that there is a time span to lapse before the banks will trust him. You must understand that the banks will do business with him only if it is profitable to them. Therefore it is up to him to regain the bank's trust. Best if he opens up an account, build a substantial balance, conduct his account responsibly. Talk to the branch manager and find out if he is willing to write a good report for him.

Personally speaking I feel that he should not take on any loan. If he truly want something, just save up for it and buy only when he has enough. But that is only my opinion.

 

[Papsmearer]

This is new to me, their divergent from standard practices.

Such a practice has a fallout on their customers. The fact that one bank takes a legal suit against the customer will be quickly known by the other banks as such suits are watched daily. They will check their records and once they find you are also past due, they will not hesitate to write letters too. Because the bank that goes first past the post will have the prime pickings in a writ of seizure and sale.

In any case whether a person is past due or not, a credit check can easily tell the whole story. In your friend's case, you might like to find out if he owes other banks more than 90 days. If yes, following your reasoning, a bank might like to shoot the first arrow to get the prime pickings. Otherwise, it does not make business sense to do such things. A bank values its reputation.

Its not a legal suit. Its a scare tactic. The bank has not initiated any legal proceedings at this point. If it does, it will incur legal fees and court costs. The late payment letter can come from its own credit department, most banks late payment notice are generated internally within the bank. However, there is nothing to prevent the bank from getting their lawyer to write the same letter, as the lawyer also represents the bank. In the bank's eye, the late payment letter from the lawyer bears more weight than one from themselves. So far, no suit yet.

 

[clown]

Its not a legal suit. Its a scare tactic. The bank has not initiated any legal proceedings at this point. If it does, it will incur legal fees and court costs. The late payment letter can come from its own credit department, most banks late payment notice are generated internally within the bank. However, there is nothing to prevent the bank from getting their lawyer to write the same letter, as the lawyer also represents the bank. In the bank's eye, the late payment letter from the lawyer bears more weight than one from themselves. So far, no suit yet.

if there is no suit, yet, then the other banks will not jump onto the bandwagon

there is one point against using lawyer's letter - the cost of such letters will be added to the late charges and penalties, thus creating a further burden to the customer. Banks normally do not wish to increase the burdens on their customers as 30days past due debts are fairly common.

nonetheless, let's assume that the bank had issued a lawyer's letter for a 30day-past-due debt. My suggestion is to do a balance transfer to another bank. You are still creditworthy and thus do not need to bank with such banks.

 

[clown]

To the TS:

- try to work out an installment plan with the bank. Since this is a credit card debt, the bank might be willing to convert it into an installment loan and cancel the credit card. However the bank will ask for a good faith reduction in the debt, about 30%. You may need to borrow this amount or sell off some of your stuff

- hang on to your job

- hold on to all your other credit lines and cards but keep them out of your reach. Maybe in a safe deposit box

- if you cannot get the bank to cooperate, then you will be faced with the writ of seizure and sale. Try to get your children and wife out of the way when the bailiff come visiting. It will be a traumatic experience.

- resolve to live a life of thriftiness. Work out a repayment plan with the Official Assignee. Resolve to save enough so that you can cancel the other lines. Frankly no human beings need credit cards and credit lines in order to live well. But you need a ready store of cash to supplant it in case of any of life's emergencies.

- don't worry about not being able to qualify for loans. Loans are actually nooses around a person's neck, to be tightened when he cannot pay.

- i doubt i help you much with these points but i truly hope you will find a way out. All the best to you and the may the sun shine upon you.

 

[Windsor]

My sympathies and all I can say is try and talk to your MP and CADC if relatives cannot help. It will be worse for them to auction off your stuff as they will sell them for much less than what it is worth. Any valuables pass them to friends relatives in exchange for money promising to pay back when your situation is better. In the worse scenario, if the items in the house belongs were have bills that says it was bought by the wife or someone other than you, you can still keep them. I am sorry but I hope you will get over this problem. Good luck.

Edit: In the worse scenario, if the items in the house belongs to another person and you have bills that says it was bought by someone other than you, you can still keep them.

 

[vamjok]

bro 10k very easy to repay one. just anyhow find a job that pays about 1.2 to 1.5k now, don't choose, live like a monk. one year can settle already. was once in similar situation donkey years ago, when you are down in live....you just have to stand up again

 

[Ramseth]

Edit: In the worse scenario, if the items in the house belongs to another person and you have bills that says it was bought by someone other than you, you can still keep them.

You cannot keep them. You can notify the rightful owner to come and claim it.

O$P$. 欠债还钱，怨有头，债有住。

 

[Windsor]

No, you can keep them as long as the bill says it was paid for by another person living with you. If your wife, for example, have equal shares of the home, and it is the husband who is being sued, she has every right to claim the properties in the home if she was the one who paid for it. If the car belongs to her, the bank cannot take that away.

You cannot keep them. You can notify the rightful owner to come and claim it.

 

[Ramseth]

No, you can keep them as long as the bill says it was paid for by another person living with you. If your wife, for example, have equal shares of the home, and it is the husband who is being sued, she has every right to claim the properties in the home if she was the one who paid for it. If the car belongs to her, the bank cannot take that away.

Isn't that what I said? The rightful owner claims it.

 

[Windsor]

Exactly what I said. He can keep them if it belongs to someone as long they have the bill to prove ownership. Okay, another example, say your father bought the 50" TV in the house, they still cannot take it, even though the father is staying elsewhere. Anyway, I guess we agree on this except the removal part.

Isn't that what I said? The rightful owner claims it.