Seeking advice on bankruptcy and hdb matters

[kamipify]

Keyword is owner must be singaporean.

Ts Singaporean ah

 

[kamipify]

No Need to sell bah.
Before bankrupt still can wack some more.
My frd dad’s uncle’s dog’s wife’s owner.

owned $200k due to stocks.
No money pay, knew he will bankrupt.
In Gov job,
Go max out his unsecured credit, request for temp limit increase, etcs. Got about $2xxk in cash. Went for his last holiday in HK.
Bought gold/etcs/ pass to his sisters to keep.

Owned almost 500k in total.
The 1st bank to wack him is Amex,
Bank/ FI cannot take away your HDB. The home is also dual owner. The other party is housewife.

But they can take your things inside,

Ppl dunno from where came in to paste sticker with “Supreme Court” sticker on everything inside the home. TV, Hi-Fi, coffee maker, massage chair,etcs. Then a transport will come and take it away for auction.
This can only prevent if the item belong to another family member with proof of purchase.

Later the new home appliances was purchase with receipt kept. The ppl from dunno where LL cannot take. Continue to pay very min like $200-$300 per month during yearly declaration as got supporting doc need money for medical, children education, etcs. Cannot travel during this period.

Think nv even pay 10% then got written off and discharge Liao. Now Jin happy keep traveling.

Nice moves this one

 

[jericho75]

But regardless of either, can a public housing be used as collateral? Think cannot right? Its one thing if borrow from bank and owe bank for the flat money. But its another thing when the flat is used as collateral for other stuffs. Sounds like crossing the line already.

cannot but if u cannot pay the bank loan which was used to buyed this particular hdb unit. they can ask u sell off this hdb.

 

[Happyman8]

 

[jericho75]

If you owe credit card money to the bank your flat loan is taken from, the bank can ask you to sell off IIRC.

so jia lak? next time wanna use credit card dun get from the same banks that borrowed u money to buyed hdb.

 

[Happyman8]

Wow after my massage and special release this cork and bull Story still brewing…

The mum earning 1k plus take loan with Hdb as collateral for 800k then become bankrupt now bank say tell Hdb must sell…and not even fully paid up and not yet mop.

Just now the messeur ask me for loan 800k she said her used panties can be collateral…

Seems as good an offer..

precisly, i dont know how they can allow a late 50s auntie singapore PR earning 1k without any asset to be a guarantor. my mom hasnt been home for awhile. from my last understanding shes a guarantor for 3 different bank amounting to 800+k.

It seems like she dont even know how much she guarantor for. I have to enquire with the 3 different banks.

I would really want to contest about how she became the guarantor and how do they assess a person eligibility to be a guarantor

 

[3G SAINT]

The bank recalled the loan, TS need hdb or another bank to take over the loan.

I think bank can sue TS mum pay up the loan

https://www.providecover.com/writ-of-seizure-and-sale-forcing-debtors-to-pay-up-in-singapore/

What cannot be seized under a Writ of Seizure and Sale?​

The following property cannot be seized under a WSS:

• $1,000 worth of clothing, bedding, and tools of trade which belong to the Judgement debtor or their family must be left to them. Any combination of such items worth over $1,000 can potentially be seized.
• Cannot seize Judgement Debtor’s salary/wages (however, bank accounts can be seized via “garnishee proceedings”, which is another type of legal enforcement for debts).
• Cannot seize CPF, pensions, gratuities, or allowances provided for by the government.
• Cannot seize Judgement Debtor’s shares in a registered Partnership.
• If the Judgement Debtor is an artist, cannot seize tools that they need to earn a living (e.g. sculpting equipment for sculptors, pottery equipment for potters, etc.)
• If the Judgement Debtor is a farmer, cannot seize their animals, crops, seeds, and farming tools.
• Cannot seize HDB flat, unless the Judgement Creditor seeks permission from HDB.

 

[kamipify]

From oa or bank if bank can ask them go f spider

Go seek out help hdb mp lawyer or wad secure your property of stay first

Cause it bank interest for u to pay off for your mom

 

[Happyman8]

From oa or bank if bank can ask them go f spider

Go seek out help hdb mp lawyer or wad secure your property of stay first

Cause it bank interest for u to pay off for your mom

Its from the law firm acting on behalf of the bank

 

[kamipify]

Its from the law firm acting on behalf of the bank

Of course la they dun care how u really get your money as long as u pay up so dun kum gong as I said it your mom debt not your if they wan to force u to sell the house get them to get court approval first

 

[Lss]

precisly, i dont know how they can allow a late 50s auntie singapore PR earning 1k without any asset to be a guarantor. my mom hasnt been home for awhile. from my last understanding shes a guarantor for 3 different bank amounting to 800+k.

It seems like she dont even know how much she guarantor for. I have to enquire with the 3 different banks.

I would really want to contest about how she became the guarantor and how do they assess a person eligibility to be a guarantor

Sounds like something MAS should look into.

 

[PARKRANGER]

Very curious

Why TS’ mother go be guarantor for such big amt $800k? What biz?
What happened to biz? What happened to her “friend”?

She has what to gain from there? (That she want to be guarantor)

 

[dnsfpl]

i not sexpert but i guess bank just wanna protect their own interest

if not later the creditor sue your mum for $$ then things will get even more messy

 

[Crooni]

Suspect something ts not telling

Mom is mon, ts is ts. Mom bankrupt/loan whatever, bank cannot go after ts

Hdb is joint and under sinkie. Also cannot use as collateral or be possessed

That's why business split finances very clearly

 

[Happyman8]

Sounds like something MAS should look into.

My ns mate also got declared bankrupt recently because someone forged his signature to be a guarantor for a car loan.

He reported to the police about this incident before his bankruptcy but yet he was still declared bankrupt.
Recently, he engage a lawyer to overturn the bankruptcy order but had to spend 17k on lawyer fee.

As of last week, his case is still pending (so he is still a bankrupt now).

Can i go to the bank directly and ask them on steps they take to determine whether a person is eligible to be a guarantor anot?

 

[Muscleman9968]

precisly, i dont know how they can allow a late 50s auntie singapore PR earning 1k without any asset to be a guarantor. my mom hasnt been home for awhile. from my last understanding shes a guarantor for 3 different bank amounting to 800+k.

It seems like she dont even know how much she guarantor for. I have to enquire with the 3 different banks.

I would really want to contest about how she became the guarantor and how do they assess a person eligibility to be a guarantor

Honestly speaking I think you forgot to eat your medicine when u put up the post..

 

[Coffeelix]

Sounds like something MAS should look into.

Yes… I feel it isn’t what we are presented…

There is NO way a sg can secure such loans even it is from 3 banks…

Now it is 3 banks kenna scam gao lat gao lat..,

S$1k salary is way below poverty level…

How is it possible to be guarantor for such big loans?

Sg PR has special treatment??

 

[keytheboogamer]

Nice moves this one

But this was like 20 years back. Now there is BTI indicator, defaults indicator, cbs report, etcs. Bank and FIs get red flags when they notice a spike in ur requests.

 

[classified_7]

I got frenz been bankruptcy and OA is more powerful once declared bankruptcy all debt will clear,creditor cannot touch you even you owe 500k

OA can give you gd advice

All debts cleared once you declared bankruptcy? You wait long long.
Only thing is that the creditors cannot harrassed you for your debts. The OA is now in charge. You have to pay a monthly sum to the OA to clear your debts.

 

[Mountainnodew]

Better not act impulsively. You only have one roof over your head. Go and look for pro bono lawyers. Your mum is just guarantor, not the debtor. The bank should look for the debtor and see if have valuable things for auction. If can’t, then bank have to draw up a instalment plan with the debtor to pay off the owing. Means passport could be suspended until bankruptcy status is discharged.