Advice on Singapore debt now living back in the UK

[dickybosh]

All,

 

First great forum, have been reading a lot of the posts on here

and finally decided to write explaining my current predicament.

 

A while ago I got involved with a bad investment (i was foolish and got robbed by a false development company)

and have been left with a huge bill to repay.

 

 

I up until now have been paying off all my debt as agreed with the banks

but am now starting to struggle as I returned to the UK after christmas due to family issues

and the GBP has tanked against the Singapore dollar.

 

 

I left all my pension money I had saved in an account over there

and this is currently covering my monthly payments.

I am also trying to save here and send money back but the poor exchange rate is killing me.

 

If I were to eventually default on the debt

what can be done by the banks over there?

 

 

I understand that they can apply for a court order to realise the money under the UK legal system

or they can sell the debt to a UK agency.

 

 

In the event of this happening what can I do to minimise the potential impact to my job and life in the UK?

 

Any advice would be much appreciated as I a starting to worry constantly about the best course of action.

 

Thanks!

[dx100uk]

get your money out of that country

leave them alone

 

 

there nowt they can do to you here.

 

 

dx

[dickybosh]

Are you certain on this?

Why can they do nothing to me?

 

 

I thought they have reciprocal agreements with the UK and can enforce the debts here?

[AndyOrch]

Singapore has a reciprocal enforcement arrangement with the UK.

 

Following thread is the opposite way around but may be useful.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?394852-UK-HSBC-Debt-living-in-Singapore&highlight=singapore

 

Andy

[unclebulgaria67]

In your situation, as advised. Withdraw all money from Singapore and once done write to the creditors in Singapore to say that you are a permanent resident of the UK ( give them your address) and have to review your financial position. Stop payments and concentrate on life in the UK.

 

If there are any issues of dispute you should raise these if not done already or if they were not resolved previously. If the current creditor or a debt buyer then wish go to a UK court, you have evidence of there being a dispute.

 

You don't hear about too many foreign debts ending up with judgements in UK courts. Some of the Dubai Banks have won Judgements, but mostly be default ,as people have not defended. Where people have defended, they have not always been continued.

 

What is the approximate amount of debt in Pounds Sterling ?

 

Do you own any UK property ?

[dickybosh]

75k GBP. Was ripped off for a SE Asian property investment, foolish I know. Have serviced this down from about 120k. No I dont own any property here but would like to buy something soonish so this is my main concern as my partner would also be investing in this and I dont want her to be affected.

[unclebulgaria67]

So you borrowed money from a Singapore Bank to invest in property and it turned out to be dodgy ?

 

Did you get legal advice in Singapore about this ?

 

Were you told by someone legally qualified that you had no option but to pay this debt back to the Bank ?

 

Are you paying the Bank loan per the agreement you took out originally or do you have a new agreement you have signed up to ?

 

You don't want to put your name down against UK property, if there is any chance of Bankrupty being used. Given the amount involved, it might make it worthwhile to pursue.

[dickybosh]

Yes basically I borrowed unsecured funds from a variety of sources to invest in an off shore property scheme and lost my money. The investment was in Thailand and I was shafted and have no legal recourse (tried everything). I am paying the banks via the original loan agreements I signed up to and as of now have never missed a payment due

[unclebulgaria67]

I would suggest you do as advised which is to write to creditors advising that you are a UK resident currently having to review your financial situation. Ask for copies of the agreements you entered into including terms and conditions. See if the agreement terms allow a court outside of Singapore or Thailand to become involved. Stop making payments, once you have withdrawn any money left in Singapore, if creditors have any chance of claiming it via a court.

 

If you invest in joint UK property with your wife, if the loans taken out in Singapore had nothing to do with her, then no creditor of yours could touch her assets. But if you were made bankrupt, it is possible it would cause both a lot of hassle in stopping property being sold to make any equity of your available. So not wise to buy UK property, if there is any risk remaining.

[dickybosh]

Went through all the agreements last night and it looks like they all have non-exclusive juridistiction clauses. Would be declaring bankruptcy in Singapore be an option?

[unclebulgaria67]

Went through all the agreements last night and it looks like they all have non-exclusive juridistiction clauses. Would be declaring bankruptcy in Singapore be an option?

 

You would have to look into Bankruptcy options, either Singapore or UK. I think with either option, all of your personal finances worldwide would have to be included. You need to obtain full information and decide whether this is something you need to do. Once you are made Bankruptcy, you then have to declare in future financial dealings for a relevant period.

 

There is no hurry in deciding, as even if you stopped paying Singapore creditors, they would not take action for a long time. You might be able to come to an agreement to pay a one off reduced full & final settlement and the creditors agree to write off the rest. A relative with a £30k debt ( uk mortgage debt) had an offer of £2k accepted to pay a debt and the rest was written off. Sometimes creditors are willing to accept a lump sum, rather than small amounts over a very long time.