bankruptcy singapore
I have credit cards and creditline debts with a few banks in singapore. When will bank sue me for bankruptcy?
One of the bank cancel my credit card. Will i be blacklisted? will i encounter problems with bank loans in future? example, car loan. If i make minimum payment monthly, will i be safe? if i delay a few months, when will the bank sue me ? i really need some advise. thanks
You need to continue to pay the minimum sum each month. In fact try to pay a little more than this each month if you can. Also remember to pay on time so that no late charges are levied.
If things are really dire and you cannot make these payments, speak with the bank personally to discuss a debt management plan. Don’t default on your payments.
Of course all this goes into your credit history. It will affect your future credit card applications, bank loans etc. Incidentally, if you want to find out what your credit history looks like, you can request it at Singapore’s Credit Bureau: http://www.creditbureau.com.sg/
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