Default credit card loan and HDB

Poolman SG

[color=red][size=large]My mrs and me owns a 5-room flat under joint applicants !

Now has a problem , if my mrs has a $20,000 debt with credit card bank , does the bank has the legal right to take things out from our house for auction ?

I dunno how to ask , but i heard from others that once she default her payment , banks will issue a writ , then they will come to your house to paste letters on items like furnitures , refrigerator , TV , hifi , anything they see !

Is it true ? Even if the house if half own by me ?

Devil1976 SG

Think it’s better that ya ask such question to a professional like a lawyer from Legal Aid or something?

M SG

a friend works in credit recovery mentioned something about having to attribute or prove the possessions as yours. Office hours, can't interrupt to affirm. Confused

Ayukat SG

My mother has a debt of S$200 000 and we are still coping with it very well.

jOhO SG

call the bank and try to arrange some sort of instalment/repayment plan.

Parka SG

Due date not up yet?

Poolman SG

[size=large]Not a bad idea at all , to compromise with the bank ! Let me try !

RealDangerman SG

[color=darkred][size=large]Very easy lor! talk to the bank first and work out a compromise and if that fails then sell everything in your flat before those bastards come a calling.

By the time those bastards "legalised tai yee long" come to your place to stick red papers they'll get nothing. They can't sell your flat either if you have an outstanding loan with the HDB; they are still the rightful owner.

Ayukat SG

The loan is spread over 25 years.

virginheart SG

Think they cannot take away yr HDB flat, plus some essential items in yr flat according to law. exact details need to ask professional

Devil1976 SG

Hmm... Yes... Think I've heard about this one too?