It depends on the field of work he is in. Employers do conduct
credit background checks so best to keep it good, and keep it
stable.
Regardless of whether it's safeguarding credibility or concern
for face saving issues at work, he should still give credtors a
call.
I doubt the bank will call up his company on his very first
month. Can't say the same for his second. Someone who works in a
bank should be able to advise better. But I won't be surprised if
they hire debt collecting agencies to do the deed.
From what I know, with your IC number, most banks have access to
all your credit information in all other banks locally, but no
direct access to CPF contribution made to your account.
Since he's going to pay up at the end of the month no matter
what happens, why ignore the huge elephant and worry about what's
going to happen? Might as well take control now, assess the toll
it's taking, be upfront about how he plans to settle the debt
before the next paycheck arrives.
The last thing he needs now is accumulate more fines, interests
and the most important thing is for him to take control of his own
finances. Debts and bad habits snowball very easily and the last
thing he wants is being backed into a difficult corner.
redDust and detached are both spot on. Your friend needs to
safeguard his credit rating. If I were you I'll advise him to make
the best out of a shitty situation by protecting this credit. He'll
never know if one day this credit will save his ass.
