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Credit counseling Singapore seems to say that bankrupt can be discharged and just have to repay $100k of $600k loan, even if they are now earning $150k p.a. and use salary to buy condo???!!!
Can somebody explain if CCS standpoint is that only token repayment of loans is necessary and that people should now play fast and loose with loans taken from others since only 16.7% repayment of principal borrowed is expected/ necessary???!!!
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"CNA Insider
Bankrupt, divorced, then son dies of cancer: How one man survived to rise above it all
He came close to ending his life and was locked up for drink-driving. Jimmy Ong tells On The Red Dot what gave him the will to hang on and turn his life around.....
... ... S$600,000 debt that he owed....
... ...
FINALLY DISCHARGED FROM BANKRUPTCY
He started to do well at work, earning an annual income of about S$150,000, and wrote to the Insolvency Office to explain what he had been doing.
To his surprise, they decided to discharge him in 2007 - 12 years after his bankruptcy.
He had paid about S$100,000 of his debt but was let off without having to pay the full amount. Credit Counseling Singapore’s general manager Tan Huey Min said that a person does not have to repay 100 per cent of what he owes before he can get a recommendation for discharge."
Read more at http://www.channelnewsasia.com/news...n-dies-of-cancer-how-one-man-survived-8936696
Can somebody explain if CCS standpoint is that only token repayment of loans is necessary and that people should now play fast and loose with loans taken from others since only 16.7% repayment of principal borrowed is expected/ necessary???!!!
=====
"CNA Insider
Bankrupt, divorced, then son dies of cancer: How one man survived to rise above it all
He came close to ending his life and was locked up for drink-driving. Jimmy Ong tells On The Red Dot what gave him the will to hang on and turn his life around.....
... ... S$600,000 debt that he owed....
... ...
FINALLY DISCHARGED FROM BANKRUPTCY
He started to do well at work, earning an annual income of about S$150,000, and wrote to the Insolvency Office to explain what he had been doing.
To his surprise, they decided to discharge him in 2007 - 12 years after his bankruptcy.
He had paid about S$100,000 of his debt but was let off without having to pay the full amount. Credit Counseling Singapore’s general manager Tan Huey Min said that a person does not have to repay 100 per cent of what he owes before he can get a recommendation for discharge."
Read more at http://www.channelnewsasia.com/news...n-dies-of-cancer-how-one-man-survived-8936696
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