Defaulted on personal loan 15 years ago – I want to clear it now. How do I do it?
Used to live in SG, 2004-2008 (was PR, no longer PR now, don’t live in SG anymore) Took a personal loan, global financial crisis happened. Lost my job. Had to leave the country. Addiction issues and other life drama.
Now back on track. Want to clean the mess I made. How do I negotiate a repayment deal with the bank? I’m assuming they would have written it off or consider a very low probability of recovering this debt.
Loan was about 30k, now 37k after interest.
This is probably a question better asked by placing a call to the bank’s call centre.
In all honesty though, given the time it has been, and if you could not be reached in all that time, the bank would have written it off by now and put you onto their blacklist as a bad creditor (not sure if a criminal case would have been raised though)
And if you’re never going to come back here, it makes no sense to even try to repay this? You can put your money to better causes/use (e.g. sponsor a food kitchen, charity, etc)
I don’t even think most banks have a process for this TBH, and while they would be more than happy to take your money, there’s a high chance that they wouldn’t have all the necessary steps in place to remove you from whatever action they took historically.
Disclaimer – Different banks have different processes with regards to bad debt, so I won’t be able to tell you specifics other than what I’ve seen working in the industry and even then what I shared might not even be the full picture