never pay installment how?

[Theyiqin]

guy i have something to ask u all

previously when i pass my license and i got chopped by this bikeshop

nw i already push back bike to the shop and i haf to top up 1k for it

and i will be paying the 1k by installment and i already sign the form that my bike is already wif them and haf a balance of 1k to pay them

 

question will be

wad will they do if i don pay the money back to them......

[sICkbOi-dOt-cOm]

Most probably give you ample time of 1 month... The following month interest charge?? Get letter from their lawyer?

[Jeethan]

most likely if its a strict shop lawyer's letter already

[IvikaRazI]

Singapore so small. Juz pay the $$$ and take it as lesson learnt. Later 1k become 10k.

[Silent Hunter]

If never pay... DIE!!!

[chuan.z]

Once lawyer letter come, it will confirm be >1k coz add interest and lawyer fees.

The longer you drag, the more lawyer fees you will incur (count by number of letters/attempt to get you to pay).

If become court case then hosay!

>$10k then bankrupt.

[ProFatSir]

If never pay... DIE!!!

 

haha

 

dun scare ppl lah

 

just pay it.later 1k become 10k:dot:

[GuiNNeSS]

And bike shop or finance company will put a black mark on your name that you default on payments.

 

Then next time you want to take a loan to a) attend tertiary education

 

b) Buy a bike

 

c) Buy a Car

 

d) Buy a house

 

e) Get a credit card

 

f) Get a private loan/renovation loan/cash on standby services.

 

Will have problems getting those approved.

[GuiNNeSS]

And if boils down to legal matters undertaken by these companies.

 

There is what we call 'Garnishing proceedings'. Where legal firms can get a judgment and write to the bank to deduct whatever amounts was in your bank account. Meaning....the bank will just deduct whenever there is money inside back to the legal firm first. Then you fill in some more money, they will deduct whatever amounts again with no mercy.

[Team_Commander]

better pay... if not cancell singapore citizenship and run to africe:D

 

just jking

[Theyiqin]

i asked them previously they say there will be no interest for this 1k

[GuiNNeSS]

i asked them previously they say there will be no interest for this 1k

 

The interest if not on the 1k outstanding.

 

Can be for the legal letter fees and their interest calculation does not need your approval to start generating interest.

 

Eg.

 

You owe bike shop 1k. That 1k will not have interest ladden on it if you pay up as per schedule and on time.

 

You dont pay up. Bike shop engage a lawyer to send you a letter.

 

That letter cost $150/- which you have to pay on top of your 1k you owe to the bike shop.

 

In the event that you ignored the letter.

 

The lawyer can kinda take over the debt and send you more letters and start the interest running.

 

Owe 1 k plus $150/- Lawyer charges 24% interest every month for your non payment.

 

They finally collect lets say $2400/- from you after 3-6months. They return the bike shop $1k and the rest is theirs.

[chuan.z]

i asked them previously they say there will be no interest for this 1k

 

This no-interest on the 1k is probably "out of good will" for you to clear your debt. If you default on this, that means you are already breaching the agreement. They can and will calculate the interest, from the first day you miss your payment onwards.

 

Obviously, if you do not hold up your end of the deal, can't expect them to hold up theirs, right?

Edited May 12, 2009 by chuan.z
typo...

[Quincy]

most prob is out of goodwill that they stop charging you interest... try to clear before they clear their goodwill...

[Hydher]

bring you to court.

[ladder4949]

Why nobody say "hang a pig head on your door" or "splash paint" or "paint O$P$" on your block?

[actionong]

it's your own fault for being chopped. pay your damn bills