need help regards bike guarantor

[seahmh]

Wah.. Wat bike sia he buy. After minus sale proceeds repo etc, still got 6700$ balance.. Pity u bro.

To ans ur questions..

 

1) if writ of summons oredi issued, ur credit health oredi affected bro. Will be recorded at credit bureau.. If never go court, judgment will be issued against u and owner on behalf of bikeshop for the amount..

 

2) since u guarantor, the writ will include both ur names, and both are equally liable.. Any writs will have both ur names..

 

U mention he army regular? Dun think he may have a chance to have the money owed deducted from his monthly salary ah. May be forced to resign or something...

 

All u can do now is pray that the owner decide to clear the debts on his own without involving ur money...

 

Just to share an experience, long long time ago, I always trust my friends. Especially the close ones.. Due to my trusting nature, I end up paying money owed to bikeshop and spending 2 weeks in jail for numerous summons not incurred by me.. Sigh..

Just a hard lesson in life for me that happened more than 10 years ago.. Not wishing for that to happen to anybody.. Especially the younger riders..

 

Bro, thanks so much for your advice.

 

He bought a new X9. Had an accident too, sent the bike for repairs, he didn't pay the bike shop (which he sent for repairs) the repair fees. The motorshop had searched around the whole of SG for the bike, found it, paid for the repairs and add this amount + tow + other charges, that's why so much money...

 

Thanks to him, my credit creditability affected now. It is so unfair to me. This is going to affected my future housing loans when I need to upgrade to a 5-room HDB. My wife will sure to "kill" me...

 

Is there no way that my credit health can be returned to normal? Like maybe staying "credit healthy" for the next 3 - 5 years or this is a life-time thing that I will remain credit "unhealthy"?

[seahmh]

Wah.. Wat bike sia he buy. After minus sale proceeds repo etc, still got 6700$ balance.. Pity u bro.

To ans ur questions..

 

1) if writ of summons oredi issued, ur credit health oredi affected bro. Will be recorded at credit bureau.. If never go court, judgment will be issued against u and owner on behalf of bikeshop for the amount..

 

2) since u guarantor, the writ will include both ur names, and both are equally liable.. Any writs will have both ur names..

 

U mention he army regular? Dun think he may have a chance to have the money owed deducted from his monthly salary ah. May be forced to resign or something...

 

All u can do now is pray that the owner decide to clear the debts on his own without involving ur money...

 

Just to share an experience, long long time ago, I always trust my friends. Especially the close ones.. Due to my trusting nature, I end up paying money owed to bikeshop and spending 2 weeks in jail for numerous summons not incurred by me.. Sigh..

Just a hard lesson in life for me that happened more than 10 years ago.. Not wishing for that to happen to anybody.. Especially the younger riders..

 

OMG. I am sorry to hear that you spent two weeks in jail for summons not incurred by you. All thanks to your so-called good friends.

 

This is so unfair to you, as this 2 weeks jail will become a record for you, isn't it?

[n4smw26]

,

 

Is there no way that my credit health can be returned to normal? Like maybe staying "credit healthy" for the next 3 - 5 years or this is a life-time thing that I will remain credit "unhealthy"?

 

Really sorry bro. The record stays at credit bereau for a very long long time. But once u get it settled, request for a letter of discharge from the lawyer. U need that letter for future loans and credit facilities. But even then it will be subject to the bank's/credit company, own discretion whether to approve or not.. But u must disclose this before they go and check it themselves from the bereau... Really sori for you bro, but that's how it is in SG..

[n4smw26]

OMG. I am sorry to hear that you spent two weeks in jail for summons not incurred by you. All thanks to your so-called good friends.

 

This is so unfair to you, as this 2 weeks jail will become a record for you, isn't it?

 

Gd friend is one one thing. Just make sure u know the friend's character before u decide to help in a why which may put u at risk. For me now, responsibility is a trait which I look for in gd friends..

As for the 'gd friend' who gave me the worst two weeks of my life, he have been avoiding me since. Even after more than 10yrs, he is still avoiding me although he knows I've forgiven and forget...

[seahmh]

Really sorry bro. The record stays at credit bereau for a very long long time. But once u get it settled, request for a letter of discharge from the lawyer. U need that letter for future loans and credit facilities. But even then it will be subject to the bank's/credit company, own discretion whether to approve or not.. But u must disclose this before they go and check it themselves from the bereau... Really sori for you bro, but that's how it is in SG..

 

 

Thanks so much for your valuable advices, Bro.

 

Haiz... This is Sillypore where anything and everything is going to stay with us and huant us for life.

 

As for the letter of discharge from the lawyer, how do I request for it? If and after my friend settle the S$6K+ with the bike-shop, do I ask it from the law firm engaged by the bike-shop?

 

This is a very painful lesson learnt for you and me.

Edited December 31, 2010 by seahmh

[seahmh]

Gd friend is one one thing. Just make sure u know the friend's character before u decide to help in a why which may put u at risk. For me now, responsibility is a trait which I look for in gd friends..

As for the 'gd friend' who gave me the worst two weeks of my life, he have been avoiding me since. Even after more than 10yrs, he is still avoiding me although he knows I've forgiven and forget...

 

Sir, :thumb: to you. I must say you have a heart bigger than any of the oceans on Mother Earth.

 

That low-life so-called "good friend" gave you a criminal record and scarred you for life. You still can forgive him?

 

:thumb: to your magnanimousity.

[n4smw26]

Thanks so much for your valuable advices, Bro.

 

Haiz... This is Sillypore where anything and everything is going to stay with us and huant us for life.

 

As for the letter of discharge from the lawyer, how do I request for it? If and after my friend settle the S$6K+ with the bike-shop, do I ask it from the law firm engaged by the bike-shop?

 

This is a very painful lesson learnt for you and me.

 

 

 

Yes.. get it from the law firm. Also, do keep the original issued writ which named u as the guarantor. easier to explain for future loans. For my case, I was the owner. my friend named rider only. helped him coz he cannot get loan.. After few years although record still there, should have no problems applying for loans - Housing, car loans etc. Just be open about it and produce the papers. I was able to get housing and car loans without much problems. Credit cardss I'm not too sure coz never thought of applying... dun see the need to.. I just NETS it:thumb:...

 

That low-life so-called "good friend" gave you a criminal record and scarred you for life. You still can forgive him?

 

 

Anyway, dun think they consider that as criminal record ah bro. Coz got ask previously when stopped at road block, the officer mentioned that my screening was 'green'.. well he could be lying, but he have no reason to..

And I'm definitely not scarred for life lah... hahaha...

[seahmh]

Yes.. get it from the law firm. Also, do keep the original issued writ which named u as the guarantor. easier to explain for future loans. For my case, I was the owner. my friend named rider only. helped him coz he cannot get loan.. After few years although record still there, should have no problems applying for loans - Housing, car loans etc. Just be open about it and produce the papers. I was able to get housing and car loans without much problems. Credit cardss I'm not too sure coz never thought of applying... dun see the need to.. I just NETS it:thumb:...

 

Thanks for all your advices and clarification, Bro.

 

I just found out that we can search for and request for a copy of our credit report at the Credit Bureau (Singapore) Pte Ltd (http://www.creditbureau.com.sg/MMCreditReputation/Getmycreditreport.htm) with a transaction fee of $5 plus GST applies.

 

Can do without credit cards even if my credit health is really affected. I am more concerned with my future housing loans (be it from HDB or from banks) and car loans if I were to upgrade to a car in future.

 

Anyway, dun think they consider that as criminal record ah bro. Coz got ask previously when stopped at road block, the officer mentioned that my screening was 'green'.. well he could be lying, but he have no reason to..

And I'm definitely not scarred for life lah... hahaha...

 

Bro, what I meant about the criminal record was the 2-weeks jail term which you have to serve. Isn't it a record for you which stays with you for life? Just curious. Sorry, don't mean to pry open your old wounds.

[ohayo]

 

 

Bro, what I meant about the criminal record was the 2-weeks jail term which you have to serve. Isn't it a record for you which stays with you for life? Just curious. Sorry, don't mean to pry open your old wounds.

 

These are the criteria for your criminal record to be 'spent' or erase

 

http://www.spf.gov.sg/epc/Rendered%20Spent%20Criminal%20Record%20Enquiry.htm

[Lou]

wait they asked you to pay even though they repossessed the bike? so in essence, all the money paid would be for nothing? or am i very confused as to the definition of repossession?

 

anyway. what bike was it? since he's in ns, i'm assuming it was a 2b bike. how the hell does it go up to 5k? the shop sounds extremely shady./

[Lou]

wait they asked you to pay even though they repossessed the bike? so in essence, all the money paid would be for nothing? or am i very confused as to the definition of repossession?

 

anyway. what bike was it? since he's in ns, i'm assuming it was a 2b bike. how the hell does it go up to 5k? the shop sounds extremely shady./

[seahmh]

These are the criteria for your criminal record to be 'spent' or erase

 

http://www.spf.gov.sg/epc/Rendered%20Spent%20Criminal%20Record%20Enquiry.htm

 

Thank you very much for your link.

[seahmh]

wait they asked you to pay even though they repossessed the bike? so in essence, all the money paid would be for nothing? or am i very confused as to the definition of repossession?

 

anyway. what bike was it? since he's in ns, i'm assuming it was a 2b bike. how the hell does it go up to 5k? the shop sounds extremely shady./

 

Only the first three instalments were paid, then it was defaulted from the 4th instalment onwards for quite a number of months.

 

Anyway, I don't wish to discuss further here.

 

Thanks for your concern.

[kelvin 82]

Now my turn Tecj credit ask me to pay 2k by 7 day if no have to pay 8 k for the bike nowni told the owner he say wan settel but 7 day going to over soon .. waiting for court .