Young Man Seeks Guidance After Bank Claims S$400k Debt Left by Missing Father

SINGAPORE: A young man recently reached out to an online forum for guidance after receiving a distressing demand from a bank for repayment of his missing father’s staggering S$400,000 debt. His father has been unaccounted for since 2015, leaving the family unaware of his financial troubles until now.

In a post on r/singaporefi, the young man revealed that he and his mother were oblivious to the credit card debt that had been quietly accumulating interest over the years. “Debt has been going unpaid for nine whole years without my knowledge,” he wrote, expressing concern about the consequences of not being able to repay the amount, which he feared could lead to the bank seizing their personal belongings, including his PC and cherished collection acquired with his own funds.

He posed the question, “Do the debts fall on my mother if we and the government declare him deceased?” Many community members quickly reassured him that neither he nor his mother would inherit the debt left by his father, emphasizing that the bank could not lay claim to their personal possessions.

One commenter noted, “His debt is his debt. You don’t inherit his debt. Don’t acknowledge that his debt is yours or your family’s or that your assets are his.” Another participant added that since the debt was in his father’s name, only assets under his father’s name would be at risk, suggesting that the bank might even classify the debt as “bad debt” after so many years.

Sharing a personal experience, another user mentioned, “My dad passed when I was 17. He knew he couldn’t live much longer and maxed out all his credit cards to buy things for us, leaving behind significant debt. The bank never seized our HDB, nor the possessions he bought for us.”

Several commenters advised the young man to consult legal experts for a clearer understanding of his situation and options. They also suggested reaching out to Credit Bureau Singapore for professional advice on managing the debt. Additionally, some encouraged him to meet with a Member of Parliament to discuss his case and explore potential avenues for assistance.

One user concluded with practical advice: “May I suggest that you go speak with your MP? There are professionals who volunteer at these Meet The People sessions, and they can provide relevant contacts to help you out. Hope this helps!”