Private Credit Counselling Service

Dear Sir

I need some advice from you. I have some credit debts amounting to $X from various banks. They are demanding for payment. All the facilities has been cancelled for the past two years, but the amount keeps snow balling.

I am selling flat and will be able to pay off most of the debts when the sale is completed in a few many months time.

I approached a private credit counselling company to get their assistance to work out an instalment plan with the banks. They wrote letters to the banks on my behalf using my name, and charged me a fee. I am not sure if this is the correct approach.

REPLY:

I am not familiar with the business practice of these private credit counselling service.

Maybe, you can talk to the bank directly and see if they can reduce the interest charged on the delayed payment. Alternatively, you can approach this non-profit organisation:
http://www.ccs.org.sg/help.html