Personal Loan and Credit Cards are Overdue, Legal Action started

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asked on Oct 26, 2018 at 14:10
edited on Nov 22, 2018 at 23:41
Due to my current financial troubles, I am unable to pay my personal loan installments. 

HL Bank sent me a lawyer demand letter, saying I have to settle the two months overdue installments within one week, or my loan account will be cancelled, full payment will be needed. The law firm letter was dated end of September 2018, so I manage to pay one month in early October and thus avoided loan account cancellation.

Now the month end approaching, and it is two months overdue again. Received SMS asking me to pay, so far I never answer their calls. I will not able to pay this time and should I call HL Bank to negotiate? I don't think they will entertain me right? 

What is my strategy now to delay loan accounts cancellation or further legal action?

Maybank Credit Cards also two months overdue, but so far Maybank has not started any legal action yet. But early November 20018 will become 3 months overdue, I also afraid Maybank will cancel my credit cards and demand full payments. Funds are limited, but cannot cover all. Should I do partial payment to HL or Maybank first?

My Profile: Singapore PR working in SG. I used Malaysia NRIC hometown address to apply for both credit facilities. But I do not stay in my hometown. The lawyer demand letter was sent by POS Laju to my hometown address but nobody at home, so my mum went to post office to collect the letter.
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answered on Oct 28, 2018 at 16:44
edited Nov 23, 2018 at 01:47
I don't think can use the the old Singapore address that I previously stayed?
Can use.

In the mean time, do I go the HL branch to change the Loan Account address to an Singapore address?
Can also.
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answered on Oct 29, 2018 at 00:47
@ION88, mind if I ask how old are you and how much is your income?
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answered on Oct 29, 2018 at 02:34
edited Nov 23, 2018 at 01:50
mind if I ask how old are you and how much is your income?
I am close to 40 and take home just SGD 2k+. 
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