if i have a loan contract with my company stating that repayment will be on a monthly basis through deduction from my salary and if company terminate me, must i pay the outstanding in full or can wait till i found another job and continue paying monthly a

Answer :

  • http://legalhelp.com.sg/cache/img/201301/no-image.76x72.crop.jpg


    answered on 21/07/2014

    flag as inappropriate

    This depends on the specific terms in your loan contract. In most such loans, there is normally a clause that provides for immediate repayment if your employment with the company comes to an end.

    Did you find this post useful? Please provide your feedback by clicking on the link above.


  • I took a loan from police coperative and when i resigned from the police force, I was forced to pay one lump sum which I am unable to pay. As the loan was self-insured, the police cooperative washed hand ofd the matter and now the insurance company is chasing me for the money. I am paying them $1000 monthly by instalment but they engage a lawyer firm and insisted I sign another agreement to tie me down to an instalment payment plan. When I told them I am not agreeable to signing the agreement, they filed a court case against me and not wanting to waste tax payers money and The Court resources, I agree to sign the agreement only to be asked to pay another 3k for the legal fees. 1. Should I sign the agreement when I am already willing to pay the outstanding sum owing to them in the first place? 2. Should I be paying the 3k legal fees which I reckon is overcharging and inappropriate. Hope for a kind soul to help me answer these queries. Adenluv 06/01/2017