Speedsun Clutched February 23, 2009 Share February 23, 2009 HDB can use cpf to pay what, should be able to last for a while? No? Unless his cpf already drained out by buying the "condo price" HDB. ↡ Advertisement Link to post Share on other sites More sharing options...
Route88 2nd Gear February 23, 2009 Share February 23, 2009 Ask garmen to help? Link to post Share on other sites More sharing options...
Route88 2nd Gear February 23, 2009 Share February 23, 2009 HDB can use cpf to pay what, should be able to last for a while? No? Unless his cpf already drained out by buying the "condo price" HDB. Some of them cpf already dry,HDB can only let some % from Special account to settle,the rest pay cash Link to post Share on other sites More sharing options...
Nkps 1st Gear February 23, 2009 Share February 23, 2009 Unless u r cover by AIG's 1-for-1, otherwise ur mkt value is e same as if u were to sell urself. i think most people opt out for 1-for-1 after the very 1st year. Link to post Share on other sites More sharing options...
Hungryforcar 1st Gear February 23, 2009 Share February 23, 2009 Actually, if your friend has gold to pawn, just pawn now. Else borrow from James to tide over a few months while looking for job and repaid it later. Link to post Share on other sites More sharing options...
KapitanE 1st Gear February 23, 2009 Share February 23, 2009 Dear all, I have a friend who recently got retrenched. He still has to pay HDB loan and car loan... He's thinking of letting go his car. But even selling off, he still owe finance company more than $10k. Since he does not has anymore income, he is thinking of defaulting monthly payment... But don't think bank can allow him to do that? He still got to worry about HDB repayment. No car never mind. But no roof over the head is quite bad.. So how? Will the bank just repossess his car? How?? Jump off HDB lor... then house will be fully paid for..... then wife can sell and move to smaller house, use profit to pay off car loans... Link to post Share on other sites More sharing options...
Sio07 Neutral Newbie February 23, 2009 Share February 23, 2009 He can either default his repayment and wait for the finance co. to repossess the car..then kenna sued for the outstanding payment. Or he can talk to the finance co. and hopefully work out a repayment scheme for the outstanding amount after he has sold his car. Talk to the bank. They will try to work out something for your fren but it may be the best way... Coz the bank is likely to auction the car and ask your fren to top up on the final sale price. Or they may sell it to the 2nd hand dealers......and ask your fren to top up. Link to post Share on other sites More sharing options...
Sturtles 6th Gear February 23, 2009 Share February 23, 2009 Actually, if your friend has gold to pawn, just pawn now. Else borrow from James to tide over a few months while looking for job and repaid it later. James is from america lei... They can't even cover their backside still advise people to borrow from them? Link to post Share on other sites More sharing options...
Iziz Clutched February 23, 2009 Share February 23, 2009 i think most people opt out for 1-for-1 after the very 1st year. After e 1st yr, who wans to offer this 1-for-1??? Link to post Share on other sites More sharing options...
Iziz Clutched February 23, 2009 Share February 23, 2009 and thats provided that the driver can still live to claim the 1-for-1 insurance after totaling his car True... Actually, not as bad as it sounds. Total loss usually when e repair costs is too high to be deemed economically feasible to repair (aka means tio engine lor), not "long" until chui chui den considered total loss. I've seen some cases of total loss which left me scratching my head as to y they dowan to repair it. Link to post Share on other sites More sharing options...
Mzrmazda3 6th Gear February 23, 2009 Share February 23, 2009 How?? Jump off HDB lor... then house will be fully paid for..... then wife can sell and move to smaller house, use profit to pay off car loans... Bro, this is sure 1 extreme suggestion Link to post Share on other sites More sharing options...
Iziz Clutched February 23, 2009 Share February 23, 2009 James is from america lei... They can't even cover their backside still advise people to borrow from them? Tat dancing gal is damn addictive leh... Link to post Share on other sites More sharing options...
Latka 1st Gear February 23, 2009 Share February 23, 2009 Find a job requiring use of his car lah..... like personal ferrying service or something...... (Sgp to JB ride service? Maybe even further.... just post his services in the forums, especially the fishing forums as many would need transport between Sgp to the various ports where they go for their fishing trips) Earn $$$$ & at the same time keep the car. Tide over till a new job comes along. Really got such lobang? How are the charges like? Link to post Share on other sites More sharing options...
Jrage 1st Gear February 23, 2009 Share February 23, 2009 Actually.. i think selling off the house is the best solution. Assume , he bought his flat from HDB many years back..it' probably will be able to fetch 100k~ 200k cash from the sales.. Not forgetting that amount use in the CPF will be returned to the CPF acct with interests. He can opt to rent an acommodation for the period his out of job. If wife is not willing to rent, he then can opt for buying another similar flat. The cpf returned to his cpf account shld be enuff for the downpayment and he shld keep the 100k cash from the sales to pay for the mthly housing repayment. As for the car, he could either sell it off and repay finance.. or keep it and continue with the mthly. Once he gets his job, he can then dump back the balance into the new flat. Link to post Share on other sites More sharing options...
Sony 1st Gear February 23, 2009 Share February 23, 2009 For de car sell it lah, but dun understand y got debit leh. Cannot borrow from bros n sis? For HDB, go HDB office request payment using special account for mthly HDB loan installment. and you think it's so easy to borrow money nowadays? even from relatives Link to post Share on other sites More sharing options...
Teriyaki Neutral Newbie February 23, 2009 Author Share February 23, 2009 Dear all, Thanks for giving very valuable solution for my friend. Allow me to clarify, yes, my friend lost his job. But he still got some savings. Just that he feels that at this point of time, he may not need a car. And if he were to use his savings to pay off the loan, then he will have problem feeding his family. One of his children is in Primary sch. Link to post Share on other sites More sharing options...
Sony 1st Gear February 23, 2009 Share February 23, 2009 i think most people opt out for 1-for-1 after the very 1st year. I think the one to one apply to new car.. after one year, still got one to one meh.. Link to post Share on other sites More sharing options...
Jrage 1st Gear February 23, 2009 Share February 23, 2009 (edited) Defaulting the loan.. does not solve any problem. and there are alot fee/fines involve when they repo your car. If it is not done properly, he may be sue for bankruptcy.. and it will make finding job harder.. With or without saving, he need to get rid of the car by paying off the balance. Btw, how much is his saving in terms of "mth expenses", how long can it last if he pay off his car loan.. and how long can it last if he continue to pay for the car loan. Edited February 23, 2009 by Jrage ↡ Advertisement Link to post Share on other sites More sharing options...
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