Little_prince Supersonic June 13, 2014 Share June 13, 2014 hmm. declare bankruptcy ? it will give you an avenue to slowly repay the bank. it should not have any material impact on your lifestyle. may be worth considering ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Verna24 1st Gear June 13, 2014 Author Share June 13, 2014 Writ of summons, letters of seizure? You took loans under sole proprietors? its all credit cards debts and personal loan. Link to post Share on other sites More sharing options...
Bacteria83 Turbocharged June 13, 2014 Share June 13, 2014 rent out a room in your flat? or bet draw for tonight spain vs holland please do not encourage someone in debt to gamble 4 Link to post Share on other sites More sharing options...
Vhtfhwlego Supercharged June 13, 2014 Share June 13, 2014 I have tried neg with banks, some banks are nice, they lowered interest to 15-20% for me, but some are really nasty. I discussed about the DRP with banks, but same thing, they need evidence of employment to grant it, therefore the best interest rate till now is only 15%, and to cover the min payment for all banks, I need $3350/mth. I already tried all means, but still its not working out. Anyway, really appreciate your reply, at least u r better than some of my friends, who ran away upon hearing my situation even when I did not ask them for anything. you earn $3500 and min need $3350 to pay min? Then I suggest to go bankruptcy. It doesnt change you as a person, people know you for who you are not what you are. And having 3 kids, bankruptcy, I think the interest will be lower as you need to cover your min expense + child expense before repayment to banks. 1 Link to post Share on other sites More sharing options...
Verna24 1st Gear June 13, 2014 Author Share June 13, 2014 rent out a room in your flat? or bet draw for tonight spain vs holland I adv rent and sale of my flat, but due to the fact that its not in good location, there are no takers atm. I don't gamble, I believe it will kill me faster, thanks anyway. Link to post Share on other sites More sharing options...
Vhtfhwlego Supercharged June 13, 2014 Share June 13, 2014 its all credit cards debts and personal loan. Personal loan can seizue house meh? Link to post Share on other sites More sharing options...
Vid Hypersonic June 13, 2014 Share June 13, 2014 my car was auctioned away 1yr+ back. frankly speaking, if not for my family, I really don't have the courage to go on. Kudos to you for putting your family first. I can relate to your experience because I had a failed business a few years ago and the debts really hurts. I think your first priority, other than consolidating your debts, is to find a stable job. Being freelance isn't going to help your credit rating much and financial institutes wouldn't be able to consolidate your debts either. Do not consider being a bankrupt because it will make finding a job ever tougher. Stay strong. Link to post Share on other sites More sharing options...
Sp4wn Turbocharged June 13, 2014 Share June 13, 2014 Personal loan can seizue house meh? i was just abt to say .. he said "flat". flat is almost untouchable, even if bankrupt. maybe you should approach HDB about a potential downgrade and see if they can assist. Link to post Share on other sites More sharing options...
Verna24 1st Gear June 13, 2014 Author Share June 13, 2014 you earn $3500 and min need $3350 to pay min? Then I suggest to go bankruptcy. It doesnt change you as a person, people know you for who you are not what you are. And having 3 kids, bankruptcy, I think the interest will be lower as you need to cover your min expense + child expense before repayment to banks. the debt is not totally on me, my wife is in it as well. seriously I don't mind bankruptcy, but it doesn't solve everything. my wife is working in stateboard taking home abt $1800, if she declare bankruptcy as well, she will lose her job. therefore I tried to maintain her account payment, which led to my account default. Link to post Share on other sites More sharing options...
Watwheels Supersonic June 13, 2014 Share June 13, 2014 (edited) Kudos to you for putting your family first. I can relate to your experience because I had a failed business a few years ago and the debts really hurts. I think your first priority, other than consolidating your debts, is to find a stable job. Being freelance isn't going to help your credit rating much and financial institutes wouldn't be able to consolidate your debts either. Do not consider being a bankrupt because it will make finding a job ever tougher. Stay strong. Yeah. I agree. Bankruptcy is not really an option. It's more or less like signing a death warrant. Your home will be gone. Your family and yourself will have no where to stay. Edited June 13, 2014 by Watwheels Link to post Share on other sites More sharing options...
Verna24 1st Gear June 13, 2014 Author Share June 13, 2014 Personal loan can seizue house meh? not seizure hse, its the things in my hse, but I have nth valuable or them to seize lol Link to post Share on other sites More sharing options...
Elmo 4th Gear June 13, 2014 Share June 13, 2014 I adv rent and sale of my flat, but due to the fact that its not in good location, there are no takers atm. I don't gamble, I believe it will kill me faster, thanks anyway. Try selling back to HDB. Your flat on bank loan or HDB loan? Link to post Share on other sites More sharing options...
Verna24 1st Gear June 13, 2014 Author Share June 13, 2014 It's better you approach the banks that you owed money to, to work out an installment plan to pay them back. You like that ask nobody will dare loan you any money to be honest. actually I already called every individual banks to discuss, just that the interest is really skyhigh, I only have 8 covers, can't cover 10 pots in time. you are right , I know the post will not help me actually, but I seriously had no other option, just hoping miracle to happen :( I don't have rich relatives nor friends, now basically I had no more friends, and only left with close kins & my family. I know I am a failure in life, this is a death fall for me, but I can't give up yet, I wanted to restart, but I can't with the burden on me. I had never done anything to harm anyone, but just one idiotic decision, I am condemned. but still who to blame, its only me & myself. I am just sad to pull my family especially my wife into this shit. Sorry and thanks all bros in hearing my out. Try selling back to HDB. Your flat on bank loan or HDB loan? they quoted 80% of valuation, with that quote, after deducting my hdb loan and return cpf, I had less than 15k on hand, I can't solve my issue, and I lost my shelter over my head. Link to post Share on other sites More sharing options...
nazerath Turbocharged June 13, 2014 Share June 13, 2014 what wrong decision did you make? If things are such do not sell but rent your place. Try to borrow from your family or your parents place can use to borrow from bank? Link to post Share on other sites More sharing options...
Enye Hypersonic June 13, 2014 Share June 13, 2014 Don't ever sell your roof You don't want to roam around with kids in tow The wait for rental flats probably a few years maybe shorter if mp helps Link to post Share on other sites More sharing options...
Kopisiewtai 1st Gear June 13, 2014 Share June 13, 2014 Declaring bankruptcy is your best option. Creditors cannot touch your home as it is HDB. So you and your family are guaranteed a roof over your heads which is most important. Bankruptcy is nothing shameful. It gives you breathing room to get your affairs in order to earn back money to settle your debt. Strongly suggest you discuss with IPTO officers to help settle your issues including your wife's involvement. I have worked on projects with them before and they are most compassionate and professional. Seek IPTO's help before things get worse. 2 Link to post Share on other sites More sharing options...
Ktglfc Hypersonic June 13, 2014 Share June 13, 2014 actually I already called every individual banks to discuss, just that the interest is really skyhigh, I only have 8 covers, can't cover 10 pots in time. you are right , I know the post will not help me actually, but I seriously had no other option, just hoping miracle to happen :( I don't have rich relatives nor friends, now basically I had no more friends, and only left with close kins & my family. I know I am a failure in life, this is a death fall for me, but I can't give up yet, I wanted to restart, but I can't with the burden on me. I had never done anything to harm anyone, but just one idiotic decision, I am condemned. but still who to blame, its only me & myself. I am just sad to pull my family especially my wife into this shit. Sorry and thanks all bros in hearing my out. they quoted 80% of valuation, with that quote, after deducting my hdb loan and return cpf, I had less than 15k on hand, I can't solve my issue, and I lost my shelter over my head. Take care, Bro. 1) don't ever think of quiting. Life is precious, think of family first, your wife and 3 kids. 2) don't condemn yourself anymore, think of positive, think of your wife's support, think of your 3 kids' laughter 3) don't think of applying bankruptcy, it doesn't solve anything, and it will make your family life worse 4) ok, for these loans, any close kins able to help? just to tide over the period till you sell off your house. 5) if you sell off your house, think of moving to parents house, or close kins (of course they wil have to take you in) 6) make a personal trip to the banks and seek a deferment plan. any close kins can be your guarantor? 7) find a stable job. your wifey working in stat board, so maintain her salary income 8) lastly, only you and your wifey can help yourself. don't think much can be rendered from us. I am sure you will pull thru', I will pray for you ! Keep your chins up ! 1 Link to post Share on other sites More sharing options...
Verna24 1st Gear June 13, 2014 Author Share June 13, 2014 what wrong decision did you make? If things are such do not sell but rent your place. Try to borrow from your family or your parents place can use to borrow from bank? I quitted my full time job after a heated quarrel with my new joined boss. went into business but didn't go well. hdb cannot get loan from banks, unlike condo ↡ Advertisement Link to post Share on other sites More sharing options...
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