Assistance needed!

[Verna24]

 

 

I see. You should have kept your account active by paying the minimum then. But no point saying this now.

 

Since the bank charges you $3350 per month now, with interest of around 15 to 20%, you should be able to clear your debt in 18months. Hang on!

 

Seriously I have no idea how they calculate the interest, but it's definitely more than the mentioned period. I can see that after quite a number of installment, my principle did not drop much. and with every summon received, lawyer fee & summon fee of 800 min is imposed. I m really sucked dry. But still , I don't blame the banks, it's me who walked into the trap myself. No excuses.

[Coltplussport]

Seriously I have no idea how they calculate the interest, but it's definitely more than the mentioned period. I can see that after quite a number of installment, my principle did not drop much. and with every summon received, lawyer fee & summon fee of 800 min is imposed. I m really sucked dry. But still , I don't blame the banks, it's me who walked into the trap myself. No excuses.

 

 

Wow, banks working with lawyers to 落井下石. Maybe you should just walk into the bank to work out a payment schedule with them, try to pay them on time. I don't think bank can charge higher interest than those mention.

[Verna24]

 

I agree with this, and those giving advice are also trying to help too. Do what we can to help, be it in providing support, advice or finances.

 

Anyway good to see that there are so many caring people in the forum.

Yes, definitely all r of big help to me. Frankly speaking, when I started this topic, I m prepared to be criticized, mocked by many of u, but in the end I got more encouraging words & advices fr u guys. I m as equally grateful. U all r really wonderful guys, if I had a chance to make a comeback, I certainly will like to host a mu to meet all these kind souls.

[Verna24]

 

 

Wow, banks working with lawyers to 落井下石. Maybe you should just walk into the bank to work out a payment schedule with them, try to pay them on time. I don't think bank can charge higher interest than those mention.

I did, some banks r really kind, but some r really nasty. I was treated like a dog before when I spoke to one of the officer in charge of my case. She basically interrogated me and keep asking why I wanted to take up the loan since I can't pay back. X_X

[Little_prince]

I did, some banks r really kind, but some r really nasty. I was treated like a dog before when I spoke to one of the officer in charge of my case. She basically interrogated me and keep asking why I wanted to take up the loan since I can't pay back. X_X

 

really man. just declare bankrupcy.

 

there is less stigma to it now than last time.

 

and it makes it easier to negotiate with the bank.

 

since you are a freelancer it won't affect you much

 

and your HDB is fully protected.

 

and you don't have much assets to lose anyway

 

none of the below applies to you right? so go ahead lah.

 

2. Some reasons why a debtor should avoid bankruptcy

• Social stigma of being declared a bankrupt;
• Your assets become vested in the Official Assignee and divisible among your creditors;
• There is a statutory requirement to file Statements of Affairs and Income and Expenditure statements, and you may be subject to thorough investigations by the Official Assignee into your financial affairs;
• You will need to make monthly payments to your bankruptcy estate for the benefit of your creditors;
• You will be required to disclose your bankruptcy status if you are obtaining credit of more than S$500 from others;
• There are restrictions on travelling overseas; and
• You cannot manage a business or act as a director of a company without prior approval of the High Court / Official Assignee.

 

or maybe can try this

 

Debtors may also seek assistance from Credit Counseling Singapore at the following contact:

Credit Counselling Singapore

210 Middle Road #05-04

Singapore 188994

General line: 6338 2663 | Fax: 6338 6586

Email: [email protected]

Website:

 

Edited June 14, 2014 by Little_prince

[Hamburger]

frankly, i did not know that if one spouse declared bankrupt, it could affect the other spouse.

[Verna24]

frankly, i did not know that if one spouse declared bankrupt, it could affect the other spouse.

It will not. But the fact is a portion of the loan were taken under my wife's name, if I apply for bankruptcy, it only solve my part of problems. True, looking at the surface,it maybe 70% lighter load, but there r more to it.

 

Firstly, all my bank accs will b closed and the gov will help me to open another 1. When my salary r credited, they will spit the amt between diff banks for the monthly installment, I will b only able to withdraw the remaining part or it. (True it may mean a lower interest & more scheduled repayment though)

 

Next, I will be bounded in Singapore as I will not b able to travel overseas even to m'sia. Frankly speaking, I purchase almost all my groceries & my children milk powder, pampers etc in jb and saved 50% of original, if I have to purchase everything local, my expenses will increase by few hundreds at least.

 

As a bankruptcy, the records stays in for life, in the future even when I cleared my bankruptcy, I can forget getting any loans of whatever type. Therefore looking further, if I needed any property upgrades or downgrades, it seems impossible.

 

My freelance is good for now, but m I going into freelance for life? Frankly speaking which company in Singapore doesn't require u to declare whether u r a bankruptcy? And when the job was open to all, will the boss choose candidate s with clean records or tainted ones.

 

Maybe some of u may think that I m just finding excuses, but the impact is really far from what many thought. Getting a fresh restart with bankruptcy is ever harder in fact from some of the real life stories I know.

 

As such , bankruptcy is not in my options atm, as long as I m able to settle the upcoming legal issues, I should b able to cleared off my debts within 3-4 yrs if things go smoothly. True, though I didn't know if I can pass through all these atm, but I still think it is worth the fight.

[Ktglfc]

It will not. But the fact is a portion of the loan were taken under my wife's name, if I apply for bankruptcy, it only solve my part of problems. True, looking at the surface,it maybe 70% lighter load, but there r more to it.

 

Firstly, all my bank accs will b closed and the gov will help me to open another 1. When my salary r credited, they will spit the amt between diff banks for the monthly installment, I will b only able to withdraw the remaining part or it. (True it may mean a lower interest & more scheduled repayment though)

 

Next, I will be bounded in Singapore as I will not b able to travel overseas even to m'sia. Frankly speaking, I purchase almost all my groceries & my children milk powder, pampers etc in jb and saved 50% of original, if I have to purchase everything local, my expenses will increase by few hundreds at least.

 

As a bankruptcy, the records stays in for life, in the future even when I cleared my bankruptcy, I can forget getting any loans of whatever type. Therefore looking further, if I needed any property upgrades or downgrades, it seems impossible.

 

My freelance is good for now, but m I going into freelance for life? Frankly speaking which company in Singapore doesn't require u to declare whether u r a bankruptcy? And when the job was open to all, will the boss choose candidate s with clean records or tainted ones.

 

Maybe some of u may think that I m just finding excuses, but the impact is really far from what many thought. Getting a fresh restart with bankruptcy is ever harder in fact from some of the real life stories I know.

 

As such , bankruptcy is not in my options atm, as long as I m able to settle the upcoming legal issues, I should b able to cleared off my debts within 3-4 yrs if things go smoothly. True, though I didn't know if I can pass through all these atm, but I still think it is worth the fight.

 

Bro, hang on !

You will be able to pass this hurdle ! Jia You !!

 

Don;t think so much, just continue your freelance job and grab whatever job opportunties out there.

Your wife still working, so able to help out a bit too.

 

I am sure you and your family will be able to get thru this !

Put a happy smile to your kid, and you will have the strength to overcome everything !

[Verna24]

 

Bro, hang on !

You will be able to pass this hurdle ! Jia You !!

 

Don;t think so much, just continue your freelance job and grab whatever job opportunties out there.

Your wife still working, so able to help out a bit too.

 

I am sure you and your family will be able to get thru this !

Put a happy smile to your kid, and you will have the strength to overcome everything !

Thanks for the encouragement :) no worries, I wun give up so easily. I m not alone, still need to think for my family. They r my first & only priority in life now. Though I feel bad that I can't give my kids more than basic, but I will certainly work hard to go thru these sh*t.

[Ender]

Yes, definitely all r of big help to me. Frankly speaking, when I started this topic, I m prepared to be criticized, mocked by many of u, but in the end I got more encouraging words & advices fr u guys. I m as equally grateful. U all r really wonderful guys, if I had a chance to make a comeback, I certainly will like to host a mu to meet all these kind souls.

It's becoz you have the guts to eat the humble pie and shown humility. It brings out the nice guy in all of us here.

[Rezorn86]

U may consider slash some of your insurance(other than H&S and 30 critical) if there is any. as It can save u some cost from there.

Edited June 15, 2014 by Rezorn86

[Verna24]

It's becoz you have the guts to eat the humble pie and shown humility. It brings out the nice guy in all of us here.

Down to the point, u guys r just kind people. :) seriously though I m still working out on my issues, but speaking to all of u boost my confidence & determination to solving the problems. You guys r just awesome :)

[Verna24]

U may consider slash some of your insurance(other than H&S and 30 critical) if there is any. as It can save u some cost from there.

No need to slash, they r very practical companies, after a few mths of non payment, it was terminated. I remember I was hospitalized early this year, for 4 days, I tot there was a policy still in force, but when I called, told me deduction for last payment did not go thru (just 2 days b4 my hospitalization), therefore my hospitalisation falls in the grey zone, no claims can b make.

 

Now, besides policy paying by cpf, I have no others.

[Coltplussport]

It will not. But the fact is a portion of the loan were taken under my wife's name, if I apply for bankruptcy, it only solve my part of problems. True, looking at the surface,it maybe 70% lighter load, but there r more to it.

 

Firstly, all my bank accs will b closed and the gov will help me to open another 1. When my salary r credited, they will spit the amt between diff banks for the monthly installment, I will b only able to withdraw the remaining part or it. (True it may mean a lower interest & more scheduled repayment though)

 

Next, I will be bounded in Singapore as I will not b able to travel overseas even to m'sia. Frankly speaking, I purchase almost all my groceries & my children milk powder, pampers etc in jb and saved 50% of original, if I have to purchase everything local, my expenses will increase by few hundreds at least.

 

As a bankruptcy, the records stays in for life, in the future even when I cleared my bankruptcy, I can forget getting any loans of whatever type. Therefore looking further, if I needed any property upgrades or downgrades, it seems impossible.

 

My freelance is good for now, but m I going into freelance for life? Frankly speaking which company in Singapore doesn't require u to declare whether u r a bankruptcy? And when the job was open to all, will the boss choose candidate s with clean records or tainted ones.

 

Maybe some of u may think that I m just finding excuses, but the impact is really far from what many thought. Getting a fresh restart with bankruptcy is ever harder in fact from some of the real life stories I know.

 

As such , bankruptcy is not in my options atm, as long as I m able to settle the upcoming legal issues, I should b able to cleared off my debts within 3-4 yrs if things go smoothly. True, though I didn't know if I can pass through all these atm, but I still think it is worth the fight.

 

Bro, I thought you sold off your car? How did you still manage to buy grocery from jb? Take bus? Must have been tough.

[Verna24]

Bro, I thought you sold off your car? How did you still manage to buy grocery from jb? Take bus? Must have been tough.

Went in once a mth or 2, I went in with my sis in law, therefore everytime I enter must make sure I get enough supply to last 2mths. Have to follow car, and she doesn't drive in often. Sometimes when supply really runs out, really have to take 170 to buy, but can't buy much though w/o car. :)

[Aventador]

As a bankruptcy, the records stays in for life, in the future even when I cleared my bankruptcy, I can forget getting any loans of whatever type. Therefore looking further, if I needed any property upgrades or downgrades, it seems impossible.

 

My freelance is good for now, but m I going into freelance for life? Frankly speaking which company in Singapore doesn't require u to declare whether u r a bankruptcy? And when the job was open to all, will the boss choose candidate s with clean records or tainted ones.

 

Maybe some of u may think that I m just finding excuses, but the impact is really far from what many thought. Getting a fresh restart with bankruptcy is ever harder in fact from some of the real life stories I know.

 

I think at this point if things are so bad, the last thing you should be thinking about is future property purchases...

 

And even if it is, info from the Credit Bureau shows bankruptcy records are only temporary.

 

You can't have your cake and eat it at this point

 

 

"Q8. How long does information remain on my credit report?

 

A. The relative importance of each type of information differs in credit-worthiness assessment. As such, information remains in the credit report for members' use in their credit-worthiness assessment in the following manner: Information on Previous Enquiries will be retained in the report for 2 years from the date of enquiry. For existing accounts, information on the promptness of monthly repayments are displayed on a rolling 12 months basis. Closed credit accounts will reflect the last 12 months payment status history as at the date of closure for a period of 3 years. Default records uploaded by Members with the status of Negotiated Settlement or Full Settlement will remain for 3 years from date of settlement. As for default records with the status of Outstanding and Partial Payment, it will remain indefinitely on your credit file .

 

Bankruptcy data, if any, will be displayed for 5 years from the date of discharge"

[Verna24]

Went in once a mth or 2, I went in with my sis in law, therefore everytime I enter must make sure I get enough supply to last 2mths. Have to follow car, and she doesn't drive in often. Sometimes when supply really runs out, really have to take 170 to buy, but can't buy much though w/o car. :)

Must say that it's not easy, but really save a lot. Cheapest milk powder in sg cost ard $20/900gm, that side only ard $9, sometimes promotion, $8.

[Vhtfhwlego]

I think there are many bros out there will help you to purchase grocery from mys.

 

If can't find anyone, you can always look for me.

I apply a day leave to be your driver for the day.