Enquiry on bankrupt.

P

pasir_ris_beach

Member
I need to know if the bankrupted loved one is allowed to hv supplementary card and is it a must for me to hand over partial of my savings to help the bankrupted loved one in order to let him stay in the green zone?

I m at my wits as i dun wish to part with my savings actually. I dun want to look stingy with my savings or unwilling to help him but personally i had already incurred several loans in my name for him, just to take from me n lend to his friends whom i dun know very well and even lent my 1st car to his friend for use. Thus i m unhappy.
 


he is a samaritan? He is already a bankrupt yet he lend your money to many of his friends. Or are you benn taken for a ride. in an event if the LOAN was defaulted, he can just simply informed you that his friend MIA (missing in action) and his credulity will be unaffected.

why is he bankrupt? Due to an legitmate business venture that fail or just simply mismanagement of assets by over spending?


do take care.
 
Oh no, he is soon to be bankrupted next week.

Now i just want to know if it is allowed for him to have a supplementary card or not? i m pretty confused by the whole thing.
 
u are really blur...

why do u need to give a bankrupt a supplementary card given the history of poor control in spending and unecessary spending???

is this hubby or dad or brother?

sometimes it's the constant help that Breeds this whole irresponsibility...
 
Powder, this is the answer i need to know mah. I knew that once made a bankrupt, not allowed to hold any supplmentary cards or incur any more than $500 in debt but he assured that there is no problem for him to hv one. We almost argued over that n he told me to ask the OA next few wks n i hv to sign a declaration form that i m responsible for it. I was so huh..by the way he is my hubby.

So shd i let him keep the card or take it back n cut up.. by doing this, i know he will be upset with me for this.

And as for the parting with some saving, i just hv to hand it over to Oa for the distribution to the bank. (in heart, i m unwillin to.)
 
Doll, my husband has already handed in his resignation letter. He waiting to leave saf in two months time.

oh no, not i deal with the Oa. My hubby going to handle his case, not me. it is only my savings, to reduce his debt.

it is a long story sigh.. he hid his finance woes from me for 4 yrs and owed several banks by then we met but i managed to find out last 2yrs ago.
 
Blur, I don't think it is wise for you to part with your savings to help reduce his debt size. He is going to be jobless soon, all the more you ought to keep some money aside for rainy days. And, never "supp" your credit card to him. He ought to learn that he cannot expect that his current lifestyle be intact after declaring bankruptcy.
 
Blur, what are your husband's plans now that he has tendered? Does he have any other jobs awaiting him? If so, why is he leaving his job especially when he is soon to be made bankrupt.

Yes, you shouldn't let him have the supplementary cards because you will have to be responsible for his debt.

When you discovered his debt 2 years ago, did he taken any actions to lessen his debt and to be more careful with his finances? Is he doing anything to help with his situation or is he expecting you to bear most of the burden? You should be the best person to know whether you should use ur savings to help him with his debt.
 
He is doing some freelance works for the time being and still under saf employment till oct. Cos of lack of job satisfaction. And yes he is actively seeking n deciding wich company to join. got few offers.

hard to say cos he was then helping his dad to clear his dad's huge gambling debts for few years thus was unable to clear his credit debts yet as the "sharks" pressed him regularly. Only then i stepped in last may to help him clear all at one go but who knows the bank decided to proceed...

Now i m really tired of helping him. And i wanted to keep my savings for emergency uses...
 
my question is still - why do u need to give him a supp card?

let him learn the value of money once and for all and use cold hard cash... It may actually motivate him.
 
He is not supposed to have any credit cards, debit card, yes. He is only allowed to have a saving account, witch the OA must know to process with the payment with the banks monthly. From what I know, a bankrupt can't have a telco post-paid line, cannot borrow money from friends. Apart of these things, he can act normally.

=============================================
Oh no, he is soon to be bankrupted next week.

Now i just want to know if it is allowed for him to have a supplementary card or not? i m pretty confused by the whole thing.
 
Thank Rofthelper for this best answer to my qn exactly. I was being troubled for some times and yet i see no exact answers from those posts. anyhow blah blah blah or tell me to see the article on it when i already knew it.

Yup, soon to be bankrupted next week.

I want to know who had been bankrupted before or whose loved one, can carry a supplementary card but from these posts, here, seems taht no body here has no exact knowledge on bankruptcy *sigh*.
 
Emoh

u also hv same case as me?

Nope, it is up to us whether we want to sell off the hdb flat. for now, the hdb mkt is not so good for the seller.(disadvantage as the seller), so dun want to sell off yet.
 
Hey, Blur, just because we are not giving you the answer you want to hear, instead, we pointed out imminent issues that we felt you should know about having a spouse who is going on bankruptcy, you find grounds for grumble? If I were you, whether my bankrupt husband can possess credit card or not should not so much concern me. I should be concerned about how he gets his acts together and does not spend irresponsibly anymore. From such a perspective I posted what I have posted. It is certainly not music to the ear. By the way, shouldn't your husband be the one to find out more about going into bankruptcy? Don't let him shift responsibility away from himself anymore. And why was he helping his dad clear his gambling debts when he was in debt himself? Doesn't make sense.
 
Hi blur, the OA, acting on behalf on the banks onwards is not allowed to touch your HDB property, unless you bought with loans from banks or finance institution.

Once you decided to sell it off, even though at a good price, your whatever profits will proceed to the OA, which in turn will allocate to the creditors.

That's why I hold on to my sale, even though I can actually profit $80K from it.

Blur, I do not understand why he must need a sup card? Isn't a debit card a better option for him, since the banks will die die will not approve to let him have it.
==================================================
Emoh

u also hv same case as me?

Nope, it is up to us whether we want to sell off the hdb flat. for now, the hdb mkt is not so good for the seller.(disadvantage as the seller), so dun want to sell off yet.
 
agree w most pple here..the issue is not about whether can he get a supp card or not..even can, u also better dun give!!..

how did u get into so much debt apart from helping to pay his dad's debt?..is he as guilty in over spending or gambling as well?
 
Doll,
Is Blur also one who avoids seeing her daughter from previous marriage due to her current hb's objection?

Blur,
For your own good, you need to be more assertive in the marriage. Do u want your life to get more dramatic?
 
Blur got something i don understand. He got poor credit history and bank decided to take action yet u still help him to secure loan in YOUR NAME.
Let the bank take action. Ofcoz if he mortgage any collateral then the assets will be force sale. If tat a hse, then sell it and repay the bank. Better than paying hefty sum of interest esp when u have no means of repaying the debt. If i am not wrong, his interest payable for Bank loan will be very high and this will LEECH not only him but also you in the long run. You wouldn't want special debt dept/branch to step in.
 
Rofthelper

Yes u r rite. We already did our homework on the sale for the hdb but decided against the selling our hdb unit.

Anyway will find out more from the OA when i accompany him the next time.
 
"Doll, i have already checked with my credit card bank months ago. yes it is confirmed that it is a fraud case. this case is closed." - Blur, if you said so, sure.

But how did your husband run up huge credit card debts? What did he spend on? How much is the debt to-date? Why did he have to take over his dad's loan shark debts, was he the guarantor? You helped him clear his loan shark debts more than a year ago, why has he been unable to clear off his own credit card debts? Did he stop swiping his credit cards from then till now? If he has been able to pay the minimum sum every month, I wouldn't think the banks will want him declare bankruptcy.

Your husband's behaviour as well as his attitude toward money are questionable.

As for you, do you know him well? Why are you concerned with whether he has a credit card or not when he is already a slave to credit cards?
 
Doll, i am sorry but after all these remarks, i suddenly not comfortable with revealing the exact things. But since the day we met n then begun dating, i remembered he had no more credit cards. and I saw him using cold n hard cash to pay for everything. As for the hp line, he used pre-paid line, not post-paid line. (tgt for 4 yrs) as far as i remembered. 4 yrs and no credit cards and no post-paid hp line. then he revealed things by things slowly.

As for the dad's gambling debts, do i need to reveal to the whole world, is it? do u know my hubby n his dad personally? sorry i m not obliged to know his family problems lor. I m NOT INTERESTED in his family problems except my own family.

He admitted he regretted a lot and could not cope finally so he asked me for help two months ago. Even though i found out his money woes, i tried not to interfere and he also did not want me to share his burden, then ok lor..
 
Blur, you don't have to say sorry, but don't be silly thinking that I was demanding for answers with my questions. In fact, I am not interested in the answers for myself. By asking you questions, I was trying to steer your focus to more pressing issues instead of whether he should be given that damn piece of credit card. Got it?
 
Doll, i appreciate your help in steering my focus to more pressing issues.. in fact, i m already vexed with my hubby. It seems that my hubby dun want to share his things with me, especially the financial thing but i m fine with it too. I also want to get out of this mess but due to myself, am straddle with some debts. the total debts under myself is roughly below 25k but can still cope as i still paying regularly. I even thought of walking out but could not. sigh like sinking into unnecessary debts for no reason. then now he is soon to be bankrupted then i even thought of selling off n use the sale proceed to clear the debts at one go but he dun want, dun want.. i really annoyed that he only listens to his friends rather than his own parents or sisters. friends friends friends.. everything he said is based on friends friends.. i m fed up already.

i m a bit unhappy but he dun want.. everything he said is okay okay okay.. everything is okay for him n i m what?
 
An insolvent person is not allowed to have any credit card or sub-card. And you do not need to part with your savings in order to help him to stay in his green zone. His OA will arrange monthly deduction from his savings account and if he can maintain a good record in his repayment, he will remain in the green zone.
 
blur,

why are u guys married?

u're financially bad, he's financially bad, both of u in debt, and u take on a marriage??? now u feel compelled to help him as wife, he feels compelled to listen and help his frens and dad...

i think the both of u seriously need to Wise-Up.

i'm surprised u took issue with the fact that some pple gave u advice and u were unhappy that those weren't facts.

if u're not even bothered to find facts from a freakin legal source instead of an online brides forum... u seriously have no sense of desperation and it goes to show what sort of Information u guys base your decisions on.

there is something fundamentally WRONG with the way both of u function... as individuals and as a couple. SEE IT first... if u dun see it, and dun see it being a problem... then it's gonna be a lifetime of problems... one after another.

if the banks won't give your husband a credit facility despite having billions of dollars... who are u to extend him a sub-card facility??? u can cover him? u're in debt yourself... the two of u should just get divorced and go back to being singles...

it's a freakin horror story of ignorant sporeans getting married for dun know wat reasons.
 
Hi blur, so you mean the OA (IPTO) has not decide how much he need to pay? Has he listed all his expenses in a Statement of Affairs to the OA already?

I think the minimum amount he has to pay is $100 to whichever amount he is comfortable with.

Blur, can I ask you a Qn here? Is there any writ of seizure on your belongings in your property yet?

============================================

Yes u r rite. We already did our homework on the sale for the hdb but decided against the selling our hdb unit.

Anyway will find out more from the OA when i accompany him the next time.
 
Powder,
u r wrong. I din hv any bad debts before in my whole life till i met my current hubby. My financial health is still clean but it is my hubby whom kept on asking n asking and asking and i gave in since last year. I guess i m partially at fault for being too softhearted to stand firmly n say no.

Like i said long ago, we knew for a short half yr before ROM, I even agreed with what u said on the second paragraph but i dunno how to bring this to hubby's attention that we need to sit down n talk and discuss abt this sensitive issue.
 
Rofthelper.

Hv not done yet.
Heard that the bankrupted person is required to give 10% of the pay to OA. I even checked with my gfriend whose her hubby is also bankrupted. (yes 10% of his pay).

That time we had not met yet, the writ of seizure was already served on him, n almost everything in the house(his parents' home). but then his parents n sister had to go court n declare that everything in the house belongs to them, not his. then ok lor.
 
hi blur,

you've helped him with savings, you've incurred his debts in your name, now you gave him a supp card (which started this topic).... and he is wholly responsible for the overall bad finances? i don't think so....

and here you are, still wondering how to talk with him abt finances (bad finances)?

will you be a bankrupt in the making because you find that the topic is sensitive? goodness...
 
blur,
me not same case as you.

just cross my mind regarding ur flat becoz i remembered you asking previously in another thread.

BTW, out of curiosity, the current flat you are staying belongs to both of you rite? how come they seize stuff from his parents' home?
 
u need to just Tell Him.

u're trying too hard to find too many supporting documents/reasons/facts Just to say No to him.

why do u need to do that?? just say no. no need reasons becos he should know himself... if he doesn't know, all the more u shouldn't help him liao...
 
Hi emoh, blur mentioned in her last sentence, that when the writ of seizure was served on him, he stayed with his parents.
 
anyway i thank doll and others for their posts although yes it is not nice to hear those words. but i think i get it now, especially the hint from mysterious.

Yes i m also worried that his case mite affect me lor. and also worried abt the expenses for my son's schooling too.
 
thanks but the problem is over liao. now he is settling well into his new job. Now another problem is housing sigh. hard to decide where to move to cos of his workpalce and our son's school n the main care-giving.
 
If given a choice, i wish to stay home n look after my kid full time n let my hubby go to work without any worry abt our son but he wont hear of it. sigh. i really worry for my son.
 
hi sabrina,
u are posting advertisement here???
are u a scam? sure can help ppl???

blur did u contact her? c where she able to help u?
 


hi blur,

long & old thread didn't read all, just your 1st few & last mesg ... something alarming. Your guy is dishing out loans to friends using your name despite in debt? This reflects alot about his personality doesn't it?

Be very careful about bankruptcy. The bank has the right to repossess any property co-owned. So, if he is in debt, u will be pulled down.

Good that things are doing well now. Take care!
 
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