HELP! Advise needed for debts owing to bank :(

[princess_1408]

Hi all,

Not so sure where to start but here goes. I just received a lawyer letter from bank (OCBC) asking me to pay up the full settlement of my extracash loan of about 11k which includes interestes and lawyer fees i guess.

I want to say that its not I'm avoiding payment for my loan for these 3 mths and siam-ing their calls but couple months back i've been facing many issues in my personal life and going through divorce, lost my job, no savings and even my hp num is my husband so he actually took it back and hence when they called nobody answered. Yes, I could have just called myself to the bank before that but I'm really depressed and down in my life when I got hit by all these at one go and didnt have extra mood to even think about this loan issue.

I called up the person in charge of my loan now hoping to negotiate and tell them my current situation now if can arrange a low installment monthly but she told me the bank has terminated my account and I need to pay the whole lump sum back or else take legal actions against me. Even after I tell her my situation also she insists she can help me request for monthly installments ONLY after i can pay 3.5k upfront before end of march. But what can i do? I really cant pay now when i'm facing divorce and jobless with no income

Btw, I've already just signed up with CCS for the info talk but their talk is only at 9th April which is way after the deadline the bank give me

There's never been a time when I wish I could just die and not face all these anymore but I cant bear to leave my parents and my son, they're all I care about now.. I no longer care for myself except for them..

So I need advise from you all or people who went through similiar things like me. What will happen if they take legal actions against me? Sue me bankruptcy? How long will it all take for them before they legal actions against me and what can they do mostly? Will they be able to take action against anyone since I cant pay?

I dont have any assets under me except just a BTO flat that I have with my husband but its not even 5 years of staying. Heck its not even one year of staying yet. No car, no savings or even insurance that I can take a loan out of policy.

Really at a lost now

 

[powder]

actually the impt thing here is to just keep walking, and find a source of income as soon as possible... all others thing swill come into place. those things u can't change like datelines and debts, u just go ahead and pretend they dun exist...only then can u overcome the fears that hold u back.

 

[princess_1408]

powder : I am also trying to find a full time job to get some income but how can i ignor the deadlines and debts? I am very afraid they will take all the legal actions to me and affect my family more. Neither do I want to face bankruptcy and them coming to chase me every other day.

 

[powder]

facing bankruptcy is a result of your past actions or choices... even though for some of them u may not be directly responsible... someone has to face it, and that someone is u. u can do nothing to make it someone else, nor can the banks chase someone else. it will come regardless.

Meantime, u need to find a Job - fullstop, in situations like these whether u're paid per hour, per week, per month, per contract - main thing is to get paid, isn't it? whether it's a job of your choice or a job Not of your choice... do u actually think u have a choice to pick n choose for as long as u want? just becos u like eating fish doesn't mean u starve til death becos only prawns are avail.

problem with most desperate pple is, they Only shout their desperation... but their actions hardly reflect the Dire situations. my mum didn't sell her body for fast bucks, she worked every available job and juggled upto 4jobs a day from washing dishes, helping at salons n being a hawker's assistant in poly. They certainly dun produce women like my mum anymore... or maybe they do, just maybe with education - we get too good for our Own Good.

what are u doing now? what can u be doing now? what should u be doing now?

think of the above, and that is the reason why u will take a long time to get out of debt. the banks should be your motivation, not your source of grief. shift the way u think n u'll be ok.

 

[J_Xuan]

TS maybe you can visit your MP or any free legal clinic to ask for advise. I remember hearing that the government/grassroots etc have started free legal clinics in certain areas. Perhaps you could do a check online.

Meanwhile do search for a job , jobs are everywhere, maybe if you lower your expectation, you may just get one to temporarily to get you past this stage.

 

[miloice]

For Singaporeans, it is easier to get a job now for sure. The immigration policies have changed significantly recently and most companies are having difficulty employing foreigners and some of their staff have to leave after the employment pass expired as their renewal are not approved.

 

[fci_business]

Hi, we have Part time and full time positions available. Write to me @ [email protected]

Real job, not MLM so dun worry.

As for your matter, I'm sure CCS tell you to pay whatever you can. $50 also good cos like that, bank cannot say that you fail to pay.

Failure to pay than they will issue lawyer letter. Try to pay a bit and drag till CCS help you out.

 

[rofthelper]

Hi primcess_1408,

Like what powder had just said, find a job asap.

Let OCBC know that you can start to commit the repayment once you receive the first paycheck.

Btw besides OCBC, do you owe other banks? If not the problems never end.

OCBC may start to apply for a writ of seizure of movable goods on your BTO. Just to let you know.

 

[princess_1408]

Hi rofthelper, I only owe OCBC bank thats all.. I already tried to neg with the officer but she insist that I cant delay and must pay 3.5K upfront before 31st march else they will go ahead with more legal actions.. So should I carry on to call the bank and neg or call their lawyer and neg?

I am in the middle of finding a full time job now, i have a freelance job but it pays for my basic needs and for my kid and parents so I did tell the bank to neg and see if i can pay slowly instead of such lump sum but they wont budge.

Btw, how soon will the writ of seizure be? But the movable goods are all not owed by me and by my husband cause he's brought everything in the house with his own money and i really have nothing valuable under me.. will they be able to move them also?

 

[miloice]

Do you have any insurance policy? Check if you can loan from your bonus.
Also, check with close friends to take up a personal loan. Don't need to ask for full amt from one person, getting a few friends to chip in, you can reach the target.
Next, get a job and work out a plan to repay the loans and debts.

 

[miloice]

"No car, no savings or even insurance that I can take a loan out of policy."

OK, so, insurance is out. Do you have siblings? All of them have no savings as well??

 

[princess_1408]

miloice:
I'm the only child and we dont have much close relatives to begin with and I've tried asking my friends for personal loans but most choose to just not lend a helping hand and some are also tied up with their own financial.. I have a part time job and can make some payment monthly around 200 but the bank wont budge on that

So i'm really not sure who can i negotiate with on this issue from the bank

 

[rofthelper]

Hi rofthelper, I only owe OCBC bank thats all.. I already tried to neg with the officer but she insist that I cant delay and must pay 3.5K upfront before 31st march else they will go ahead with more legal actions.. So should I carry on to call the bank and neg or call their lawyer and neg?

I am in the middle of finding a full time job now, i have a freelance job but it pays for my basic needs and for my kid and parents so I did tell the bank to neg and see if i can pay slowly instead of such lump sum but they wont budge.

Btw, how soon will the writ of seizure be? But the movable goods are all not owed by me and by my husband cause he's brought everything in the house with his own money and i really have nothing valuable under me.. will they be able to move them also?

OIC... so your have the custody care and control of your kid? Can understand there will be a difficult path for you out there.

If OCBC won't budge and you have no bargaining power (a full-time job), there is nothing much you can do, or prevent OCBC of proceeding with more legal actions against you, statutory demands, writ of seizure etc.

WOS can be within 2-3 mths after application. Your husband have to prove and declare in sub-court that those movable goods are indeed bought by him.

 

[miloice]

Yes, many will not lend. However, some will. You have to keep trying. I took loans of 300 to 1k from friends to tide over years ago.

 

[Phua Poh Sim]

hey

banks only want their money back and perhaps part of their KPI is also to recover $$ owe to them. so dont fret. everyone has to perform in their jobs. so they are really just doing their jobs chasing you for repayment.

some other options:
1) take a balance transfer.

interest rates are usually much much much lower than the interest on late credit card payments (anything from 5-10%/pa). usualy the promo is for 6 months or so. after that... take another balance transfer and transfer the remaining amount to another credit facility. it takes a little effort but the amount owed will be so much more manageable.

my friend did this after her sickening brother cheated her into paying for his wedding banquet with her credit card and refused to take responsibility. btw, he kept all the ang pao and her parents told her "his your brother. just help." horrible.

2) try the credit corporative. TCC i think. their interest rate for personal loan is very low compared to that of credit cards. if i am not wrong... 6.99%/pa. but if you are not gainfully employed they may not approve your loan. must get a guarantor.

hope things work out for you!

 

[DanielHo]

From your story, first how you create a debt of $11k? what did you paid for?
Sell back those you have paid, is a option to clear 40 to 50% of what you borrowed.
Your BTO may be taken back and be compensated by HDB if neither of you are having another partner.
For the bank, you can go down to one of their branch, and talk to a finance officer. Banks only want you to repay, so i am sure you can work out a reasonable package as they will not get a cent to sue someone already poor bankrupt.

Find a bank manager and above to talk. it will help