I need help before i do something funny

[fallen_heart]

Dear All bros and sis,

I have facing a serious problem here... owing a few banks in debts of over 30k n one of the bank already issued lawyer's letter to me. I really have no money to settle the minimum payment.

I need advice on

1) What is the step I should do next?
2) I have now at wits end try to take a loan from other banks but my record in the credit bureau does not allow me to take loan anymore
3) This problem is making me losing my interest in my job and mentally depressed
4) If the bank decided to sue me, will my parent's flat be affected?
5) I have tried to request for installment plan with them but they said have to clear the current outstanding mini payment first..
6) If things does not improve, I even think of ending my life.. I have bought a box of sleeping pills already.

I do not know when I will do someting funny, need some advice urgently.

Thanks.

 

[powder]

Fallen,

what funny thing do u wanna do? kill yourself? If u live long enough, u will realise that This might be the silliest thought u ever indulged in... so Pls hang on to your life!

FIRST THINGS FIRST - Get Information! Solid information and not hearsay assumptions.

4) will my parent's flat be affected?
- NO, 1stly it's not yours, 2ndly even if it's yours, they can't touch your HDB unless it's with bank loan under your name.

5) installment plan
- u might have to check similar threads ongoing where this topic has been discussed. Are u not able to manage the min payment for now? isit alot?

How did u incur the debt and has it been Stopped? if so, then even if u earn only 1k a month, 30k is basically 3-5yrs of your savings... u can definitely Overcome this.

obviously banks will not be lending u money to plug up your debts, so u can Instead discuss a repayment plan with the banks.

wat's your current income? if u put every cent and effort into repaying, would u not be able to pay back? I had a 40k debt tat climbed to 70k and i started climbing this repayment mountain at an initial pay of 1.2k until my pay went to 3.1k... it took me abt 4yrs with the help of some bonuses, so Dun kill yourself, it can be solved! u just need to plug the hole and prevent it from getting bigger.. then faithfully pay it off.

dun let it affect your work performance... in fact the more u should be putting your efforts at work. As long as u continue living and working, u Will get past this! Turn this debt into Your motivation instead!

in another 3-5yrs, 30k would be what u're capable of saving in 1 year, so really - dun do anything drastic.

 

[fallen_heart]

friend...thanks for advice...i incurred these debts because partly my dad need it previously to repay his debts... then i lost $$$ in business.. my monthly salary now is $2500. The bank does not allow monthly installment unless I clear the $870 minimum first... i do not know how now...

I wanted to borrow from relatives but I think will be a big discussion matter within the other relatives and I might be more embarassed..

I am thinking of the pills now...
Haiz... my life is totally shattered

 

[applepie2]

I know of someone in similar position as u but the debt owing is double of yours.

Is either u :

1) declare bankrupt

2) seek credit counsel for help.


The most important lesson to learn is take responsibility for your action. The debt is caused by you. If u commit suicide, U are just v selfish and irresponsible cos u never think of how sad your parents will be, esp they took so much effort to raise you up.

Be brave to face the problem you caused. At least in future u will learn to spend within your means and manage your $ well. IS not the end of the world.

 

[fallen_heart]

is I declare bankrupt will it affect my work ? are there better ways to prevent bankruptcy?
I m 28 this year should have got married by now but then...haiz...
I m really troubled.. wish to turn over a good leaf but somehow no matter how much i cleared with the banks the amount just still about the same...

I really do not know how ..

 

[onegoal]

Let the bank make u a bankrupt.

Do you own pte properties/cars?
If no, then bank cannot do much.

Look at ur own room, everything that is valuable, give it to ur sibling. just leave a piece of cheapo mattress to sleep(Bank will send someone to reporcess ur belongings) They will auction it off for money.

As a bankrupt, ur work should not be affected. The bank will neg and ask u pay by using part of ur salary. 30k debts is not alot. i have seen people with much more. If u know the trick, soon they will discharge u as a bankruptcy. but that will be much later. As for now, if u cannot pay, just wait.... take it easy. This is not the end of the world. If u have another card, remember to squeeze whatever money u can and keep it with someone else.

 

[powder]

Fallen,

u're income is good enough to overcome this hurdle in 3-4yrs, time passes fast and it will be forgotten like when we failed certain subjects in school. Seriously forget the pills, super not worth-it...

ok we're similar in that sense... my debt was due to failed business n my partners running away, leaving me as the lone person to clear the debts. Seriously pls listen to me, this is really not the end... in fact it Became the turning point in my life becos i chose to make it positive, instead of negative...

today is exactly 10yrs and 2days from the day i Started in my 1.2k job In my quest to clear my debts and find my rainbow... i was 25. 10yrs Today i'm 35, and REally - 30k looks much smaller than 10yrs ago.

Work out a plan with Every single one of the banks, employ a person to help u if u need to. if your superior is approachable, Explore some Advance from your current job... If need to, take up some part-time commission-based jobs to bring in the extra income.

LASTLY, forget your ego and face! such things are normally not as bad, but we Always think of it until like we super lose-face or something. if your debts are from gambling then maybe ok, u can be abit embarassed. But your debts are from Biz and helping dad... what's there to be ashamed abt? The top businessmen have lost 30k and more before learning important lessons!

take it as tuition fee and move forward...

 

[powder]

pls dun take the bankruptcy route, If u're gonna take the easy way out of 30k, then u won't be building much of a character.

 

[fallen_heart]

powder what do u mean?
I really can't think much now ..
haiz

 

[powder]

CALM DOWN...

look at it Mathematically... Assume u have 36k debt and u get the banks to STOP the interest and work out an instalment with them... then Assuming u faithfully pay 1k Every month... u will be out of this 30k debt in 3yrs... 3yrs only! and u're only 31 by then...

and i'm even assuming u dun get a pay raise...

dun need to think too much, get some help to seek the banks to discuss the repayment in instalemnts, and for them to stop their interest from piling.

read some of these for more info and clear your mind first!

http://www.singaporebrides.com/forumboard/messages/5/1127547.html?1251974127

http://www.singaporebrides.com/forumboard/messages/5/314699.html?1236356003

http://www.singaporebrides.com/forumboard/messages/5/1047054.html

 

[miloice]

hi, u r talking about only a 36k debt. Do you have insurance policies? You can take personal loan directly from your own policies. Though not alot, it helps to cushion.

- The goal is really to tackle 1st outstanding loans with highest interests. i.e. loan sharks or credit cards debts.
- Work out with the banks to consolidate the debt with the least interest with your options.
- Call your close friends, ask for personal loans drafting realistic timings for repayments. These are loans with more flexibility in repayment. When you have bonuses and additional income, use them for repayments.

It is definitely not the end of the road. But, surely, some long months with tight budget. Cannot afford to fine dine or spend loosely. But its not the end of the road. Its only 36k. With right career advancement, your pay could double or more in few yrs to come. The sky is the limits. Look beyond your current situation and target to earn more.

And if you are thinking of popping pills to kill yourself, u r taking the cruel and stupid way. Cruel to those that loved you. And stupid to terminate your long walk ahead. You can make many more thousands than 36k. It is not a funny thing to do. Anyone can just snap as the moment. Don't allow that to happen. Life is too fragile to be taken this lightly.

You will never appreciate life until you lose someone so dear to you. That pain is anytime worser than getting into debts.

 

[clipperjunk]

don't declare just yet, you may lose your job...your take home is 2k, i reckon you should set aside min 1k to deal with this, meanwhile cut back on non-essentials for the moment....since your dad contributed to the situation, any chance for him to help out some?

 

[fallen_heart]

my parents r dependant on me and my brother is still in NS...my phone bills n internet bills are chalking and the lines are going to be cut off soon...

Haiz...

 

[cuclainne]

fallen, my sister was in a similar situation as you and earning almost the same but she really turned around and put in effort to communicate with the banks - initially they were insistent on the minimum repayment but my sister told them that she's not running away from paying her debts but she needs to repay in installments that she can afford so it's a win-win situation for both .. the banks still get their money, she still get to clear the debt.

now she only have until this november to clear and then she's debt-free .. it's been a difficult 2-3 years but she did it .. and so can you.

please don't think of ending your life over 30K.

 

[clipperjunk]

i guess you ought to work this out with your parents too since they are involved...let them know you can afford to only provide them say 200 and they should get some work for these few years to help things along....as for internet or phone, get the basic plans or pre-paid options....sympathy for you though.....set aside 1 buck for toto just for luck...actually your dad could have declared bankrupt to keep the debtors at bay, unless they were the 'unlicensed' type....best wishes

 

[soontobe]

dun declare bankrupty over 30k.....like wat almost have advised, speak to the banks...if u really need to clr the min of $870 only, speak to relatives or frens....why worried about embarrasement? Ur face more impt or the rest of ur life is more impt?

 

[fallen_heart]

how to speak to them? any advice?
they do not seems to entertain me when i request for monthly installments

 

[powder]

Fallen,

if there's ever 1 time in your life where u need to push yourself to conquer your fears and speak up - Now is the time. if there's ever a time u need to fight for your rights - Now is the time.

dun just stand there wondering, get to it. call the bank or speak to someone there... when u start taking actions, it will lead u somewhere...

 

[ckgal]

maybe u tell them that u want to die, they will speak to u nicely.

 

[maisie]

go down to the bank, speak face to face with someone whom can make decision on the spot..
before that, visit ur nearest MP to tell him ur problem..request MP to write a letter for you to the banks for repayment of monthly installment instead of min payment...

 

[its_fate]

Zzzz.. Dun use threats lah.. The Banks won't budge from this silly tactic. It only show how worthless your life is...

Visiting/Talking to MPs is not a bad suggestion. Only if one is willingly prompt in repaying......

 

[giantemu]

before you declare bankrupt - please chk whether it will cost you your job. Your company may need you to declare to them you are in financial difficulty and that may be their excuse to fire you.

Hence, don't take it as the way out until the last resort. I know banks won't entertain you bcos everyone do that but then, you have to be persistent. Don't just only call, go seek help - I think there is some financial mediation agencies that can help you mediate and work out something with the banks.

You said you have parents who are dependant on you - so, please don't just think of swallowing pills and end your life. Come on, 30K is not a large sum and to the bank, its not significant for them to drive you over the cliff.

Keep your job, this is very important becos that's the only means you can repay your debts. Cut out any costs unneccessary - internet can forgo, use Sg@wireless. Handphone can use pre-paid. SCV cancel. Cut down on costs for time being, in order for you to free up excess cash to service your loan.

Whatever the cause for this debt, it has been incurred, now you ought to see how to clear it up. Can you rent out a room in your flat to get some cash? Can you work part time abit to bring in more cash? Deliver newspapers perhaps? These are all possible alternatives.

Sell off things in your place to get more cash as well - pawn / cash-converters.

Stay focused on clearing the debt - once again, 30K is not end of the world, there are people who faced larger debts and came out a stronger person.

 

[margret]

i think no use pushing to Visiting/Talking to MPs.

Nowadays, their letter don't carry much weigh anymore.

 

[fallen_heart]

i m very confused.....

 

[sgbabydoll]

If you are desperate enough, you would probably do ALL things as suggested. One of these suggestions might just work and you wouldn't want to leave any stone unturned.

 

[miloice]

It is not time to save face. You are considering to kill yourself over 30k but no determination to speak with the banks and your relatives and friends?

Come on.... what's with you? Your pride worth more than your life? There are free and cheaper alternatives. e.g. M1 broadband unlimited is only around $11 monthly. Same with your mobile, if its too exp, switch to pre-paid cards.

As I said earlier, do u have any insurance policies?? You can loan from your bonuses anytime with no questions asked. This is what I did too. Its tough to ask a friend to fork out huge sums of money. Ask small loan amounts from each explaining that you will need some time to repay them. Accumulatively, you should be able to raise at least a significant part of the funds you need.

The banks aren't listening probably because they are thinking this is a small amount and with some pressure, will be able to get you to pay. The banks volunteered to offer a plan to my dad to repay his debt of over 370k. You need to be firmer with your negotiation.

 

[fallen_heart]

ya.. i already requested from my insurance agent already... now wat should i do for the bank which want to sue me ? Talk to them ? What if they refuse? Let them charge me ?

 

[sgbabydoll]

No one can tell you what will happen but if you don't try, you might die and that's according to you. How?

 

[miloice]

Fallen, if you want to speak to the banks. Do it fast. Also, there are many other banks offering one time loan packages to customers in your situation. Don't you receive the many cold calls from agents selling their credit services? Its definitely lower interest as compared with Credit cards.

What insurance did you sign up with? I believe you can go straight to their CS counters to request for the personal loan from your policy. No need to wait for insurance agent to do it for you.

 

[fallen_heart]

but my record in credit bureau dun allow me to take loan from banks again ... how ?

 

[miloice]

Fallen, come on.... people with debt much significant higher then yours successfully gotten loans to pay off their credit debt. Go to the banks and speak to credit officers. Try more than once or twice. Go find all the banks and try. Why are you giving up?

Don't you have friends??? Call and meet them. Ask them for help. You seem selective in your options and still having reservations. Don't seem desperate enough to really go all out to resolve your problem!

 

[wjchiang]

Fallen,
u've been sitting here for more than 15 mins asking how how how. Is it lunch time at work now? 15 mins, u can do a lot more than just sitting here and sulk. Go and call up your insurance company or follow up with your agent on how much loan u can take against your policies. U've already requested right? it takes them a min to look at the screen and tell u the amount u can borrow (depends on what type of policy u hold though). Call up the bank which has sent u the lawyer's letter, call NOW, it seems to me u have those minutes to spare at the moment. There must be a contact name on that letter. When u get some answers, then u think about how to go from there. No point wondering what they'll do, what they'll say, pick up the phone, call, and find out. Perhaps we can help u better when u get some more details.

 

[wjchiang]

how much do u owe this ONE bank which has issued the lawyer's letter? what is the available loan amount from ins policy? It can probably cover a good part of this one loan and u'll be in a better position to nego with them for the balance

 

[fallen_heart]

dear all, thanks for advice...i just spoke to the bank ... they asked me to write to them for the appeal for the bank relief plan..and agreed to hold back the summon for the time being.. thanks... other banks who had yet to send me lawyer's letter are also 2 months due... what should i do next?

 

[soontobe]

fallen, u really sound helpless...err...speak to the other 2 banks on monthly instalments? Or u rather wait for them to send u the lawyer letter then panic like now?

 

[wjchiang]

good. So now u've taken a tiny step to get SOMEWHERE.

1. write to the bank to appeal for the relief plan. How much do u owe this bank?
2. haunt your ins agent to give u the figure of the loan u can take against your ins policy. What is this amt?
3. call the other 2 banks, don't wait for them to call u. What are these amounts and what's the minimum payment each month that u have to pay so that they won't be chasing u?

 

[powder]

Fallen, WELL-DONE! i mean it... Well-Done!

u have just taken 1 step Forward... now do the same with the rest...

if u have difficulty remembering, take a piece of paper and write down your "To-Do" list... see wat other suggestions pop-up in this thread, write everything... sync it with your schedule on your phone and just follow thru... once u start doing, u will find that the weight is removed more and more, and u'll feel lighter and lighter.

 

[miloice]

hi Fallen, once you have the letter from the 1st bank about the relief plan, maybe you could use that to push other banks as well. Banks are not blood suckers, they are only doing a biz. There is always room for negotiation.

 

[sgbabydoll]

Thumbs-up!

 

[fallen_heart]

Dear Bro n sis,

i managed to find a relative to help me clear all the debts and I will repay him in monthly installments.

However, one bank offers me a 30% rebate if i clear the total outstanding while the others do not have any single rebate.

May i know why is this so and how to obtain any rebate from them because the discount is quite a lot

thanks

 

[rofthelper]

Usually citibank and HSBC do offer a rebate if you clear in full. The rest I'm not so sure, but DBS confirm don't give way.

 

[siobhanlee]

Fallen, no use asking forumers for help. The answer lies with the banks u owe money to and you just have to negotiate with them for those rebates. Some banks are just more stringent, that's all.

 

[danieltiger]

DBS A BLOOD SUCKER!!!! WORST THAN A LOAN SHARK!!! CHEAT PEOPLE MONEY CAN, NEGOTIATE NOTHING TO TALK. A BUNCH OF BASTARDS

 

[miloice]

Daniel, what you wrote in anger is irresponsible.

Whatsoever discount the bank decides to give is up to their own internal approval. This is not an entitlement. Banks are also doing a business. They need to remain profitable and accountable to biz owners and stakeholders. It is not a charitable organization.

It is funnie how some people demand and expect banks to somehow negotiate and give them discounts as if its their right. When you sign up for a credit card, or take up a loan, you already sign the contract that binds you legally to the terms and conditions. Unlike loan sharks, the IOU is not a legal document and they operate in illegal. The real suckers are those that invest and sign contracts mindlessly and come crying foul. If all is good and u make money, would u complain?