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Huge Debts No Job - Cheap <2k Solution - DIY Self-filing Debtor's Bankruptcy - No need to jump etc

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Old 17-12-2015, 12:24 AM   #1
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Huge Debts No Job - Cheap <2k Solution - DIY Self-filing Debtor's Bankruptcy - No need to jump etc

As requested - replicating this thread from EDMW

Huge Debts No Job - Cheap <2k Solution - DIY Self-filing Debtor's Bankruptcy - No need to jump etc


Thought this deserves its own thread - so more will know how Debtor's Bankruptcy DIY filing works

A life-line for those 'forced into a corner' with Huge Debts & No money to pay these debts due to unemployment etc ...particularly suitable for those who are beyond 45-55 years [as very low chances in these days of retrenchment etc in getting a decent-paying job that is enough for BOTH personal survival as well as repaying your debts - so being in bankrupt status makes no difference at all in whether being able to get such jobs even etc] - very good 'last-resort solution' to finally getting that peace of mind and preventing your creditors from 'hounding' you further .....really no need to contemplate suicide at all

Copied over from that 'suicide jumping' thread :

Clintonian wrote:

Tell his debt collector, money don't have, want life free to take.
The debt collector will LLST and declare it as bad debt.

techidiot wrote:

I also want to jump also, people say I beh kan.
No job but high debt.

Next will be me seriously.
Goodbye to this miserable life.



Why do the desperate bother to go to the extreme of jumping ?

For Below 2k costs all-in, just simply declare Self-Bankruptcy DIY
and be free from the pressuring tactics or hassles of your creditors


No job no income to pay creditors is something 'that can't be helped and beyond our control' these days ... worldwide retrenchment/re-structuring etc

Buy that needed peace of mind ... no further stress of finding funds to pay your creditors monthly etc ......for just below 2k here !

If you wait for any of your creditors to make you a bankrupt [which they can for any sum(s) of/above 10k], if possible they'll also claim for re-imbursement of the funds/costs spent by them in making you a bankrupt IF you still have some 'visible/unused' funds/assets

So might as well save all the pressure/hassle and get upfront peace of mind by spending this $1700-1800 [below 2k] upfront- the bulk is the $1600 Deposit paid upfront to the OA before you can do your filing in the High Court


6. Can creditors take further legal action against me after I have been made bankrupt?

Creditors cannot take further legal proceedings against you to recover any debts incurred before your bankruptcy.

An important exception involves fines for breaches of the law. Bankruptcy does not protect you from payment of these, including taxes owed to the Inland Revenue Authority of Singapore, which have to be settled even after your discharge from bankruptcy.

If you:
•receive any demand for payments from your creditors or;
•receive a notice of court action from your creditors or;
•are approached by your creditors who you owe money after the making of the Bankruptcy Order,

You should advise your creditors of your bankruptcy status and forward the documents received to the Official Assignee.


Modest Guide to DIY Self-Filing for Bankruptcy :

1. Just time your filing of the Bankruptcy Petition/Affidavit well before the creditors have the chance to issue the 21-day Statutory Demand Letter by their lawyers or to instruct their debt collectors to take action against you - surely you would want to avoid having WSS Writ of Seizure & Sale proceedings as stressful for the family here ....

2. Just go to the IPTO {Insolvency Office - OA Official Assignee} and Supreme Court websites for clear instructions on how to DIY your bankruptcy filing
Just view the IPTO Statement of Affairs videos [on how to complete this for filing] - links below
See http://www.ifaq.gov.sg/SUPREMECOURT/...spx#FAQ_115682 and https://www.mlaw.gov.sg/content/io/e...subtitles.html and read ALL related materials there such as the Bankruptcy Rules too found at http://statutes.agc.gov.sg/

3. Try not to complicate things - try to 'zero' as much as possible when it comes to your 'assets' eg

- surrender/terminate all your insurance policies for their cash value as you are NOT allowed to have these anymore anyway- unless bought under S 73 of the Conveyancing and Law of Property Act CLPA [benefits go to your family and not your creditors in event of claim here]

Now this condition makes no sense at all - surely as a bankrupt you should be entitled to keep whatever Critical Illness or Accident/Disability Protection cover that you ALREADY have [just no new/further increased coverage] as such are seen as Basic Needs - not extravagances etc !!!!

- sell off all your shares etc and 'empty' your CDP Account and trading accounts etc - use the funds realized for paying creditors or for your mere survival until your filing date

but of course this depends on individual case as must not lie blatantly too otherwise can be charged for making a false declaration as need to declare before a Commissioner for Oaths the relevant documents before the filing on the same day.

4. If you even have the luxury of AMPLE Time, you might even have time to apply for free Legal Aid assistance and WAIT to see whether you qualify here
(eg might have the $1600 Deposit to OA reduced or waived ??)
However for many they won't have this time luxury, as by the time this Self-Bankruptcy 'lightbulb moment' hits them, it is already almost at their 'Last Resort Stage' when practically all assets have been exhausted eg when all 'valuable' insurance policies surrendered for the Cash Value as such are about the very last assets left .....


If you are beyond 40-55 years old
Having a bankrupt status shouldn't be the 'stigma' it used to be/have
Just 'survive' well by whatever means [temporary/freelance jobs if lucky to secure such as a bankrupt still] until you reach 65 years to be able to use/touch your monthly CPF stipend $600-1k+ sum ?
Don't forget the ORIGINAL age for retirement was 55 years ......

The OA may, in his discretion, discharge a bankrupt after a period of 3 years in bankruptcy and if the debts proved in the bankruptcy do not exceed $500,000. For this, the OA will take into consideration such factors as :
- the cause of bankruptcy [unemployment ?]
- the period of bankruptcy
- the bankrupt's assets and payments to the bankruptcy estate
- the bankrupt's conduct, and
- the level of his co-operation given to the OA in the administration of his affairs


The main 'inconveniences' in being a bankrupt are :

1. Your bank account balances will be taken over by the OA to 'manage' and they charge a 'managing fee' too (???) and all accounts terminated
You may then open a new bank account with the OA's approval.
(Tip : Best to empty your accounts before the filing/shortly after the hearing or leave very small sum behind as seems the OA will charge an admin/managing fee based on the amount here too ?)

2. If under GIRO payments for your utilities, town council, etc - get these transferred to another person's bank account [or cease GIRO arrangements and go pay cash at 711 etc]

3. For property tax and income tax - these are Preferential Claims and need to be paid no matter what
Maybe best to pay them up totally before filing so can put as 'zero' at Part III of the Statement of Affairs ?

4. On being made a bankrupt, the OA will write to all the telcos as you aren't supposed to have any 'services' from them [so archaic !!??? at least now can take taxis tho' !!!!]

TIP : Make advanced plans or prior arrangements if possible such as getting new services under a new sign-up name and NOT under your name still or do new signup at another telco etc - to avoid having the current telco requesting you to transfer 'ownership' of existing services to another so that the services can continue non-disrupted under someone else's name staying at same address otherwise these services will cease fast - do note that transfer fees of $10/$20 apply for each account here eg Fibre BB $20/ Singtel TV $10/ Mobile Phone $20 (can be said to be paying $50 just for the convenience of Retaining the Mobile Number & services in the meantime while considering whether to Re-Contract with the same telco for current carry-over benefits/freebies if still in time after the minimum 3-day Transfer Processing to take advantage of current Xmas online offers or to wait for future offers etc OR to switch to another telco/service provider altogether (should be cheaper for bundle services ?) with the same Mobile Number or ....)

Of course as a bankrupt you are NOT allowed/supposed to own anything 'of value' so only list down old obsolete no-value handphones if you must under Schedule C (Section 2) under T Telecommunication Equipment
Aiyah - in this day and age IDA should 'educate and open up/enlighten' the dinosaur OA's eyes as HOW can we live without internet here - even tho' under bankrupt status it's an ESSENTIAL need here - maybe even more important than food for many of us ????
Many employers including the government now require job-seekers to apply ONLINE for jobs - so how to do without the internet/computer as need to search and apply Online here if we want to work or have a job
What to do - now got to say 'Other family members or friends love the bankrupt so are providing such need for the bankrupt by paying for the services or laptops or new handphone etc ....'
But better don't say so much when it comes to your 'possessions' as the OA could say they have some 'value' and therefore force-sell for you to raise funds for your creditors ???
Hmmm .... better to say not owned by you as such etc

"The Official Assignee allows you to keep possessions which are necessary and not extravagant. These include furniture, personal effects and limited tools of trade"

There is a case for arguing that computers and handphones as well as an internet connection are necessary and not extravagant and form our 'tools of trade' too !!!!


5. If you are gainfully employed ie have a job still, you must make a monthly contribution to your bankruptcy estate for the benefit of your creditors. The contributions will be accumulated in your bankruptcy estate and will be distributed to your creditors upon your discharge from bankruptcy.

The Official Assignee will assess the amount which you will be required to pay each month after taking into account what you reasonably need for yourself and your family

So if your pay is miserable and only barely enough to feed your family and you, logically the OA shouldn't force you to make the monthly contribution as how to squeeze blood from stone right ? Well maybe you'll be allowed to make only a nominal payment of $10-$30pm in such circumstances ?


6. You are allowed to leave Singapore or remain overseas after obtaining the approval of the Official Assignee. If you attempt to travel overseas without the Official Assignee's permission, you may be stopped by the Controller of Immigration from leaving Singapore and your passport may be impounded by the Immigration & Checkpoints Authority.

If you wish to leave Singapore, you should apply online at least 14 days before your departure date to obtain the Official Assignee’s permission, stating the reason for your travel, your destination of travel and your period of travel.

Hmmm....would a "Friends' Trip" fully paid for by your close friends for old-times sake etc be approved ?
Or 'Visiting Foreign Friend' trip etc be approved - so long as travelling funds are provided by someone else here ??
The logic here must be - that you must not have funds to spend on travelling otherwise such should be used to pay your creditors
So - get someone else to pay for such - so long as NOT paid from YOUR own funds [you're too poor to have extra funds for such in the 1st place]
Aiyah - how to take advantage of Budget Carriers' Zero Fare offers and such now ... must Buy 1st and seek approval later ????

You will also need to submit documents in respect of your travel application if required by the Official Assignee. For example, if you are travelling for employment purposes, you need to submit your letter of employment or a company letter supporting the reason for your travel.


7. You are disqualified from being appointed or acting as a trustee or personal representative in respect of any trust, estate or settlement unless you obtain the permission of the High Court to do so.

For practical purposes, if your parents/siblings etc were to make Wills in your favour and appoint you as the sole executor/trustee, better make sure the Wills state conditionally that you are to be the beneficiary and executor/trustee ONLY if you are not an undischarged bankrupt etc still at the time/date of the Testator/Will-maker's death -

otherwise better to have alternative clause to will the estate to a trusted someone X acting as the executor/trustee - with clause stating that the Will-maker's desire is for X to provide for the needs of the bankrupt/you from the estate assets and to transfer the balance estate/funds to you once you are discharged from your bankruptcy or no longer under any legal disability to receive etc - this is to prevent the OA from seizing the funds to pay to your creditors {Change your Giver's CPF Nomination Form too otherwise the CPF Gift meant for you goes to the creditors instead - remember that it's only YOUR CPF Funds that are protected from creditors and that does NOT include CPF Gifts nominated [can't be Willed here] to you from someone else !}


8. The below limitations do not affect many 'normal' bankrupts :

You may apply to the High Court or to the Official Assignee for permission to:
i. Manage or take part in any business under the Business Registration Act (Chapter 32); or
ii. Act as director or take part in or to be concerned in the management of any corporation (Singapore or foreign company) under the Companies Act (Chapter 50).

More info can be found from
https://www.mlaw.gov.sg/content/io/e...bankrupts.html




The bank-creditors will stop reminding you thru' calls on your monthly minimum payments etc [altho' some of their systems can't stop the SMS messages] once informed that you have self-filed for bankruptcy too ...
Some are even willing to offer 20% to 50% Discounts on the debts and some even voluntarily set to Zero [acknowledging as Bad Debt ?] in their later statements

In fact someone said to me later - if we 'plan really well' we could even borrow XX amount from the bank then spend X and 'keep X secretly' then threaten to self-file for bankruptcy and let the bank negotiate with us - if they offer 50% Discount, then use the balance X amount to pay up
Aiyah where got so good one - sekali kena self-sabotage here etc ....
Akin to fraud - can go to jail like that !!!??
Must always remember Plans DON'T work the way they are supposed to
Much too risky - doing such things !


Just wish to add that this DIY Self-filing for Debtor's Bankruptcy works best when the debtor only has remaining assets which fall within the excluded or protected category !

4. What assets are protected from creditors?

The Official Assignee allows you to keep possessions which are necessary and not extravagant. These include furniture, personal effects and limited tools of trade.

The following assets are also protected from your creditors:

•Private properties held by you on trust for any other person,
•HDB flats where at least one of the owners is a Singapore Citizen,
•Monies in your Central Provident Fund (CPF) account,
•Life insurance policies which are expressed to be for the benefit of your spouse or children,
•Any other properties that are excluded under any other written law, and
•Compensation awarded for legal actions in respect of personal injuries or wrongful acts against you.

For compensation payouts under a Dependants’ Protection Scheme (DPS), this will be paid to the Official Assignee for the benefit of your creditors. Where a DPS payout is due to permanent incapacity of a bankrupt who is the insured, CPF/the Private Insurer will write to the Official Assignee for consent before releasing the payout to the bankrupt.


Read more from https://www.mlaw.gov.sg/content/io/e...ankrupts1.html


And for those that die-die want to commit suicide despite above possible solution
pls go buy insurance 1-year ahead [under Section 73 CLPA !] so that your death is not 'wasted' - at least your family will benefit from your death then !
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Old 17-12-2015, 12:34 AM   #2
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This DIY Debtor's Bankruptcy route is used by those who DON'T hold a job or have slim chances in finding a good-paying job as the DRS=Debt Repayment Scheme WON'T apply to them at all

9. Debt Repayment Scheme

The Debt Repayment Scheme (DRS) is a repayment scheme to assist debtors who have a regular income and debts not exceeding $100,000, to avoid bankruptcy.

The DRS is triggered by a bankruptcy application. When such an application is made to the High Court and the debt owed does not exceed S$100,000, the High Court may refer the debtor to the Official Assignee for an assessment of the debtor’s eligibility and suitability to enter into the DRS. If the debtor satisfies the relevant criteria, an administrator will devise a repayment plan requiring regular debt repayments to the creditors over a fixed period of time. Debtors who do not comply with the conditions of the scheme will be failed from the DRS. These debtors may subsequently face another bankruptcy application filed against them and be made bankrupt by the High Court.

For further information, please refer to the DRS page on this website.


See https://www.mlaw.gov.sg/content/io/e...r-debtors.html



2. Am I eligible for DRS?

You have to fulfil all of the following eligibility criteria:

(a) Total liabilities do not exceed $100,000;

(b) Gainfully employed and earning a regular income;

(c) Not been a bankrupt or been on the DRS in the last 5 years;

(d) Not been subject to a court-based arrangement in the last 5 years; and

(e) Not a sole-proprietor or partner in any firm.


You will be deemed ineligible for DRS if you fail to meet any of the criteria stated above, and the OA will not further assess the matter.



danguard wrote:

Why advise people like that



This is for those who don't even have a job or have debts exceeding 100k that they DON'T even qualify for the DRS Assistance Scheme offered currently by the banks till end-Dec 2015 to 'enjoy' the much lower 5% pa interest rate instead of the 24%-28% pa on current credit cards and the >>17%+ pa interest rates on unsecured credit lines/personal loans

Those who exceeded the 24x monthly income debt-ratio under MAS Rules would have received STACKS of literature on the DRS wef June 2015 - note that IF you do qualify for DRS you need to submit your application before the end-Dec deadline !!!!
For those retrenched or jobless or debts exceeding 100k, no chance to go on the DRS !

It's extremely stressful if you don't have a job and funds/assets to even pay your unsecured creditors the monthly minimum sums EACH and Every Month
-------> so this Self-Filing becomes a Good Solution for that much-needed peace of mind IMO

Otherwise WHAT Alternative would YOU advise in the circumstances then ????

Let people know of THIS possible way-out
NO Need to go to the extremes of jumping or suicide etc ......
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Old 17-12-2015, 12:39 AM   #3
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Thank for replicating this thread here. Hopefully it's helpful to some.
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Old 17-12-2015, 03:21 AM   #4
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Very interesting read . Appreciated once again .
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Old 17-12-2015, 07:55 AM   #5
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Hmm interesting

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Old 17-12-2015, 10:34 AM   #6
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Like teaching people how to avoid paying up their debts like that. I can't help but think "poor banks".
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Old 17-12-2015, 12:38 PM   #7
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Like teaching people how to avoid paying up their debts like that. I can't help but think "poor banks".
People/debtors who have a job WON'T choose to be bankrupts as they will still have the means/funds/income to pay their debts

Young people of below 45 years or so are highly encouraged to get 'good jobs' and live their life etc and NOT choose this Last Resort Bankrupt route

We must remember the banks offer their unsecured loans/credit cards and facilities only to Gainfully Employed persons earning above 30k pa - but when such borrowers especially those in the older vulnerable age group were to LOSE their jobs through no fault of their own such as retrenchment .... instead of having them contemplate the Suicide route etc this is to enlighten them of this alternative DIY Self-filing Debtor's Bankruptcy so that at the very least they may then be able to enjoy some much-needed peace from the heavy stresses of being 'hounded/pressurized/threatened' of having to pay debts but with NO means to pay such - this is to offer RELIEF !

These 'poor banks' are partly at fault/to be blamed too - for PUSHING their credit facilities at these poor souls with their fierce marketing etc
At the end of the day, given a choice, am sure no one will wish to be bankrupts

Last edited by jjcc888; 18-12-2015 at 12:05 AM..
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Old 18-12-2015, 01:41 PM   #8
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Was just reflecting on that case of the Malay police inspector sentenced to hang for killing and robbing in the Father-Son Kovan Rd Murders

1. IF ONLY he had known that it's NOT the end of the world
- to lose his job [what to do if employers are harsh and not empathetic]
- to be bankrupted by OCBC for a reduced 60k debt - life still goes on
- to be a bankrupt as other jobs MAY still be available

2. Once freed from the stress of finding $$ to pay up the OCBC Debt by being made bankrupt [whether DIY himself or made so by OCBC], he could then have peace of mind and go on with his life - he would only need to get a job that pays him enough for his monthly survival as he would be unlikely to get another similarly-high-paying job on bankruptcy ....my guess is that those 2k+ Security jobs should still be available or whatever job referrals that IPTO/OA could arrange here - any excess $ (if any) then goes to the creditors ?

3. I feel it's such a big waste/pity to end up as such over a mere 60k debt !
Aiyoh - for such might as well 'make it more worth the while' with a bigger sum don't you agree ?

4. Well IF he had thought out the 'benefits' of a DIY Self-Debtor's Bankruptcy, he might not have been pushed into doing the foolish things that he did here as a desperado - he would have gotten the Relief and Peace then at least from his creditor !
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Old 04-04-2016, 03:37 PM   #9
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About time to update this thread .....

As a bankrupt, the OA expects you to :

1. make a monthly contribution into your bankruptcy estate if you are Gainfully Employed with reasonable excess job income [AFTER deducting the necessary sum required to feed/maintain your family]

- these contributions will be accumulated until about 5 years (+ every 2 years subsequently if nec) when the Total Sum as deemed by the OA to be 'reasonable in each particular case' for a Dividend (usually the 1st & Final Div) to be paid to those Creditors who have bothered to file their Proof of Debt with the OA - the bankrupt gets discharged after this Dividend has been paid

- this total sum works out to be around 12-15% of the Total Proven Debt amount and you'll earn your discharge if you are able to have this 12-15% sum paid at/after 5 years

- if you are very lucky to have a HUGE toto windfall you can get your bankruptcy totally annulled (ie leaving no record/trace there if anyone were to make a subsequent bankruptcy search on you) by making FULL 100% Proven Debt payment BEFORE 5 years (or even after 5 years if you had failed to even make the smaller 12-15% payment by then for a mere discharge (WITH a record)

If you are JOBLESS like me, you may still wish to make a NOMINAL monthly payment by GIRO of $10pm (thru' new POSB bank a/c)
- the OA encourages you to INCREASE this sum if you can get Temporary/Part-Time ad-hoc jobs as and when - say increase that $10pm to 5x or to 10x etc

IDEALLY the OA has in MY case calculated the Ideal Monthly Contribution to be $450 pm x 5 yrs x 12 mths = $27,000 in 5 years for a discharge
BUT that is PROVIDED I am able to secure a job that still pays a reasonable sum exceeding $2.5k pm as still need to DEDUCT OFF the sum needed to feed/maintain my 2-person family which works out to be at least 1.8k x 2
= $3,600 ?? - say I discount this $3.6k down to only 2k instead ?

2. File online every 6 months your Income-Expenditure Reports

STRANGE - When I logged in today 31-07-16 thinking to file my 1st Report
I saw I was stated to be in the Green Zone (hurrah - but I have been making my monthly nominal payment faithfully by GIRO despite having ZERO Income as still jobless) but the Filing Requirement stated was 12 MONTHS instead of the standard 6 Months although the pre-typed info input was for the 1st 6 months - anyway I made the Nil Income submission for the 1st 6-Month Period for whatever it was worth there !


If a bankrupt does the above 2 -

will be seen as being a "Co-operative Bankrupt" that keeps in touch with the OA and not some "chao kuan runaway/disappeared bankrupt"

- will end up in the Green Zone

- should have their Travel applications approved by the OA but all travelling expenses MUST be paid for by some 3rd Party instead


Hmmmm .... guess I'm QUALIFIED to do an AMA here hahahaha ......

Last edited by jjcc888; 31-07-2016 at 03:57 PM.. Reason: updated on 31-7-16 Filing of Income-Expenditure Report
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Old 05-04-2016, 02:11 AM   #10
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If im an uber/grab driver with my own car which is registered under a company i own.

If i declare bankrupt, will i be forced to liquidate this vehicle(which is also the tool to earn money for me)?
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Old 05-04-2016, 01:18 PM   #11
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If im an uber/grab driver with my own car which is registered under a company i own.

If i declare bankrupt, will i be forced to liquidate this vehicle(which is also the tool to earn money for me)?
Pls check with the insolvency office/OA on this

My feel is Yes
as I don't think your argument that the vehicle is your "tool of trade" will succeed given the very narrow n restrictive interpretation seemingly adopted by our many authorities

To play safe register that car under another company owned NOT by you
since bankruots are not supposed to own assets including companies etc
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Old 05-04-2016, 11:14 PM   #12
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These 'poor banks' are partly at fault/to be blamed too - for PUSHING their credit facilities at these poor souls with their fierce marketing etc
At the end of the day, given a choice, am sure no one will wish to be bankrupts
As much as i pity the people and understand tht banks profit greatly..

To say that they push their credit facilities fiercely to these "poor souls" is a bit absurd

Its like a customer walking into a kitchen appliance store, the salesman sells him a knife, he chose to buy it, takes it to kill someone.

Shi tty salesman or shi tty decisions made?
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Old 05-04-2016, 11:17 PM   #13
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As much as i pity the people and understand tht banks profit greatly..

To say that they push their credit facilities fiercely to these "poor souls" is a bit absurd

Its like a customer walking into a kitchen appliance store, the salesman sells him a knife, he chose to buy it, takes it to kill someone.

Shi tty salesman or shi tty decisions made?
the roadshows are very high pressure environment
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Old 05-04-2016, 11:19 PM   #14
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the roadshows are very high pressure environment
Even if they felt like they were coerced into buying smth they dont need..

To abuse the credit facility is their own choice to make
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Old 07-04-2016, 01:49 AM   #15
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Even if they felt like they were coerced into buying smth they dont need..

To abuse the credit facility is their own choice to make
At THAT much earlier period there certainly wasn't any ABUSE by the
facility-user was there ?

Such alleged 'abuse' comes only with much later INABILITY to pay/service
the facility when there's that loss of job income which is not within the
facility-user's control anyway

Anyway it's all a commercial risk here (both ways)
The banks have their provisions for Bad Debt etc
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