Need debt help.

ObsidianL · Feb 11, 2018

Okay I am in a terrible situation.

I am working full time earning slightly less than 3K a month (take home about $2300) , I have a wife(not working due to kid in primary school) and my child.

I currently have a DBS cashline account maxed out at $10,000 (monthly I am paying $173 varying interest without even reducing the loan amount).

I am owing a 'friend' $2300 out of the initial $5000, with a strict $500 a month agreement.

So after paying off this $500 + $173, coupling with electricity bills, HP bills and what not. I am really struggling with almost $600ish a month for my whole family.

I cant talk to this debtor because he is really very insistant. hence the " ".

Hence I am trying to apply for a small loan with other banks apart from DBS to just get this amount of $2300 off my back, so I can roll better with my monthly cashflow. However, for some stupid reason, DBS made my credit rating 'HH' (which is the highest). They did not directly tell me but this is the ONLY credit facility I have, and I have NEVER missed a payment. On top of that I am paying interest for nothing every month.

Can someone advise me on what should I do? Or how do I apply for a small loan (because if I can get one approve at a 3years loan itll only be 90ish per month), and P:S the credit rating is ridiculous.

swordspirit · Feb 11, 2018

ObsidianL said:
Okay I am in a terrible situation.

I am working full time earning slightly less than 3K a month (take home about $2300) , I have a wife(not working due to kid in primary school) and my child.

I currently have a DBS cashline account maxed out at $10,000 (monthly I am paying $173 varying interest without even reducing the loan amount).

I am owing a 'friend' $2300 out of the initial $5000, with a strict $500 a month agreement.

So after paying off this $500 + $173, coupling with electricity bills, HP bills and what not. I am really struggling with almost $600ish a month for my whole family.

I cant talk to this debtor because he is really very insistant. hence the " ".

Hence I am trying to apply for a small loan with other banks apart from DBS to just get this amount of $2300 off my back, so I can roll better with my monthly cashflow. However, for some stupid reason, DBS made my credit rating 'HH' (which is the highest). They did not directly tell me but this is the ONLY credit facility I have, and I have NEVER missed a payment. On top of that I am paying interest for nothing every month.

Can someone advise me on what should I do? Or how do I apply for a small loan (because if I can get one approve at a 3years loan itll only be 90ish per month), and P:S the credit rating is ridiculous.

1) Rent a room out. 3 of u stay in 1 room.
2) Find a part time job at night or during the weekends
3) Find somebody to lend u 12300 to pay off the bank loan/friend loan and start repaying that person 600/mth for 22mths.
4) I assume u cant have a credit card. but if u can, get the 1 with the 1.5% cash back and set up giro payment to that card for all recurring expenses. Set your card limit to 1k. Giro payment from bank to this card. Set statement date to a date where due date of card is 5 days after payday. [this need total control]
5) cancel all optional spending (e.g medical insurance to take lowest coverage - government, prepaid card for HP, eating out)

ObsidianL · Feb 12, 2018

swordspirit said:
1) Rent a room out. 3 of u stay in 1 room.
2) Find a part time job at night or during the weekends
3) Find somebody to lend u 12300 to pay off the bank loan/friend loan and start repaying that person 600/mth for 22mths.
4) I assume u cant have a credit card. but if u can, get the 1 with the 1.5% cash back and set up giro payment to that card for all recurring expenses. Set your card limit to 1k. Giro payment from bank to this card. Set statement date to a date where due date of card is 5 days after payday. [this need total control]
5) cancel all optional spending (e.g medical insurance to take lowest coverage - government, prepaid card for HP, eating out)

Thanks dude.

But im in a 2rm flat thus cant rent.
Dont have anyone to borrow this much from.
Am currently lookin for a part time gig.
Have cut all expenses to the minimal and 0 eating out

SBC · Feb 12, 2018

Got try DCP?

lingua101 · Feb 12, 2018

Do you have any life insurance policies? If you have, you can check if there is cash value there.

If yes, you can take policy loan of it. Income charge 5.5%, others I think slightly higher (6%).

Try to call DBS and tell them your situation. They may willing to negotiate put you in some kind of plan (not gurantee). The bank is interested to get the loan back (at least the principle).

Also can you wife work partime? Few hours a day while kids in school?

SibehHL · Feb 12, 2018

Dude, your wife has to get a job, how about part time 4-5 hours work? Since your kid already in primary school so will be away for at least 6-7 hours a day.

After deducting your loan & interest to DBS, you should still have 1.6K per month. You mean your SP utility + HP bill is 1K?

Something not adding up here.

sneggg · Feb 12, 2018

yea wife needs to work.

tbh it’s tough in sg to support a family with just the husband working for majority unless earning big bucks

ObsidianL · Feb 12, 2018

SBC said:
Got try DCP?

I cant but I wish. Your debt need to be 18x of your monthly salary.

ObsidianL · Feb 12, 2018

SibehHL said:
Dude, your wife has to get a job, how about part time 4-5 hours work? Since your kid already in primary school so will be away for at least 6-7 hours a day.

After deducting your loan & interest to DBS, you should still have 1.6K per month. You mean your SP utility + HP bill is 1K?

Something not adding up here.

We are looking into that, but we have to find one within 7:30am to 1:15PM/1:45PM (Alternating weekdays). Don't have many at the moment.

SP utilities' about $100+
Our HP bills + router = $200-300ish.
And I am sorry guys I forgot to mention I have a renovation/furnishing loan of about $400 from my BTO

lifeishard · Feb 12, 2018

You do not need to pay any housing loan yet cannot survive with $2300 take home pay? You have about $800 a month after deducting dbs and friend loan, not enough?

How come need to spend 200-300 for hp+router? This amount can be reduced.

hwaa · Feb 12, 2018

can take the cheapest internet plan.

like $29.90 broadband plan.

200-300 per mth for hp + internet is abit high.

Tiger9119 · Feb 12, 2018

hwaa said:
can take the cheapest internet plan.

like $29.90 broadband plan.

200-300 per mth for hp + internet is abit high.

I think it includes cable TV.

lifeishard · Feb 12, 2018

if you have a smart tv then I see no need for cable tv.

SibehHL · Feb 12, 2018

Guys, TS has an immediate problem; i.e., how to reduce his DBS overdraft of 10K which he is only paying interest at the moment and surviving on 600 bucks per month in the meantime.

His phone bills etc can only be reduced once he hit the contract expiry date meaning he can't change it until that stage or having to incur a penalty. Personal loans, overdrafts Telcom contracts, reno loans etc... These are his poor planning previously and he is suffering for the bad decisions now.

His wife has to get working sooner than later and if failing to get an agreement with the bank to do an installment plan, suspect he will end up in a worse situation very soon.

So is anyone able to suggest how he could make a deal with DBS on an installment plan??

yusoffb01 · Feb 12, 2018

next time spend money you saved, not borrow money to buy things. and quit smoking or doing drugs, they can get really expensive.

Soul77 · Feb 12, 2018

Do you have driving license? Drive uber/grab (over weekends / after works)

ObsidianL · Feb 12, 2018

SibehHL said:
Guys, TS has an immediate problem; i.e., how to reduce his DBS overdraft of 10K which he is only paying interest at the moment and surviving on 600 bucks per month in the meantime.

His phone bills etc can only be reduced once he hit the contract expiry date meaning he can't change it until that stage or having to incur a penalty. Personal loans, overdrafts Telcom contracts, reno loans etc... These are his poor planning previously and he is suffering for the bad decisions now.

His wife has to get working sooner than later and if failing to get an agreement with the bank to do an installment plan, suspect he will end up in a worse situation very soon.

So is anyone able to suggest how he could make a deal with DBS on an installment plan??

Thank you very much. Basically that is the summary. I know i made terrible decisions. However DBS one is the 2nd on to tackle list as i am paying minimal 173 per mth which is still not too bad, just that it is money wasted because i am not reducing the capital.

The friend loan of 500 is the immediate problem as it absorbs a huge amount of cash flow. I am so near yet so far to the finishing line with 2kplus left. That is about 4 to 5 more mths but i am really dying at the moment.

I cant reduce any further on any HP / router as all these are contractual.

ObsidianL · Feb 12, 2018

Soul77 said:
Do you have driving license? Drive uber/grab (over weekends / after works)

No dude. I dont.

And i dont do drugs lmao.

Soul77 · Feb 12, 2018

Youre sure you can't talk to this 'friend' of yours to spread the remaining 2300 to longer period for higher interest and less monthly payment?

ObsidianL · Feb 12, 2018

Soul77 said:
Youre sure you can't talk to this 'friend' of yours to spread the remaining 2300 to longer period for higher interest and less monthly payment?

Yes I tried. Turn out very badly

Need debt help.

Junior Member

Supremacy Member

Junior Member

Arch-Supremacy Member

Member

Senior Member

Arch-Supremacy Member

Junior Member

Junior Member

Supremacy Member

High Supremacy Member

Senior Member

Supremacy Member

Senior Member

Arch-Supremacy Member

Senior Member

Junior Member

Junior Member

Senior Member

Junior Member