Beware of applying any credit card or line especially BOC, send demand of payment for cancellation.

[indexsg]

Gosh, feel really sad for TS.
He treats credit card like free financial source.

TS, as mentioned by you, we won't know what is our job security in the future. Yet, without hesitation, you already spent "future" money.

Basic principle applies, if you owe, then you pay.

Like what other forumer suggested, spend within mean.
Instead of finding loophole in the system, why don't aim for debt-free?

 

[BERSERK1980]

Wow 7k is not a big amount. If you are single with no car and housing, saving aside 1.5 to 2k to service your debts shouldnt be a problem. You could have fully paid your credit card and credit line by 3-4 months. If you had paid at least a reasonable 1k each month, i am sure the bank wouldnt have gone to such drastic measures.

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[foreseer]

hmmm both sides of the coin i agree........ BOC not wrong to want u to pay since u have been probably been paying min sum every month which is very dangerous. Assuming u pay min sum + maybe 10% every mth they probably wont be so scared.

but 30 days to pay up i think that is the so-called procedure by bank to protect their own ass. Maybe you can talk to them to extend but within the 30 days u should be making more payment than the min sum...... maybe at least 25%? Im sure it's negotiable.

On the other hand, I think you have no means to pay off anything more than min sum

 

[foreseer]

How really feel like cash is king, debit card works like credit card even credit card have better cash back and promotion, but end up use credit card pay more than debit card for the same things.


My job is good, but what if tomorrow no need to come to work said from boss, then credit card own many installment and loan end up become broke and bankrupt. All the credit cards are marketing gimmick, end up pay more and slave to banks.

and what's your point really? if the money was spent on medical bills or sth along the lines of that i guess well understandable. but obviously most likely not

 

[highsulphur]

I wonder how many people out there have the same mentality as TS and fail to see what a slippery slope that they are on....

 

[bigpelican]

why waste another $3k on something that wont help to reduce your debt. if you got $3k, it will be better to go directly to BOC and negotiate with them, pay them $3k and come out with a few years of monthly installment on outstanding amount. even without $3k you can still negotiate. what they want is money. they dont want you to go bankrupt, bcos after that they cant milk more money from you.

 

[slurpy0099]

U mean this kind can report to police for harassment like wat ts said??

 

[mav3rick]

from his replies u can see that he is not seeing the light. this kind must cold turkey...

the bank does not owe u a living FULLSTOP, they dun care wat bills u have to pay sorry to say so even if its something life threatening, as long as u O$, u P$. Moreover u have already been dragging for a year.

I have a feeling TS owes the $7k only from BOC just that BOC took action and that he has outstanding on cards with other banks. Just that those banks have not taken action.

advise to TS is to negotiate with BOC for gradual repayment...

 

[sebastgt]

I wonder how many people out there have the same mentality as TS and fail to see what a slippery slope that they are on....

62830
St Times: More in Singapore finding it hard to pay credit card debt

 

[anfielder]

U mean this kind can report to police for harassment like wat ts said??

What harassment? Basically is TS self pwn

 

[Polar Bear King]

TS could have used CC to make purchase to fund a business operation and somehow sales was not good so now end up in CC debt lor. Possible.
As others said 7k with BOC is not worth declaring bankrupt I also agree should call up BOC ask about any other plans.

 

[derrickgoh]

No sympathy from me because this sounds like a simple case of self pwn and then not being responsible enough to take responsibility for one's own actions.

Firstly, TS fault for not spending within his means. If don't have $7,000 to pay then why spend $7,000 in the first place?

Secondly, TS owes the bank money so the bank has every right to disallow him to use their credit card and demand that he pays them what he owes. No bank in their right mind will let you continue racking up bills when you have not cleared your outstanding.

Thirdly, TS seems to think he can solve all his problems by declaring bankruptcy. As I said, there are many consequences of declaring bankruptcy. Its not a simple matter of saying "hey I'm bankrupt" and the debtors no longer come looking for you. Sorry lor, what you owe still needs to be paid back.

Whether you go and mortage your house, go and beg your friends or go and sell backside. You still need to pay back what is owed. I hope TS has enough brains to realise that declaring bankruptcy DOES NOT mean you don't have to pay back what you owe.

 

[kazejin]

It sounds to me that the bank's risk management team is just doing their job.

I would demand immediate payment too if i suspect that someone who loaned from me will have difficulty paying up and have other loans from elsewhere.
Kind of a first demand, first get paid, last demand, get nothing scenario.

 

[naro]

As my first post, I find no point of paying S$7000 or less to them within 30 days, I have other bills to pay.


So instead spend 3k, file a case at high court to take a oath, then the judge will put you in Debt Repayment Scheme or DRS see if you are eligible and approval. This is done only through an consultant or lawyer. Unless you work for government directly then cannot, or own 100K more so if you have house or car under your name, sell it take public transport or rent or sell house to stay with someone else. Or your income not regular then DRS not eligible. It is a 3 to 5 years monthly payment plan with zero interest but a few hundreds of yearly subscription.


Charity organization like Credit Counselling Singapore does not do DRS, it will talk to most banks for repayment plans but with lower interest like half compare to current to stretch at least 5 years to 7 years.


So BOC need to know some laws, if I file under DRS with a case number after 30 days send somebody to my house throw me letter asking me to pay up, or keep calling my phone many times, I can report to police for harassment unless DRS is rejected not approved then I may be put bankrupt by court.

Agreed. You should file for bankruptcy. Then you also ddon't need to pay for all other loans.

 

[derrickgoh]

Agreed. You should file for bankruptcy. Then you also ddon't need to pay for all other loans.

You see what he type already you know he knows nuts about law. Later he really listen to you file for bankruptcy he will end up in deeper sh*t lor.

 

[BERSERK1980]

If you have another credit line, maybe you should use that to settle the matter in hand and promptly clear the credit line afterwards with a reasonable payment every month. This should be an immediate relief to your current situation and give you breathing space.

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[derrickgoh]

TS reminds me of this guy who sold his resale flat to my relative. Bugger was on the run from Insolvency & Public Trustee's Office. Move house liao still never update address and stupidly think IPTO can't track him down.

O$P$. Simple theory. Don't think you can siam by declaring bankruptcy.

 

[denial86]

You see what he type already you know he knows nuts about law. Later he really listen to you file for bankruptcy he will end up in deeper sh*t lor.

Hahaha TS is just looking for someone to approve what he is thinking of lor, scarly really think Naro agreeing with him.

If you have another credit line, maybe you should use that to settle the matter in hand and promptly clear the credit line afterwards with a reasonable payment every month. This should be an immediate relief to your current situation and give you breathing space.

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Wah you want to help him dig a deeper hole ar? Judging from what he has said so far, he has no plans to clear his debts lor...

 

[BERSERK1980]

Hahaha TS is just looking for someone to approve what he is thinking of lor, scarly really think Naro agreeing with him.



Wah you want to help him dig a deeper hole ar? Judging from what he has said so far, he has no plans to clear his debts lor...

Well if he is insistent on not paying, nothing can help him. Just giving him the most realistic and viable solution. 7k is not a huge amount and is managable if he is committed.

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[naro]

You see what he type already you know he knows nuts about law. Later he really listen to you file for bankruptcy he will end up in deeper sh*t lor.

From the looks of it, he knows what he/she's getting into. It also seemed to me that he/she prefers to and likes to be declared bankrupt!

How are we, as outsiders, to judge him or her!