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

[derrickgoh]

Bottom line, TS chao kwan. Rack up $7,000 in debt and dowan to pay. Thinks bankruptcy will mean he can get away scot free. Good luck to him!

 

[adviseandadvices]

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

Please don't sabo him. He might just take your word for it.

Bankruptcy is not the way to go as you STILL HAVE TO PAY FOR YOUR DEBTS, unless you have no income.

And bankruptcy comes with a BIG impact.

 

[adviseandadvices]

Bottom line, TS chao kwan. Rack up $7,000 in debt and dowan to pay. Thinks bankruptcy will mean he can get away scot free. Good luck to him!

At least 7k. He still has instalment plans with other banks.

After BOC started this, other banks may follow suit.

 

[denial86]

Bankruptcy is not a joke.. You will have nothing to your name. No (future) car, no (future) house, no credit cards, no phone line, no bank account, no assets whatsoever. Your income and spendings from henceforth will be controlled by others so as to maximize the repayment to the people you owe money to. Your employer will be informed of your status and you will not be allowed to travel out of Singapore.

Why would anyone want to suffer such a thing??

I no longer understand what most people in the world is thinking.

Edit: Seriously; NO PHONE! NO INTERNET! NO CABLE TV! Rofl.

 

[Hive]

I contacted the bank for re payment plan, they said can only offer 6 months plan, interest rate still the same like 24%, not one to two years plan. Best to go DRS as other bank may follow suit.

 

[yaucs]

hope ts can negotiate with bank and extend few more months.
no point put in more $ engage lawyer.
bottom line, bank have right not to do business with you if they consider you credit risk.
own $ needs to pay $.

 

[adviseandadvices]

Bankruptcy is not a joke.. You will have nothing to your name. No (future) car, no (future) house, no credit cards, no phone line, no bank account, no assets whatsoever. Your income and spendings from henceforth will be controlled by others so as to maximize the repayment to the people you owe money to. Your employer will be informed of your status and you will not be allowed to travel out of Singapore.

Why would anyone want to suffer such a thing??

I no longer understand what most people in the world is thinking.

Edit: Seriously; NO PHONE! NO INTERNET! NO CABLE TV! Rofl.

Actually the key word is UNDER YOUR NAME.

Can register under another person's name.

Travelling for business may be allow, but need to seek approval.

 

[adviseandadvices]

I contacted the bank for re payment plan, they said can only offer 6 months plan, interest rate still the same like 24%, not one to two years plan. Best to go DRS as other bank may follow suit.

I believe this is the almost best scenario already, since they offered this to you after negotiation.

1) Quickly pay up whatever you can to reduce the interest.

2) Find another part time job to supplement your income.

You will be in a bigger trouble if all the banks decided to pull the plug.

 

[denial86]

Actually the key word is UNDER YOUR NAME.

Can register under another person's name.

Travelling for business may be allow, but need to seek approval.

Yes, but seriously, how many people will stand by you when you are a financial risk and might default on even a phone line repayment?

 

[derrickgoh]

Yes, but seriously, how many people will stand by you when you are a financial risk and might default on even a phone line repayment?

People know you chao kwan. $7000 already try to siam, who is stupid enough to trust you with a car or a flat?

 

[adviseandadvices]

Yes, but seriously, how many people will stand by you when you are a financial risk and might default on even a phone line repayment?

Spouse lor.

Heard of 1 uncle who owed OCBC securities a few millions but still has mobile phone, drives a car and stays in HDB. All under wife's name.

But if the spouse decides to give up on him one day, he will be all alone with no penny.

 

[naro]

Please don't sabo him. He might just take your word for it.

Bankruptcy is not the way to go as you STILL HAVE TO PAY FOR YOUR DEBTS, unless you have no income.

And bankruptcy comes with a BIG impact.

He seems ready to declare bankruptcy.

I have vested interest for more people like TS. I own Bank of China shares.

 

[adviseandadvices]

He seems ready to declare bankruptcy.

I have vested interest for more people like TS. I own Bank of China shares.

I think he doesn't know the impact of bankruptcy.

Some people have the impression that once declared bankrupt, all debts vanished in thin air. Then few years later still 好汉一条

 

[denial86]

Spouse lor.

Heard of 1 uncle who owed OCBC securities a few millions but still has mobile phone, drives a car and stays in HDB. All under wife's name.

But if the spouse decides to give up on him one day, he will be all alone with no penny.

He already said he is single. So good luck finding a gal who is willing to marry you and then be your guarantor until you get discharged.

 

[PeachGal]

Spouse lor.

Heard of 1 uncle who owed OCBC securities a few millions but still has mobile phone, drives a car and stays in HDB. All under wife's name.

But if the spouse decides to give up on him one day, he will be all alone with no penny.

hee if can owe a few mil.. means he is pretty resourceful in the first place.

 

[tk]

Spouse lor.

Heard of 1 uncle who owed OCBC securities a few millions but still has mobile phone, drives a car and stays in HDB. All under wife's name.

But if the spouse decides to give up on him one day, he will be all alone with no penny.

So the best solution is for TS to find a rich spouse..

 

[starbugs]

Working professional (I guess in mid-30s) with maybe $30k in credit card debt and not even $7000 cash/liquid investments on hand.

No wife no children to incur expense on. How did it get to this stage?

 

[BERSERK1980]

I contacted the bank for re payment plan, they said can only offer 6 months plan, interest rate still the same like 24%, not one to two years plan. Best to go DRS as other bank may follow suit.

Bro dont mind me saying, what are you thinking? Just take up the offer. Interest should be around additional $500 for the 6 months period and you just need to fork out $1250 promptly for each monthly payment and you are done! Did the calculation for you.

Sent from GAGT Android App

 

[swordspirit]

Bro dont mind me saying, what are you thinking? Just take up the offer. Interest should be around additional $500 for the 6 months period and you just need to fork out $1250 promptly for each monthly payment and you are done! Did the calculation for you.

Sent from GAGT Android App

lol, high interest rate siah. not worth it

 

[naro]

I contacted the bank for re payment plan, they said can only offer 6 months plan, interest rate still the same like 24%, not one to two years plan. Best to go DRS as other bank may follow suit.

thank you.