credit card debt

[xiaopiggy]

hi peeps.

i would like to check, what options do bank offer for clearing credit card debts?

first of all, it's not me. it's a blood-related fellow of mine.
total worth of 80k of debt, half of it is loans, the other half is actually credit card debt.

i helped that fellow to alr calculate everything, the income drawn is definitely not enough to repay everything in a month. i will be calling up the banks next week but appreciate if any fellows here can provide a picture of what the bank will offer to help.


thank you guys.

 

[Kenny23]

whats your defination of secured loans?

 

[xiaopiggy]

whats your defination of secured loans?

loans dat is loaned based on monthly repayment?

 

[addict951]

Secured loans mean got give assets to the bank as collaterals lah

 

[xiaopiggy]

Secured loans mean got give assets to the bank as collaterals lah

paiseh. i don study banking/finance/accounts.

 

[heng_alvin]

so all 80k are unsecured loans from either credit cards or credit lines lor. He spend on what? 80k might as well declared bankrupt.

 

[xiaopiggy]

so all 80k are unsecured loans from either credit cards or credit lines lor. He spend on what? 80k might as well declared bankrupt.

need 100k to file bankruptcy ..

gambling lo. but now he wants to repay debt. so wanna see wad options could he exercise.

 

[heng_alvin]

not sure if this helps,

Credit Counselling Singapore

 

[lzydata]

He can consider doing a balance transfer to consolidate his debts into a single loan repayable over 6 months or a year. The interest will be easier to handle. After that, cut up the credit cards, cancel the credit lines, get self-excluded from the casinos etc. to prevent more damage if the temptation comes again. I think some counselling will be helpful too.

 

[heng_alvin]

He can consider doing a balance transfer to consolidate his debts into a single loan repayable over 6 months or a year. The interest will be easier to handle. After that, cut up the credit cards, cancel the credit lines, get self-excluded from the casinos etc. to prevent more damage if the temptation comes again. I think some counselling will be helpful too.

serious? then which bank so silly wanna take up the risk by paying off that debtor other banks first?

 

[lzydata]

serious? then which bank so silly wanna take up the risk by paying off that debtor other banks first?

Actually many banks including the big 3 have credit card or credit line balance transfer schemes. For example, I see UOB offers an interest rate of 2.76% pa for balances of over $10k transferred and repaid within 6 months.

UOB : UOB Cards Funds Transfer

The catch is that if the debtor does not pay back the loan within the tenure, like if he only makes the minimum payments, then the usual rates apply. That is why it is still profitable for the banks.

 

[heng_alvin]

that fund transfer i know but here we are talking about someone who may already maxed out all his credit from a few banks with a total of 80k. thus not applicable lor.

 

[Some-one]

Somebody has provided the URL. Try credit counselling singapore. They would help you to set a more manageable debt to be repaid.

 

[Kenny23]

hmm repent n click on their url or chalk up another 20k of gambling debt n declare bankrupt or lose everything (family/friends/eventually maybe his life)..hahaha most gamblers take the horrible road to hell..few are discipline enough to take e first route n stick to it..tell him thats his 3 options..theres nothing else better..someone bail him out which will probably open the 3rd door of destruction for him..

funny how the guy is in such a mess isnt trying to find a way out but ask u to find a way for him...just ask him to go look for the credit counselling..

 

[xiaopiggy]

alr advise him to go CCS.. he's repenting and paying everything with all the means he could already. im not blaming him for what he've done wrongly but i will blame him if he ever does that again.

right now is really trying to help him outta gd will. end of the day is still a blood related fellow. can't watch him die.

thanks for the advises. will call the banks with him to see what we can do meanwhile CCS will come into play.

 

[ytang85]

bankruptcy

I don't think bankruptcy needs 100k to declare. My friend self declared bankrupt with about 50k debt by paying a fee of 1,600 to high court. Just got to fill up some documents. Another friend also have bankruptcy filed against him by GE for about 40k outstanding remaining loan after selling his car. U can check with high court for that.

 

[blackie83]

Declare bankrupt liao. Alot of company mai hire one. For finance industry 100% cannot join liao.

 

[peterchan75]

Go oversea must inform OA office first. Creditors can still come for your money after you are discharged. Companies are reluctant to hire because they have to deal with OA. Sian laio...

 

[Abletron001]

Take term loans...pay as many cards as possible with the term loans..do balance transfer after that. Cancel out the rest of the card.....this is how I help a friend pay off her CC debt.. Never even talk to bank to lower monthly payment or so..what for? Kena bad record only. Pay off the one with the lesast balance first then cancel...repeat again...

Liquidate his asset...sell off whatever is not neccessary..for 80K..sure got a lot of treasure one unless he spend on EAT DRINK ENTERTAINMENT else sure got something to show for 80K...designer goods, gadgets....stuff like that..

IF your Blood relative into hifi..I will buy his equipments, used vaccuum tube, etc.

 

[Abletron001]

sorry..just reread and realised is gambling debt..like that...no horse run....bite the bullet....let him be a bankrupt...gambler very hard be trust...even if pay now...no promise that he will not want to gamble in future...self excluding from legal casino is useless...still end up with illegal one...even worst off...Let OA handle his salary...pity the wife and kid if he is married.

I know peoples who are like him from gambling..sold house to pay off bank debt..after that still go bank to gambling and the whole cycle begin again...gambling is like build in to Chinese...once the gene is activated...extremely difficult to deactivate.