Debt consolidation Plan

[Believehope]

Debt consolidation Plan-Need Help!!

Hii everyone out there!!!

Im very grateful that i came accross this forum. been reading everyday whenever im free with kids or nth to do in office. so i decide to register to be a user too. i need help or advise or estimated guessing from you ppl. really think till brain gg crack!

currectly down with 90k debts(not inclusive of interest) total of 5 diff banks
Noa: 26k
monthy. 1.9k after cpf 1.5k

k! and my debts half of it is mostly seriously helping own blood siblings! and long storiessss as she had been out of job so i been struggling to pay mine and pay his at the same time. life is tough. i cant pay anymore. even making minimum payment but the balance is still rolling. paying for a year plus and i really cant alr.

i alr register for CCS INFO TALK this coming week. im thinking base on my income and the loan amount i owe. MY QUESTION IS will they ask me to file bankrupcty insread? hahahahaaa earn so less owe so much!!!! got anyone worst den me?? 1.5k salary & 90k debts.
FYI, last mth payment all made. this month de billsssss is here alr!!! pay or not?


thanks for reply!!!

 

[Satanchild666]

FYI, last mth payment all made. this month de billsssss is here alr!!! pay or not?


thanks for reply!!!

Is there a typo in your monthly income? If not, how can the banks possibly gave you so much for your loans.

Based on what you mentioned, 90K so per month is about 1.4- 1.5, or maybe more.

I think better get help ASAP. I got some friends, they went for finance counselling, and yes, it’s tedious, but once you got their help, the interest is much much lower than any banks out there, according to him, they will see what’s your work etc etc. I think they won’t ask you to declare bankruptcy, as long you willingly to pay. Maybe you need to take part time jobs, so you can have some cash for yourself. Or maybe get a better job with better pay, if don’t want part time job.

Don’t lose hope. Keep on fighting ya.

 

[Believehope]

nope. don't owe money lender.

 

[Believehope]

Is there a typo in your monthly income? If not, how can the banks possibly gave you so much for your loans.

Based on what you mentioned, 90K so per month is about 1.4- 1.5, or maybe more.

I think better get help ASAP. I got some friends, they went for finance counselling, and yes, it’s tedious, but once you got their help, the interest is much much lower than any banks out there, according to him, they will see what’s your work etc etc. I think they won’t ask you to declare bankruptcy, as long you willingly to pay. Maybe you need to take part time jobs, so you can have some cash for yourself. Or maybe get a better job with better pay, if don’t want part time job.

Don’t lose hope. Keep on fighting ya.

because during 2014 that period I'm erning abt 4k per month and NOA is about 50k. so i still gt many cards to use. opps. so eventually roll and use till 90k.

fyi: this company really cant stay any longer. if before gg one to one ccs counselling, i got a new job maybe with or without payslip. will i still get help from them?

tyyy so much santa! I'm losing hopeeeeeee

 

[Believehope]

Got owe license money lender?

nope!! don't owe any ML

 

[seeklightsoon]

Hii everyone out there!!!

Im very grateful that i came accross this forum. been reading everyday whenever im free with kids or nth to do in office. so i decide to register to be a user too. i need help or advise or estimated guessing from you ppl. really think till brain gg crack!

currectly down with 90k debts(not inclusive of interest) total of 5 diff banks
Noa: 26k
monthy. 1.9k after cpf 1.5k

k! and my debts half of it is mostly seriously helping own blood siblings! and long storiessss as she had been out of job so i been struggling to pay mine and pay his at the same time. life is tough. i cant pay anymore. even making minimum payment but the balance is still rolling. paying for a year plus and i really cant alr.

i alr register for CCS INFO TALK this coming week. im thinking base on my income and the loan amount i owe. MY QUESTION IS will they ask me to file bankrupcty insread? hahahahaaa earn so less owe so much!!!! got anyone worst den me?? 1.5k salary & 90k debts.
FYI, last mth payment all made. this month de billsssss is here alr!!! pay or not?


thanks for reply!!!

Hi there..

Let me see if I can be of any help.

Basically, the principle of CCS for them to put you into DMP is that you are willing to make changes to your lifestyle, and able to make regular payment to reduce your outstanding with Banks.

Basically, you can work out your expenses now. You can go to CCS website and download this file:
http://www.ccs.org.sg/upload/admin/files/Self Help Pack - 140703.pdf

Under Page 3, there is a worksheet for you to compute your income and expenses. You will need to be realistic with the expenses, that is, try to cut down on the unnecessary expenses (e.g. take MRT instead of taxi, etc). Once you have done that, you will have a surplus amount in which you should be using to pay the banks.

Taking your current loan outstanding with all banks and adding around 3 - 4% interest per year for around 6 - 8 years, you will derive the monthly loan repayment amount needed to pay. You can use excel spreadsheet such as this to assist you to compute:
http://www.excel-easy.com/examples/loan-amortization-schedule.html

If your surplus amount (income - expenses) is equal or greater than the loan amount, your chance of CCS putting it through for approval will be higher. But this is not a guarantee. There are other factors that they will consider such as reasons for incurring such debt, etc. Be honest about this as ultimately CCS is here to help you. They will need to understand your financial situation to put up a case to banks for approval. Also, usually the maximum loan tenure that banks will grant for you to repay the entire loan is 8 years.

At this juncture, will propose for you to stay on your current job until you have found another alternative as source of income for repayment is critical. Once you have gotten the new job and have not finished the one-to-one counselling, you can probably use the Letter of Offer to provide them with a gauge of your income.

Let us know if you need more clarification. Stay calm and all the best in your journey to be debt-free. It is not easy, but you need to stay focused. Once your DMP is approved, it will still be tough initially, but once you see the outstanding amount reducing, you will be motivated further to reduce your debt.

 

[Satanchild666]

this company really cant stay any longer. if before gg one to one ccs counselling, i got a new job maybe with or without payslip. will i still get help from them?
I'm losing hopeeeeeee

Now I understand your situation. Pls don’t lose hope yet. There’s ways to settle your problem.

My advise is don’t resign yet until you secured the upcoming job. Yes, you can tell the counsellor about your current situation you’re facing which is transition to a new job probably a better pay.

Alternatively, if you got the new job, should the salary is higher than what you current withdrawing, then you can also try DCP. Higher interest rate, but faster than CCS, and you can put your mind at ease. Ccs probably takes months, not too sure, but if you eligible for DCP, probably about a week, depends on bank, you can know the outcome.

If you need to know about DCP, I’m more than willingly to assist you. I’m once like you. But my debt is no where like yours, but the pressure and stress is tremendously great. Been paying and paying and yet the amount remain no much different, until last year saw this forum, read thru it, and decided to give it a try. 51 months more to debt free.

 

[musashi]

Hi all,

Do I need to get confirmation letter evidencing latest balances or the latest statements are sufficient when I apply for DCP?

 

[Believehope]

Hi there..

Let me see if I can be of any help.

Basically, the principle of CCS for them to put you into DMP is that you are willing to make changes to your lifestyle, and able to make regular payment to reduce your outstanding with Banks.Under Page 3, there is a worksheet for you to compute your income and expenses. You will need to be realistic with the expenses, that is, try to cut down on the unnecessary expenses (e.g. take MRT instead of taxi, etc). Once you have done that, you will have a surplus amount in which you should be using to pay the banks.

Taking your current loan outstanding with all banks and adding around 3 - 4% interest per year for around 6 - 8 years, you will derive the monthly loan repayment amount needed to pay. You can use excel spreadsheet such as this to assist you to compute:

If your surplus amount (income - expenses) is equal or greater than the loan amount, your chance of CCS putting it through for approval will be higher. But this is not a guarantee. There are other factors that they will consider such as reasons for incurring such debt, etc. Be honest about this as ultimately CCS is here to help you. They will need to understand your financial situation to put up a case to banks for approval. Also, usually the maximum loan tenure that banks will grant for you to repay the entire loan is 8 years.

At this juncture, will propose for you to stay on your current job until you have found another alternative as source of income for repayment is critical. Once you have gotten the new job and have not finished the one-to-one counselling, you can probably use the Letter of Offer to provide them with a gauge of your income.

Let us know if you need more clarification. Stay calm and all the best in your journey to be debt-free. It is not easy, but you need to stay focused. Once your DMP is approved, it will still be tough initially, but once you see the outstanding amount reducing, you will be motivated further to reduce your debt.

really thanks for your encouragement and advise!!! keep on fighting.

But I'm thinking bankruptcy is it another alternative for me? i think i have read soamewhere that paying 20% of the total debt amount for 5years in order to discharge.
go holiday must apply a months before?

 

[Believehope]

Now I understand your situation. Pls don’t lose hope yet. There’s ways to settle your problem.

My advise is don’t resign yet until you secured the upcoming job. Yes, you can tell the counsellor about your current situation you’re facing which is transition to a new job probably a better pay.

Alternatively, if you got the new job, should the salary is higher than what you current withdrawing, then you can also try DCP. Higher interest rate, but faster than CCS, and you can put your mind at ease. Ccs probably takes months, not too sure, but if you eligible for DCP, probably about a week, depends on bank, you can know the outcome.

If you need to know about DCP, I’m more than willingly to assist you. I’m once like you. But my debt is no where like yours, but the pressure and stress is tremendously great. Been paying and paying and yet the amount remain no much different, until last year saw this forum, read thru it, and decided to give it a try. 51 months more to debt free.

Hi,

thanks for encouraging and advise.
i have a few ?? in mind. I'm think really thanks for your encouragement and advise!!! keep on fighting.

But I'm thinking bankruptcy is it another alternative for me? i think i have read soamewhere that paying 20% of the total debt amount for 5years in order to discharge.
go holiday must apply a months before?

Another ?? is base on my income is low income. how can i apply dcp?
take home 1.5k after expenses the most also left $500.

fyl: today i will going for the info talk

 

[Believehope]

Bankruptcy like jail in sg , can't go oversea holiday , biz trip can but need to apply , can't go casino , can't take cab , can't change new job .....many restrictions.

SERIOUS?????? den i think i really gg alr.

1.5k deduct expenses if left $500. is go ccs or dmp higher chance? i count here and there also wont be able to clear off after 8years(maximum loan years)

 

[otaku7]

seriously should consider change job man. with your current income... its gonna be a stressful stretch

Sent from HUAWEI MHA-L29 using GAGT

 

[Believehope]

seriously should consider change job man. with your current income... its gonna be a stressful stretch

Sent from HUAWEI MHA-L29 using GAGT

Because I'm currently change to sales line so it take a little more time to see more income. meanwhile is very struggling............... perhaps 3 more mths?

any one knows if one of the bank sue me bankruptcy den what should i do?
ps: today gg ccs info talk

 

[Believehope]

Can consider change job , smrt sbs bus captain also can earn up to 3k.

Because I'm currently change to sales line so it take a little more time to see more income. meanwhile is very struggling............... perhaps 3 more mths?

any one knows if one of the bank sue me bankruptcy den what should i do?
ps: today gg ccs info talk

 

[Believehope]

Besides ccs , there is one call drs to avoid bankruptcy, can chk it out DRS , pay 1.5k debt 90k ccs confirm won't entertain.

today I'm gg to info talk at ccs. so meaning if ccs cant den i can go for drs?

omgggggggggggggggggggggg lost **** now!

i think if gg bankruptcy i will be goneeeee! haissssszzzzsssss

 

[Satanchild666]

Hi,

thanks for encouraging and advise.
i have a few ?? in mind. I'm think really thanks for your encouragement and advise!!! keep on fighting.

But I'm thinking bankruptcy is it another alternative for me? i think i have read soamewhere that paying 20% of the total debt amount for 5years in order to discharge.
go holiday must apply a months before?

Another ?? is base on my income is low income. how can i apply dcp?
take home 1.5k after expenses the most also left $500.

fyl: today i will going for the info talk

Well this thread is where one help each other, I got mine, thus it’s my turn to contribute something to someone who needs help.

I did read online about becoming a bankruptcy. For your case you eligible cause anything above 15K sgd you able to become a bankruptcy. But not that simple. Here’s the link that I read:

https://dollarsandsense.sg/happens-file-bankruptcy-singapore/

After reading it, I absolutely won’t advocate you to go for bankruptcy, there’s many things a bankruptcy can’t do.

IMO, you should change job or probably do some part time job to sustain your living. Your current salary is to pay your debts, and your part time job salary to sustain your living. Sounds hard, but once you adopt to it, matter of time you will get use to it. Otherwise try to look job which can give you like your previous salary drawn.

Remember don’t give up, there’s always a hope if you keep on fighting. I know it’s not easy, but don’t lose hope. We all here to listen to your plights if you want to share.

 

[Believehope]

Any good news?

I guess it will be hard for ccs to help me base on my income and debt amount. I think im only able to drs. But that need to clear the debt in 5 years. I think i cant.

In order to get drs, i guess must be sue by bank in order to apply drs(subject to approval too) and i think i cmf will get it from bank(bankruptcy) All bank owe more den 15k.

Helpless

 

[Believehope]

Well this thread is where one help each other, I got mine, thus it’s my turn to contribute something to someone who needs help.

I did read online about becoming a bankruptcy. For your case you eligible cause anything above 15K sgd you able to become a bankruptcy. But not that simple. Here’s the link that I read:

https://dollarsandsense.sg/happens-file-bankruptcy-singapore/

After reading it, I absolutely won’t advocate you to go for bankruptcy, there’s many things a bankruptcy can’t do.

IMO, you should change job or probably do some part time job to sustain your living. Your current salary is to pay your debts, and your part time job salary to sustain your living. Sounds hard, but once you adopt to it, matter of time you will get use to it. Otherwise try to look job which can give you like your previous salary drawn.

Remember don’t give up, there’s always a hope if you keep on fighting. I know it’s not easy, but don’t lose hope. We all here to listen to your plights if you want to share.

Haissssss~ i think for me if i don wan bankruptcies also don have any choice. I think i will try submit document to ccs and seek for one to one counselling see if thwre is any hope for me if not i have to dwclare bankruptcies.

Im sooooo scare about the bedore bankruptcy procedure.

Hopeless and lost

 

[ORELLE]

Haissssss~ i think for me if i don wan bankruptcies also don have any choice. I think i will try submit document to ccs and seek for one to one counselling see if thwre is any hope for me if not i have to dwclare bankruptcies.

Im sooooo scare about the bedore bankruptcy procedure.

Hopeless and lost

Do u have extra room at home to rent out?

U really need to look for part time like driving uber?

 

[iamnotlame]

Application with HSBC unsuccessful with annual salary more than 120k, will try others.