Debt consolidation Plan

[KKK1978]

Earlier in the thread there's this guy with a HZ rating and got approved..

Anyone know his dti and which bank?

 

[melbourne10]

Earlier in the thread there's this guy with a HZ rating and got approved..

His HZ is due to a problem with one of the insurance companies. External factor.

If it's HZ cuz of failure to pay leading to a writ (considered legal action) it's a bit more difficult.

 

[Carlingford]

BOC..He is a high earner...NOA 120k, debt 150k

Anyone know his dti and which bank?

HTTPS://restartingmylifeblog.wordpress.com/ HardwareZone Forums app

 

[CeSaRiO]

His HZ is due to a problem with one of the insurance companies. External factor.

If it's HZ cuz of failure to pay leading to a writ (considered legal action) it's a bit more difficult.

Ahh.. I see...

I'm submitting my case next week to SCB.

Concurrent applications should be ok right?

 

[melbourne10]

Ahh.. I see...

I'm submitting my case next week to SCB.

Concurrent applications should be ok right?

It saves time. I think only Maybank and HSBC will ask if you're submitting concurrent.

 

[endorphin]

think my total debt amount is the lowest among you guys. i already feel so frustrated about it, u guys must be feeling worse. really hope this dcp, if not the ccs, will save all of us, n i'm very sure we will not allow ourselves to be in this **** situation anymore. praying super hard for all of us

 

[KKK1978]

His HZ is due to a problem with one of the insurance companies. External factor.

If it's HZ cuz of failure to pay leading to a writ (considered legal action) it's a bit more difficult.

Guess no chance for me anymore. Maybank my last try.

 

[endorphin]

Guess no chance for me anymore. Maybank my last try.

think only u, the one who got the dcp, n i are under hz. i read that hz due to writ, the record will stay in the ** forever.

 

[KKK1978]

think only u, the one who got the dcp, n i are under hz. i read that hz due to writ, the record will stay in the ** forever.

Ya. U and I now left
How will it show in cbs ? Anyone know? Assuming we finish paying them

 

[ixotet]

Oh... i gave up n hv declared for bankruptcy! Now no need to pay anymore! Only a couple of hundred a month! Those who owe less than $100k n with a job can consider debt repayment scheme. If owe $100k, may end up paying $30k to $40k for a few years. I wanted to do that but alas I owe more than $100k now. For debt repayment scheme, you hv to go through the supreme court. Not the banks. It is a pre-bankruptcy scheme.

I heard some banks you owe money to may not even turn up during the 'meeting' with the Official Assignee! If u owe $90k, maybe on paper only $70k recorded. Then pay a certain percentage of outstanding. This have to confirm again... cannot quite remember

CCS, RAS, DCP n DMP all related to banks! To me they are useless! Was paying thousand plus a month for RAS... plus living expenses, loans from private money lender n other loans... I gave up! Now I can sleep in peace...

Hi, I am new here. Been reading for 1 week. If debt $55-$60k, with dept repayment scheme, shd not any problem too?

My DCP with Citibank was decline last month. I am worried other banks will reject too.

 

[ixotet]

It saves time. I think only Maybank and HSBC will ask if you're submitting concurrent.

Are we allow to submit 2-3 banks within the same week? Eg: Monday - BOC, Wednesday - Maybank, Thursday - another bank? It saves time but is there anybody out there who done this before? Thanks for sharing.

 

[endorphin]

Hi, I am new here. Been reading for 1 week. If debt $55-$60k, with dept repayment scheme, shd not any problem too?

My DCP with Citibank was decline last month. I am worried other banks will reject too.

think there is a bro here who successfully applied for the dcp, n he is currently under the drs too.

 

[melbourne10]

Try all the banks for DCP first. If credit rating can go back to AA why not? If really cannot get then go to CCS. Debt repayment scheme (DRS) will be the last resort.

For me, I am determined of not getting anymore loans from banks or the money lenders (anyway hard to get n also difficult to pay back)... so I went for the extreme. I stopped paying unnecessary interest which I have been paying for years! Was paying legal n illegal money lender interest n principal plus banks minimum payment like 5k to 6k a month! Expenses not included. Still got car loan, housing loan etc... Every month also money not enough... so sick and tired of such life! I owed more than $150k... so I...

I tried RAS... paid for 2 years n back to square one. Paid so much like never pay at all! Life is per normal being a bankrupt. Inconvenient when u want to travel but still ok. Now no need to live on deficit n can start saving!

You still have to pay your outstanding under DRS. As long as you hv a job, it will be approved! Someone I know used to pay 2k monthly to banks. Under DRS, paying $600 monthly for a period of 5 years. Interest stopped charging too! But not sure how the credit rating will be after that. This I hv no idea!

Anyway... whichever scheme you go for, must make sure you hv a job you can hold dearly to till you are done paying!

So you are on DRS now?

 

[melbourne10]

think there is a bro here who successfully applied for the dcp, n he is currently under the drs too.

Think is RAS not DRS. Banks won't even talk to u if you are under DRS.

 

[endorphin]

Think is RAS not DRS. Banks won't even talk to u if you are under DRS.

Oops.. sorry.. was confused. Thanks for correcting me.

 

[member8]

Try all the banks for DCP first. If credit rating can go back to AA why not? If really cannot get then go to CCS. Debt repayment scheme (DRS) will be the last resort.

For me, I am determined of not getting anymore loans from banks or the money lenders (anyway hard to get n also difficult to pay back)... so I went for the extreme. I stopped paying unnecessary interest which I have been paying for years! Was paying legal n illegal money lender interest n principal plus banks minimum payment like 5k to 6k a month! Expenses not included. Still got car loan, housing loan etc... Every month also money not enough... so sick and tired of such life! I owed more than $150k... so I...

I tried RAS... paid for 2 years n back to square one. Paid so much like never pay at all! Life is per normal being a bankrupt. Inconvenient when u want to travel but still ok. Now no need to live on deficit n can start saving!

You still have to pay your outstanding under DRS. As long as you hv a job, it will be approved! Someone I know used to pay 2k monthly to banks. Under DRS, paying $600 monthly for a period of 5 years. Interest stopped charging too! But not sure how the credit rating will be after that. This I hv no idea!

Anyway... whichever scheme you go for, must make sure you hv a job you can hold dearly to till you are done paying!

This is a great advice. Thanks. Is it troublesome when you want to travel? Could you share with us the procedure?

 

[endorphin]

Can someone explain to me how to calculate the final loan amount ($40000) based on eir 10.46% pa?

 

[KKK1978]

Have to apply n seek approval to travel! Must make monthly contribution to the OA. Some people I know pay like $10 to $300 a month. Have to report your statement of affairs every 6 months n pay the monthly contribution then you will be in the green zone. Traveling for work need proof from employer. Travel for leisure has to be sponsored by friends or relatives. Will need their details n proof when applying. As long as you are in the green zone, it will be approved! Anyway, I hardly travel so it's ok!

Last time people say bankruptcies cannot take cab, eat at restaurants all not true. Phone lines can get friends to help apply... If you have HDB still can keep the flat. CPF they will not touch. Being a citizen owning a hdb flat & flat on hdb loan, OA cannot force you to sell your flat. HDB will not force you to sell too... but don't default mortgage loan. If hdb is under bank loan, then not sure! This have to double confirm with Ministry of Law. Can still drive as long as the car is NOT under your name!

Ohhh... I noticed job application forms like asking if you are a bankrupt. So may affect getting a job. Bank jobs confirmed chop cannot get! And the OA will NOT inform your friends or relatives about your bankruptcy. This I have checked with Ministry of Law!

Takes about 5 to 7 years to discharge. The loan u guys take need about that long to pay too. I am paying $300 a month. You guys will hv AA rating in CBS from what I read in this forum. As for me, don't even have to dream about getting a loan EVER! Maybe ZZ rating in CBS? Not sure what is the worse rating! You can read more about some cases in the hwz forum too! Under huge debt no job!

Good thing is I no longer have to live on deficit and can start saving monthly. Have to save a lump sum then 3 to 5 years later propose to OA see able to discharge from bankruptcy or not. Now utilities and expenses are so high! How to pay n pay? Always get anxiety attacks in the middle of the night. Always afraid of losing job n no job... no money coming in the pocket and looking for resources. At least now can sleep in peace at night... hp so quiet now... no more banks calling n calling! Used to receive Stupid OCBC No Caller ID phone calls at 9am! Can call like 3 to 4 times in an hour!!

DIY bankruptcy has to pay about $2500 to self declare bankruptcy. $1850 to pay at post office, then there are some other fees that need to pay at supreme court. I also paid $300 to blessed grace social service to help me with the application. They will give u advise too!

Declared bankrupt then no need to pay the debtors?
How can then be discharged?

 

[tausalito]

Below is copied from another topic at hardware zone contributed by jjcc888:

As a bankrupt, the OA expects you to :

1. make a monthly contribution into your bankruptcy estate if you are Gainfully Employed with reasonable excess job income [AFTER deducting the necessary sum required to feed/maintain your family]

- these contributions will be accumulated until about 5 years (+ every 2 years subsequently if nec) when the Total Sum as deemed by the OA to be 'reasonable in each particular case' for a Dividend (usually the 1st & Final Div) to be paid to those Creditors who have bothered to file their Proof of Debt with the OA - the bankrupt gets discharged after this Dividend has been paid

- this total sum works out to be around 12-15% of the Total Proven Debt amount and you'll earn your discharge if you are able to have this 12-15% sum paid at/after 5 years

You can find out more at Ministry of Law website or within this forum under HUGE DEBT NO JOB!

There is a price to pay for everything... We still have to pay but minimal. The inconveniences, certain restrictions imposed and the stigma left behind as a bankrupt is not what everyone wants. This is the last resort for those who really cannot afford to pay further due to lost of income or mismanagement of funds. Creditors will stop chasing you for payment after it.

By declaring bankrupt, will the OA inform your current employer?

 

[melbourne10]

Partly is pride and ego issue la. In SG if you tell people you are broke, owe debts, cannot find job etc... How many friends will stick around and how many will start to disappear... Relatives will also look at you like some black sheep.

Anyway the thread is here if you are interested to read - http://forums.hardwarezone.com.sg/money-mind-210/huge-debts-no-job-cheap-2k-solution-diy-self-filing-debtors-bankruptcy-no-need-jump-etc-5258886.html

Think govt is pre empting the next financial crisis because the last one really killed a lot of people, literally and figuratively.