Debt consolidation Plan

[yhs123321]

I no money to pay dmp ,just last 3 days lost 600 in aw cruise ,today lost another 500 in horse ,i want to die already, anyone can teach me what to do.

 

[Vindicate_d]

I no money to pay dmp ,just last 3 days lost 600 in aw cruise ,today lost another 500 in horse ,i want to die already, anyone can teach me what to do.

So why did you gamble bro? Firstly, you need counselling on gambling. Secondly, you can apply for the Debt Repayment Scheme (DRS) which is a pre-bankruptcy scheme.

 

[Vindicate_d]

Hello guys, was wondering if anyone can help with my qns. Being sued by a creditor for bankruptcy now and attending the first hearing this month. Basically just some money owed to a friend about 60+k.

Im definitely eligible for DRS but wondering how much is the minimum income should I be earning? And im doing freelance job so not much of paper work to proof. Any advice?

If it's a friend, you should do this just between the two of you. Draft up a payment plan, with interest, which the both of you agree. On your part, you should stick to the payment plan. You are lucky he did not send debt collectors to your house or workplace.

 

[jacky5297]

Don’t troll please, got $$ gamble no $$ pay debts?

I no money to pay dmp ,just last 3 days lost 600 in aw cruise ,today lost another 500 in horse ,i want to die already, anyone can teach me what to do.

 

[yhs123321]

So why did you gamble bro? Firstly, you need counselling on gambling. Secondly, you can apply for the Debt Repayment Scheme (DRS) which is a pre-bankruptcy scheme.

I owe money lender can't settle ,every month go sign renew and incurred 400 interest ,im very hate the money lender borrowing, think want to win and settle it no more borrow but end up more worse now.

 

[yhs123321]

Don’t troll please, got $$ gamble no $$ pay debts?

The lost money is plan to pay dmp due on 8th ,now i lost all dmp money and even monthly expenses, i left only 20 buck i don't know how.

 

[Antisharks]

If it's a friend, you should do this just between the two of you. Draft up a payment plan, with interest, which the both of you agree. On your part, you should stick to the payment plan. You are lucky he did not send debt collectors to your house or workplace.

Too late to talk about pte settle as he ran out of patience and already file bankruptcy. So any answers to my qns?

 

[Vindicate_d]

Too late to talk about pte settle as he ran out of patience and already file bankruptcy. So any answers to my qns?

Since you are already going for the hearing, they will tell you what will happen to you and what is going to happen next and how you are going to solve it. None of us here can help you.

 

[Vindicate_d]

The lost money is plan to pay dmp due on 8th ,now i lost all dmp money and even monthly expenses, i left only 20 buck i don't know how.

Bro, I only have one advice for you. Stop gambling. Stop going to the casinos and stop betting on horses. Live within your means. Gambling only has a 0.00000001% luck. Go work. And with your salary, pay your DMP monthly on time and use the rest for your needed expenses like your housing, food, transportation, bills, etc. You got no other choice bro. The last resort is to declare bankrupt.

 

[jacky5297]

I can only say you deserved it bro.

There are so many people dying for dmp yet failed to get it due to various reasons. You got it successfully yet not deciplined enough to pay on time?

You looking for a white knight here to bail you out? Stop dreaming, get a 2nd or 3rd job, work hard for the rest of your life...

The lost money is plan to pay dmp due on 8th ,now i lost all dmp money and even monthly expenses, i left only 20 buck i don't know how.

 

[SibehHL]

Don't feed the troll.. someone's been banned several times but keeps crawling back.

 

[yhs123321]

Anyone know besides money lender ,where can borrow? No ah long please , phone line i can't sign already max and cut haven't settle, if go court buy phone flexi monthly installment can? Any other way to get fast money?

 

[slushie]

Yes everyone, just ignore the yhs person. I've been at this thread for a while enough to know that he's just a troll who lives off attention and replies from the rest.

 

[Antisharks]

Since you are already going for the hearing, they will tell you what will happen to you and what is going to happen next and how you are going to solve it. None of us here can help you.

I just need to know from people who went thru this. I fulfill all the criterias for DRS but only the earning part. I need to know if theres any minimum income. And if im earning just odd jobs and hardly Amy paper work to talk about am I still eligible.

 

[seeklightsoon]

I just need to know from people who went thru this. I fulfill all the criterias for DRS but only the earning part. I need to know if theres any minimum income. And if im earning just odd jobs and hardly Amy paper work to talk about am I still eligible.

This is the information provided on the website which you may find it useful:
https://www.mlaw.gov.sg/content/io/...repayment-scheme/information-for-debtors.html


2. Am I eligible for DRS?

You have to fulfil all of the following eligibility criteria:

(a) Total liabilities do not exceed $100,000;

(b) Gainfully employed and earning a regular income;

(c) Not been a bankrupt or been on the DRS in the last 5 years;

(d) Not been subject to a court-based arrangement in the last 5 years; and

(e) Not a sole-proprietor or partner in any firm.

You will be deemed ineligible for DRS if you fail to meet any of the criteria stated above, and the OA will not further assess the matter.

 

[Aion99]

I just need to know from people who went thru this. I fulfill all the criterias for DRS but only the earning part. I need to know if theres any minimum income. And if im earning just odd jobs and hardly Amy paper work to talk about am I still eligible.

There is no minimum income. Of course, if you have 99k debt and salary after CPF deduction is 800, you are not eligible for DRS. Because DRS you need to clear the debts in 57 months. Even you if you don't eat don't spend and use all 800 for DRS, you still cannot clear 99k in 57 months.

 

[Antisharks]

There is no minimum income. Of course, if you have 99k debt and salary after CPF deduction is 800, you are not eligible for DRS. Because DRS you need to clear the debts in 57 months. Even you if you don't eat don't spend and use all 800 for DRS, you still cannot clear 99k in 57 months.

I owed around 70k. So is it to say if I use 70k / 57 months which is around 1.2k per month and I earn that amount I can go into DRS? and how about income proof? As im working on different odd jobs paying cash no cpf or any paper work one.

 

[Handsome_guy]

I owed around 70k. So is it to say if I use 70k / 57 months which is around 1.2k per month and I earn that amount I can go into DRS? and how about income proof? As im working on different odd jobs paying cash no cpf or any paper work one.

My DRS already commenced.

So let's say you owe 70k, the OA will review your proposed payment plan and decide to agree with it or not.

Half of my debt of 70 to 80k is being write off. I only pay $600 per mth

 

[Renaldory]

For those who are already on DRS, am curious about the travel restrictions overseas since I know need to apply for permission before going overseas.

How lenient are they with granting permission? Ie:
Is it only allowed if going for work?
Will they approve if going overseas for holiday?

 

[Aion99]

My DRS already commenced.

So let's say you owe 70k, the OA will review your proposed payment plan and decide to agree with it or not.

Half of my debt of 70 to 80k is being write off. I only pay $600 per mth

Your CBS credit record will show that DRS "partial complete" after 5 years when you have completed the DRS. The records will remained permanant or not I not sure since the debt was not fully cleared off?

While DMP the debts are fully cleared, records removed after 3 years. Everything can be reset with clean slate.

Banks will have records that your debt was not fully cleared (as half is written off) this is permanant (whole life) and you cannot undo or change the record.

So do you think is it worth it to save this 35k? and let the banks, the courts, the gov agencies carry your bad records for the whole life. Some people may think otherwise.

Some people like me have no choice, DRS could be the only way. But if you have a choice, I think DMP should be better. For DRS, I do not think the savings of 35k is worth it.