Need advice on debt

[Mephist0pheLes]

It is never easy, but then if I were her husband, I won’t let my wife suffer so much especially it will also affect our life if she choose to take the plan with 2x debts to be paid.

If u were the Husband, then u will find ur Wife doing the same thing a 3rd time.

Nothin will change if there's a easy solution.

 

[ELKYme]

If it’s split to:

12 months, it’s 100% interest PA.
$1,334 x12 months on a $8,000 debt.

24 months, it’s 50% interest PA.
$667 x24 months on $8,000 a debt.

When putting the period payment/interest/monthly payments/actual debt amount as above, I somehow still think that the cost for the “assistance” provided is overly-excessive.
Especially so for the one with the 12-month tenure.

Aside to lovestarrie,
Perhaps you may want to try another option first:

http://www.bgss.org.sg
Helpline: 84286377

Another forummer, have had some degree of success with bgss. (Though it’s too early to conclude that they are indeed effective)

They have at least helped to call he’s creditors to try and negotiate on he’s behalf.

My humble opinion is that you have nothing to lose by having more options.

Disclaimer: I am not in any way associated with bgss.

Bro there's no cheap and fresh method..unless u can get a loan for full settlement with LML I assure u that plan these organisation offered is the best deal in the market..I do not know what's your arrngement like but I assume it will be 12-24 month settlement right..in the case u really have the ability for full settlement, u can get discount from the LML side. .truth hurts bro..it's going to be hard for somebody to loan u 8k to clear full la..the good thing about this instalment thingy is at least u have peace to work hard as they will not kajiao u after this..they will just go after the association who is in charge of your case
..ps..hdb loan wun be affected as it's only base on your income not other thing.

 

[jacky5297]

I didn’t say I will go easy with her.

Method 1: help her settle full 8k debts, no need repayment from her.

Method 2: help her settle full 8k debts, she needs to repay me back within xx months, with interest if I want her to feel the pain since this is 2nd time

Method 3: not helping her, she goes for 16k no interest repayment plan, and we both suffer.

I will go for method 2.

My wife also has difficulty to save up (she doesn’t have any bad habits, just weak at saving). I’ve helped her opening a CDP account, force her to put few thousands in SSB, and explain to her the $$ in SSB is still very liquid (she feels uneasy when she sees her $$ being locked up), she can take out the $$ for urgent use anytime without penalty (again I won’t let her do that as this defeats the purpose of force saving, I will use my $$ instead if there is any emergency)

I can’t imagine how to spend another 30-40 years with my wife if I don’t help her when she needs help...

If u were the Husband, then u will find ur Wife doing the same thing a 3rd time.

Nothin will change if there's a easy solution.

 

[mummy1234]

Actually my loan with ocbc also mysteriously seems to not reduce...dunno technical glitch or what...

Sometimes all these internet mobile banking scares me that someone can easily steal all our money away...prefer the old passbook system...

 

[mummy1234]

Pay double of what you already owe? Seriously?

No please, not an option at all.

Is there anyway to borrow from family/friends to clear off this loan?

Can borrow from family and friends....they should help...

 

[havetheveryfun]

Actually my loan with ocbc also mysteriously seems to not reduce...dunno technical glitch or what...

Sometimes all these internet mobile banking scares me that someone can easily steal all our money away...prefer the old passbook system...

passbook system is the same if u have worries.

u can go ATM to withdraw or deposit money and then when u go to update the passbook, it is not updated. what difference is it going to make ? Unless you want to go and deposit and withdraw everytime only at a branch,

Or you can so called use your passbook as "proof" that you have the money, but they can always say your passbook is not updated. If they really want to steal your money, it will happen, internet banking or passbook. Regarding your ocbc loan, you can always calculate the interest yourself and see whether what they deduct or add to your loan is correct or not. technical glitch? wtf? sometimes really scratch my head and wonder are you really a doctor ?

 

[dork32]

If it’s split to:

12 months, it’s 100% interest PA.
$1,334 x12 months on a $8,000 debt.

24 months, it’s 50% interest PA.
$667 x24 months on $8,000 a debt.

When putting the period payment/interest/monthly payments/actual debt amount as above, I somehow still think that the cost for the “assistance” provided is overly-excessive.
Especially so for the one with the 12-month tenure.

Aside to lovestarrie,
Perhaps you may want to try another option first:

http://www.bgss.org.sg
Helpline: 84286377

Another forummer, have had some degree of success with bgss. (Though it’s too early to conclude that they are indeed effective)

They have at least helped to call he’s creditors to try and negotiate on he’s behalf.

My humble opinion is that you have nothing to lose by having more options.

Disclaimer: I am not in any way associated with bgss.

for your 1 year payment the effective interest is 152% pa

for your 2 year payment the effective interest is 78%

 

[dork32]

I didn’t say I will go easy with her.

Method 1: help her settle full 8k debts, no need repayment from her.

Method 2: help her settle full 8k debts, she needs to repay me back within xx months, with interest if I want her to feel the pain since this is 2nd time

Method 3: not helping her, she goes for 16k no interest repayment plan, and we both suffer.

I will go for method 2.

My wife also has difficulty to save up (she doesn’t have any bad habits, just weak at saving). I’ve helped her opening a CDP account, force her to put few thousands in SSB, and explain to her the $$ in SSB is still very liquid (she feels uneasy when she sees her $$ being locked up), she can take out the $$ for urgent use anytime without penalty (again I won’t let her do that as this defeats the purpose of force saving, I will use my $$ instead if there is any emergency)

I can’t imagine how to spend another 30-40 years with my wife if I don’t help her when she needs help...

my ex owed 15k of cc bills. i did exactly what you mentioned in method 2 with my ex once upon a time. she deposited all her salary into a new joint account. she can draw a max of $3/day for lunch to let her feel the pain. one fine day she withdrew everything from the joint and left me. i am really glad she dumped me. hopeless woman

 

[ELKYme]

My humble opinion:

For those that are not disciplined in saving (weak in saving), another alternative is ILPs/endowment plans from those insurance coys.

The ROI may/may not be as good as putting the $ in SSB but certain advantages of doing this is worth the consideration because:

It it still requires discipline to put money into SSB as multiple transactions is required. (She may give excuses everytime you ask her to apply for SSB)

(1) No penalty for redeeming SSB prematurely. (Only less % of interest)
(2) The regular contribution part of these policies is a form of “forced-savings”. (The painful penalty for premature termination of these ILPs/endowment will act as a stronger deterrent for her to even think about it)
(3) Has 30-40 years more to go, do you have the resolve and energy to continue chasing her to buy SSB bonds for so long?

Another alternative is the POSB invest-saver account. Has regular contribution feature), but again, it’s still lacks deterrent elemen

I didn’t say I will go easy with her.

Method 1: help her settle full 8k debts, no need repayment from her.

Method 2: help her settle full 8k debts, she needs to repay me back within xx months, with interest if I want her to feel the pain since this is 2nd time

Method 3: not helping her, she goes for 16k no interest repayment plan, and we both suffer.

I will go for method 2.

My wife also has difficulty to save up (she doesn’t have any bad habits, just weak at saving). I’ve helped her opening a CDP account, force her to put few thousands in SSB, and explain to her the $$ in SSB is still very liquid (she feels uneasy when she sees her $$ being locked up), she can take out the $$ for urgent use anytime without penalty (again I won’t let her do that as this defeats the purpose of force saving, I will use my $$ instead if there is any emergency)

I can’t imagine how to spend another 30-40 years with my wife if I don’t help her when she needs help...

 

[sacrificium]

TS could just get her husband to help, but surrender all her future income for him to manage. Take weekly allowances from him to spend (try to target 10 dollars a day). Short term suffering will resolve the issue within months.

 

[jacky5297]

I won’t touch endowment plans with a 10 foot pole, you are paying the agent’s commissions the first few years, not worth it.

If one has no discipline, he/she can forget about savings and continue working till death - I simply cannot understand why people do not want to put more efforts preserving hard earned monies...

My humble opinion:

For those that are not disciplined in saving (weak in saving), another alternative is ILPs/endowment plans from those insurance coys.

The ROI may/may not be as good as putting the $ in SSB but certain advantages of doing this is worth the consideration because:

It it still requires discipline to put money into SSB as multiple transactions is required. (She may give excuses everytime you ask her to apply for SSB)

(1) No penalty for redeeming SSB prematurely. (Only less % of interest)
(2) The regular contribution part of these policies is a form of “forced-savings”. (The painful penalty for premature termination of these ILPs/endowment will act as a stronger deterrent for her to even think about it)
(3) Has 30-40 years more to go, do you have the resolve and energy to continue chasing her to buy SSB bonds for so long?

Another alternative is the POSB invest-saver account. Has regular contribution feature), but again, it’s still lacks deterrent elemen

 

[sacrificium]

If one year to BTO, and TS and her partner has yet to save for renovation, then i think there is a high chance that they could choose not to take the flat.

 

[ELKYme]

My suggestion for such policies is meant for a forummer who’s wife doesn’t have a good saving habit. The requirement for regular contributions will encourage her to save without the need for the forummer to constantly chase her to do so.

Actually endowment policies are not all that bad...if used for the right reasons.

Though I do not have a “savings” issue, I still went ahead with an endowment policy as PART of my retirement planning to compliment CPF life.

I’ve timed the monthly payouts of this policy to coincide with my CPF life payouts. This will allow me to fully enjoy life during the years where I can live life to the fullest before starting to go downhill.

The part about first few years premiums to pay for agents commissions may not be completely accurate too. Perhaps you can google Tokio Marine retirement Gio or Manulife RetireReady plus.

I won’t touch endowment plans with a 10 foot pole, you are paying the agent’s commissions the first few years, not worth it.

If one has no discipline, he/she can forget about savings and continue working till death - I simply cannot understand why people do not want to put more efforts preserving hard earned monies...

 

[focus1974]

my ex owed 15k of cc bills. i did exactly what you mentioned in method 2 with my ex once upon a time. she deposited all her salary into a new joint account. she can draw a max of $3/day for lunch to let her feel the pain. one fine day she withdrew everything from the joint and left me. i am really glad she dumped me. hopeless woman

Yup. you are lucky.

It's a big red flag when ur spouse can get into DEBT many times her/his salary.

This type .. you have to just cut your losses and go find another GF/BF as long as the reason for the debt is because of spending frivolously or gambling.

 

[Mephist0pheLes]

I didn’t say I will go easy with her.

Method 1: help her settle full 8k debts, no need repayment from her.

Method 2: help her settle full 8k debts, she needs to repay me back within xx months, with interest if I want her to feel the pain since this is 2nd time

Method 3: not helping her, she goes for 16k no interest repayment plan, and we both suffer.

I will go for method 2.

My wife also has difficulty to save up (she doesn’t have any bad habits, just weak at saving). I’ve helped her opening a CDP account, force her to put few thousands in SSB, and explain to her the $$ in SSB is still very liquid (she feels uneasy when she sees her $$ being locked up), she can take out the $$ for urgent use anytime without penalty (again I won’t let her do that as this defeats the purpose of force saving, I will use my $$ instead if there is any emergency)

I can’t imagine how to spend another 30-40 years with my wife if I don’t help her when she needs help...

dont see how method 2 is not a easy solution. if she dont pay you back then wat can u do? send her lawyer letter? let her starve?

 

[jacky5297]

Probably divorce ...

dont see how method 2 is not a easy solution. if she dont pay you back then wat can u do? send her lawyer letter? let her starve?

 

[jacky5297]

Thanks for the suggestion. I don’t have any endowment plan so perhaps I am wrong about it.

My experience with unit trust is terrible though, 4 years with no profits and slight loss. The thing is that I lose 5.5% immediately on the first day, as well as subsequent purchase (I did DCA monthly), the funds actually yielded 3-4% p.a. But what I see in my account is -1% to -2% loss, the commissions are killing me...

SSB is a no brainer to me if one doesn’t want to spend time on stocks, ETF, ...

My suggestion for such policies is meant for a forummer who’s wife doesn’t have a good saving habit. The requirement for regular contributions will encourage her to save without the need for the forummer to constantly chase her to do so.

Actually endowment policies are not all that bad...if used for the right reasons.

Though I do not have a “savings” issue, I still went ahead with an endowment policy as PART of my retirement planning to compliment CPF life.

I’ve timed the monthly payouts of this policy to coincide with my CPF life payouts. This will allow me to fully enjoy life during the years where I can live life to the fullest before starting to go downhill.

The part about first few years premiums to pay for agents commissions may not be completely accurate too. Perhaps you can google Tokio Marine retirement Gio or Manulife RetireReady plus.

 

[JuniorLion]

Actually my loan with ocbc also mysteriously seems to not reduce...dunno technical glitch or what...

Sometimes all these internet mobile banking scares me that someone can easily steal all our money away...prefer the old passbook system...

Why don't you put all your millions under your pillow? And lock your doors with a double-grilled gate.

 

[ELKYme]

Understand why you feel this way with the bad experience you’ve had.

From my own experience, when I was younger, I did buy an ILP using a lump sum from my OA account, held it for 17 years and it did pretty well and outperformed the compounded annual 2.5% had I left it in my OA account.

I’m certainly not advocating that it’s a good financial product. Far from it! It’s likely that I was lucky due to the entry/exit timing.

I primarily suggested it because the forummer’s wifey has issues on saving consistently & the regular contribution part acts as an effective “forced saving” tool.

On second thoughts, there may be better options than that to encourage the wifey to force save...let the real financial gurus advise.

Thanks for the suggestion. I don’t have any endowment plan so perhaps I am wrong about it.

My experience with unit trust is terrible though, 4 years with no profits and slight loss. The thing is that I lose 5.5% immediately on the first day, as well as subsequent purchase (I did DCA monthly), the funds actually yielded 3-4% p.a. But what I see in my account is -1% to -2% loss, the commissions are killing me...

SSB is a no brainer to me if one doesn’t want to spend time on stocks, ETF, ...

 

[lovestarrie]

I didn’t say I will go easy with her.

Method 1: help her settle full 8k debts, no need repayment from her.

Method 2: help her settle full 8k debts, she needs to repay me back within xx months, with interest if I want her to feel the pain since this is 2nd time

Method 3: not helping her, she goes for 16k no interest repayment plan, and we both suffer.

I will go for method 2.

My wife also has difficulty to save up (she doesn’t have any bad habits, just weak at saving). I’ve helped her opening a CDP account, force her to put few thousands in SSB, and explain to her the $$ in SSB is still very liquid (she feels uneasy when she sees her $$ being locked up), she can take out the $$ for urgent use anytime without penalty (again I won’t let her do that as this defeats the purpose of force saving, I will use my $$ instead if there is any emergency)

I can’t imagine how to spend another 30-40 years with my wife if I don’t help her when she needs help...

Thank you all. My partner had helped me once again. But of cos i will need to pay him back. Ive handed all my pay to him for managing, and will only take allowance from him for my necessities. This will ensure i wont spend excessivy again as i need to go through him. That way, he can also deduct some from my pay for himself also, to offset the loan he gave me bit by bit.

Like one of you had said, yes, he is angry at me for not telling him i took up the loans. Ive also enrolled myself under the do not lend ban with mlcb. I hope not to go down this path again. I actually felt alot at ease now that i do not have any money on me except my allowance from him.