Need debt help.

[m/mink]

Thank you very much. Basically that is the summary. I know i made terrible decisions. However DBS one is the 2nd on to tackle list as i am paying minimal 173 per mth which is still not too bad, just that it is money wasted because i am not reducing the capital.

The friend loan of 500 is the immediate problem as it absorbs a huge amount of cash flow. I am so near yet so far to the finishing line with 2kplus left. That is about 4 to 5 more mths but i am really dying at the moment.

I cant reduce any further on any HP / router as all these are contractual.

You got any other friend that you can borrow from?

Your HP/Internet ... once contract up go downgrade to the lowest plan la.

Me, my wife's and internet total also less than $75.
We both got no contract plans around $25++ each month, internet is $22.90 starhub cable broadband 200 which is severely underutilised since we are hardly home.

 

[swordspirit]

We are looking into that, but we have to find one within 7:30am to 1:15PM/1:45PM (Alternating weekdays). Don't have many at the moment.

SP utilities' about $100+
Our HP bills + router = $200-300ish.
And I am sorry guys I forgot to mention I have a renovation/furnishing loan of about $400 from my BTO

utilities 100+. Using aircon? This can cut by $30plus. HPbills+router - all fixed amount? any variable components inside?

Ask your wife find a job asap? Think waitress at weekend restaurant not too bad pay. They need Singaporean quota.

 

[sinicker]

does your workplace have a cooperative/union that allows for short term loans?

 

[qhong61]

Okay I am in a terrible situation.

I am working full time earning slightly less than 3K a month (take home about $2300) , I have a wife(not working due to kid in primary school) and my child.

I currently have a DBS cashline account maxed out at $10,000 (monthly I am paying $173 varying interest without even reducing the loan amount).

I am owing a 'friend' $2300 out of the initial $5000, with a strict $500 a month agreement.

So after paying off this $500 + $173, coupling with electricity bills, HP bills and what not. I am really struggling with almost $600ish a month for my whole family.

I cant talk to this debtor because he is really very insistant. hence the " ".

Hence I am trying to apply for a small loan with other banks apart from DBS to just get this amount of $2300 off my back, so I can roll better with my monthly cashflow. However, for some stupid reason, DBS made my credit rating 'HH' (which is the highest). They did not directly tell me but this is the ONLY credit facility I have, and I have NEVER missed a payment. On top of that I am paying interest for nothing every month.

Can someone advise me on what should I do? Or how do I apply for a small loan (because if I can get one approve at a 3years loan itll only be 90ish per month), and P:S the credit rating is ridiculous.

Why not ur wife get a part time job?

 

[innumerabilis]

Explore whether it's possible to enrol your child in after-school care, such as https://www.moe.gov.sg/education/primary/student-care-centres-(sccs)

Otherwise maybe your parents or in-laws can take care of the child? Or maybe a neighbour for a fee?

Your wife can then get a full time job.

You can also explore part time work on weekends or after your main job.

The credit rating isn't just dependent on whether you missed payment; making part payment instead of full payment every month for your cashline will also lower your credit rating. With a HH rating, no banks will approve your loan.

 

[beast]

ts is a lucky man, cherish your sinkie wife. many sinkies with similar earning capacity as ts can only settle for foreign brides

 

[lifeishard]

ts is a lucky man, cherish your sinkie wife. many sinkies with similar earning capacity as ts can only settle for foreign brides

You get a sinkie wife because they have cpf...you get a sinkie wife whom dun works and has no cpf money then what is the point?

 

[ORELLE]

You get a sinkie wife because they have cpf...you get a sinkie wife whom dun works and has no cpf money then what is the point?

even foreign wife will leave you if u are broke. So it doesnt matter where the wife is from.

 

[mking2015]

Do uber/grab if you can. It worked well for me to supplement my income.

 

[SBC]

I am in a much better position.

But I dun even cable TV sub. Should cut down on such unncessicties.

 

[tiertime]

I am in a much better position.

But I dun even cable TV sub. Should cut down on such unncessicties.

yup, this will not be the end of ur financial woes even if u pay off all ur current loans if a person does not have the discipline to cut down on spending on unnecessities