Financial Advice needed BADLY

[toddles]

is there anything you can monetise?


any insurance polices you can surrender?

do you own a car? can give it up even though it might mean inconvenience? car really sucks up a lot of money monthly. bear with the inconvenience until you are out of the red.

best thing to do is to clear the debt asap, otherwise interest will snowball further.

consider renting out a room?

[Xmasbaby]

titank:

Do you have any life insurance policies? Perhaps you can take it as a loan if they do have decent amount of cash values. you can take your time to pay where the interest varies from different insurance companies.

I agree...this is one of the fastest way to raise cash. You can loan up to 90-95% of cash values in your policies and you can receive your cheque within 7 working days. Interest is around 8%p.a. whereas credit cards is at 24%p.a. The best thing is that you can make instalments payment from as low as $50 per month, and when you have bonus or extra money, try to make partial or full lump sum payment back to insurance company.

[titank]

Xmasbaby:

titank:

Do you have any life insurance policies? Perhaps you can take it as a loan if they do have decent amount of cash values. you can take your time to pay where the interest varies from different insurance companies.

I agree...this is one of the fastest way to raise cash. You can loan up to 90-95% of cash values in your policies and you can receive your cheque within 7 working days. Interest is around 8%p.a. whereas credit cards is at 24%p.a. The best thing is that you can make instalments payment from as low as $50 per month, and when you have bonus or extra money, try to make partial or full lump sum payment back to insurance company.

Yes can return the $$ not so being pressure. Can even don't bother to pay as in the event of the claim the paid out would less out the $$ being loan with accured interest.

Hope this would helps the TS solve his/her problem.

[junrahmat]

I have a friend who had this dilemma. She talked to the bank and worked out a repayment scheme, at an amount she’c comfortable with (about $200 pm if I’m not mistaken). However, she had to cancel the card, but the interest charged was much much lower. Talk to your bank.

[verykiasu2010]

Banks will usually listen and empathise if you go and see them


They also don’t want to make customer worse

No need to be pai seh one !

Pick up the courage, give them a call, make an appointment to see them

All the best !

[duriz]

verykiasu2010:

Banks will usually listen and empathise if you go and see them


They also don't want to make customer worse

No need to be pai seh one !

Pick up the courage, give them a call, make an appointment to see them

All the best !

That, is SOUND advice :celebrate:
Since you have moved toward reducing your debt, you should have the courage to see that you eliminate it totally. All the best to you and your family, take good care. JIAYOU!

[on_plus_kiasu]

Thanks all,

I'm touched by all the suggestions and concern. I will definitely try all the above. I have the insurance but I'm not sure if it has the value yet, i think it is less that 10 years old. I will call up the credit card company and try and resolve a solution with them. Need to do it soon though...

We were really doing well until we let the maid go. I don't know if my maid cursed us or something but she left on her own accord. We are really struggling. Its good that I can air this out here and get useful feedback from kiasu parents.
Thanks alot guys. Will update you about my situation, keep on giving me advice if there are other alternatives to solve my financial situation.

:love: :love: :love:

[kaitlynangelica]

on_plus_kiasu:

Thanks all,

I'm touched by all the suggestions and concern. I will definitely try all the above. I have the insurance but I'm not sure if it has the value yet, i think it is less that 10 years old. I will call up the credit card company and try and resolve a solution with them. Need to do it soon though...

We were really doing well until we let the maid go. I don't know if my maid cursed us or something but she left on her own accord. We are really struggling. Its good that I can air this out here and get useful feedback from kiasu parents.
Thanks alot guys. Will update you about my situation, keep on giving me advice if there are other alternatives to solve my financial situation.

:love: :love: :love:

Sorry but what has the maid leaving you got to do with you financial woes?

[duriz]

Hi on_plus_kiasu,


How are things going for you and your family now?

[on_plus_kiasu]

kaitlynangelica:

on_plus_kiasu:

Thanks all,

I'm touched by all the suggestions and concern. I will definitely try all the above. I have the insurance but I'm not sure if it has the value yet, i think it is less that 10 years old. I will call up the credit card company and try and resolve a solution with them. Need to do it soon though...

We were really doing well until we let the maid go. I don't know if my maid cursed us or something but she left on her own accord. We are really struggling. Its good that I can air this out here and get useful feedback from kiasu parents.
Thanks alot guys. Will update you about my situation, keep on giving me advice if there are other alternatives to solve my financial situation.

:love: :love: :love:

Sorry but what has the maid leaving you got to do with you financial woes?

LoL! I meant that we were doing well in paying off our debts until my maid left. I think she cursed us becoz after that my kids starting to get sick and we spent alot of money in medical fees which ate into our very tight budget... From scabies to HFMD... they got all that in within 3 months...
I'm not blaming her.. just voicing abit of frustration...
Sorry to confuse you...

Btw, duriz, things are still like that. I'm trying to meet up with the credit card company this Saturday to try and work out a solution with them. I'm also meeting up with insurance agent to see if my policy can give a small loan to pay my debts... I think it will take a bit of time before things will get better. But I'm pulling myself together and working towards being debt free. :celebrate: