Please read n help me if u can, urgent advise needed...
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@meiah,
didnt know that HLE also that strict nowadays… wanna kill ppl meh, no where to loan den how to cleat my debts… i cannot be forever living like that… why gov also so cold hearted nowadays…
we have ways to solve problem on our own. but when u sell the house, they got to pay u hard cash, they also ache, den wanna share a pie of ur proceeds, still nvm… but now loan also need to consider CB report…
if really even HLE also cannot. i guess it will really be end of my world… go die infront of MP?? let them know that this is the results of their stupid law and enforcement which lead to many ppl use this way to settle things that cannot be settle??
seen MP before… .they will really give u no solution at all…
ask for help, sorry ur income level exceed or max liao.
ask for the other, sorry gov cannot help on this de…
ask for hdb things, mp cannot do much on hdb laws. we can write to them and see whether they wanna extend help to u anot…
i also dunno mp is for wat de… have seen cases, 1 parent working, the other take care child den go find mp say not enough cash, den mp extend help… give monthly certain allowance fee… this is so unfair… the other parents can work, but nv go work say need to take care children, no ppl take care, den like that can ask for help liao… wat world is this…
I delivered w/out savings, but i generate headcount for them that they wanted… no savings $$ for this and that, loan loan loan… but now i am in a hard time le… ask them for help, they tell u all sorts of reasons… i just wanted a HDB loan… and able to clear all my debts… but no chance avail…
i really feel irritated whenever i think of when i go and ask mp for help, non they say yes… sian.
anyway, i also know that this is all my shit… my problem… dunno whether my post will sound in a diff ways to others… hopefully no trash on me again… i really had enough… -
Option 2 isnt very clear. You mean sell away current house and rebuy house from HDB (similar to refinancing?). If must choose 1 of 3, option 3 is least ideal. If must option 3, sell it yourself if you are confident enough, to save on seller agt commission.
Option 2 is best and similar to what you are doing now, except refinancing tactic to free up some cash to pay debt. But for the hurdle of CB report, and HDB rulings blocking such tactics… Option 1 clear your debts fastest, provided have a place to stay in (relatives, friends, colleagues etc…, pay rent) Personally I go for either Option 2 as Plan A, and Option 1 as Plan B.
As a 2nd thong approach… Do something to get the creditors off from breathing down your neck. Get help with your debts, MP, CDC, CSS… whoever can help you meditate/negiotiate your payment plan to the creditors… If successful, there isn’t a need to even consider selling/refinancing your flat… Only the choice of renting out whole unit or room only, depending on how soon to fully pay up debt…
Hope this helps. Keep hanging on… -
urgenthelp:
Option 1 is best.Hi All,
Once again, Sincerely thanks all who have help me think of all ideas that can help me. I am really touch that I can actually find ppl here to talk and think of solutions. Kudos to all....
I have a few solution in mind hope u all can pass me ur comments.
Option 1
Rent out whole house, pay debts monthly. need at least 3 years to complete clearing. Meanwhile stay with parents, endure whatever I can, and hopefully things run smooth
Option 2
Sell away current house, clear all debts and loan from hdb. thou need to pay higher interest den bank (no chioce), and to bank in half of my proceeds (still able to survive), but i will left with no cash at all after paying debts and the proceeds to hdb. but at least totally no more debts in hand, can continue to rent a room to someone and collect rental to survive.
Option 3
Sell away house, get the proceeds and settle off the debts. Go parents house stay and wait 3 years credit bureau record clean and apply hdb loan from bank.
able to keep some hard cash with me. but totally no property liao....
What do u all think?? Hope to get good response as before...
Thanks to all.....
Don't sell an appreciating asset which you have lesser loan on than a replacement flat that you may be buying with higher price and higher loan ....even though you said you have CPF but that would only last for a year plus of installment = not enough!
3 years is a short time. just have to learnt to live with others and be \"humble\" (can't find a better word) for 3 years. time passes very fast ! -
i agree with verykiasu2010 that option 1 is the best option
I rather beg parents than the banks!
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i choose option 1 also. Selling and buying a house will cost some additional costs such as agents commission, renovation, house moving and so on. Don be so sensitive with the relationship between u and your mother. I believe your mother will understand you and she also will have the same feel with you, give the best to her child.
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hi urgent help!
My sis-in-law got debt problem.Then she asked her brother (my DH).I denied to help.Do u know why.Her DH took fromcredit cards and gave to friends.And the friends never give back.I said to my DH.If help now they can’t realise their mistakes.So my DH said move them to her MIL and rent out whole house.Now they manged to come out from debt.If the relatives didn’t help you means they give you some space for you to learn.Your mother understands you better.Talk to her.
My friend sold her house recently she got COV 25K only.Then she bought a house immediately but she paid COV 48K cos one reason near to MRT.
Just some info for you. -
@smartmummy,
I also hope that my mum would help me out…
I am blockheaded, she also same… like mother like daughter…
I have been begging her since a few mths ago, until now she still say no. even if i will to pay her rental. she told me taking my $$ is not easy and say this say that.
she keep say troublesome, keep say i troubling her, bothering her. sometimes i feel so down. shes my mum, y is she shoving me away also…
i feel that no one cares for me. my feelings. i gone thru so much, i just need a step further, but no one extend help to me. thats y i keep thot of settling myself. see whether can sell and buy anot… cannot full payment, half at least better den nothing. and also have cash for child to go CC.
Mum took care of child till tired & fustrated liao, sometimes her temper come I really cannot tolerate… she will really scream at me or say my child.
but of coz i know she love my child alot, but over love and over dote till totally no discipline…
so decided to put CC, ask the teacher to discipline liao… really going to out of hand le… -
We never slipped into bad debts. One or twice did take loan, but we took insurance policy loans n repay them in a year. At 5.5% interest per year, much cheaper than credit line or credit cards…
Just to share… Our 1st flat was a 4A flat, and we are ‘forced’ to rent out a room as DH unemployed 17 mths ‘cause of my depression, stay home look after DS. We scrapped thru from my salary, at times maggi mee. We bounded by MOP from rent whole flat. I upset but no choice room put up for rental, and worst agt bring either rough construction workers or young pretty production ladies (I depression mah, green-eye monster). Luckily happen my hairstylist retrenched, so we let him have our room at mkt rate rent of $250 + use of dining area for his hairstylist temp job @ $200. DH applied our flat for Home Office Scheme and help out cut boys’ crew-cut hair… Sounds good, until you see the number and type of people entering and messing things in kitchen and common toilet… Poor DH everyday clean kitchen wash toilet…
In short, there is always a way out if we are prepared to rough it out or ‘humble’ ourselves. If choose option 1, do learn the trade of rental and not simply leave everything to agent.
In rental, the agent job is done (in eye of the law) upon the signing and stamping of rental agreement. After service like meditating between owner and tenant is a form of after service. When accidents happen like fire in kitchen and tenant demand compensation, its between tenant and owner to fight it out… Happen to my brother, almost go to court… -
@Anna Ng
I hope that luck is with me and my mum would nod her head…
thanks for advising on what to choose. -
If you decided to rent out your whole unit, not sure whether you can post it here and look for tenant by yourself. I have an rental agreement format and can email to you. You can go online to do the stamping by yourself, quick and esay.
I believe you have the dollar to dollar matching for your child right? u can use this to pay for childcare fee but provided u save some amount first lor.
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