Please read n help me if u can, urgent advise needed...
-
Banks arent the only entity cold-blooded. When my brother unit caught fire, the respective parties all come down to assess the issue as cooker less than 1 year. Cookerman say not his product defect, point gasman, gasman say how come never get them install gas hose, point cookerman. Gasman told tenant already recommend chg hose, show tag on gas tank, tenant say you told me next round then chg..... Blah blah blah..... In short, no one admit, everyone push blame.... My brother cant claim insurance....
No, no. Not discouraging. My brother had really good tenants before. But it take 1 bad tenant to lose alot of cash and headache.... Bank exists to earn $$$, so they wont be harsh if debt is not enough to call lawyer bankrupt you. They still want $ back....
As for parental help. DH one time ask his mum also b4 we rent out our room, but her body language tells him NO. But DH did not push it because we are in the wrong, my MIL advise DH not to quit job pamper me, she will take care DS but we must arrange transport and adhere to her schedule. We did not listen, so we lost the right to seek her help at that time.... :sad: Anyway, nowadays MIL and DM dont want take care grandchildren. They dont seems to connect with the Double Income concepts, as they from Single Income family all crap into 3rm flat no maid no childcare no handphone no credit cards eat porridge with pickled veg also can survive Era.... No offense meant....
Most people dont dare help as this is a mindset and money habit issue. As in office play, not your jobscope help once help twice become your duty.... Believe DM or MIL do not wish to be in a position to one day really hurt your feelings, for your own good... The emotional pain they suffer will then overshadow yours and yet they had to hide it....
Perhaps an arrangement with DM or MIL will helps to defray their fears that they are being tasked to be responsible for your kid or your meals expenses. Weekdays night and weekends you must take care without bothering them. Show them how you intend to set your finance back in order. Anything that defray their fears....
-
urgenthelp
First, let me set out the bank's rights over your HDB flat and household items.
- If either of you is a Singaporean, the bank for your unsecured debts do not have any access to your HDB flat, whether your loan is from HDB or a bank. Only the party providing the housing loan has the right to sell it upon default of the housing loan. See: http://www.hdb.gov.sg/fi10/fi10322p.nsf/w/SellFlatSpecificCasesEligibility?OpenDocument
- The bank cannot just seize any of your household items. They cannot seize any tools of trade or such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of you and your family (see: Section 78 of the Bankruptcy Act)
The bank basically can't do much if you can't pay. That's why I think they should be amenable to restructuring the debt if you approach them. Just look at Greece. Creditors often have no choice but to extend certain credit. If they don't restructure, they can't get much from you even if they bankrupt you. Even in such a situation, you still have your HDB flats and essential household items. Do get CCS's help to talk to them.
As for your 3 options, I would think option 1 is the best from a purely financial and risk perspective, particularly if doing so will allow you to clear all your debts within 3 years. But do check the numbers and remember to take into account the interest that will accrue in the future before your debt gets paid off in full. Do note that you'll have to pay a higher rate for property tax (ie you won't be entitled to the concessionary rate for owner occupier) and income tax on the rental. There'll also be costs involved eg agent's fees, renovation and moving costs.
If you're pursuing option 1, do ask for a lower interest and an instalment plan. There should not be any worries about your credit records since you should not be needing a loan in the medium term. However, handling your mum is a different issue. I can see where you're coming from, but do also look at things from her perspective. She's not all that young and after bringing you up, she's still helping you look after your child. At her age, she's not wrong to want to be able to take things easy and enjoy life without having to worry about a child who had grown up and married. The issue of a daughter marrying out aside, I can see why she is not happy if she has to be the 1 helping all the time. You may want to get your husband to approach his parents to see if they can help.
As for option 2, I thought you said that you won't be able to clear all your debts if you have to use half of the sales proceeds towards the purchase of your new flat? Otherwise, this should work. The advantage of this option is that you can be totally self-reliant, though you have to do your sums properly to be sure you have enough to pay your debts and the new flat. If the proceeds is insufficient to pay your debts in full, there's a risk that the bank may be able to garnish those cash before you use it to pay for your new flat. Instead of a HDB loan, as I've suggested earlier, try to get a loan from your creditor bank. If that's the only way they can get repaid, they'll likely agree.
Option 3 is the least preferred and should be a last resort after you've exhausted all possibilities of restructuring your debt or getting help from your parents / ILs. And anyway, if you do pursue this option, you'll need interim housing which is no different from option 1. -
Urgenthelp
Are you (or Husband) in a job that needs to travel? Would it affect your employment if you declare bankruptcy? I think if the answer to both questions is no, you can seriously consider to declare yourself bankrupt.
The good thing about bankruptcy is that all the interests will freeze. At the same time, you have to account to the Official Assignee your income. As long as you put down reasonable expenses (including childcare, allowance to parent, handphone bill, etc.), you need to pay back only what you can afford to.
And if you have been behaving responsibly, you could get yourself out of bankruptcy within 2-3 years.
No creditor can touch your HDB flat if it is fully paid for. Even for HDB itself (if they are providing the loan), they will normally not seize your flat but allow your to refinance again and again…
Should the bank serve a WSS (writ of seizure and sale) on you before you declare bankruptcy, they won’t seize things like your bed and cabinets. They most probably can take your sofa, TV and computer and stuff like that. During the auction, you can actually get a friend or relative to buy back those items for a few hundred dollars, as their second hand value is really low. -
urgenthelp:
sorry for you. :hugs: be positive and be confident.All the best to u.u can do it.U can come out from this soon.@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... -
urgenthelp:
Dear urgenthelp:@Anna Ng
i dun have CDA acc... child was born before aug in 2008.....
okok.. but HDB flats also need stamping?? not just like normal room rental??
Something is not right here. My daughter born in 2006 and she has CDA account, u mentioned that your boy is 4 yrs old and going to K1 next year right? should have CDA account -
Anna Ng:
Dear urgenthelp:urgenthelp:
@Anna Ng
i dun have CDA acc... child was born before aug in 2008.....
okok.. but HDB flats also need stamping?? not just like normal room rental??
Something is not right here. My daughter born in 2006 and she has CDA account, u mentioned that your boy is 4 yrs old and going to K1 next year right? should have CDA account
Hi Anna,
My child is born in 2008. turning 4 next year... will be going to N2 next year... so the new rule implemented for child who is born on 2008 on or after oct 17, den will have cda account...
mine is born before that... so dun have lo.... -
@dicky,
Thanks for the reply… I will try to nego with the bank again and see what they say. Now i only able to pay the min sum, dunno whether will / can they help anot.
i came to know that bank can repossess flat of seize ur asset is flat is coz i have a frd whose house have been seize by the bank before when they do not have $$ to pay for the flat.
as for writ of seizure, so long the bank small claim on u, or even any other personel u owe and with proper paper doc, (eg: property agent com, they do job and u dont pay), any party can small claim u and can apply writ of seizure on ur house asset.
got to know this is becoz had a frd who is property agent, she done her job but seller dun wan to pay her com, so she go small claim her, and those writ of seizure officer, came with a police man, a lawyer and a locksmith, break in to their house and paste the seizure sticker on those they feel that can be sold and pay off ur debts to that personel…
thats y i so afraid and wanna think of solution to settle asap…
as for parental help, dun worry no offence in that… yes they always say last time we earn so little also can feed u all… now u all earn so much, one also cannot handle… but they nv think that cost of living is raising to fast and much… last time we study only a few dollar… now they study is count by hundreds and hundreds de…
weekends is always taken care by me… coz overall i also need to let her rest… i know taking care of a child is not easy… -
Sorry for the long story... Perhaps to get an idea....
1. Paying just the min sum is not really ideal. Banks will be more receptive to you clear your debt fast. Perhaps min sum + mothly roll over charges + some repayment of debts will be better...
2. Bank can repossess your unit easiest if you have a mortgage with them. Eg: bank loan rather than HDB loan. Pte pty they will seize. HDB more lenient lah, because if they hard-ball force you sell, they don't get much as most proceeds + accrucial interest goes back to CPF 1st...
3. Yes, agreed with you if they make small claims on you via Small Claim Tribunal. Cheap, cheap, cheap for them to do so. Same as your pty agt friend make small claims on seller, as understand max amount for SCT is < $3000? Any change? However your debt is probably more than that...
Can understand why you wish to settle your situation asap. Unfortunately there isn't a quick fix or clear-cut way. We dont really have bad debts back then, scrapping through savings, and really suffer for 3 years. But it was a good learning experience (must stressed we felt like jump down buildings in those days) and we came back much stronger.
Now 7 years gone by since the start of those days, we had a fully paid up 3rm HDB, driving a small car, play tiny bits of stock market and waiting to invest pty. We have no doubt you will and maybe better than us in 7 years time too.
Do keep going. Be strong.... :rahrah: -
urgenthelp,
have you done an inventory of your outflows and inflows? A bit of trimming here and there may do wonders to how fast you can clear your debts and perhaps keep you from falling into the same debt trap again in the future.
Good Luck! -
Try not to sell your house as it will lead to more long term debts. Your problem now is your short term debts. If you say you do not fall within what the CDCs term ‘needy family’, I guess your combined income will be above $2500 or even above $3000. You mentioned that you have money in your CPF account so I will also guess that you do not have to fork out cash for your housing loan currently.
As 3boys suggested, rework your daily expenses. If you are currently giving any allowances to both your respective families, stop for the time being. Stop any insurance payments as well. Relook your mobile phone plans.
In clearing your debts, still try to set aside a little money each mth for things like seeing doctors, etc.
So long as both you and your husband are still gainfully employed, I believe the banks or credit companies will rather work with you to get back the money then to force you into a corner where neither gains.
Since you are making the effort to reduce your debts, I am sure things will get better. Each little bit cleared is a load off your shoulder. So hang in there.
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better 💗
Register Login