Anyway to protect myself and the kids from DH's debts...

[peapot]

I thot HDB housing, you need to buy home protection scheme. This covers the loan issue when payee passed on. Which means the Hse automatically pays off after death.

[minami]

peapot:

I thot HDB housing, you need to buy home protection scheme. This covers the loan issue when payee passed on. Which means the Hse automatically pays off after death.

Our own HDB does covers under the home protection scheme. My inlaws own a pte pty so it's optional for them.

[LOLMum]

this is something all of us especially sahps have to take note of.


for hdb, my understanding is no one can touch it even creditors but better to check with hdb.

the siblings and their familes who are staying with the inlaws should know that your hubby is the one taking the risk to help.

i think you and dh should approach his parents about your worries. if they refuse to make a will or try to skip this topic, it does mean they want everything to be shared equally among all kids regardless of who the main contributor/risk taker is.

if this is so, i would advise you and your dh to not be a guarantor for any future loans or persons. this is not being selfish but cos’ he has done his part and the rest of the siblings have to step up to their responsibillities. main thing is he has to take care of his own family, namely you and your kids.

if cant afford something (especially it is not of much importance), dont get it. reduce the need for unnecessary loans.

also, it is better to put the savings in your or kids name and try not to have any assets under your dh’s name. pls keep the receipt or whatsover docuemtns to prove that you are the owner of that tv set, the fridge etc and not your dh in case of seizure by court. i hope i am getting this last part right.

all the best. pls dont let this issue affect your relationship with your dh.

[minami]

LOLMum,


I think creditors cannot touch HDB also, but still need to verify this part.

The siblings are not contributing to the household in any way, my inlaws are sort of paying for everything under that roof. My hubby did mention to them the risks that we are taking on several occasions but was quickly brushed off by them and yes they want everything to be shared equally among all kids. They are the kind that don’t act unless being forced to face in whatever problems they faced.

I thought of putting all the monies under mine or our kids’ names but still, i’m more worried that in the worse case scenario that my DH pass on, we will all be left with nothing from the insurance payouts plus a huge mountain of debts. How does me and the kids survive with my single income? For this part, i’m still thinking if there’s anyway we can protect ourselves from such situation which seems hopeless in any case.

[LOLMum]

:scared: joint borrower yet with no property and car under his name. :rant: i do worry for you should anything happen (touchwood).


any1 else with advice????

[ohdaddy]

minami:

LOLMum,


I think creditors cannot touch HDB also, but still need to verify this part.

Insurance, HDB and CPF safe from creditors.

http://app2.ipto.gov.sg/IPTOServices/IndividualBankruptcy/InformationforBankrupts/tabid/377/Default.aspx

[ohdaddy]

minami:

LOLMum,


I thought of putting all the monies under mine or our kids' names but still, i'm more worried that in the worse case scenario that my DH pass on, we will all be left with nothing from the insurance payouts plus a huge mountain of debts. How does me and the kids survive with my single income? For this part, i'm still thinking if there's anyway we can protect ourselves from such situation which seems hopeless in any case.

To protect yourself and your family in the event of an unfortunate incident, consider getting group term insurance as it is \"cheaper\". If your husband is a NSmen or SAFRA member, they all offer some group term coverage I think. But it all depends on the amount of debt you are talking about as the insurance coverage might not be enough.

[minami]

ohdaddy:

Insurance, HDB and CPF safe from creditors.

http://app2.ipto.gov.sg/IPTOServices/IndividualBankruptcy/InformationforBankrupts/tabid/377/Default.aspx

That's great info! Thanks!

[minami]

ohdaddy:

[

To protect yourself and your family in the event of an unfortunate incident, consider getting group term insurance as it is \"cheaper\". If your husband is a reservist, AA Singapore or SAFRA member, they all offer some group term coverage I think. But it all depends on the amount of debt you are talking about as the insurance coverage might not be enough.

The total amount of debts are more then a million :stupid:

[LOLMum]

minami:

The total amount of debts are more then a million :stupid:

what was your dh thinking of????? :yikes: :faint:

pls dont take any more loans with any of your inlaws...

must ensure that monthly repayment of loan is done by your pils and quickly follow up if there is a delay or nonpayment to avoid it snowballing into an even bigger amount of debt.

at this moment cannot be peisei or weak otherwise you are the one who suffers.