<![CDATA[Financial Advice needed BADLY]]>Hi,

I'm not sure if this is the right place to start this topic but I think I need Financial Advice from Parents out there.

I have made BAD financial decisions starting from 2 years ago when I enrolled my girl in enrichment courses and paid through credit cards and i took my time paying it. Then WE made the BIGGEST mistake by getting a loan to play in stocks and bombed it Badly. Then we took a bigger loan to cover all the credit card debts and loans but it didn't cover it. In total, I was in $25 000 in debt with the credit card company. We managed to pay $15000 in 1 year and still have $10000 to go but we made another BIG mistake. We let go of our maid thinking that it will save us money and allow the children a more structured environment.
ALthough the kids are doing well, we are now struggling to make ends meet as we are swamped with bills and credit card company is charging us interest and late payments and I haven't been able to pay my girls school fees on time.

I need advice to how I can better my situation. :?: :?: :?:

]]>https://forum.kiasuparents.com/topic/14039/financial-advice-needed-badlyRSS for NodeSat, 09 May 2026 04:04:24 GMTTue, 21 Sep 2010 02:48:20 GMT60<![CDATA[Reply to Financial Advice needed BADLY on Sun, 29 Jan 2012 16:08:26 GMT]]>

Belle2011:
I need some financial advice on MRTA.

May I ask if this type of insurance can only be bought after the property has TOP?
Dh and I have bought a new condo and took a bank loan. We intend to repay this loan for x years. Is there a type of insurance to cover this period of x years, so that anything happen to the borrower (dh), the bank loan can be settled by the insurer?
MRTA can be bought now
Personally I would buy a level term instead of a decreasing term. At least over the years I can still have the same level of coverage.

]]>https://forum.kiasuparents.com/post/699426https://forum.kiasuparents.com/post/699426Sun, 29 Jan 2012 16:08:26 GMT<![CDATA[Reply to Financial Advice needed BADLY on Wed, 25 Jan 2012 14:51:04 GMT]]>Really sorry to hear ur story. The best way is to sit down and calculate how much r u indebt.


Set a realistic target to pay off. As long as u are able to pay off more than the interest then u’ll be able to clear off asap.

It is like being overweight and u need to lose wt. There’s no fast route to get out of this.

Just have to move on and not give up.

]]>https://forum.kiasuparents.com/post/697294https://forum.kiasuparents.com/post/697294Wed, 25 Jan 2012 14:51:04 GMT<![CDATA[Reply to Financial Advice needed BADLY on Sun, 15 Jan 2012 05:36:54 GMT]]>Actually I bought a resale. Best to check with an insurance advisor.

]]>https://forum.kiasuparents.com/post/691307https://forum.kiasuparents.com/post/691307Sun, 15 Jan 2012 05:36:54 GMT<![CDATA[Reply to Financial Advice needed BADLY on Sun, 15 Jan 2012 04:52:01 GMT]]>

hquek:
I took out a home protection plan with an insurer. Basically it covers x amount in event of death. The x amount will reduce over time since loan should be reducing. Not that ex. And I understand that in event of death, the proceeds may be used to pay for any other debts (I completed one home loan sometime back but have another hanging over my head, so kept the plan going).

Hi,
Has your property TOP or just started building when you bought this insurance?

]]>https://forum.kiasuparents.com/post/691294https://forum.kiasuparents.com/post/691294Sun, 15 Jan 2012 04:52:01 GMT<![CDATA[Reply to Financial Advice needed BADLY on Sun, 15 Jan 2012 04:05:34 GMT]]>

Belle2011:
I need some financial advice on MRTA.

May I ask if this type of insurance can only be bought after the property has TOP?
Dh and I have bought a new condo and took a bank loan. We intend to repay this loan for x years. Is there a type of insurance to cover this period of x years, so that anything happen to the borrower (dh), the bank loan can be settled by the insurer?
I took out a home protection plan with an insurer. Basically it covers x amount in event of death. The x amount will reduce over time since loan should be reducing. Not that ex. And I understand that in event of death, the proceeds may be used to pay for any other debts (I completed one home loan sometime back but have another hanging over my head, so kept the plan going).

]]>https://forum.kiasuparents.com/post/691285https://forum.kiasuparents.com/post/691285Sun, 15 Jan 2012 04:05:34 GMT<![CDATA[Reply to Financial Advice needed BADLY on Sun, 15 Jan 2012 01:52:46 GMT]]>I need some financial advice on MRTA.

May I ask if this type of insurance can only be bought after the property has TOP?
Dh and I have bought a new condo and took a bank loan. We intend to repay this loan for x years. Is there a type of insurance to cover this period of x years, so that anything happen to the borrower (dh), the bank loan can be settled by the insurer?

]]>https://forum.kiasuparents.com/post/691225https://forum.kiasuparents.com/post/691225Sun, 15 Jan 2012 01:52:46 GMT<![CDATA[Reply to Financial Advice needed BADLY on Mon, 07 Mar 2011 08:41:11 GMT]]>On-Plus,


You are on the right track, keep it up.

PS - You are not alone

TW

on_plus_kiasu:
Hi all,

Thanks for the advice and motivation. I am currently doing almost everything that all of you recommend. I am seriously committed to be debt free. So far, I am trying to get a better deal in clearing my debts.
I'm working 2 jobs ( don't tell my boss) to increase my income to pay off my debts. I am trying to get help from my insurance agent to see if i can get at least 6 months off paying the insurance, so i can use that money to pay my debts. I haven't been on a holiday for 1.5 years. I don't want to incur anymore debt and once i get my bonus, i'll use it to settle my girl's school fees for the year so i have one less thing to pay monthly. Things are looking up this rabbit year so I hope it wil stay that way or get even better. Thanks to all of you for the advice, motivation and support. Have a good holiday and Happy Chinese New Year to ALL.


:celebrate:

]]>https://forum.kiasuparents.com/post/375353https://forum.kiasuparents.com/post/375353Mon, 07 Mar 2011 08:41:11 GMT<![CDATA[Reply to Financial Advice needed BADLY on Fri, 28 Jan 2011 15:45:42 GMT]]>

on_plus_kiasu:
Hi all,


Thanks for the advice and motivation. I am currently doing almost everything that all of you recommend. I am seriously committed to be debt free. So far, I am trying to get a better deal in clearing my debts.
I'm working 2 jobs ( don't tell my boss) to increase my income to pay off my debts. I am trying to get help from my insurance agent to see if i can get at least 6 months off paying the insurance, so i can use that money to pay my debts. I haven't been on a holiday for 1.5 years. I don't want to incur anymore debt and once i get my bonus, i'll use it to settle my girl's school fees for the year so i have one less thing to pay monthly. Things are looking up this rabbit year so I hope it wil stay that way or get even better. Thanks to all of you for the advice, motivation and support. Have a good holiday and Happy Chinese New Year to ALL.


:celebrate:
Endure this period & your objectives can be achieve. No holiday for 1.5 years no big deal. Remember 你有钱，天天都是 holiday.

]]>https://forum.kiasuparents.com/post/348852https://forum.kiasuparents.com/post/348852Fri, 28 Jan 2011 15:45:42 GMT<![CDATA[Reply to Financial Advice needed BADLY on Fri, 28 Jan 2011 07:57:18 GMT]]>

on_plus_kiasu:
Hi all,


Thanks for the advice and motivation. I am currently doing almost everything that all of you recommend. I am seriously committed to be debt free. So far, I am trying to get a better deal in clearing my debts.
I'm working 2 jobs ( don't tell my boss) to increase my income to pay off my debts. I am trying to get help from my insurance agent to see if i can get at least 6 months off paying the insurance, so i can use that money to pay my debts. I haven't been on a holiday for 1.5 years. I don't want to incur anymore debt and once i get my bonus, i'll use it to settle my girl's school fees for the year so i have one less thing to pay monthly. Things are looking up this rabbit year so I hope it wil stay that way or get even better. Thanks to all of you for the advice, motivation and support. Have a good holiday and Happy Chinese New Year to ALL.


:celebrate:
It is good to hear that. Keep it up.

Not many of us take holiday every year too....when I started work, never gone on a holiday till quite a few years later. Don't be tempted by all the trappings of life - it only gets you to spend unnecessarily.

Kong Hee Fatt Choy to you !

]]>https://forum.kiasuparents.com/post/348546https://forum.kiasuparents.com/post/348546Fri, 28 Jan 2011 07:57:18 GMT<![CDATA[Reply to Financial Advice needed BADLY on Fri, 28 Jan 2011 07:31:52 GMT]]>Hi all,


Thanks for the advice and motivation. I am currently doing almost everything that all of you recommend. I am seriously committed to be debt free. So far, I am trying to get a better deal in clearing my debts.
I'm working 2 jobs ( don't tell my boss) to increase my income to pay off my debts. I am trying to get help from my insurance agent to see if i can get at least 6 months off paying the insurance, so i can use that money to pay my debts. I haven't been on a holiday for 1.5 years. I don't want to incur anymore debt and once i get my bonus, i'll use it to settle my girl's school fees for the year so i have one less thing to pay monthly. Things are looking up this rabbit year so I hope it wil stay that way or get even better. Thanks to all of you for the advice, motivation and support. Have a good holiday and Happy Chinese New Year to ALL.


:celebrate:

]]>https://forum.kiasuparents.com/post/348504https://forum.kiasuparents.com/post/348504Fri, 28 Jan 2011 07:31:52 GMT<![CDATA[Reply to Financial Advice needed BADLY on Sat, 30 Oct 2010 09:45:42 GMT]]>Using your insurance policies to get $$ against their face value is the easiest.


Next thing for you to do is to cut up your credit cards. Trust me, been there (in terms of large loan liabilities) and done that (got out of it with a disciplined approach).

Spend what you have, not what you can borrow.
Only take loans when the investment/business returns are greater than the loan IR. And taking loans to dabble in stocks is the stupidest thing the banks have encouraged us to do because we are all kucing kurau. WE DO NOT control the stock market so we’re just along for the ride. Unless you’re in it for the long term with good companies, stay out of it.

If you want more thoughts about how to get around your situation, I’ll be happy to share my thoughts - storabackup at gmail dot com.

]]>https://forum.kiasuparents.com/post/285909https://forum.kiasuparents.com/post/285909Sat, 30 Oct 2010 09:45:42 GMT<![CDATA[Reply to Financial Advice needed BADLY on Sat, 16 Oct 2010 16:40:02 GMT]]>

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:
Hi, how is the progress in talking to your credit card issuer ?

Hope things are being worked out !! All the best !

]]>https://forum.kiasuparents.com/post/277691https://forum.kiasuparents.com/post/277691Sat, 16 Oct 2010 16:40:02 GMT<![CDATA[Reply to Financial Advice needed BADLY on Thu, 30 Sep 2010 07:14:52 GMT]]>

on_plus_kiasu:


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:
great to know that you'll pulling yourself together and pressing on!

what's impt in such situations is to do so! not to wallow in it and let things get worse.

Jia YOU! :celebrate:

]]>https://forum.kiasuparents.com/post/268452https://forum.kiasuparents.com/post/268452Thu, 30 Sep 2010 07:14:52 GMT<![CDATA[Reply to Financial Advice needed BADLY on Fri, 24 Sep 2010 05:43:34 GMT]]>

on_plus_kiasu:
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:

Good to hear.
Hang in there.
Good luck.
We are here with a \"listening ear\".

]]>https://forum.kiasuparents.com/post/265564https://forum.kiasuparents.com/post/265564Fri, 24 Sep 2010 05:43:34 GMT<![CDATA[Reply to Financial Advice needed BADLY on Fri, 24 Sep 2010 05:35:02 GMT]]>That’s right ! Debt free ! All the best to you ! If you encounter obstacles with credit card company, please don’t pai seh, come here and share with us, we will help brainstorm ways to deal with it

]]>https://forum.kiasuparents.com/post/265555https://forum.kiasuparents.com/post/265555Fri, 24 Sep 2010 05:35:02 GMT<![CDATA[Reply to Financial Advice needed BADLY on Fri, 24 Sep 2010 05:32:33 GMT]]>

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:

]]>https://forum.kiasuparents.com/post/265552https://forum.kiasuparents.com/post/265552Fri, 24 Sep 2010 05:32:33 GMT<![CDATA[Reply to Financial Advice needed BADLY on Thu, 23 Sep 2010 03:56:45 GMT]]>Hi on_plus_kiasu,


How are things going for you and your family now?

]]>https://forum.kiasuparents.com/post/264572https://forum.kiasuparents.com/post/264572Thu, 23 Sep 2010 03:56:45 GMT<![CDATA[Reply to Financial Advice needed BADLY on Wed, 22 Sep 2010 05:24:22 GMT]]>

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?

]]>https://forum.kiasuparents.com/post/263925https://forum.kiasuparents.com/post/263925Wed, 22 Sep 2010 05:24:22 GMT<![CDATA[Reply to Financial Advice needed BADLY on Wed, 22 Sep 2010 03:02:34 GMT]]>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:

]]>https://forum.kiasuparents.com/post/263814https://forum.kiasuparents.com/post/263814Wed, 22 Sep 2010 03:02:34 GMT<![CDATA[Reply to Financial Advice needed BADLY on Tue, 21 Sep 2010 09:33:36 GMT]]>

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!

]]>https://forum.kiasuparents.com/post/263438https://forum.kiasuparents.com/post/263438Tue, 21 Sep 2010 09:33:36 GMT<![CDATA[Reply to Financial Advice needed BADLY on Tue, 21 Sep 2010 09:30:32 GMT]]>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 !

]]>https://forum.kiasuparents.com/post/263434https://forum.kiasuparents.com/post/263434Tue, 21 Sep 2010 09:30:32 GMT<![CDATA[Reply to Financial Advice needed BADLY on Tue, 21 Sep 2010 09:24:56 GMT]]>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.

]]>https://forum.kiasuparents.com/post/263432https://forum.kiasuparents.com/post/263432Tue, 21 Sep 2010 09:24:56 GMT<![CDATA[Reply to Financial Advice needed BADLY on Tue, 21 Sep 2010 09:16:51 GMT]]>

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.

]]>https://forum.kiasuparents.com/post/263421https://forum.kiasuparents.com/post/263421Tue, 21 Sep 2010 09:16:51 GMT<![CDATA[Reply to Financial Advice needed BADLY on Tue, 21 Sep 2010 08:40:02 GMT]]>

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.

]]>https://forum.kiasuparents.com/post/263387https://forum.kiasuparents.com/post/263387Tue, 21 Sep 2010 08:40:02 GMT