Seeking advice over $$ troubles

[NewMike1304k]

The first thing to do is to make sure that no more debt is being raised on what you already owe. So any payments linked to those cards will need to be cut or diverted. The next thing to do is to consolidate. Do not go to those credit lines and so on, but sit down and carefully think about how much you owe and how much you can realistically pay each month. Once you know, perhaps you can borrow from your friends or family a certain amount to bring the debt level to a more controllable level at a lower interest rate.

Go for debt counselling, no matter how long the waiting list is. At least you are showing that you are willing to lower yourself and to try and service the debt. And then tell your wife. Although she did not marry you to share your debt, you do not want her to be surprised if someone comes and puts your house into recievership.

All the best bro. You have to bite the bullet and there is no way around it.

[Ichigo_Kurosaki]

Bro NewMike1304k is correct

In short: Do not raise your debts level!

[iluvmas]

ts dont worry. 20k not alot. mine was worst last time. abt 120k. also paid off but take times. pm me if need further help.

[SG Obama]

Originally Posted by hippo_potamus

Declare bankrupt, then you no need to pay.

Just make sure your house don't have expensive stuff creditors can sell to cover your debts.

Self-declare bankruptcy step 1 is to pay $1800.00 administrative fee, then you will continue to pay 30% of your monthly income (a minimum of $50 will put you in the RED zone which requires you to submit your Expenditure report every 3 months) until your Official Assignee is happy with you and forgive your debt (or you pay until the total owed is completed). Everything under your name (for the last 5 years) will be made available for auction by your creditors (that includes your dog as it is not your tool of trade). You will be a social disgrace with F grades with the credit bureau for the rest of your life, with low self esteem and not allowed to work in any financial sector.

Alternatively, you can buy toto or do something illegal (highly not recommended). go down on your knees and beg borrow (or steal from the rich). dress up like a SYT and post your contacts under Freelance section 3 and earn your way out of debt.

[torrentman123]

Bro,

Re-look again at what you can sell.
You will be amazed at the junk you can sell from your house.

Old computer monitor, spare HP, clothes, branded goods.

Good luck in your journey!

[wohaha96]

I have few suggestions but you still have to be discipline to to reduce the debt

1) Use the cards you have cleared to clear the other card and repeat the process and delay the interest component of these cards while clearing the others.
e.g. Use you Std Ch card to pay and take over your HSBC bill to reduce interest, then next month use your HSBC card to pay and take over Std Ch bill. This will help you for a while but not forever. With the 2 cards you cleared, you can use this for 2 more cards. However, do take note of the dates as you might need 2-to-1 instead of 1-to-1

2) For the other 3 cards, try to repay as much as possible

3) Sell off assets with liability - Cars (reduce loan and get cash and a MUST-DO step)

4) Sell off assets - PSP, Iphone, 50" tv bleahzzz bleahzzz bleahzzzz

5) Cut expenses

6) Call your insurance agent, some policy allows you to apply for premium holiday

7) Get PT jobs to increase income ( with less time, you'll spend less also)

Tell your wife about it, it's worst if she find out from other people.

[Ichigo_Kurosaki]

Foreword: This post is only for awareness and no offend with regards to any posts.

IMHO, bouncing payments from credit card to credit card is never a good solution. Though it may not be immediately apparent, but you would be losing more than interest money when the banks catch up with your tactics cos it is not difficult for them to figure out.

An additional income source is 1 of the Best Solution.

[kick_ass]

1stly dont use ur cards anymore. cut them if u must.

many thought that credit cards interest is fixed & will not roll over, whereby when u hv an outstanding amount and u use it for new transaction, u will not be charged interest on the new transaction.

tis is not true.
for e.g, if u owe the card 1k, u charged another 1k based on new transaction. u will be charged 2k worth of interest based on ur past outstanding and current transaction. the interest is calculated immediately even though the statement is not out yet.
as long as u hv an outstanding amount, dont use ur card for purchases.

another hidden rule that many banks didnt state clearly.

if u owe 2k to the bank, u paid 1k, balance 1k outstanding.
many will think interest is calculated upon the 1k outstanding, which is also not true.
interest is calculated upon the intial outstanding balance which ever is higher. so ur interest will be based on 2k although u only owe the bank 1k.
this will go on until u clear all outstanding balance...

a great way for clearing card debts is emphasize more on the cards that has the least outstanding.
by doing so, u will clear 1 card faster hence u will hv 1 less to bother and the hassle to remember paying every mth.
this will actually help u save interest in the long run if u do ur maths
do not think that cards wth least outstanding is not an issue as the min payment & interest is low.
the min payment from it u make every mth, can be used to pay off ur other cards.

do clear all those wth the least outstanding before working ur way up to those wth the most outstanding.

try to get a bank loan which is able to clear all ur cards debts and just service that loan ONLY.
owing 1 is better than owing many. will really save the hassle.
when someone has many bills to pay, they tend to forget & thats where the late payment charge kicks in & u incurred more debts


hope this helps

[smartke]

tis is a good info tat apparently some of us may have overlooked, incl ME!
now i know how to handle my credit card better. Thks bro!

Originally Posted by kick_ass

another hidden rule that many banks didnt state clearly.

if u owe 2k to the bank, u paid 1k, balance 1k outstanding.
many will think interest is calculated upon the 1k outstanding, which is also not true.
interest is calculated upon the intial outstanding balance which ever is higher. so ur interest will be based on 2k although u only owe the bank 1k.
this will go on until u clear all outstanding balance...

yes, i'm currently using tis approach.. consolidating all-into-1 may or may not be the best solution BUT it really save lotsa hassle.

an additional income source is also necessary in order to speed up the debt clearing process. i'm now hoping to get a part time job so tat i can increase my income to sustain my expenses & at the same time, clear debt.

jus my 2 RMB worth..

Originally Posted by kick_ass

a great way for clearing card debts is emphasize more on the cards that has the least outstanding.
by doing so, u will clear 1 card faster hence u will hv 1 less to bother and the hassle to remember paying every mth.
this will actually help u save interest in the long run.
do not think that cards wth least outstanding is not an issue as interest is low. the min payment from it u make every mth, can be used to pay off ur other cards.

do clear all those wth the least outstanding before working ur way up to those wth the most outstanding.

the best is if u could get a bank loan which is able to clear all ur cards debts and just service that loan ONLY. owing 1 is better than owing many. will really save the hassle.

[frivolous_ami]

Just to reiterate some of the bros suggestions:
1) Work part time is very effective.
2) Cut down on unnecessary exp.
3) Eat economic beehoon or maggie. Can save siah.

I never owed much money in my life except for house/ car/ studies. Any other thing like buying handbag or heels on credit for gals is a no-no.

[singmarine]

If u continue to seek help from banks etc, u are sinking deeper coz yr credit ratings will only get worse. Borrowing from banks will never help you coz banks feed on suckers like you all.

I have a friend who can help you. He can give u cash immediately, no hassle, no documents needed, just bring yr NRIC. $27K is not a lot of money lah, Brother, u dun need to kill yourself over that. If you interested, we can discuss.

[jasper10]

Bro TS can see your credit limit is very low... That means you don't earn much... But honestly 20k is very low... As what bro say, stop all your credit card and talk to your family and relative see who able to help you. Then u paid them monthly $800. I think you Learn your mistake they will sure help u... Lastly pray to your god. And every week take $6 to buy 4D... Like your car plate number or unit number. If kena means your bonus...

[HelloDaniel]

I can help u to pay off few thousand depending on how much stock limit u have in your ordinary a/c. Every $2,000 u get $500 in cash.

PM me if u are interested.

[jacky43]

An old friend got this problem, he 100% wanted to payup. So, he come clean to the loan co, they worked out a plan for him. His salary 90% is paid for interest, something like this, i think took him 2 yrs to clear all.

I would not write why he borrowed, thing is he really want to pay up, not somebody who hit here, tell lies to his family he ran into biz problems. Include liers who told of, exactly not him or her, it is a guarantee for a friend who ran off.

Beared in minds, loan co are operating biz not, 1900 112 xxxx they paint the houses. No good for them, what we own we have to pay up. After payment no more further debts.

[Twtw]

Bro e amount u owe is nothing.20k+ if u really wan to clr all u nd to do is really have to b discipline in ur expenses tat all!if ur not discipline & ur otang balloons ten I suggest u fuck care all e payment,not onli fuck care u go max up all ur credit line & credit card purchases..& let e bank declare u bankrupt.I know bros here will disagree wit mi but whether to put food on ur table important or reputation more important!(ts dun waste ur time on credit bureau)....ts I can only advise u jus b discipline & try to pay up ur otang cos it onli 20k+ only,e 2nd suggestion is only recommended to those pple who owe alot....