Seeking advice over $$ troubles

[datz4u2004]

Dear all,
I am posting this with the intent of asking for advices / help over $ problems i face currently.

I was in debt of total $27k to 8 credit card accounts at DBS, Citibank, OCBC, Std Chartered, UOB, HSBC & Maybank.

Of these, i have paid off HSBC and Citibank and is serving a installment plan with UOB.

Total current outstanding is $20k. Problem is as i am unable to nego for installment plan as min amount is $300, that translates to $300 x 4 = $1200, and plus the UOB installment monthly at $300, i need to set aside $1500.

Based on my salary and expenses (fixed), i can only afford $800 per month.

My credit breau record is bad.... i have tried to go credit counselling, but the waiting time is 2 months later, and i am reluctant to do so as these debts i had incurred without my wife's knowledge. Not due to gambling or womanising, but due to overspending...

Can any one advise what other options i have?....

I am at a loss.

[goodpartner]

Bro, this is a Sex forum. Overspending on FL?

You'll get adviCe like "try doing FL" if you're a female

[owl888]

CCS took so long for appointment meh Else, approach your friendly neighbourhood MP.

Some other some suggestions as below:

1) Sell house (ya, my friend cleared $80k credit card debts!!!)
2) Sell car
3) Rent out all the rooms except one for your family.
4) Loan from your own insurance or terminate policy for cash
5) Borrow from your bros, friends, relatives or colleagues


But dunn dunn go look for licensed/unlicensed moneylenders else u will kena caught in a spiral and never get out of it!

[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.

[goodpartner]

Originally Posted by datz4u2004

these debts i had incurred without my wife's knowledge. Not due to gambling or womanising, but due to overspending...

Ok ignore my last question, if not due to womanising, I don't understand by cannot ask wife to help? What's a marriage for if such problem cannot be shared?

[smartke]

bro, i was in the same shoe as urs b4 (still owe but better now) & i know how u feel cos i cant tell anyone esp my parents!

anyway, wat i did was.. immediately access my financial situation.

1. cut off all my outings (no outings = no spending)
2. cut down personal expenses (abit of here & there actually helps!)
3. sell off personal valuable things or things i can get $$.
4. fund transfer - getting cash frm credit card at lower interest rate.
5. last resort - seeks loan frm close relative & commit mthly repayment.

borrow frm frens/relatives shld be the last resort for few reasons:

1. i believe u do not wan ur situation to be known by others. so the less ppl knows the better. ideally, nobody knows is the best!
2. borrowing isn't really easy. if u successfully borrow some, returnin is the easy part, but returnin favor is the hardest part.

good thing is, we 'woke up' b4 it goes deeper! look at the bright side, wat happen if the amt is 5x (or more) ur current amt?

nex thing.. set target!

based on ur current financial situation after u hv accessed them, work out a plan & target to achieve it & work toward tis goal. must hv mindset & determination to archieve goal!

good luck & all the best

[datz4u2004]

thanks to all bros who gave constructive advice...

will take firm actions to resolve this...

cheers!!

[ekemono]

Please let your family knows about it, cos they will find out sooner or later. Then you and her will snap.
Do approach siblings and parents if you can.

I dun know much about your case, but before they resort to suing you, they will prefer you pay them back the principle amount in installment. You have to find ways to plan, re-negotiate with all banks concerned for payment plans. Sometimes, The New Paper classified section have ads about helping ppl negotiate this kind of problem. Perhaps you can try asking what they can do for you. No harm trying. Just a phone call/meet up

[see see only]

Originally Posted by owl888

CCS took so long for appointment meh Else, approach your friendly neighbourhood MP.

Some other some suggestions as below:

1) Sell house (ya, my friend cleared $80k credit card debts!!!)
2) Sell car
3) Rent out all the rooms except one for your family.
4) Loan from your own insurance or terminate policy for cash
5) Borrow from your bros, friends, relatives or colleagues

Hmmmm ...

Well said bro ... BUT bro ... you forgot one important one.

Bro TS, look into your so-called fixed expenses (quit smoking, quit resturants, quit women, quit your life style, (Also if you still holding to it) sell your PSP, sell your rolex, sell your iphone ... so on) ... squeeze it real hard - as a so-called punishment for your over spending of "future money"


Once you get through it painfully, you are unlikely to repeat this mistake again.

[digihub2000]

Originally Posted by datz4u2004

Dear all,
I am posting this with the intent of asking
for advices / help over $ problems i face currently.

I was in debt of total $27k to 8 credit card accounts at
DBS, Citibank, OCBC, Std Chartered, UOB, HSBC & Maybank.

Of these, i have paid off HSBC and Citibank and
is serving a installment plan with UOB.

Total current outstanding is $20k. Problem is as i am
unable to nego for installment plan as min amount is $300,
that translates to $300 x 4 = $1200, and plus the UOB
installment monthly at $300, i need to set aside $1500.

Based on my salary and expenses (fixed), i can only afford $800 per month.

My credit breau record is bad.... i have tried to go credit
counselling, but the waiting time is 2 months later, and
i am reluctant to do so as these debts i had incurred
without my wife's knowledge. Not due to gambling or
womanising, but due to overspending...

Can any one advise what other options i have?....

I am at a loss.

you can get 4 times the salary
loan from Std Chd bank to clear off.

S$20k not a lot, go borrow from a friend
and sign a IOU then replay him plus a token sum as interest.

I have a friend who initially own S$30K,
later roll until he owned S$100K !!!
now bankrupted

[ant0512]

Bro TS, I am in the same case as you too.. for overspending and using future money. Worse still, after divorce with my wife, i was so stupid for not taking some of the proceeds from sale of house to settle the debts incurred during customary.

I suggest if you are really overspending due to family reasons, is wise for you to be open to your wife. Put face aside and discuss nicely to her, i don't believe your wife is such heartless not to give you assistance as i believe mostly you are spending on her and family. In the meantime, cancel those credit cards that you have cleared, if not you will be tempted to use them again and the ball start rolling again.

Its all up to one determination! IF you want to clear it, you can do it as long you have disclipine and support from family especially from your wife. Don't lose your wife due to this solvable issue since known early and considerable small amount. Once you come clean, consider take up some part time job to help ease the debts, its tough but you will clear faster. Once all clear, you can relax and relieved all stresses..

Let's JIAYOU and work hard to be debt free fast! The future is still bright!

[singlad]

You have a golden opportunity to see if your wife marry you for better or for worse. Tell her and see her reaction to your predicament. My guess is 9 out of 10 women will show their true self when you are broke. See if she still want to make love to you the night you told her about your dire financial straits. You will remember it for the rest of your life and then maybe it will spur you on to doing some worthy goals for the future.

[S.B.Y.1]

Originally Posted by see see only

... (quit smoking, quit resturants, quit women, quit your life style, (Also if you still holding to it) sell your PSP, sell your rolex, sell your iphone ... so on) ... squeeze it real hard -

Mas see see only can Pak keep Pak's Somgkok please

[Ichigo_Kurosaki]

Control your variable expenses and increase your income by taking on a 2nd job. It is advisable that you choose to pay up the debt with the highest interest rate 1st. Meaning - while you continue to make the monthly payments to all of your creditors, you may increase the amount of repayment for the debt with the highest interest rate so that you could clear it 1st.

Whether you want to share with your wife is entirely your choice.....but then again, seems like you have made many bad 27K choices..So please tell your wife to avoid any unnecessary misunderstanding between the 2 of you cos I am sure you won't want her to suspect that you are funding another woman elsewhere. Good luck!

[nayuko]

If you own car, suggest you sell it. Save at least $500 monthly. Take public is good, you can squeeze close close to OLs. :P

Check if you are over buying insurance. Singaporean all kaisi... buy buy buy. Never use one. Lol..

Lastly, talk to your wife.. I think she need to know. If she hear it from someone else, you are a goner.

BTW, WTF you buy your way up to $26K.. All branded stuffs ar..