I am the second child in my family
My parents have 4 children in total and the youngest is 13
this year
My parents have borrowed and accumulated the interest of
up to $200k from 20 over different LS. Yes, my mum is foolish, but
all was done out of her love for her children
My parents CPF have been depleted to pay for the house
they bought but there is still an outstanding amount of a few
hundred thousand(5RF) and have to pay cash every month, on top of
the expenses that they family spend, which is just barely
enough
Finally their saving have been depleted and friends and
families shun from then, fearing that they might borrow more money,
she borrowed from the LS to pay of her current debt, hoping to pay
the LS asap, but interest compounded and her debt just skyrocketed,
they derived a plan to lend from a LS to pay her current LS debt
and hope to pay them slowly but it was just too much and they have
to sell the house to pay for the LS payments and they rented a
house from my aunt
It was still insufficient to pay them all and the
situation got worst when LSs refused to lend her any more money(coz
of the plan they derived) and the amount totaled up to over 200k,
which my parents have no ability to pay. The LS payments have to be
paid but my parents’ income was just too little to pay them all
without the help of another loan and my mother ended up not paying
most of them.
They called day and night to pester my parents and sends
threat sms to my family, they doped my mother into giving them our
residential address and now, they are knocking at our door
daily
I was terrified at first, after learning about this but we
are also the cause of her current problems
My mother told me that she would go to jail if we called
the police and the LS would not let us off.
She talked to us about her situation and told me the
procedure to claiming death insurance L should anything happened
to them
The income my parents earn everyday is paid to LS leaving
then penniless and they have less than 100$ with them and we are
surviving thru bread and financial assistance in school. They still
owes many payments from many different LS
I don’t blame them but I feel that they are really silly
to borrow $ from LS in the first place
I really wish that someone could help my parents out of
this situation L I know I am a little naïve
to ask the people from this forum to help with monetary issues,
especially such a large sum but even a little help would
do…
I really want to help them but what could I do. Does
anyone know any job I can take up to help to settle at least some
of their debts? ( I have remedial lessons almost every
day)
although you are family, you should note w\hat your parents did
they were really unwise and please dont follow your parents
footsteps.
no excuse oir pity. this is poor family planning and finaiical
managemnet. you dont need to be a PHD to do basic maths and
planning on controlling your expenses.
if you are not of legal age you can see if you can ask for help
so live in another place since you are not adults. for me i not
scare because i old man already.
please parents out there - dont be smart ass, so smart go borrow
ah long you good forsgiving if me i streaight away report police
and very free will help police and spend my days to track downthe
ah longs assist deep in the investigations.
i will disown my parents in this case!
you also never state in detail how your family ended up with so
high dbts - buy big houses, spend like kings on unneccesary stuffs,
iphone lah ig tvs lah right?
people with mnore children can survive with lessthan what you
stated and they can like in small one two room flats - why you all
cannot? alrady in bedt and then go borrow ah long more
problems.
foolishness seen a new face.
