In Debt

eagle SG

I tot the general guideline for civil servant is no sideline?...

So far my friends have told me only few hours per week allowed... Probably for tuition assignments.

jojobeach SG

FireIce thanks for the link. I will take some time to read through it.

Fire Cracker - I got into debt starting from a Traffic accident that i got into in 2006. Needed about 9k to reduce my vehicle loss (else i would have to declare a total loss for the vehicle) and out of desperation drew it from my credit cards. After that, i started to gamble and my bro's friend bet at my side and lost about 12k of which he didn't clear. I cleared the debt (big lesson learnt) and started to gamble more to reduce my losses. Helping my brother clear his loan shark debts (3 times) also led to my downfall. Basically it was due to my desire to clear my debts in the soonest possible way which in my opinion at that time was to gamble (soccer online betting). I have since stopped gambling for about 7 months but i find myself getting addicted to partying just to stay away from my home. That's a new addiction that i am suffering from currently. I know i need help. Just confused and ashamed to approach anyone therefore seeking for opinions through the forum. And to think that i was the most successful and looked up to by all my relatives and cousins. Just down in the dumps down.

20k only want to kill yourself and sell off house. Wat a moron.

Your mother is correct not to let you sell the house.

You can't even handle your personal finances properly now, after sell house liao how are you going to come up with the money to get her a roof back ?

First off, are you done with your gambling and irresponsible partying ? If you are still not a convert, you are hopeless. No advise will save you.

If you have learnt your lessons from irresponsibility. Then here is hope you can do to dig yourself out of the debt. 20K debt only it's not a big number relatively speaking.

How much are you earning per month ? The debt is credit card debt only ? or do you owe loan sharks and friends/family ?

Come up with a realistic payment plan. Eat humble pie. If you need to seek the lender's help to extend payment period so your monthly payment is smaller , do so.

Pride and face value is worth nothing during times of crisis.

DO NOT run away from your debtors, you will incur more losses by running away and avoiding debt calls or collectors.

ah san SG

I dunno how you are helping urself by getting into more debt by wanting to buy the iphone4

http://www.sgforums.com/forums/19/topics/407127

Anyway the price listed on apple store spore is $1048

http://store.apple.com/sg/browse/home/shop_ipho…

By offering from $900 onwards…how much are you going to recover…

not to mention ur monthly subscription…

do ur sums man!

jojobeach SG

I dunno how you are helping urself by getting into more debt by wanting to buy the iphone4

http://www.sgforums.com/forums/19/topics/407127

Anyway the price listed on apple store spore is $1048

http://store.apple.com/sg/browse/home/shop_ipho…

By offering from $900 onwards…how much are you going to recover…

not to mention ur monthly subscription…

do ur sums man!

He/she is a shopaholic. That's a mental illness.

eagle SG

I think he meant he want to sell it, then pay the "installments"

Phantomnite SG

I feel that your mum is doing the right thing by refusing to sell off the house. Imagine if that house is being sold off, you would really have nothing to your name already. Though by downgrading, you would face a smaller financial burden, but all these can be achieved by roughing out for another year.

In exchange for that year of repayment, than to sell off the house with nothing to your name, I guess the former is of a much better choice right? And please take note of your spending habits. They are not what a person who is in debt should do.

Pacman_73 SG

If you sell off your house, you can clear your debts immediately. However you still need to find a place to stay. I am assuming you intend to use all the proceeds to clear your debt. That means you need to cough up monthly rentals unless you can find free lodging.

If you still have some money left after clearing your debt, most likely you will have to take up a loan to buy a new flat, and that means monthly repayments again.

So it is better that you stay put and use your monthly savings to clear your debt. At the end of the day, you still have your house. Why go through so much hassle?

jojobeach SG

You are obviously not a very bright person. Your mother is brighter than you. At least she did her maths, you didn't.

Your mother already told you she cannot get a flat directly from HDB anymore because she is no longer eligible.

That means she has to purchase from RESALE.

The COV is HIGHER than your 20k debt.

You do not meet the age requirement for single's applicant yet. For the next few years you and your mom will need to RENT a place for two. The total monthly rental till your eligible age will be HIGHER than 20k.

By the time you are eligible, you still have to purchase from RESALE and the COV will be higher than your 20k.

And both of you may not be eligible for HDB subsidized loan.

The income your mother has to forgo just to sell the flat will be almost equivalent to your 20k debt. So you get 20k by reducing 20k income. That's the most stupidest thing you can do.

Even if you take 5 years to pay off your debt, it's still the better option.

So given your stupidity, your mother is right.

YOU need to wake up stop doing more stupid shit to your life. This is a cheap lesson to learn in life. Go take up some personal financial planning courses. They are short and simple, unless you are truly a retard, you should have no problem understanding.

littlemissbonkers SG

Moral of the story: Gambling is bad

lol

Some people just have no financial sense. Want to spend but got no money to spend.

TS is probably only gonna get himself into deeper shit by making all the wrong decisions impulsively AGAIN.

TS...TIME FOR YOU TO WAKE UP.

kengkia SG

Moral of the story: Gambling is bad

lol

Some people just have no financial sense. Want to spend but got no money to spend.

TS is probably only gonna get himself into deeper shit by making all the wrong decisions impulsively AGAIN.

TS...TIME FOR YOU TO WAKE UP.

let TS be ba...gambling is like taking drugs, once u get hang of it, it's very hard to kick the habit, unless he kicks the bucket..

it's now up to TS to help himself to quit gambling and do 5S on his life...

We can't be physically there to help him, nor we are in the postition, with so many advices given so far..

littlemissbonkers SG

let TS be ba...gambling is like taking drugs, once u get hang of it, it's very hard to kick the habit, unless he kicks the bucket..

it's now up to TS to help himself to quit gambling and do 5S on his life...

We can't be physically there to help him, nor we are in the postition, with so many advices given so far..

-.-

kengkia SG

-.-

TooFree SG

Since you claim that you are able to repay the entire 20k amount (inclusive of interest) in one year time. I put it that you are earning at leastt 2.5k per month or equivalent. That will translate to having to pay 1.667k per month setting aside payment for car loans, fuel, maintenance, ERP and car tax as well as a meagre sum for meals.

I will advise that you stop gambling but rather invest in safe investment like Singapore bluechip companies for their dividends to offset your credit or more meals money. Please do not sell your house as your mother is old. She cannot be in the consistent run like you. Thank you.

« Previous Page