A little background:
This has been ongoing for almost a few years. My family has
shifted from hdb to condominiums (several in fact), one including a
three-storey clustered house, and finally back to a
HDB. The credit debt took a toll on my parents and we
had to shift to a 4-room HDB flat. (Approx 1.5 years
back). We’re a family of 5, me including 2 brothers (1 in NS, the
other unemployed.)
I thought life would be better now after we moved out from the
3storey apartment as the housing loan is out of the way. However,
this was not the case. Worse in fact since my dad can’t even afford
to give my and my brother allowances. My parents, especially dad’s,
credit card debts ballooned, and I kept overhearing my parents
arguing over such issues (i.e. dad wants to borrow a sum from mom
to pay off some overdue debt repayments etc). I have no idea how it
ballooned up, and my dad being a very egoistic man refuse to open
up to my mom, let alone the children. He did borrowed a sum (few
hundred to a thousand) from my brother even.
According to my mother, she herself has debts $60-70k. My dad’s
debt should probably hit over $100k. He has been going around
borrowing from friends/family members as well.
Ever since I’ve started University (last August), I have came to
realize the severity of my parents’ credit debts as they were not
able to pay my school fees, and hence taking up a bank loan for it.
I thought things would improve, but obviously, things are getting
rougher for the family. Now, my parents are even considering
selling the 4 Room flat too and we would have to live in rental
apartments possibly. I suppose this is the very last resort.
I believe this problem is caused mainly from my dad’s careless
spending habits and his mentality to not seek help or confide in
others. I am at my wits now, I do not wish to see my parents living
in abundant worries every other day. My twin brother and I have
tried talking to my dad about it, but he always shun the matter.
Even if we could talk about it, we are not in possess of any
financial knowledge to advise on my dad.
Is there any one who could advise on my situation? Should we
look for a debt counsellor etc? Does anyone know the costs of
seeking one? Should my dad even contemplate declaring bankrupt?
Sparkle,
Bankruptcy is not an easy way out of debt.
Here is a link to information about bankruptcy in Singapore .
Click here --> Insolvency and Public Trustee office
or
You may also seek assistance from the Credit Counselling Singapore at the following
contact:
Credit Counselling
Singapore
#12-01 Maxwell House, 20 Maxwell Road,
Singapore 069113
General line: 6338 2663 | Fax: 6338 6586
Email: [email protected]
Website: http://www.ccs.org.sg
It is time both you and your brother seek employment and be
self-sufficient.
The financial problem is not yours to fix.
Ask not what your parents need to do for you, you need to ask
what you can do to be a lesser burden.
While it is a moral/social obligation for your parents to fully
provide for you and your sibling till you step into the work force.
It is however, wrong of you to EXPECT them to do so at your
age.
When you stop holding your parents responsible to their
action, you will become free from this stress and sorrow that does
not belong to you.