Life after discharged bankruptcy

last SG · 2008-04-28T02:07:00+00:00

I really appreciate for all the views that have been contributed. To put the matter straight;1. NO. I'm not a gambler. I don't even buy 4D nor Toto. Neither...

ORIGAMIST SG

I was declared a bankrupt 11 years ago because I lost heavily in the share market.

I was discharged from bankruptcy a year ago. Whilst I'm trying to get back to leading a normal life, I felt that it's just not that easy after all.

Although I make more than 6K a month working in a MNC for the past many years, I've not been able to to make any credit card application successfully, not to mention about securing a housing loan. If the government are promoting about giving ex-prisoners a second chance, why are the financial institutions still biaised towards discharge bankrupts?

What can I do? I need to get a roof over my head.....

About the time that you was bankrupt, I lost my job. I cancelled all my credit cards and during the last 10 years, were having difficulties getting a job. Three years ago I got a job and was drawing a decent pay. I thought two months ago, it would be a good time to get the CC just in case. All the banks rejected my application and I wasn't even a bankrupt. Now I am using a debit card which I feel is better as it mean I have to live within my mean.

As for your housing loan, I don't think it should be a problem. Talk to the bank again. If necessary combine application with your wife.. worst to worst, talk to MP as HDB still do give loan ( I think )....

FirePig SG

i tot now cc very easy to get...i tot with more than 2.5k per month can get already...my elder brother got 3 cards last time. My sis applying another one soon...

jojobeach SG

Bluewhale,

If you are just trying to catch my attention.. you're doing a great job.

Sorry to dissapoint you, no, I am not a prostitute. Perhaps you should go ask your mother, since she is a woman too.

The reason why I ask if he is a gambler.. is very straight forward. No malice intended ( unlike yourself)

I have a friend who earns $15K per month and he's a gambler. No savings, always in debt, never owns a home.. always renting.

So if TS is a gambler, I suggest he kick the habit so he may really start afresh again.

Yes, go ahead, encourage more debt to people who don't need it.

I have plenty of savings, but in cold hard cash.. sitting in the bank... and they start going up the day I cut my credits cards to bits.

If you think 1-3% (rewards) returns on the money you have to spend are worth the crap you may be putting yourself through.. I'd say, you're penny wise pound foolish.

So you go think about it ya ?

mancha SG

A credit card as a great saving tool is a delusion. It is a great spending tool.

If I timed my purchases/spending after the billing date, I can delay payment for about one and a half months. But I eventually have to pay. In full. How much difference the one and a half months can make. A tinyest of a tinny bit, that is only if I don't have the current cc bill to pay for previous purchases.

Taking advantage of discounts isn't savings, it is spending, get that clear, you do not save save save by buying buying buying.

Only the retailer, industrialist, investor could benefit from credit/loans, and then they need to be successful in their venture to be able to repay and reap a profit as well. But a consumer, to save by spending on credit is a fallacy.

Anyway credit cards discounts, are sometimes available to the public too, not honoured by merchants, mostly not taken up by card holders. You save the entire cost of the goods/services by not making the purchase at all.

Isis SG

6k per month which is more than enough. I think you are even eligible for the Citibank Gold card. Unfortunately, you don't have any assets under your name ? Maybe you shld consult your MP or write to the local newspaper about it.

Isis SG

A credit card as a great saving tool is a delusion. It is a great spending tool.

Taking advantage of discounts isn't savings, it is spending, get that clear, you do not save save save by buying buying buying.

Yeap it isn't a great saving tool. That why it is called a credit card but there are some marginal benefits for owning a credit card that one can take advantage of.

Poolman SG

There's more important issue to curb than worrying about a credit card .

If u're matured enough , get yourself a house first , then the bank would ever consider your application .

U got no house , bank want to chase u money , where to get u ?

Go and think la ... so simple !

No wonder u land yourself in such a bad state .

bleuwhale SG

If you had a gun lying before you, and you used it to shoot an individual of your dislike, can you claim that "the gun made you do it" and without it, you would have otherwise not shot the victim?

To IMMEDIATELY make a link between credit card, debts and ill-spending seems to be a great fallacy.

To claim that a credit card is not a great saving tool by virtue of its name may be to associate money with spending.

I am essentially arguing that the smart use of credit cards, coupled with your ability to treat it like a debit card (in that you make all payments immediately or within the due month- both possible with internet banking) would allow a CC to be more a helper than hold you slave.

For the individual truly hard up on getting a line of credit, even without a CC, there is always the option to seek out the services of loansharks.

Look at the man, not the card.

...And when I talk about savings, I refer to the 20-25% seasonal savings / specials that one may get.

*This author uses Microsoft Money on a daily basis to track, manage and budget his finances and investments. So, unless you are as pro-active and/or disciplined in financial management matters, it would not be wise to use any of my above to create excuses for the application of credit lines.

jojobeach SG

If you had a gun lying before you, and you used it to shoot an individual of your dislike, can you claim that "the gun made you do it" and without it, you would have otherwise not shot the victim?

To IMMEDIATELY make a link between credit card, debts and ill-spending seems to be a great fallacy.

To claim that a credit card is not a great saving tool by virtue of its name may be to associate money with spending.

For the individual truly hard up on getting a line of credit, even without a CC, there is always the option to seek out the services of loansharks.

Look at the man, not the card.

...And when I talk about savings, I refer to the 20-25% seasonal savings / specials that one may get.

Dude,

OBVIOUSLY, you are NOT a very savvy shopper. 20%-25% savings on limited participating retailers.. if you can find cheaper ones elsewhere.. should you insist on the 25% discount you get from the first store ? So if you purchase with a 25% "discount"..is that still SAVINGS ?????? Pwwweeees !!!

And OBVIOUSLY, you are using a sub card that's attached to your lao peh's credit card hor ?

You know what is annual fee anot ? You know how much is it ?

Your maths got a pass right ? Then you tell me, how much must you spend in order to breakeven the annual fee ?

Just because one uses a finance management tool means he is living within his own means?????..Now THIS is FALLACY!!

Credit card is just a convenient luxury. OK ? Good.

bleuwhale SG

Dearest Jojo.

With no intention to engage you any further for given your pattern of conduct in previous posts, I shall state that just because a credit card is a convenient luxury (for yourself) does not imply that it necessarily is so for every other individual. Likewise, just because you have friends who are gamblers does not imply that many other people are.

I travel between Singapore and the United States frequently. In the case of the USA, where I am based, I do pay for the annual card charge. I am pleased to say that as I consolidate my charges between 2-3 cards only, depending on the offers, and with one acting as a primary card, the rewards of, say, a return USA-Spore ticket on a yearly basis far outweighs the annual charges incurred. I am no longer in possession of any Singapore-issued credit cards give my lack of meaningful presence, calculated in terms of time spent, in Singapore.

I recall that AMEX Plat. card (Singapore) has an annaul charge of SGD$350 two years back. If you were to take into consideration the use and offers provided, there is no doubt that the annaul charge is reasonable.

Again, I have no further wish to debate Jojo who, in my humble opinion, and bless her soul, distorts every word that has been said by either myself or any other individual she conducts herself against in this forum. If I were to use her logic in rebutting her comments, I could easily say, in regard her opening remarks about savings, "sure, you can go to Malaysia or Indonesia or Thailand to get more cost savings" but to do so would not engage in meaningful discussions.

I respectfully withdraw from further engagging in this topic. After all, a card is only as good and as terrible as you, the individual, make it out to be. A credit card is as useful and cunning as Forex, Mutual Funds, For-Fee CPA / ChFC advicing, Stocks and the like may be. Its simply a tool that you can better from.

A car, domestic helper, pet, academic tutor, financial consultant, lawyer... may be luxuries to some. For others, if used and planned for wisely, may bring better returns than if otherwise not opted for.

Dude,

OBVIOUSLY, you are NOT a very savvy shopper. 20%-25% savings on limited retailers.. if you can find cheaper ones elsewhere.. should you insist on the 25% discount you get from the first store ? So if you purchase with a 25% "discount"..is that still SAVINGS ?????? Pwwweeees !!!

And OBVIOUSLY, you are using a sub card that's attached to your lao peh's credit card hor ?

You know what is annual fee anot ? You know how much is it ?

Your maths got a pass right ? Then you tell me, how much must you spend in order to breakeven the annual fee ?

Just because one uses a finance management tool means he is living within his own means?????..Now THIS is FALLACY!!

Credit card is just a convenient luxury. OK ? Good.

Beachboy136 SG

I'm only own the bank less then 10k in the past now left with 1k plus... just taking my time to return.. at the sametime, save up allot during the past few years.

However, i was never charged of bankruptcy and settled my debts progressively without failed. But the damp thing was that, I can obtained a loan from bank when i wanted to buy a house or car even i have the cash. As for credit card. I have only one and 2 others were debits card which work really well when i travel. Likewise it helps to monital my cashflow. Dispited all these, my case were treated like as of i was a bankruptcy. This is how "flaxible" the policy were.. Just wanted to voice out!

As for now, going to overseas to work, stay, play and getting a PR will be my ultimate. Planning less then a year to reach there..

Cheers

viciouskitty74 SG

To TS, I agree that a Credit card has its uses.

And stock playing was gambling, irregardless of who else is trying to suggest its not.

Bleu has missed the point about gambling and the sg environment for legalised gambling. And Bleu, I liked to asked....did you asked your mother about that prostitute label yet? Or was it just your normal stereotyping about a female's commenting on the TS?

So for the record.

I am female, in debt too and facing bankruptcy. I've also live life, with credit cards paying for pubs, shopping & medical expenses. I've also lived with folks that dabbled in stocks, lost, owes lots of money, and still lives a hedonistic lifestyle.

I've also lived with family members that strived to get out of debt and believes in the cold hard cash thingy.

Bleu, its obvious you do not understand the sg environment anymore. And jojobeach, if I am not wrong, is trying to explain an American credit handling for sg.

But I can understand TS predicament. The roll the credit situations in the past, and the new tighter control about credit cards issuance is now not helping even for recovering bankrupt.

I understand that credit cards can still be obtained if you have a cold hard 10k cash in the bank account which you applied a credit card with so you might want to consider going that route to obtaining a credit card.

I wouldnt recommend it, but I really do understand how you will need it if you do constant travelling for work. Its a lifesaver at times.

For home loans, you might need another person, preferably a clean credit free spouse/family member to secure that home.

From a Singaporean kinda mindset, can I suggest instead that the TS consider that application of a credit card by plonking S$10k in a bank a/c which he/she agrees not to touch, as a collatoral just in case he/she needs the credit card while travelling. This can be arranged with the bank.

And in matters of home, with 6k pay, you really need to consider purchasing either a HDB flat or a really small apartment currently on soft launches now in the market.

viciouskitty74 SG

And oh....even with a HDB flat, consider renting out the rooms to help with the expanses.

For true privacies...nothing beats staying in Changi Chalet aka the changi prisons.

xavier1979 SG

Even good companies during prosperous times maintain credit lines so that they can draw on during an emergency.

Likewise, having a credit card doesn't necessarily put the person at risk of over-spending.

But sadly, the credit bureau here maintain a database of all users. Once you got a black mark, it's hard to erase. Perhaps you can speak to any of the personal bankers about your problem.

viciouskitty74 SG

Like the underwriters of insurance.

If you had pre cancer.

They consider you a high risk and barricade themself against you and load you down instead of helping you first.

bleuwhale SG

Dear Viciouskitty74.

There certainly is no doubt that I need not ask any female associate if they prositute themselves, simply by virtue of them being female. It is this loose association that I condemm and for which I do not see how certain individuals had allied. Just as it is wrong to imply that one is a gambler by virtue of his situation, it is wrong to imply that a female prostitutes herselve given her sex. But I am glad that the absurd nature of this association is impressed upon.

I do however apologize if I have given you or any others the impression of my demeaning of females.

As before, I do accept that credit cards as a means of line of credit is not desirable. I wish, again, to state that its benefits outweight should an individual be able to manage his finances properly and make full payments upon presentstion of bill.

To TS, I agree that a Credit card has its uses.

And stock playing was gambling, irregardless of who else is trying to suggest its not.

So for the record.

I've also lived with family members that strived to get out of debt and believes in the cold hard cash thingy.

Bleu, its obvious you do not understand the sg environment anymore. And jojobeach, if I am not wrong, is trying to explain an American credit handling for sg.

But I can understand TS predicament. The roll the credit situations in the past, and the new tighter control about credit cards issuance is now not helping even for recovering bankrupt.

I wouldnt recommend it, but I really do understand how you will need it if you do constant travelling for work. Its a lifesaver at times.

For home loans, you might need another person, preferably a clean credit free spouse/family member to secure that home.

And in matters of home, with 6k pay, you really need to consider purchasing either a HDB flat or a really small apartment currently on soft launches now in the market.

viciouskitty74 SG

I find the gambler question justified, because of the following:

a) TS admitted that he was bankrupt, due to stock trading 11 years ago. I believe my earlier post already mentioned that stock trading is 'gambling'.

b) 11 years ago, or even now. We still do not have casinos in sg. But underground gambling dens are still around. (i just had coffee & chicken rice with one such operator yesterday.) So I believed joj's definition of gambling involves rolling of credits, stocks. commodity trading and maybe even on trading business.

c) TS is not a youngster. Discharging the bankrupt, and now earning 6k a month is no mean feat. (Though I kinda think ts has the common asian mindset to exxaggerate his earnings.) :P And that is kinda a clue as to hwo the credit card may not be a matter of necessity but a mean to show off.

Xcert SG

For true privacies...nothing beats staying in Changi Chalet aka the changi prisons.

haha......

jojobeach SG

If you are travelling on business trips. Companies will issue you a CORporate Credit card to charge your expenses to.

So, personal credit card.. is really.. just personal.

viciouskitty74 SG

Not really.

Companies are shrewd nowdays.

They may not issue corporate card unless you are a certain level or have a certain requirements to travel. And some countries & establishments does not accept certain corporate cards. ie. American Express Corporate Card are not accepted at some locations.

And because of the high turnover of staff, lessor companies are willing to issue corporate cards to their eexecutives.

Most now practise this way…..you are send overseas, they company booked for your hotel and maybe flight ticks. Then you claim the rest of the expenses, preferably with a credit card receipts.

Or like what I did for a aviation mnc engineers. I had to get the engineers travelling to provide me a personal credit card, to book the hotels and so on. Have the engineer claim for the whatever later after they came back from the trip.

And to provide for the engineers for some cash for their trip which is considered a loan from the company. And the engineers need to submit the receipts for the cashed used and the remainder cash returned to company upon their return from the trip.

Another reason why corporate cards are not used, because personal credit cards has points system which individual credit card holder can later exchange for gifts.

A good example will be this:

ME & 10 collegues got a get-to-gether and ate to a tune of $800/~~. One of us will whip out a credit card and pay for the dinners and later claim from the office the $800/~~

that $800 on a credit card converts to points for tat certain collegue which he/she can later redeem for soemthing else.

And thus, all of us take turns whipping out credit cards for subsequent dinners get-to-gether.

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