50K Debt

[sohbuckkong]

Originally Posted by durrrr

Hi, just wanna ask if any bros here ever been in a huge debt before and managed to clear it? I'm currently in a 50K debt and struggling so hard to repay it. Would love to hear some advice. TIA.

The best option is to let them make u bankrupt. Bankruptcy is a priviledge, it is not a very bad thing. Bankruptcy means u owe people money but dont need to pay.

[jameschong1]

i know many self declare bankrupt, then pay only $200 a mth to Old A for 3 yrs, then menstral discharge.

[NewHampshire]

TS, you are in big trouble financially.

[NewHampshire]

Originally Posted by sohbuckkong

The best option is to let them make u bankrupt. Bankruptcy is a priviledge, it is not a very bad thing. Bankruptcy means u owe people money but dont need to pay.

This is the best option and no need to pay anything.

If owe less than 100k then within 7 years can be discharge.

Originally Posted by jameschong1

i know many self declare bankrupt, then pay only $200 a mth to Old A for 3 yrs, then menstral discharge.

Self-declare bankrupt needs to pay a fees and court to decide if you eligible to be bankrupt.

[crazymoney]

I will advise you to learn more about carding and get some cards from the black market. Start selling stuff at 20% the price, there is always market on this.

[Summerhillt]

bro wtf? licensed moneylender is how much? how u borrow until 16k usually they niao ji niao lan wont lend so much de.. u is kena late interest rolling is it?

u take all these money go pua kiao ah?

[lazyguy]

I think TS should try settle moneylender first.... They are the worst....

Bank can always nego with them...

I had been in ur situation b4.... One step a time... And remember no more gamble

[durrrr]

Originally Posted by Summerhillt

bro wtf? licensed moneylender is how much? how u borrow until 16k usually they niao ji niao lan wont lend so much de.. u is kena late interest rolling is it?

u take all these money go pua kiao ah?

Moneylender I borrowed 16K in total. Reason why I could borrow so much was because I chiong Grab at the time, making almost 1.5K a week. One of the moneylender gave me 10K upfront because I've been taking from them on and off and there were no problems with the repayments.

[durrrr]

Originally Posted by NewHampshire

This is the best option and no need to pay anything.

If owe less than 100k then within 7 years can be discharge.



Self-declare bankrupt needs to pay a fees and court to decide if you eligible to be bankrupt.

I'm not going to declare bankruptcy because I feel 50K is a sum that is still salvageable although it's going to be tough plus bankruptcy has a lot of restrictions too.

[durrrr]

Originally Posted by lazyguy

I think TS should try settle moneylender first.... They are the worst....

Bank can always nego with them...

I had been in ur situation b4.... One step a time... And remember no more gamble

Yup, trying to figure out on clearing the moneylenders first because they've been calling almost everyday for payment. Definitely trying to keep away from gambling too.

[lazyguy]

Originally Posted by durrrr

Yup, trying to figure out on clearing the moneylenders first because they've been calling almost everyday for payment. Definitely trying to keep away from gambling too.

U can try to call them... Say u cant pay so much per month is there any way to pay for longer period...

I am lucky that my family help me clear the money lender part.. As the bank part I did nego with them

I think u cant get any more loan from bank to pay this money lender... Your family member can help you to get loan from bank to pay money lender first?

As I always feel money lenders are the headache one.

Anyway if you work hard.. 50k is really not much to pay de..

Just take care of health also... Got health then can earn money...

[durrrr]

Originally Posted by lazyguy

U can try to call them... Say u cant pay so much per month is there any way to pay for longer period...

I am lucky that my family help me clear the money lender part.. As the bank part I did nego with them

I think u cant get any more loan from bank to pay this money lender... Your family member can help you to get loan from bank to pay money lender first?

As I always feel money lenders are the headache one.

Anyway if you work hard.. 50k is really not much to pay de..

Just take care of health also... Got health then can earn money...

Thanks for the advice bro. May I know how much you owed, how long you took to repay and how you did it?

[lazyguy]

Originally Posted by durrrr

Thanks for the advice bro. May I know how much you owed, how long you took to repay and how you did it?

About 150k... Took me about 4 yrs to pay.... During this time really no life... Haha... But after all settle really happy...

Now can relax and enjoy...

U can do it dun worry... ur family will give u morale support..

[durrrr]

Originally Posted by lazyguy

About 150k... Took me about 4 yrs to pay.... During this time really no life... Haha... But after all settle really happy...

Now can relax and enjoy...

U can do it dun worry... ur family will give u morale support..

Yeah, really no life and no mood to do anything else other than earn money to clear the debts. How you managed to accumulate so much debt? Gambling?

[akapat]

Originally Posted by durrrr

Moneylender I borrowed 16K in total. Reason why I could borrow so much was because I chiong Grab at the time, making almost 1.5K a week. One of the moneylender gave me 10K upfront because I've been taking from them on and off and there were no problems with the repayments.

if you can chiong grab 6k, even with dilluted earning, still can comfortably take home 4k. I guess your problem is gambling. Self ban yourself, is the first step to your recovery. If not you will sink deeper.

And if you want go to bankruptcy, legalise moneylender also fall under this category. Means they cannot take back from you. All debts will be consolidated.

However, you will not be sure if they go illegal method to claim back your money.

And don't think clearing debts is a immediate thing. Important dont go and think about the debts, because all your money earn, will go into debt payment, and you will go crazy and think why why why? Makes you more demoralise.

Of cos go bankruptcy will not make you sink all your hard earn money into it. But you must know how to "cheat" your way to let the OA believe you only can pay $200-$300 a month. Anway, they will ask how much can you pay. Don't haolian go say $300. Dare to say $50 or $100.Then cite all sort of expenses, jobless etc.

Enough said, wish you good luck