50K Debt

[lazyguy]

Originally Posted by durrrr

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?

Stocks, business venture and gamble... Anyway I owe150k...but I lost more than the amount... As my saving all gone.

[Xiao_Zhu168]

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.

call sliver lining for help

[lazyguy]

Originally Posted by Xiao_Zhu168

call sliver lining for help

They help to nego with the money lender?

[oppais]

It takes a decade to save up, but 6 month to lose all and more.. Worth it? Defintely not, but who can think so far?

We only indulge in the present..

Do take care bros.

[wangzzz]

Bro,

Make an appt with Credit Counselling of Singapore.

ccs.org.sg

[sky_liner2]

Originally Posted by wangzzz

Bro,

Make an appt with Credit Counselling of Singapore.

ccs.org.sg

Yes, this is the ultimate step. They will guide you along, maybe you have to declare bankruptcy and they will help with repayment arrangement, and save yourself from hassles from bank and license lenders.

[teamlh]

No matter what. Never borrow from Ah Long or credit company.

[Jayrius4593]

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.

Hi there

For your money lender issue, i will highly suggest you to seek for help witb silver linning, abdullam life counselling or blessing grace. They will be able to help you to ask for a monthly repayment plan. There is also one risk that some of this money lender will not accept the repayment plan and start visting your home to harrass you for payment. Do your family know about this? If no you have to be upfront with them and let them know the issue.

For your weekly loan how much are you paying back to them on interest per week? They can only charge you 10 percent admin fee with a 4 percent interest plus 4 percent late fee per month. I will suggest you to go down to their office and get a copy of the contract and look through it carefully which I believed that when you are in need of money, you will have just sign the contract without taking a look at the terms and condition. If you find that you have been overcharge by them, report them to the registry of moneylender.

Trust me weekly loan by moneylender is design to make sure that you will never be able to pay back them in full so that they can always earn your interest. Once you are not able to meet 1 money lender repayment you will borrow another want to pay off? Thats how your debt snowball, i have seen too many of this cases.......

Hope you will be able to settle your debt soon.

[cashcow]

I'm same situation . 50k debt. Try credit councelling for free councelling. Some one from grace might be able to help . Having CPF job helps. Banks and moneylenders cannot take your HDB homes . U may pm me I can advise. Been with the CCS and credit compines .even loan shark I got experience before .

[cashcow]

Originally Posted by wangzzz

Bro,

Make an appt with Credit Counselling of Singapore.

ccs.org.sg

They don't accept money lenders legal one. Need to clear them off .

[durrrr]

Originally Posted by Jayrius4593

Hi there

For your money lender issue, i will highly suggest you to seek for help witb silver linning, abdullam life counselling or blessing grace. They will be able to help you to ask for a monthly repayment plan. There is also one risk that some of this money lender will not accept the repayment plan and start visting your home to harrass you for payment. Do your family know about this? If no you have to be upfront with them and let them know the issue.

For your weekly loan how much are you paying back to them on interest per week? They can only charge you 10 percent admin fee with a 4 percent interest plus 4 percent late fee per month. I will suggest you to go down to their office and get a copy of the contract and look through it carefully which I believed that when you are in need of money, you will have just sign the contract without taking a look at the terms and condition. If you find that you have been overcharge by them, report them to the registry of moneylender.

Trust me weekly loan by moneylender is design to make sure that you will never be able to pay back them in full so that they can always earn your interest. Once you are not able to meet 1 money lender repayment you will borrow another want to pay off? Thats how your debt snowball, i have seen too many of this cases.......

Hope you will be able to settle your debt soon.

For the moneylenders, I've been returning about $500-1K per week. This moneylender has been pretty patient even though I'm late on payment a couple of times, only adding a one time late fee of $60. However, I'll still try to clear them asap. Current debt with moneylender is now $12K from the previous $16K.

I've also managed to get help from my uncle, who helped me settled my debt with OCBC. Initially owed them $8K to be repayed $1K a month till end of the year but they are okay to settle for $6.8K upfront which I decided to take up the offer. Every cent saved is a step quicker towards clearing my debt.

Thanks for the advice for going to the various counselling services for help, I think I'll skip that for time being as I feel I'm able to clear my debts asap as long as I stay focused, work hard and not gamble.

[aurahiongka]

Licensed money lender can talk one.

u die die say u only can pay this much per month to them, let say u can pay them 100 per mth, they have to accept no choice they sure add all late fee and gv u 2 to 3 years plan to settle. that how i am doing it. total 30k debt including courts