Please read n help me if u can, urgent advise needed...

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Please read n help me if u can, urgent advise needed...

Postby urgenthelp » Thu Jun 30, 2011 12:11 am

Hi,


Here to share abit of my story and I wish to get help here.
We are in heavy debts problem. We have our flat 4 years ago, 1 year after i get my flat, I was pregnant, but we do not have savings to give birth to my son, but we did not give up on him, the only way to have him delivered was to loan from banks. after delivered i have no one to take care of him so i employ maid to take care of him which cost me a big bomb. now it has finally snowball to an end. I am not employing maid anymore, my mum is temporary taking care of him. but now the worst thing is i do not even have spare cash for his CC. I am really in panic and loss. I hope anyone who have experience can help me on my queries below. Sincerely thank all of you.


Have anyone with bad debts applied for HDB Bank loan before?

Will the loan be approved??

We are thinking of selling away our current flat, get the earnings to pay off our debts. But worried that Bank loan will not be approved. HDB loan require us to deposit half of our current flat profits into cpf to clear the hdb loan, but i do not have enough to clear my debts if i take HDB loan.

I hope someone with experience on this could help us, our child needs to go sch next year and we do not have extra cash at all.


I really have no one to turn to. family tree is small, dun have much relative to help us also.. we have to save ourself only.

Please, please, any kind person please reply me if u have encounter this before.


Thank you very much.

Worried Mum

urgenthelp
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Re: Please read n help me if u can, urgent advise needed...

Postby verykiasu2010 » Thu Jun 30, 2011 2:04 am

if you sell the flat now and cash out, and then buy another flat on bank loan, are't you taking a bigger loan with higher monthly repayment ? how to afford higher monthly installments ?

commercial bank loan is more merciless than HDB loan. think twice. they will foreclose the mortgage faster than HDB, and MP's appeal won't help.

singapore primary schools is not expensive (no, I don't sound like TPL). there are various helps available

monthly supplemental fees in school is very low,

try to get second hand textbook, get school financial assistance or talk to your area MP - they have lots of experience in helping families like you. instead of 3 sets of uniforms, get two. instead of nike shoes, get bata.....just for illustration purpose, not implying anything. instead of buying canteen food, bring food from home (my kids still do that even in secondary school now !). instead of enrolling in far away popular school, take the nearby school to save transport cost. live life with financial freedom and life will be brighter!

if you belong to a church, talk to your church pastor too.
verykiasu2010
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Re: Please read n help me if u can, urgent advise needed...

Postby mp » Thu Jun 30, 2011 11:18 am


mp
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Re: Please read n help me if u can, urgent advise needed...

Postby nettie » Thu Jun 30, 2011 1:24 pm

pls do not sell away your HDB flat and get a bank loan cos it will never be approved.

If you want to sell away ur flat and settle your debts, u have to find somewhere to rent or to stay with your parents or parents in law for 3 yrs. That is because the bank will only give loan to you when your CB record look "clean". And this will take 3 yrs to do that.

I suggest you write in to those banks and tell them your difficulties and refinance your loans up to 5 yrs. You pay the min amt that you can afford every month and at a lower interest rate. If you were to refinance those loan = to terminate your credit card. You will not be able to use them anymore and leave a black mark in your CB record up to 3 yrs.

I had helped my cousin before as she is in the same situation. She is so relaxed now because the bank stop calling her. The best is, she do not need a worry about money issue when she start to watch where she spend :)

nettie
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Re: Please read n help me if u can, urgent advise needed...

Postby puff » Thu Jun 30, 2011 1:30 pm

Rent out rooms to increase income.

puff
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Re: Please read n help me if u can, urgent advise needed...

Postby dicky » Thu Jun 30, 2011 3:16 pm

Not too sure what is financially wrong with your situation. Hints like employ maid, no saving with child birth etc is abit conflicting and contradicting.... The best you can do is probably seek financial advise to get your money priority in order.... No need professionals....

Also can see MP lah. They are now much more approachable and can direct give you advise on based on your unique financial situation, the ugly truth and the temporary solutions (somewhat not pleasing). Until you are better off to seek better choices in life...

Hope this helps. :pray:

dicky
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Re: Please read n help me if u can, urgent advise needed...

Postby financial_guru » Thu Jun 30, 2011 5:16 pm

Can I ask whether your bank loans are the unsecured ones eg. like DBS cashline?
Their interest rate can approach 24% per annum.
I suggest you approach credit counselling: http://www.ccs.org.sg/
There's a toll-free number that you can call. They will help take a look at your debt situation and try to restructure the debt payment schedule with your banks.

financial_guru
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Re: Please read n help me if u can, urgent advise needed...

Postby rosemummy » Thu Jun 30, 2011 11:42 pm

If you have bad debts, it's not possible to get any new credit facilities. Definitely not before you clear it. It's not advisable to sell your existing flat as it'll be difficult to get financing for your next flat. Unless you can qualify to purchase directly from HDB. In which case, sell only after your purchase is confirmed.

As suggested by others earlier, you may want to try talking to CCS to restructure your debts and seek help from your MP. If you have an extra room or 2, rent those out for rental income. My guess is that your financial problems came about because your expenses were higher than your income. Try to reduce your expenses as much as possible. I guess your child is going to K1? I believe there're many assistance schemes in place for kindergarten. Having extra income from rental will definitely help in paying off your debts.

Good luck.

rosemummy
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Re: Please read n help me if u can, urgent advise needed...

Postby urgenthelp » Sat Jul 02, 2011 6:35 pm

Hi All,


Thanks so much for all the supportive reply. Sorry for the late reply to all as I am busy working. I thot of selling away my flat and buy new one is becoz my cpf have alot of funds. Able to buy flat and no worries for monthly installment. I am not buying those very selling sky high (want full amenities and near mrt) or condo flat. Just a 4 room flat. The main thing now is I need cash, 5 years ago when I buy my current flat is very cheap, so now I sell I will get one big lumpsum and able to clear my debts once and for all, and still left with abit for savings. I will be saying sayonara to all my credit cards and loans, as I will cut off once I settle it. I am suffering enough from the shits. :frustrated:

I can apply HLE, but the problem is HDB wants half of my proceeds from my current flat to lower my 2nd HDB loan, but I will not have enough to clear off my debts if I loan from HLE.

That's why I thot of loaning from banks, coz I will not need to give half of my proceeds away, I have more than enough cpf to cover my new loan, but I understand that my CB report is very black. That's why here to ask if anyone had same situation and able to give some advise.

Just check with a property agent, he ask me to sell off my current flat get the proceeds and pay off all the debts, rent a flat for 3mths or so and try to apply bank loan. If the bank loan says due to CB report black mark cannot pass, ask me to show the bank that I have clear off all my debts le. But only CB need 3years of time to remove the black dots. What do you all think? Will it really pass anot? Anyone one working in banking or loan dept or even CB can advise me?

I am really out of solutions..... :imdrowning:


@KiasuGrandMaster V:

My boy will be going to CC next year. So I find the most cheapest CC for him to enrol le. I am very careful on my spendings since day 1 that I have debts, but no matter how hard I try to pay, int is killing me and also cost of living is rising. But I appreciate your reply, I will learn the tips u given me.

@mp:

Thanks for the link. But due to our income range, we are not able to apply any help from the gov... :rant:

@nettie:

Thanks for the reply, I spoke to those banks before, they told me if I will to close with debit balance and do the installment, it will look worst in my CB, and will also have a permanant record in their bank system. They also told me that this is not the solution for me either, coz they say so far they see that I am paying every mth, these option is till those who didnt even pay the min payment every mth and they close their acc and get lawyer to sue them, but she tell me dun ever try that option, coz the amt I owe, they are able to get ppl to come my house and seal my house things, eg: tv, fridge, computer etc. :cry:
I am really sad....... :sad:

@puff:

I am already renting out one of my vacant room to have extra income, but its nv enough to pay the int.... :(

@dicky:

When I decided to post here for help, I already knew that some ppl will feel that this is conflicting and contradicting, and will say that all depends on how u watch ur spendings, etc etc. But honestly, I believe all parents will agree that cost of living in singapore is not easy, and $$ is getting smaller, things are getting so much more expensive day by day, even with our daily needs. When u have no $$ but pregnant, even if it cost u everything, I believe all mummy's will also deliver to it, I trust all mummy's will agree coz when u feel the little one in u the feelings is just no words can descride.

Since the day I know I am pregnant I do not have much savings in pocket, but able to survive with hubby alone, and some small little savings monthly, but child came at that time, I want to deliver and I need to do check ups this and that, all my child things are given by friends, only like bed, nappy, milk bottles den I buy, I even get friends to help me buy from malaysia and deliver out to sg for me, till finally due but I have difficulties in delivering my child at that time and I went for emergency operation, had to fork out $4k hard cash after dedcuting cpf. I have no choice but to loan from bank, if not how am I going to pay my bills? after I deliver I have no one to take care of my child, my parents are working, hubby parents are just too old, no much relative, we tried all family members before employing maid. Infant care, much more expensive about $900 - $1k per mth, and I work mon - sun jobs. I only get to off during weekdays. During weekends who is gonna take care of my baby if I dun employ maid? Infant care will not even bother about u, thats ur problem they told me. Called mcys to asked where got infant care for sat and sun, they say dun have. Nannys in my area heard about my job, no one wants to take care for me, coz of sat and sun I am working, only a aunty offer me, but she wants $1.2k a mth and mention i take care for u only morn, but night time u carry home. u calculate, might as well i employ maid right? I really have no choice than only I choose this road. Y just no ppl believe how hard life is, I am not angry with what u post about conflicting and contradicting. Am just disappointed again coz all fingers are pointing at me, saying that this is all excuses. When u really in my shoes, you will know how I really feel. How hard I live, I dun even dare to eat expensive things, do u know how i pass my daily meals, i only ask for filling stomach not best taste in my mouth. I almost eat canned food and maggie everyday. Just to save! :cry:


And not to talk about MP they are really providing no help, they told us that our income exceed their rulings for extending help. They want SINGAPOREAN HEADCOUNTS only, they only want their POPULATION QUOTA. Even I need to owe debts I also decided to give birth to my child and I give birth to a PURE SINGAPOREAN, I meet their needs they want SINGAPOREANS, QUOTA, but when u have difficulties and ur earnings exceed their so call level, they will not able to extend any single help to you in financial help. No matter what sad story u tell them. To them earning high means you have ur own way to settle it. Ask me to go back and find my own solutions. Ask from parents, relative or tom dick harry, but just not them. :slapshead:

They did ask us to go credit counselling, but there's no financial help from them either.

No matter what my fustrations are, are not on you. I just hope ppl can understand how i feel and my situations, bank int are nv ending if u dun pay them one lumpsum, a $5k loan from bank, and u pay min payment promptly and monthly, u will need at least 3 to 4 years to finish paying back to them. I have more than that to pay. Just hope that ppl dun feel that I am here to ask for sympathy even, I just hope that someone with these kind of experience can guide me. I have feelings and pride also. I am willing to suffer no matter what is just for my beloved child. But nevertheless, I thank you for your posting. And hope that my post wont be a rude reply to u, I just want to make myself clear, I had enough of being accused by ppl. Sorry if u feel i post anything not nice. :imsorry:

@financial_guru:

Yes, the only way to get cash is from unsecured loans and I am paying int till i am going crazy.
I called before, they ask to go down for a free talk den only a consultant will attached to you. They only able to help if I am able to settle once and for all, they will help me nego cut int from bank before I pay, and its only for those bad debts. I only have 3 bad debts now, the balance debts so far still alive and those alive one they cant help me much also, they only asked me to settle asap, before another bad debts come again. *touch wood* :xedfingers:

@rosemummy:

Thanks for your post. If i buy from direct hdb i will need to return more to hdb. coz the current flat i buy is resale flat and i get grant when i buy, so they will want me to pay back in cash their resale levy, they give u grant that time in cpf, but want back hard cash when u purchase another new flat from them. mention above, csc and mp wont help de. csc not able to do much, mp just push u away to others. ask u to find solutions on own. :mad:

no assistance that i can get from gov also. :cry:


anyway thanks to those who have post and give me advise. sincerely thanks to all of you...

:salute: :udawoman: :udaman:

urgenthelp
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Re: Please read n help me if u can, urgent advise needed...

Postby smartmummy » Sat Jul 02, 2011 7:17 pm

Hi urgenthelp!
I can feel your problem.We are facing some financial problem now.We sold our house two years ago.After that the market hiking.Now we are renting.My DH go for lower salary job as he need time to study.Last two years we spend money from our savings.

Selling ur house think twice before you do.Now the COV is high.Previously not like that.Calculating and planning everything properly.I am not expert in it.From my experience speaking.
I want to share my experience cos to comfort you.Be confident.So you can think clearly.

Eenthough we are singaporeans MP said cannot help to get from direct HDB houses that are cheaper than resale houses.They said not fair to others.We have not enough luck to get balance sale of HDB houses.

take care!

smartmummy
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