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.
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.....
@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...
@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.
I am really 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!
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.
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.
@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*
@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.
no assistance that i can get from gov also.
anyway thanks to those who have post and give me advise. sincerely thanks to all of you...