50K Debt [Archive] - The Asian Commercial Sex Scene

sbf4life

28-04-2018, 03:53 PM

on the bright note, 50k isnt huge, i reckon 80% of singaporean owe more than that. e.g HDB loan, car loan and education loan.

you are lucky that u aren't paying big interest too. if u are return 1k per month then you should be able to clear your debt in 4 years. just stay away from those illegal money lender and you should do fine,

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.

MoeLanYong

28-04-2018, 06:34 PM

Deleted...

sammyboyfor

28-04-2018, 06:54 PM

Currently owe the banks 20K but have negotiated a repayment plan on 1K/mth with no interest. Another 16K to licensed moneylenders and another 14K to friends/family with no interest. Just don't know where to start from.

You need to honor your agreement with the bank or they'll commence legal proceedings so that 1k per month has to be paid.

You also have to keep the legal ah longs at bay with regular payments or the interest will accumulate.

Last but not least will be friends/family but you should show your appreciation with a token weekly amount $50 to $100 will certainly show your intention to clear your debt.

Greenfrog

28-04-2018, 10:20 PM

Penguin23

28-04-2018, 11:18 PM

Currently owe the banks 20K but have negotiated a repayment plan on 1K/mth with no interest. Another 16K to licensed moneylenders and another 14K to friends/family with no interest. Just don't know where to start from.

From what you wrote i sounds like a bank put you on a fixed installment loan repayment scheme, which sound good because of the words they use (i.e. zero interest) but can come with a hefty processing fee (5%-8% upfront)

Would advise that you list down:

1. Loan quantum with each bank,
2. Effective interest rate (EIR) you are paying - get it from the bank if you don't know how to calculate

The goal for repaying your debt in the shortest time is basically twofold:

1. Restructure your loans whenever possible, learn how to look for the cheapest loans. Learn to read the fine print in bank's loan programs.

2. Be disciplined about the payments and do not miss a single installment. Late fees and step-up interest rates can kill you very quickly. Make a table listing all payment deadlines and stick to it.

Be aware that the bare minimum you need to service a loan is roughly 3% of your total outstanding. You did not say how much you are capable of paying per month, if the number is anything less than $1.5K I am pretty much sure you need to take on a second job and get another stream of income.

Johnbass2

28-04-2018, 11:33 PM

Bet 4D bah

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.

durrrr

28-04-2018, 11:56 PM

From what you wrote i sounds like a bank put you on a fixed installment loan repayment scheme, which sound good because of the words they use (i.e. zero interest) but can come with a hefty processing fee (5%-8% upfront)

Would advise that you list down:

1. Loan quantum with each bank,
2. Effective interest rate (EIR) you are paying - get it from the bank if you don't know how to calculate

The goal for repaying your debt in the shortest time is basically twofold:

1. Restructure your loans whenever possible, learn how to look for the cheapest loans. Learn to read the fine print in bank's loan programs.

2. Be disciplined about the payments and do not miss a single installment. Late fees and step-up interest rates can kill you very quickly. Make a table listing all payment deadlines and stick to it.

Be aware that the bare minimum you need to service a loan is roughly 3% of your total outstanding. You did not say how much you are capable of paying per month, if the number is anything less than $1.5K I am pretty much sure you need to take on a second job and get another stream of income.

The agreement I had with the bank is just monthly installments with no interest or processing fee because it has been owed for a very long time already. So it's just purely returning the amount I owed initially which is good. However, it's the weekly repayment with the licensed moneylenders that I'm worried because I'm currently looking for a job and have been driving Grab on a part-time basis to sustain. Trying to see if I can get a full-time job and bump my income to 4K/mth.

durrrr

29-04-2018, 01:47 AM

From what you wrote i sounds like a bank put you on a fixed installment loan repayment scheme, which sound good because of the words they use (i.e. zero interest) but can come with a hefty processing fee (5%-8% upfront)

Would advise that you list down:

1. Loan quantum with each bank,
2. Effective interest rate (EIR) you are paying - get it from the bank if you don't know how to calculate

The goal for repaying your debt in the shortest time is basically twofold:

1. Restructure your loans whenever possible, learn how to look for the cheapest loans. Learn to read the fine print in bank's loan programs.

2. Be disciplined about the payments and do not miss a single installment. Late fees and step-up interest rates can kill you very quickly. Make a table listing all payment deadlines and stick to it.

Be aware that the bare minimum you need to service a loan is roughly 3% of your total outstanding. You did not say how much you are capable of paying per month, if the number is anything less than $1.5K I am pretty much sure you need to take on a second job and get another stream of income.
The agreement I had with the bank is just monthly installments with no interest or processing fee because it has been owed for a very long time already. However, it's the weekly repayment with the licensed moneylenders that I'm worried because I'm currently looking for a job and have been driving Grab on a part-time basis to sustain. Trying to see if I can get a full-time job and bump my income to 4K/mth.

Penguin23

29-04-2018, 02:48 PM

The agreement I had with the bank is just monthly installments with no interest or processing fee because it has been owed for a very long time already. However, it's the weekly repayment with the licensed moneylenders that I'm worried because I'm currently looking for a job and have been driving Grab on a part-time basis to sustain. Trying to see if I can get a full-time job and bump my income to 4K/mth.

It's good that the bank actually agreed to that. I've never heard of a bank agreeing to zero interest recovery so count yourself very lucky. Banks usually ask you to do debt consolidation, which in itself stretches the repayment period to 5-7 years but fixes the interest rate at 5% PA on a reducing balance basis.

Get your credit bureau report to see if your credit standing is still healthy. If you earn more than $30k per year and have declared that income to IRAS you stand a good chance or replacing the legal moneylender loan with a cheaper balance transfer from another bank.

In my mind nobody earning in excess of $30kpa should touch the legal moneylenders. The only reason they exist as a business is to do the businesses which banks refuse to touch.

As a guideline your loans from a financial institution for a balance transfer should not exceed 5% per annum on a reducing balance basis (effective interest rate no higher than 5% PA). Anything higher means you've been screwed by the salesperson on the line or you're just ignorant of the fact that lower cost of funds exist but you just didn't bother to find out.

All the best.

youmee

30-04-2018, 10:16 AM

The agreement I had with the bank is just monthly installments with no interest or processing fee because it has been owed for a very long time already. So it's just purely returning the amount I owed initially which is good. However, it's the weekly repayment with the licensed moneylenders that I'm worried because I'm currently looking for a job and have been driving Grab on a part-time basis to sustain. Trying to see if I can get a full-time job and bump my income to 4K/mth.

If you are looking at 4k monthly. Go drive a taxi or grab. Confirm will have. This is true. Jokes aside.

Those struggling to hit 4k monthly, because they too slow, does not know their route well, and take too many coffee break and work less day.

In fact,4k can consider part time driving only. Really chiong 7 days a week and 12hrs, 6k up no problem. Again, this is no joke.

durrrr

30-04-2018, 05:28 PM

Owe the banks 20K with repayment plan on 1K/mth = 20 months to clear almost 2 years lah.

16K to licensed moneylenders = weekly repay how much neber say?

If you also repay the licensed money lenders 1k/mth hor with interest lets say 30% hor actually also about 2 years you can repay finish leh.

Another 14K to friends/family.

Family friend can pay u pay lah cannot bobian cuz the banks n licensed lenders more Siong pp.

Paiseh ah. U got consider explore DRS ah? or DCP ah? that one can stretch 5 to 10 years leh. Also boh interest one i think.

The only thing u should scared hor is WSS hor if u own any property.

Paiseh again ah. This is worst case scenario hor if u really cannot tahan liao and live in fear daily cuz late payment lah then banks shoot letters lah or lenders bang door lah whatever... cuz sg got law mah... other than your family frens u must try repay privately hor the rest is LEGAL which mean if you self declared bankrupt hor they lan lan cannot disturb u further but hor your next few years is face gov repayment lah hor.

Just remember lah don't gamble don't ah long lah hor haiz. Be discipline liao. Family important lah hor if got family.

But try your best lah hor to repay back. Anyway life got ups n downs most important is don't give up lah hor.

susu ya.
Thanks for the advice, guys. Licensed moneylender wise, I'm have to pay about 1K weekly, that's why it's abit tough on my end. Banks 1K monthly I can still manage. Family/friends wise, I can still drag since they're not in a rush to get the money back.

I'm planning to chiong Grab full-time from now on, have made about 6-8K monthly previously with Grab but things have changed since Grab/Uber merged + poor incetives, causing business to be poor. 4-5K/mth shouldn't be a problem.

Anyone knows if DCP can cover licensed moneylenders as well? Would be great if I can consolidate all my debts under DCP.

Really regret not saving up much back then plus burnt my fingers at the casino. This lesson definitely going to be a pain one but definitely going to climb out from it.

conquer

01-05-2018, 11:15 AM

Thanks for the advice, guys. Licensed moneylender wise, I'm have to pay about 1K weekly, that's why it's abit tough on my end. Banks 1K monthly I can still manage. Family/friends wise, I can still drag since they're not in a rush to get the money back.

I'm planning to chiong Grab full-time from now on, have made about 6-8K monthly previously with Grab but things have changed since Grab/Uber merged + poor incetives, causing business to be poor. 4-5K/mth shouldn't be a problem.

Anyone knows if DCP can cover licensed moneylenders as well? Would be great if I can consolidate all my debts under DCP.

Really regret not saving up much back then plus burnt my fingers at the casino. This lesson definitely going to be a pain one but definitely going to climb out from it.

Have you considered applying for another personal loan (from bank), to settle the loan from ah long first. Let's say the bank approves $15K for tenor of 2 years, you probably would have to pay like $800/month.

So, altogether you would have to pay about $1800/month to the bank, which is a more comfortable situation, rather than paying $5000/month to the ah long and the bank in the first 4 months. :o

sohbuckkong

03-05-2018, 11:20 PM

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

03-05-2018, 11:31 PM

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.

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

NewHampshire

05-05-2018, 12:17 PM

TS, you are in big trouble financially.

NewHampshire

05-05-2018, 12:19 PM

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.

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

07-05-2018, 12:52 AM

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

07-05-2018, 04:39 AM

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

07-05-2018, 01:28 PM

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

07-05-2018, 03:06 PM

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

07-05-2018, 03:07 PM

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

07-05-2018, 03:09 PM

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

07-05-2018, 03:42 PM

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

07-05-2018, 04:24 PM

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

07-05-2018, 09:45 PM

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

07-05-2018, 11:02 PM

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

07-05-2018, 11:06 PM

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:cool:

lazyguy

10-05-2018, 09:48 AM

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

10-05-2018, 11:21 PM

lazyguy

11-05-2018, 08:33 AM

call sliver lining for help

They help to nego with the money lender?

oppais

12-05-2018, 08:09 PM

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

14-05-2018, 11:48 PM

Bro,

Make an appt with Credit Counselling of Singapore.

ccs.org.sg

sky_liner2

16-05-2018, 12:29 PM

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

16-05-2018, 01:11 PM

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

Jayrius4593

18-05-2018, 08:15 PM

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

19-05-2018, 11:17 PM

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

19-05-2018, 11:18 PM

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

20-05-2018, 03:39 PM

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.