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Think I'll be a bankrupt soon....

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  • Sandisct's Avatar
    161 posts since Apr '10
  • Rooney9's Avatar
    13,146 posts since Aug '09
  • Zero 5's Avatar
    668 posts since May '10
  • komade's Avatar
    12,845 posts since Oct '09
    • Be a nite shift, u need $$?? Uncle pool will show the ropes

      how to earn $$ honestly n efficiently..... :P

  • Tio Call Liao's Avatar
    1,391 posts since Oct '09
    • credit card debts? anything above 20k , its best to file for bankruptcy coz to drive a taxi to clear the debts , it will take a long long long time.

      My friend is avoiding bankruptcy , owes banks  $40k in total . driving like a mad man to try & clear his debts. last i heard , the principal debt has hardly gone down.

       

       

  • komade's Avatar
    12,845 posts since Oct '09
    • Originally posted by Tio Call Liao:

      credit card debts? anything above 20k , its best to file for bankruptcy coz to drive a taxi to clear the debts , it will take a long long long time.

      My friend is avoiding bankruptcy , owes banks  $40k in total . driving like a mad man to try & clear his debts. last i heard , the principal debt has hardly gone down.

       

       

      20k ok lar not much of a worry bro if work hard can pay

      off no need to file for bankrut

  • Sandisct's Avatar
    161 posts since Apr '10
    • I'll not be so worried if its only 20k... mine is abt 60k. Think i have to drive everyday liao...

      Today last test for section 5... must pass.

  • komade's Avatar
    12,845 posts since Oct '09
    • Originally posted by Sandisct:

      I'll not be so worried if its only 20k... mine is abt 60k. Think i have to drive everyday liao...

      Today last test for section 5... must pass.

      can be done bro but u muz be veri veri disciplined.......

      n spend ur $$ veri frugally....... gd luck to u ;)

  • A C MAX's Avatar
    46 posts since Jun '10
    • smile.png Hi Sandisct . what ever your problem there is and solution (The nation’s parliament passed a bill yesterday that will allow people with debt of as much as S$100,000 ($66,600) to work out a repayment plan with their creditors without being declared bankrupt) this is what i know if u look at the ministry of law wep site u can get all details, just for your info, bankrupt is not a joke, we may think it  is and only way out but after clearing it you will be on the list for at list 6 years after discharge under the credit dept and that might upset all kind of finacial help to you either from bank or finance house, dont be too upset happen is happen look forward i have this experience that is 20 years ago being young and stupid i garantor for my friend for an renovation loan he default payment and i was pull inside , luckly my dad save me with full repayment , it was and lesson learn but never ever help friends or even family members if u need to sign a documents for any kind of loan, just do your test well pass it and get your tvdl and choose your best option to which taxi company you want to join , also dont ever use lawyer for this case what ever u have its not worth it save you money you can apply this repayment plan by your self , and also it will not effect you been a TD , cheers man all will be fine for you  all the best for your test

  • Insg's Avatar
    886 posts since Sep '09
    • O$P$. If you take the easy way out (bankrupt), you will not learn your lesson.

      Driving taxi to repay $60K is f**king tough. Like komade said, must be disciplined.

      Take care bro.

       

  • bowah's Avatar
    12,822 posts since Jun '10
    • In Singapore, poor nevermind, just don't fall into debts. I have learnt my lesson, loan so much to renovate house, use credit cards like water and end up bank busters keep knocking on my door, so I sold my house, downgraded, paid all the debts and become a poor chap, but as long as I am not in debt, I am happy. No joke, if you are in debt and being chased every now and then, it is so stress at time that you think of killing yourself.

      Try to make it back bro, even if you have to take your whole life to pay for it, so be it, but just don't go deeper into debts. That's my 2 cents of advice. Take care.

  • Hwaimeng's Avatar
    1,059 posts since Apr '08
    • congratz u are not the 1st and also wont be the last

       

      i believe you enjoy that period when u were signing that card over and over and over again.

      u plant the seed, you enjoy the fruits.

      i gone through the same path as well.

      its a lesson from the cause of "greed" every evil start from it.

  • TTFU's Avatar
    6,124 posts since Mar '10
  • BobbyToon's Avatar
    131 posts since Jun '10
    • Sandisct

      All the best for your retest today.

      Like you (and many Sg'reans, I suspect), I'm also in debt, although it's only about 10% of your amount.  But, I believe it can be done.  Belief!!!

       

  • eagle's Avatar
    23,202 posts since Aug '01
  • Derrick ng2001's Avatar
    142 posts since Jun '10
    • Hi Bro,Try not to declare bankrupt. As 60k is not worthy. If 600k, please do so. Write in to your creditor via email to discuss on a instalment plan and ask your creditor to stop snowballing interest and charge you a fix interest for the period of repayment time required. Then adhere to the instalment plan.Including interest 100k, you may want to take 5 yrs to repay them.hence every month is approximately 2k for repayment and 2k for your expenses. Concluding you need to collect about 300 per day OMO to survive.For relief, you may require 250 per day.Will be a bit siong. In case your creditor do not accept. print out the email and bring it to court and let court decide. Bankruptcy is for one who do not intend to pay at all. If you intend to pay, do it that way and dun go bankrupt. If you bankrupt, Taxi Co may require high deposit before you take vehicle.Hope it helps.

  • Sandisct's Avatar
    161 posts since Apr '10
    • Thank everyone for your encouragement. I finally pass my test today. now will look for a taxi to drive while waiting for my letter from lta.

       

  • BobbyToon's Avatar
    131 posts since Jun '10
    • Sweet!

      Hopefully I can say the same in about a month's time.  Signed up for online course with Comfort and orientation on 8th July.  Anyone same batch?

      BBT

  • Cash Lee's Avatar
    617 posts since Jan '10
    •  

      Congrat's to you Sandisct on your passing test.

      most singaporeans are rich in asset but poor in cash......

      and there's so much different between "Have Father"and Father Have"

      Edited by Cash Lee 30 Jun `10, 5:58PM
  • Zero 5's Avatar
    668 posts since May '10
    • $60,000 ?

      Minimum payment is like ? $2,000 every month ?

      Bless you bro .

      Nevermind la , declared if i were you .

      5 years , i heard u will be free ?

      But $60,000 u will not be able to pay for your entire life .

      Until u die maybe .

      Not as a taxi driver for sure .

      Dun listen to others , make your own decision . $60,000 big deal .

      I felt worth to declare bankruptcy .

       

  • Tio Call Liao's Avatar
    1,391 posts since Oct '09
    • Originally posted by Zero 5:

      5 years , i heard u will be free ?

       

      There is no automatic discharge nowadays. u can be in the green zone ( paying promptly every mth ) & still not get discharged. If one of your creditors happen to be UOB , then bless you coz they have been known not to let go of debtors tat easily.

      But having said that , if i were 60k in debt , i will file for bankruptcy. its no point driving your guts out with peanut amounts to pay off a huge snowball.

       

  • Insg's Avatar
    886 posts since Sep '09
    • Heard that even if declared bankrupt, $ from work still need to fork out to repay debt. So most people dun contribute CPF to escape repaying too much and rather have more cash in hand.

  • Poolman's Avatar
    39,696 posts since Oct '03
    •   

      Originally posted by Insg:

      Heard that even if declared bankrupt, $ from work still need to fork out to repay debt. So most people dun contribute CPF to escape repaying too much and rather have more cash in hand.


      Taxi driver lor ..... declared everyday $40 income .

      Per month $1200 .Tears





  • Recruit Roadster's Avatar
    9 posts since Mar '10
  • mlmersrlosers's Avatar
    1,258 posts since Jan '08
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