DBS Bank deducts payment from NS allowance, leaves only $1
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I took a DBS study loan a few years ago for my polytechnic school fees. My father had not been supporting my family since he ran away to Malaysia when I was 14. My only elder brother left for Hongkong to work since I was 16 and he pretty much has a life there himself.
Since all my mother's CPF savings had gone into paying the instalments for the flat we were staying in, I could not use her money for my studies.
I started working since I was 14. I had endured the stress of working and studying all this time until my call-up for National Service five months ago. Sad to say, the work I did affected my studies and I failed to graduate with a diploma.
It is stated in the contract, which I did not realise initially, that when I fail to graduate, I have to pay the entire sum owed to DBS Bank. I was at my wit's end. The amount came to $8,000.
I desperately looked for options from DBS Bank but to no avail. My mother presently works as a cleaner. She hardly makes enough money for the family. So when I went into National Service last September our income fell greatly.
Luckily, one of the officers in DBS Bank agreed to help me look into my appeal to defer the loan till after my National Service. I had the impression that the repayment would be suspended temporarily as I had already paid almost $500 for interest and other charges last year.
That had already taken its toll on me. In October last year, driven to desperation I went to one of the bank's branches and authorised it to debit my account at $100 a month out of my $350 National Service allowance.
I felt relieved as I thought the bank would allow me to spread out my repayments. On January 10, I went to the teller thinking that I would finally be getting my first pay packet that exceeded $350, as I had just graduated from my recruit's phase.
But I found that my account had only $1 left in it. No one can imagine how desperate I was. I called the bank, explained my situation one more time and asked for the money to be credited back into my account.
The officer explained that the deduction was for penalty and interest payments. But she said she would ask for authorisation from the higher authorities for the money to be put back into my account.
Chinese New Year is coming. I wonder how much I can give my mum for the new year with this meagre allowance and $1 in my bank account.
I did not get any notice about the deduction from my bank account. I could not think of anything but begged that the money be put back, but the bank's higher authorities has said no.
I understand that DBS Bank is not a charitable organisation. It runs a business but how can it debit from my account just like this? Where's the sympathy that makes Singaporeans donate millions of dollars into charity every year without fail?
I am not asking for charity here and I will not accept any charity either. I'm just asking for a deferment till a better time to repay my loan. What is $8,000 to DBS Bank? What is $400 to DBS Bank? I have no idea how much it is going to deduct from my account in the days to come.
Wan Ee Voon
This guy must be lying. After all, he is a MAN. From our dear AWARE website, men earn 30 per cent more than women with a cut and paste moustache. So how could he possibly face financial problems? he should stop his bullshitting to the press. -
man and AWARE dont match right?
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Generally, men earn more than us. So you can't say he is bullshitting. He could be belonging to the minority.Originally posted by depressed:This guy must be lying. After all, he is a MAN. From our dear AWARE website, men earn 30 per cent more than women with a cut and paste moustache. So how could he possibly face financial problems? he should stop his bullshitting to the press.
One more thing. AWARE is for women, not men. -
if he commits suicide i hope his ghost go haunt u
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Yup,it is statistical,not on personal level~~~Originally posted by ndmmxiaomayi:Generally, men earn more than us. So you can't say he is bullshitting. He could be belonging to the minority. -
I really pity people like him in comparison to people like the white horses in straits times
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Right right, there are always some unfortunate people in the society that is neglected. It's sad that alot of people nowadays, especially the younger generations really, so blinded in their life to make money for themselves, has faded the acknowledgment of the existenance of these less fortunate people. People nowadays tend to be more self centered and less conscious of fellow families that are undergoing hardships. In fact, from what I believe, children/teens from less fortunate familes normally get teased by insensitive schoolmates when they cannot afford new clothes or better looking shoes. Such is life.Originally posted by SMAPLionHeart:I really pity people like him in comparison to people like the white horses in straits times -
i understand his situation...but dat highlited statement of his is so improper. wat if everyone who owes the bank money tinks dat way?Originally posted by depressed:I took a DBS study loan a few years ago for my polytechnic school fees. My father had not been supporting my family since he ran away to Malaysia when I was 14. My only elder brother left for Hongkong to work since I was 16 and he pretty much has a life there himself.
Since all my mother's CPF savings had gone into paying the instalments for the flat we were staying in, I could not use her money for my studies.
I started working since I was 14. I had endured the stress of working and studying all this time until my call-up for National Service five months ago. Sad to say, the work I did affected my studies and I failed to graduate with a diploma.
It is stated in the contract, which I did not realise initially, that when I fail to graduate, I have to pay the entire sum owed to DBS Bank. I was at my wit's end. The amount came to $8,000.
I desperately looked for options from DBS Bank but to no avail. My mother presently works as a cleaner. She hardly makes enough money for the family. So when I went into National Service last September our income fell greatly.
Luckily, one of the officers in DBS Bank agreed to help me look into my appeal to defer the loan till after my National Service. I had the impression that the repayment would be suspended temporarily as I had already paid almost $500 for interest and other charges last year.
That had already taken its toll on me. In October last year, driven to desperation I went to one of the bank's branches and authorised it to debit my account at $100 a month out of my $350 National Service allowance.
I felt relieved as I thought the bank would allow me to spread out my repayments. On January 10, I went to the teller thinking that I would finally be getting my first pay packet that exceeded $350, as I had just graduated from my recruit's phase.
But I found that my account had only $1 left in it. No one can imagine how desperate I was. I called the bank, explained my situation one more time and asked for the money to be credited back into my account.
The officer explained that the deduction was for penalty and interest payments. But she said she would ask for authorisation from the higher authorities for the money to be put back into my account.
Chinese New Year is coming. I wonder how much I can give my mum for the new year with this meagre allowance and $1 in my bank account.
I did not get any notice about the deduction from my bank account. I could not think of anything but begged that the money be put back, but the bank's higher authorities has said no.
I understand that DBS Bank is not a charitable organisation. It runs a business but how can it debit from my account just like this? Where's the sympathy that makes Singaporeans donate millions of dollars into charity every year without fail?
I am not asking for charity here and I will not accept any charity either. I'm just asking for a deferment till a better time to repay my loan. What is $8,000 to DBS Bank? What is $400 to DBS Bank? I have no idea how much it is going to deduct from my account in the days to come.
Wan Ee Voon
This guy must be lying. After all, he is a MAN. From our dear AWARE website, men earn 30 per cent more than women with a cut and paste moustache. So how could he possibly face financial problems? he should stop his bullshitting to the press. -
weird leh
if u arrange for the bank to deduct 100 from the acc every mth...
den the bank will deduct just 100 mah.. hw come will deduct more than that de?
he's got to check with them again....
for me... same case ar.. didn graduate with a dip.... wat i do is internet transfer every mth instead of GIRO..
very siong...
tsk
100 every mth.... not enuff to clear interest at all/.. -
Me too, I'm paying $530/month to clear off the school loan, $6k in total. I'm lucky in the sense that I am not in NS anymore. But without that $530 burden every month, wah, I can buy so many clothes and treat myself to nice dinners...Originally posted by shinta:weird leh
if u arrange for the bank to deduct 100 from the acc every mth...
den the bank will deduct just 100 mah.. hw come will deduct more than that de?
he's got to check with them again....
for me... same case ar.. didn graduate with a dip.... wat i do is internet transfer every mth instead of GIRO..
very siong...
tsk
100 every mth.... not enuff to clear interest at all/.. -
w/o that 530 i can afford to buy any books i see.... w/o doin all the calculating (do i have enuff to eat?)Originally posted by DailyFreeGames.com:Me too, I'm paying $530/month to clear off the school loan, $6k in total. I'm lucky in the sense that I am not in NS anymore. But without that $530 burden every month, wah, I can buy so many clothes and treat myself to nice dinners... -
Well, life is tough, especially those that wasn't born in a well to do family. I say, life moves on, whatever cards God dealt to us, make full use of it. If you don't get a blackjack, at least make the best of what you have in your hands.Originally posted by shinta:w/o that 530 i can afford to buy any books i see.... w/o doin all the calculating (do i have enuff to eat?) -
ah.. need to clarify.. i'm not payin that much...
just 4-500 =X -
NS allowance issit _MUST_ be paid to DBS account?
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I think the poor guy is deperate but he's not going to jump .. just another experience for him to know we won't be donating to charities for a long time..
try praying for him..
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Miss Saw Phaik Hua Earns more money than my father.Originally posted by ndmmxiaomayi:Generally, men earn more than us. So you can't say he is bullshitting. He could be belonging to the minority.
One more thing. AWARE is for women, not men. -
Tell you generally liao. If you go person by person, definitely not the case.Originally posted by shade343:Miss Saw Phaik Hua Earns more money than my father. -
noOriginally posted by John Wong:NS allowance issit _MUST_ be paid to DBS account? -
my mother earns more than my father by more than 2 times the amount.
Maybe i should make a pair of cut-and-paste boobs for my father
It would be interesting if we can find some real unbiased statistics in singapore like dr warren farrell's book. -
100 for the principal amount, but there are also bank charges for late payment...the late payment and interests are phenomenal. People who are silly enough to chalk up credit card debts will know...Originally posted by shinta:weird leh
if u arrange for the bank to deduct 100 from the acc every mth...
den the bank will deduct just 100 mah.. hw come will deduct more than that de?
he's got to check with them again....
for me... same case ar.. didn graduate with a dip.... wat i do is internet transfer every mth instead of GIRO..
very siong...
tsk
100 every mth.... not enuff to clear interest at all/.. -
Just declare bankrupt. Makes life easier. -
yea those charges will add on to the principal amount de..Originally posted by oxford mushroom:100 for the principal amount, but there are also bank charges for late payment...the late payment and interests are phenomenal. People who are silly enough to chalk up credit card debts will know...
when u say 100, they will deduct just 100..
whateva charges incurred will just add on and become the "new" total amount owing.. they won't deduct more than 100 each time..
and cos the interest n charges etc adds on.. so u pay more (interest is is computed like this: int rate ＊ (total amount owing + late pymt charges) )
den the next mth will be (total amount owing - amt paid + later pymt charges + int incurred) * int rates -
u realise that depressed is being sarcastic?Originally posted by dragg:man and AWARE dont match right? -
from the article, the writer should not be paying any school fees if he is a singaporean and based on his family income. There is no need to borrow from the bank. The poly will have a scheme for him to subsidise his school fees.
Our Goh CT says no poor person will be left out of the education system even for poly and university. -
our Goh CT wasn't reckoning on the businesses owned by people with connections to the govt not hearing his speech.Originally posted by AF2005:from the article, the writer should not be paying any school fees if he is a singaporean and based on his family income. There is no need to borrow from the bank. The poly will have a scheme for him to subsidise his school fees.
Our Goh CT says no poor person will be left out of the education system even for poly and university.