Heavily in Debt.....
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Trying to help a friend on her debt issues and hope i can get some good advise here. Good friend of mine owes more than 50k to various credit card companies....she's working very hard to repay these debts by taking on 2 jobs but it pains me to see a good friend in this situation........and I may be afraid she may just end it all because of all the stress.....
What's the best way to repay these debts in the shortest time possible...any genuine advise wld be appreciated. -
Ask her to try and take things easy and face things as they are now... Overstressing herself is really pointless... If it really should happen that way, she'll be out of it.....Originally posted by snop:Trying to help a friend on her debt issues and hope i can get some good advise here. Good friend of mine owes more than 50k to various credit card companies....she's working very hard to repay these debts by taking on 2 jobs but it pains me to see a good friend in this situation........and I may be afraid she may just end it all because of all the stress.....
What's the best way to repay these debts in the shortest time possible...any genuine advise wld be appreciated. -
talk to the banks to formulate a working plan. or declare bankrupt.Originally posted by snop:Trying to help a friend on her debt issues and hope i can get some good advise here. Good friend of mine owes more than 50k to various credit card companies....she's working very hard to repay these debts by taking on 2 jobs but it pains me to see a good friend in this situation........and I may be afraid she may just end it all because of all the stress.....
What's the best way to repay these debts in the shortest time possible...any genuine advise wld be appreciated. -
There is no short cut to finding money to repay, unless u lend her some money. She will have to learn her lesson....painfully.
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Don't need to go the bankruptcy route.
Read last Sunday Times about a man in a similar situation like your friend and he got great help from CCS (Credit Counselling Service) to restructure his debt repayment plan. I suggest your friend go do the same without further delay.
Their website:
http://www.ccs.org.sg
Read similar testimonies here: http://www.ccs.org.sg/alone.html
Good luck!
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there is new dept that deals with debt structuring. professional advice given. ask them to help her.Originally posted by snop:Trying to help a friend on her debt issues and hope i can get some good advise here. Good friend of mine owes more than 50k to various credit card companies....she's working very hard to repay these debts by taking on 2 jobs but it pains me to see a good friend in this situation........and I may be afraid she may just end it all because of all the stress.....
What's the best way to repay these debts in the shortest time possible...any genuine advise wld be appreciated. -
Thanks for the advise, I will ask her to speak to CCS regarding the problem......hope it can greatly reduce her burden.....
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banks?Originally posted by Apollo_sg:talk to the banks to formulate a working plan. or declare bankrupt.
it will only add to her misery. -
nope... they can work out something together.
I doubt she can pull it off with the high rolling interest. But to do this, she really hv to target the credit facilities with the highest interest rates. for the rest, pay the minimum sum and bang hard on the one with the highest interest rate. one at a time. then move on, to the next and the next.
She can also try CASE to see if they can help resolve to reduce the interest rates.
Banks know they will get nothing if they press too hard. It's better to b honest then shy away from reality. -
Shortest time? Really want to know? If your fren can make it and don't mind, she can prostitute herself. Not meaning to be rude. But that's the only fast way. Some women have resorted to that. Doing part-time free lancing to quickly get as much money as possible. As you know, the interest in credit cards is compounded 2% every month.Originally posted by snop:Trying to help a friend on her debt issues and hope i can get some good advise here. Good friend of mine owes more than 50k to various credit card companies....she's working very hard to repay these debts by taking on 2 jobs but it pains me to see a good friend in this situation........and I may be afraid she may just end it all because of all the stress.....
What's the best way to repay these debts in the shortest time possible...any genuine advise wld be appreciated.
Other than that... work out a debt restructure plan. Be financially smart in future. Don't abit abit swipe card. Switch all to Debit card if must use. i've only debit cards for usage. credit cards for freebies and promotions, and i NVR roll-over. No matter how tempting it is. NEVER ROLL-OVER debt... it snowballs.
All the best to your fren -
REAL BLOOD SUCKER...Originally posted by MetalGear:Shortest time? Really want to know? If your fren can make it and don't mind, she can prostitute herself. Not meaning to be rude. But that's the only fast way. Some women have resorted to that. Doing part-time free lancing to quickly get as much money as possible. As you know, the interest in credit cards is compounded 2% every month.
Other than that... work out a debt restructure plan. Be financially smart in future. Don't abit abit swipe card. Switch all to Debit card if must use. i've only debit cards for usage. credit cards for freebies and promotions, and i NVR roll-over. No matter how tempting it is. NEVER ROLL-OVER debt... it snowballs.
All the best to your fren -
actually, if you fren really meant to repay her debts, 50k is not a big issues..
maybe she will take a few years to clear...depending on her income, the payment can range from few hundreds to 1-2 thousand..
as mentioned above, if you go to those credit counselling, they will assess her income...BUT remember, they will only look into her very very basic expenses. food and lodging and bills...the rest of her income, all goes into repayment. So, no more spending on excessive items, good food for her at the moment..
but kind of good for her..teach her a lesson..i m not being mean..
AND, if u happen to like her, this is your good chance..support her, but dun splurge on her...occassional treat is a good thing..but dun let her make use of u...
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lend from parents/relative would be her first option
2nd option is to lend from friends -
my sincere advice is mortgage the flats and get the $ to return to banksOriginally posted by snop:Trying to help a friend on her debt issues and hope i can get some good advise here. Good friend of mine owes more than 50k to various credit card companies....she's working very hard to repay these debts by taking on 2 jobs but it pains me to see a good friend in this situation........and I may be afraid she may just end it all because of all the stress.....
What's the best way to repay these debts in the shortest time possible...any genuine advise wld be appreciated.
then she can paid at a low interest
no need to take 2 jobs -
who ask her use so much
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hi,Originally posted by snop:Trying to help a friend on her debt issues and hope i can get some good advise here. Good friend of mine owes more than 50k to various credit card companies....she's working very hard to repay these debts by taking on 2 jobs but it pains me to see a good friend in this situation........and I may be afraid she may just end it all because of all the stress.....
What's the best way to repay these debts in the shortest time possible...any genuine advise wld be appreciated.
has ur fren reached any form of instalment settlement repayment with e 2 banks? and mayb she wants to work 2 jobs to clear it fast so dat she can start saving $$ ...it may b her choice to slog 2 jobs n tats perfectly right of her to want to pay off e debts asap.
But do try to ask her to ask for a instalment repayment plan or reduction in int rates from e banks. my fren oso kana b4, n 1 of e banks actually offered a very reasonable plan specially for him...XX% int /annum (much lower than e 24%) n long repayment period .
It was proposed by e bank itself after my fren confided to e bank officers dat he felt overly stressed n he could onli pay few hundred / mth..
Most banks r very Understanding...they wont force sumone to their death..
so mayb ur fren realli wana clear her loans in shortest time possible, so its unnecessary worries for her on ur side..mayb?
Cheers -
I don't think banks are being understanding just that it won't benefit them to push those who owes them money. A cut in interest means they earn less but better than the person declare themselve bankrupt and they get nothing or the person end life and they get nothing either.Originally posted by CP25:hi,
has ur fren reached any form of instalment settlement repayment with e 2 banks? and mayb she wants to work 2 jobs to clear it fast so dat she can start saving $$ ...it may b her choice to slog 2 jobs n tats perfectly right of her to want to pay off e debts asap.
But do try to ask her to ask for a instalment repayment plan or reduction in int rates from e banks. my fren oso kana b4, n 1 of e banks actually offered a very reasonable plan specially for him...XX% int /annum (much lower than e 24%) n long repayment period .
It was proposed by e bank itself after my fren confided to e bank officers dat he felt overly stressed n he could onli pay few hundred / mth..
Most banks r very Understanding...they wont force sumone to their death..
so mayb ur fren realli wana clear her loans in shortest time possible, so its unnecessary worries for her on ur side..mayb?
Cheers
No matter which is it, it's definitely not a solution to your friend's problem but more like trying to escape. If you are a friend who are really concern about your friend, then I would suggest that you let her settle her own debts even if it takes her a long long time to repay it. I don't know the reason why your friend can end up owing so much money but be it a lesson to her.
Maybe what you can do to help her is more to her daily life like once a while treat her to dinner or buy her things that she needs. Unless you are damn rich enough to pay for her debts if not I would advise you against that.
And please, stop her from jumping from one hole to another. Borrowing money to repay debts is as good as back to zero. Some people will resort to gambling and trying their luck to win money to pay back debts. Be realistic, if one is so lucky, I don't think that person will ever be in debts. STAY AWAY FROM LOANSHARKS!!!