In Debt
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I feel that your mum is doing the right thing by refusing to sell off the house. Imagine if that house is being sold off, you would really have nothing to your name already. Though by downgrading, you would face a smaller financial burden, but all these can be achieved by roughing out for another year.
In exchange for that year of repayment, than to sell off the house with nothing to your name, I guess the former is of a much better choice right? And please take note of your spending habits. They are not what a person who is in debt should do.
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If you sell off your house, you can clear your debts immediately. However you still need to find a place to stay. I am assuming you intend to use all the proceeds to clear your debt. That means you need to cough up monthly rentals unless you can find free lodging.
If you still have some money left after clearing your debt, most likely you will have to take up a loan to buy a new flat, and that means monthly repayments again.
So it is better that you stay put and use your monthly savings to clear your debt. At the end of the day, you still have your house. Why go through so much hassle?
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You are obviously not a very bright person. Your mother is brighter than you. At least she did her maths, you didn't.
Your mother already told you she cannot get a flat directly from HDB anymore because she is no longer eligible.
That means she has to purchase from RESALE.
The COV is HIGHER than your 20k debt.
You do not meet the age requirement for single's applicant yet. For the next few years you and your mom will need to RENT a place for two. The total monthly rental till your eligible age will be HIGHER than 20k.
By the time you are eligible, you still have to purchase from RESALE and the COV will be higher than your 20k.
And both of you may not be eligible for HDB subsidized loan.
The income your mother has to forgo just to sell the flat will be almost equivalent to your 20k debt. So you get 20k by reducing 20k income. That's the most stupidest thing you can do.
Even if you take 5 years to pay off your debt, it's still the better option.
So given your stupidity, your mother is right.
YOU need to wake up stop doing more stupid shit to your life. This is a cheap lesson to learn in life. Go take up some personal financial planning courses. They are short and simple, unless you are truly a retard, you should have no problem understanding.
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Moral of the story: Gambling is bad
lol
Some people just have no financial sense. Want to spend but got no money to spend.
TS is probably only gonna get himself into deeper shit by making all the wrong decisions impulsively AGAIN.
TS...TIME FOR YOU TO WAKE UP.
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Originally posted by littlemissbonkers:
Moral of the story: Gambling is bad
lol
Some people just have no financial sense. Want to spend but got no money to spend.
TS is probably only gonna get himself into deeper shit by making all the wrong decisions impulsively AGAIN.
TS...TIME FOR YOU TO WAKE UP.
let TS be ba...gambling is like taking drugs, once u get hang of it, it's very hard to kick the habit, unless he kicks the bucket..
it's now up to TS to help himself to quit gambling and do 5S on his life...
We can't be physically there to help him, nor we are in the postition, with so many advices given so far..
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Originally posted by kengkia:
let TS be ba...gambling is like taking drugs, once u get hang of it, it's very hard to kick the habit, unless he kicks the bucket..
it's now up to TS to help himself to quit gambling and do 5S on his life...
We can't be physically there to help him, nor we are in the postition, with so many advices given so far..
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Originally posted by littlemissbonkers:
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Since you claim that you are able to repay the entire 20k amount (inclusive of interest) in one year time. I put it that you are earning at leastt 2.5k per month or equivalent. That will translate to having to pay 1.667k per month setting aside payment for car loans, fuel, maintenance, ERP and car tax as well as a meagre sum for meals.
I will advise that you stop gambling but rather invest in safe investment like Singapore bluechip companies for their dividends to offset your credit or more meals money. Please do not sell your house as your mother is old. She cannot be in the consistent run like you. Thank you.