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  #1  
Old 28-04-2018, 02:22 PM
durrrr durrrr is offline
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50K Debt

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.
  #2  
Old 28-04-2018, 02:29 PM
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sammyboyfor sammyboyfor is offline
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Re: 50K Debt

Quote:
Originally Posted by durrrr View Post
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.
What is the interest rate you are paying?
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  #3  
Old 28-04-2018, 03:19 PM
durrrr durrrr is offline
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Quote:
Originally Posted by sammyboyfor View Post
What is the interest rate you are paying?
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.
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Old 28-04-2018, 03:53 PM
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Re: 50K Debt

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,

Quote:
Originally Posted by durrrr View Post
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.
  #5  
Old 28-04-2018, 06:34 PM
MoeLanYong MoeLanYong is offline
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Re: 50K Debt

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Last edited by MoeLanYong; 28-04-2018 at 07:33 PM.
  #6  
Old 28-04-2018, 06:54 PM
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Re: 50K Debt

Quote:
Originally Posted by durrrr View Post
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.
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  #7  
Old 28-04-2018, 10:20 PM
Greenfrog Greenfrog is offline
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Re: 50K Debt

Quote:
Originally Posted by durrrr View Post
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.
cheer up ts. 50K can be done one.
  #8  
Old 28-04-2018, 11:18 PM
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Re: 50K Debt

Quote:
Originally Posted by durrrr View Post
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.
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Old 28-04-2018, 11:33 PM
Johnbass2 Johnbass2 is offline
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Re: 50K Debt

Bet 4D bah


Quote:
Originally Posted by durrrr View Post
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.
  #10  
Old 28-04-2018, 11:56 PM
durrrr durrrr is offline
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Quote:
Originally Posted by Penguin23 View Post
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.
  #11  
Old 29-04-2018, 01:47 AM
durrrr durrrr is offline
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Quote:
Originally Posted by Penguin23 View Post
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.
  #12  
Old 29-04-2018, 02:48 PM
Penguin23 Penguin23 is offline
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Re: 50K Debt

Quote:
Originally Posted by durrrr View Post
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.
  #13  
Old 30-04-2018, 10:16 AM
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Quote:
Originally Posted by durrrr View Post
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.
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Old 30-04-2018, 05:28 PM
durrrr durrrr is offline
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Quote:
Originally Posted by funboi View Post
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.
  #15  
Old 01-05-2018, 11:15 AM
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Re: 50K Debt

Quote:
Originally Posted by durrrr View Post
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.
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