Debt Consolidation Advice

[qazz]

Hi All,

My Best Fren was in trouble. His Debts are piling up after knowing a PRC from KTV. He spent thousands & thousands of dollars on her, paying her school fee, nice living environment and monthly allowance. After 2 years of spending, he finally reached the end whereby he could no longer afford to repay his debts anymore.

I believe some Bros or Frens were in his situation before. Pls give some advice on what should his Next Course Of Action.

The gal left him already.
He take home about 2.5k monthly.
He owned about 60k to 70k from 10 different creditors.

Is the so call Debt Consolidation Company reliable?

Pls Help! He is DESPERATE!!!!

Thks!

[snakehead]

Originally Posted by qazz

He owned about 60k to 70k from 10 different creditors.

Are the creditors legal or illegal ?

If legal still can work out something for him..... after all 60K not that much.

If illegal...... good luck to your friend.

[KinJioKar]

60K to 70K to 10 institutions is not a lot. I was in this once and got out recently through sheer determnation and perserverance with a little nego with the banks.

PM me if you would like to know more... I can probably try to see if the same advice I can do to help your friend

[LCL7788]

Hope the "friend" you are talking bout doesn't end up being you.

The sum you mentioned is not that huge. + owed to more than a few institutions.
Problems have solutions.
THe first thing is not to panic.

Debt consolidation is just one of the possible ways out. Before assessing his choices, He should reflect about whether bankruptcy is open as an option first. What other financial obligations he got?
Alternatively he can consider a debt management plan drawn up between him and his creditors by a third party such as a credit counselling agency.
Whichever path he choose he has to be sure of his commitment and be disciplined and prudent in the months and years to come.
No point being desperate and then reverting to madness and stupidity a few months later. Repeat offenders and addicts draw little pity.
Tell him to remember & never forget that Spiralling debts are never a joke.
Though he might be a joke if he kanna again for a deceiving lying cheating whore again.

This kind of cautionary tale are a dime a dozen out on the streets and here on sammyboy.
Dont know why some people never learn. HAIZ.
Just be glad he isn't a retiree who lost his CPF monies and mortgaged the house to finance a PRC WL addiction.
These whores can be merciless and vicious. No point mincing words. Once they have you bewitched, you are at their beck and call until they suck you dry and have no use for you.

Bottomline: Always use your brain.
Be logical. Be honest. Be real. How handsome or rich can you be? If it isn't built on anything realistic, it's probably a scam.
It's not just the PRC witches but also the Vietnamese, Thais and others although the PRCs are usually the most focused and mercernary.
Exceptions yadda yadda. They exist.
But will you be lucky enough to meet a nice honest one who feel for you?
Are you even smart and truthful enough to tell?
If you are a player with a clear mind and a iron heart, go ahead pay, play and maybe even make them pay.
But if you're not, then this is not the scene for you.
Fuck and fuck off should be good enough.

Kids, please try to use your big head and remember all this the next time some dumbass talks about turning whores into friends, dates, GFs and spouses or treating them like how you treat a normal gal.
Normal gals won't be in this line and they won't try to check out if every guy they sleep with can be conned of something.
Remember this when the whore is massaging your ego and dick and bombarding you with fake sob stories.
Don't ever let your guard down.
Once you do its a slippery slope to a true story like this.
$70K while not little is not a lot.
There are people who lose a lot more than that.

You don't want to be the next moron.

[sammyboyfor]

Originally Posted by qazz

Pls Help! He is DESPERATE!!!!

He's (YOU'RE) an IDIOT!

[yongzhen]

If its all on the legal side and he is really determine to pay, take a look at this web Credit Counselling Singapore.
This is not gov agency but link in some way.
Ask him to go for their talk 1st.
Its foc.
Hope this help.

[NewandLost]

Originally Posted by qazz

Hi All,

My Best Fren was in trouble. His Debts are piling up after knowing a PRC from KTV. He spent thousands & thousands of dollars on her, paying her school fee, nice living environment and monthly allowance. After 2 years of spending, he finally reached the end whereby he could no longer afford to repay his debts anymore.

I believe some Bros or Frens were in his situation before. Pls give some advice on what should his Next Course Of Action.

The gal left him already.
He take home about 2.5k monthly.
He owned about 60k to 70k from 10 different creditors.

Is the so call Debt Consolidation Company reliable?

Pls Help! He is DESPERATE!!!!

Thks!

My god. The key word braddah are "the gal left him already" and "he finally reached the end", "no more money to spend on her." Sammy please make this a requirement for signing on or even viewing this board. I'm not posting to kick your friend when he's down. I feel for the braddah, like any SG man got destroyed by these girls. I hope braddah's see this as a real life lesson to avoid these girls.

[NewandLost]

Originally Posted by qazz

Hi All,

My Best Fren was in trouble. His Debts are piling up after knowing a PRC from KTV. He spent thousands & thousands of dollars on her, paying her school fee, nice living environment and monthly allowance. After 2 years of spending, he finally reached the end whereby he could no longer afford to repay his debts anymore.

I believe some Bros or Frens were in his situation before. Pls give some advice on what should his Next Course Of Action.

The gal left him already.
He take home about 2.5k monthly.
He owned about 60k to 70k from 10 different creditors.

Is the so call Debt Consolidation Company reliable?

Pls Help! He is DESPERATE!!!!

Thks!

Debt Reform - A Leading Debt Management Company in Singapore

[Steadyman1]

There is a say "Hero die first" and also "Don't act hero".
First dig a grave then bury yourself in. What's that for.

As what some bros have mentioned, there are some proper means of settling the debt. This link might be useful Credit Counselling Singapore.

If can don't declare bankrupt as mention in this link Solving Your Debt Problems by Becoming Bankrupt

[Ichigo_Kurosaki]

Originally Posted by qazz

Is the so call Debt Consolidation Company reliable?

Brother qazz, debt consolidation will not help in your "friend" debt problem. The debt is still there (as are the habits that caused it) - he just moved it! He can't borrow his way out of debt. He can't get out of a hole by digging out the bottom. Debt consolidation seems appealing because it saves interest, and you have one smaller payment........But.........the lower payment exists not because the rate is actually lower but because the term is extended.

The possible way for your "friend" to get out of his debt is by changing his habits and start to work triple hard. He need to commit to getting on a written repayment plan and sticking to it.i.e.Get an extra job and start paying off the debt. Live on less than you make. It is not space science, but it is emotional and start charting the right course for his money! It's not a big amount and with the right motivation, your "friend" should be able to clear this amount. All the best and cheers.

[see see only]

Whoever it is, your so-called bro has to do a repayment proposal to all the creditors.

Do up a spread sheet showing how he intend to repay after deduction of his expenses from his pay (PLS DONT INCLUDE FL expenses anymore ).

Say $500 for his own expenses, balance $2000, so $200 to each of the creditors until pay off the debts (of cos pro-rate it accordingly) and reflect how long it will pay back the creditors with a large reduced interest rate and so on.

He has to swallow all his pride when approaching them (legal or no legal), the creditors only want their money back so must really be sincere.

$60 to 70k not really big amount, a friend of mine cleared nearly $200,000 of debts for playing shares, with his $3,500 pay after nearly 5 years of repaying.

He went to all the banks and went all the way to their managers to make his request. This is no shame in putting matter straight

Somemore includes 1 ah long but this one he kana a few bashing la before they agreed to change the interest rate to 10% per annual.

Just remember be sincere in returning surely kana look down but so? at least never run away what.

Btw if the debtors die, the creditors loss everything & creditors knew this calculation. SO JIA YOU and remember to learn from the lesson.

[Ichigo_Kurosaki]

Brother qazz, tell your "friend" to 加油 - 人生最大的破产是绝望. Don't give up but learn from this mistake

[qazz]

Originally Posted by sammyboyfor

He's (YOU'RE) an IDIOT!

Haha Boss!!!

U R always around to suan people. Luckily, the "advice" which u r always look out for is CORRECT.

.I.

[sma7t]

hey bro, 4get cdc aint gona help at all. nego wif creditors directly instead, tell them ur true story most would comply...
(i did tat n it was 6X of ur sum....)

fact, he need 2 secure regular income wif changed spending habit, no dating a must...
create a bonking account said 80/1/wk for didi, must do per wk or goes donation. otherwise only work no fun wont last...a must too..

hence, no job, no income, no talk, not even cdc. ya

[thaivisitor]

If the debts are legal, just go and declare bankrupt lah. Then slowly pay until all debts clear and be discharge from bankrupcy.

If the debts are illegal, then become loan shark runner lor, LOL! Just joking. But if it's illegal debt, then really don't know what to advise you here.

Cheers
Tee Vee