Notes to Borrowers When Obtaining Loans from Moneylenders

Avoid being Bankrupt.

The inability of an individual or a company to pay its creditors the outstanding loan is called bankruptcy. A creditor may file a bankruptcy petition against a business or corporate debtor  in an effort to get a portion of what they are owed or initiate a restructuring. This is called “involuntary bankruptcy” whereas in “voluntary bankruptcy”, the insolvent debtor initiates the bankruptcy. The aim of the voluntary bankruptcy law is to provide the honest debtor with a fresh start.
Avoiding Bankruptcy
The main reasons for filing can be unforeseen medical expenses, huge credit card debt, loss of employment, and divorce. One should consider all the available options and choose bankruptcy as the last resort. Because it adversely affects your credit rating by bringing down your credit score points.  The negative entry stays on your credit report for a long period of years (up to 20 years). So you will not qualify for new loans for the next 3-4 years. You may lose your home and car. Also you cannot get rid of all kinds of debts and loan through bankruptcy. Taxes, student loans, child support and alimony/spouse support cannot be gotten rid of this way. So do not file bankruptcy to shed off this load.
There can be many alternatives to bankruptcy. But any option should be chosen very carefully so one should end up in a situation worse than bankruptcy. Some options are discussed below:
  1. Out of Court Settlement: You can opt to settle your debt at a reduced amount. There are companies who provide their services to help you negotiate with the creditors. All such proceedings should be handled professionally and properly so that debtor’s credit ratings should not be adversely affected.
  2. Debt Counselling Service: Debt counselling services can be a good option. They can consolidate your monthly payments and obtain payment or interest reduction on your unsecured loan or debts. The only problem is that many people’s financial situation is so bad that they do not qualify for debt counseling as they cannot repay their debt even on better terms.
  3. Debt Consolidation Loans: This is getting more loan against the equity in one’s home to pay off credit card debts. This should also be opted very carefully. Because if you are not able to pay the loan against your home equity, you will end up losing your home which will leave you in a worst position than not being able to pay your credit card debt.
You need to have a plan to restructure your finances and make the most of your future ability to earn multiple incomes to really get out of debt. Typically you can stretch your repayments up to 30% of your monthly income, but if it reaches 50%, better sound the alarm bells as it will definitely get out of hand. A longer tenure means you will be longer in debt. Work a second job or participate in ways to get multiple incomes means you have to go the extra mile and make a tremendous efforts to mobilise you and your family members to achieve your goals. It is up to your mind to what you can achieve, rather than being brought down by your debt and declare bankruptcy where it is a road of no return, your OA can refuse to discharge your bankruptcy for up to 20 years, which means it is 20 years of suffering. Seek help from a financial planner or a debt counselling service if you are not financially savvy. Once you have an objective stick to your goals and in time to come you would have repaid all your debts. 
2012 will be the year I am getting out of my bankruptcy since 2005, which has caused me tremendous hardship and pain, without the help of my relatives or friends, I will prove to the world what I am capable of, by showcasing all my talents and my drive, by overcoming the impossible odds, by finding happiness all over again, if I can do it, there is hope for the less fortunate.

Tips to note to keep your cost of living down to earth

1) It is better to rent rather than buy your own property, unless there is a potential of ;
a)Capital appreciation of asset values 
b)Regular income of rental returns 
c)Sinking funds or potential of redevelopment
d)Ability to derive higher income thru change of use eg commercial property
Do your own research and do not depend on marketing heresay, cause nobody will feed you if they can earn the money themselves, always remember that if a deal is too good to be true, it most likely is and so it is better to walk away rather than get struck with an illiquid asset.

2) Investing in a car most will tell you is a stupid move because it is a depreciating asset class. But with limited supply and the high costs of COEs, you may end up losing nothing but the free use of the car for a couple of years if you play your cards right, and if it helps you in your business to earn more money, as “Time is money”, it might be the right move for you but not for others.

3) Telcos nowadays will always encourage you to sign up for a plan for your mobile communication needs and most users do not know the real costs until they receive the bill at the end of the month. To control your costs especially with a data plan, it might be wiser to opt for a prepaid plan instead of a regular plan as all charges need to be paid in advance, especially the recent news of a subscriber who was charged nearly S$350K for data roaming while holidaying in Taiwan. As a Singtel prepaid subscriber, there is a “Bonus $30” plan where you only pay S$15(50% discount) where it is sufficient to cover your monthly communication needs if you are not a heavy user. 
If you regularly make overseas calls you can lower it by using Skype which charges as low as 5cents per minute for most destinations, and is free if it is a Skype to Skype call. Be aware that most Telcos have a special number to dial for overseas calls to lower your costs by more than 50% like “Global121″ and”019” for Singtel etc.

4) Stay near a Hawker Food centre where you can get your daily meals under $3 per meal especially if your family doesn’t cook and you need to have your meals outside for convenience, for the total bill at the end of the month will really set you back by hundreds if you do not control your costs. By buying your groceries from a supermarket that offers the lowest costs can also help you to save money especially times are really bad and you need to stretch your hard earned dollar.

5) A Healthy Lifestyle with proper exercise will help you get an active lifestyle and prevent sicknesses that will add to your future hospitalisation bills, and everyone knows how expensive is healthcare in Singapore once you fall sick. Setting aside a little money every month is the best option of controlling your future healthcare bill by investing in an insurance policy in times of needs,  other than investing in an education to furthur your future earning potential. 

– Contributed by Oogle.

避免破产。2011年11月11日,
个人或公司支付其债权人的未偿还贷款无力,被称为破产。债权人可能对一个企业或企业的努力得到了他们被拖欠的部分或启动重组债务人破产呈请文件。这就是所谓的,“非自愿破产”,而“自愿破产,破产债务人启动破产。自愿破产法的目的是诚实的债务人提供一个新的开始。避免破产备案的主要的原因可能是不可预见的医疗费用,庞大的信用卡债务,就业损失,以及离婚。应该考虑所有可用的选项,并选择破产作为最后的手段。因为它不利影响通过降低你的信用评分点的信用评级。负项保持了多年的长期(长达20年的)在您的信用报告。所以,你将不符合未来3-4年的新贷款。你可能会失去你的家庭和汽车。你也不能摆脱破产贷款债务,并通过各种。无法得到税收,助学贷款,子女抚养费和赡养费/配偶的支持,摆脱这种方式。所以,不要文件破产脱落此负载。破产可以有很多选择。但任何选项,应选择非常小心,所以应该比破产更糟糕的情况结束。下面讨论了一些选项:

    走出庭外和解:您可以选择定居在量减少你的债务。有公司提供服务,以帮助您与债权人谈判。所有这些程序应处理专业,妥善,使债务人的信用评级,不应受到不利影响。
    
债务辅导服务:债务咨询服务可以是一个不错的选择。他们能巩固您的每月付款和取得付款或利息,无抵押贷款或债务减少。唯一的问题是,很多人的财务状况是如此糟糕,他们不为债务咨询资格,因为他们无法偿还其债务甚至更好的条件。
    
债务合并贷款:这是越来越反对在自己的家还清信用卡债务权益贷款。这也应该非常仔细地选择。因为如果你不能够对你的房屋净值贷款支付,你将最终失去你的家,将你留在一个不能够支付您的信用卡债务最严重的位置。
你需要有计划进行重组的财务状况和你的未来能够赚取多收入,要真正摆脱债务。通常情况下,你可以伸展你的还款您每月收入的30%,但如果达到50%,更好的声音了警钟,因为它肯定会失控。一个较长的任期,意味着你将在债务更长。工作第二职业或参与的方式获得多个收入意味着你要多走一英里,并作出了巨大的努力,调动你和你的家庭成员,以实现自己的目标。这是你的头脑,你可以实现,而不是被带到你的债务,并宣布破产,这是一个不归路,你的官方受让人可以拒绝履行长达20年的破产,这意味着它是20年的痛苦。从财务策划师或债务咨询服务寻求帮助,如果你是没有财政精明的。一旦你有一个目标坚持自己的目标和今后一个时期,你会偿还所有债务。2012年将是今年我得到了我的破产自2005年以来,这已引起了我巨大的困难和痛苦没有我的亲戚或朋友的帮助下,我会什么,我有能力向世界证明,通过展示我的才华我的驱动器,克服克服重重困难,再次找到幸福,如果我能做到这一点,有希望的那么幸运。 

提示要注意保持生活脚踏实地成本
1)这是更好地租用而不是购买自己的财产,除非有一个潜在的;一)资产价值的资本增值b)定期收入的租金回报率C)偿债基金或重建的潜力D)能够通过改变用途,如商业地产获得更高的收入
做自己的研究,不依赖于营销heresay,导致没有人会养活你,如果他们能自己赚到的钱,永远记住,如果交易是好得是真实的,它最有可能的,所以它是更好的步行路程而不是击中与非流动性资产。
2)投资汽车大多会告诉你的是一个愚蠢的举动,因为它是贬值的资产类。但有限的供应和卓越中心的成本高,你可能最终失去的不过一两年的免费使用的汽车,如果你打你的卡,如果它帮助您的业务,挣更多的钱,作为“时间就是金钱”,它可能是正确的一步,但不是为别人。
3)电信运营商如今将永远鼓励您注册为您的移动通信需求的计划,大多数用户不知道的真实成本,直到他们收到在本月底的法案。为了控制成本,尤其是同一个数据计划,这可能是明智的选择一个预付的计划,而不是一个普通的计划,所有收费须提前支付,特别是最近的新闻订户被控近新元350K数据漫游服务,同时在台湾度假。作为新加坡电信预付费用户,是一个“奖金$ 30”计划,您只需支付15新元(50%的折扣),足以支付你每月的通信需求,如果你是不是一个沉重的用户。

如果你经常客商来电可以降低收费低至每分钟5cents目的地是免费的如果它是一个Skype通话的Skype使用Skype要知道大多数电信运营商一个特殊的数字海外电话拨打您的成本降低50%以上Global121019为新加坡电信
4)住宿附近的小贩熟食中心,在这里您可以得到您的每日三餐,每餐3元以下,特别是如果你的家人不做饭,你需要到外面方便您的膳食总法案,在本月底将真正由数百名设置你回来,如果你不控制成本。您提供最低的成本从超市购买杂货,还可以帮助你省钱,尤其是次是非常糟糕的,你需要舒展你辛苦赚美元。
5)一个健康的生活方式,适当的运动,将有助于你得到一个积极的生活方式,防止生病,将添加到你的未来的住院费用,大家都知道如何最贵的是在新加坡的医疗保健,一旦你生病。每月设置预留了一点钱,是控制你未来的医疗保健法案在保险投资需要的时间,比其他投资在教育,以furthur你的未来盈利潜力的最佳选择。

– 提供者Oogle。

Author: Gilbert Tan TS

IT expert with more than 20 years experience in Multiple OS, Security, Data & Internet , Interests include AI and Big Data, Internet and multimedia. An experienced Real Estate agent, Insurance agent, and a Futures trader. I am capable of finding any answers in the world you want as long as there are reports available online for me to do my own research to bring you closest to all the unsolved mysteries in this world, because I can find all the paths to the Truth, and what the Future holds. All I need is to observe, test and probe to research on anything I want, what you need to do will take months to achieve, all I need is a few hours.​

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