How can I solve my credit card problem? I owe about 50,000 sgd from credit card company. I have bad credit and the banks wants me to pay minimum payment that I cannot afford monthly, or else they will seize my properties. I used to pay about 1,600 monthly, but the debt grows every month due to late payment, lawyer charge, interest etc. How can I get out of this mess, I am planning to borrow from money lender to consolidate the debt and then pay montly at lower interest. Is there such organisation that lends money for debt consolidation in singapore? I have been in contact with overseas money lender that is willing to lend 50,000 at 5% interest PA but I have to pay initial charge at 800. Are they trustworthy? I can hardly make ends meet now. Please help…
March 21st, 2010
Has anyone borrow from overseas money lender for credit card debt consolidation? Are they trustworthy?
Posted in Low Interest Debt Consolidation 
eric,
citibank offer loans over the net up to $$25k pretty much right away.
however with bad credit this is not possible.
if you don’t have security to offer then private money is about the only option.
there are sharks here who will lend at 4% per month.
let me know where you are accesing the singapore money from and i’ll take a look thru the terms with you.
pete
never pls don
hi eric
i am facing the same problems as you. please do not try to loan money from overseas lenders. they are scams. i know becos i was stupid enough to try twice. the second one i lost abt 170sgd but the first one is abt 500sgd and they are threatening to sue me becos they say their money is now stuck at the tax commission becos of me never paying for the tax cert. so i now have worries upon worries. i am now thinking abt bankruptcy since this is the only option left unless i can loan a big sum of money same as you. have u tried credit counselling singapore? maybe they can help you unless your credit account with the banks are less than 2 years. if this is the case, there’s nothing much they can do. if you do find a solution to your problem or decide to file for bankruptcy, please send me an email to tell me so that i can also make up my mind wat to do. we can even do it together. my add : dreamkitty79@hotmail.com
Bad credit is one of the worst problems to have… however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
The only option left for you is to sell off your house. If you intend so, inform the bank to give you at least 6 months for the sales transactions and you will make settlement. I dont know how many banks you owe for $50K.
If you have been paying the minimum payment the bank wont disturb you. I am also paying the minimum payment. After six months of payments (without delay / shortfall), they will waive the interest and late charges or else everything will go back to the beginning if you default any payments.
It is not advisable to borrow money to settle your loans. It is just like digging another hole to cover the hole that is in the mess and this will continue until such time when you reach a dead end.
I suggest you go to the credit counselling services and ask them to negotiate with the banks for the instalment payment perhaps for 5 or 6 years and settle your debts.
About the overseas loan, this is only a scam. Why waste your 800 bucks. Might as well you use the money and pay your banks.
As for the answers from Nicky, you dont worry. These threats by the scammers are only to scare you so you will make further transactions to them.
The three of us are in the same boat, if you wanna share your problems, write to me at sincereloan@yahoo.com.sg
Good luck