Very often, consumer who has a debt problem feels very alone. He tends to keep the debt problem to himself, not wanting anyone to know because he is likely to feel ashamed, silly, guilty, loss of pride or worry about losing his job.
As a result, the debt problem grows bigger, the stress level becomes higher, work performance is affected, relationships turn tense and subsequently, the individual may become depressed and suicidal thought may began to arise.
I'm looking forward to the debt-free. It was a tough 5 years commitment, but now I'm glad I've kept my promise to pay back every month promptly.
Nevertheless I must sincerely thank you and CCS for helping me to find a solution to my problem. If I had not took the courage to walk into CCS for help then I can't imagine the depth i'm in now.
CCS is well recognised by the government, the banks and the courts. My advice is if you are having "credit card problems" talk to them first.
I am working as a Manager drawing a salary of S$6,000 per month. To many people I know, this is an upper salary bracket. However, to me this is the minimum sum required to keep my family survive. This amount do not include allowance for food. My wife has to work to help me make ends meet. And I only have one son who is in secondary school now. This is because three quarter of my salary is used to pay my credit card debts.
Sounds tough ... it was tougher two years ago when almost all the banks who had issued me with credit cards, magnified and spelled out the fine wordings stated in the terms and conditions that I had earlier signed; except I must add CITIBANK who was quick to equitably help me restructure my credit card debt to term loan. The same banks who had for many, many years loan me the money and treat me like VIP as a customer at the front counter had now transferred my acounts to their Collection Dept who termed me legally as debtor. The legal language switched from Banking Act to Bankruptcy Act. Many are armed with willing lawyers who had memorised the Bankruptcy Act by heart to prey on obviously unrepresented debtor. Some of the banks employed licenced ’Tai Long’ who are fond of offending and breaching the debtor’s privacy. It was a very tough period for me; psychologically.
I requested the help of The Association Bank of Singapore who directed me to Credit Counselling Singapore (CCS). The latter had helped me mitigate the situation by summarising my expenses and expenditure thereby showed me my financial strong and weak point. My financial situation was dire; I can easily submit to bankruptcy but I opt to be responsible for my debts. Now I am still struggling to pay back my debt but at least I can see the light. Four years more and I hope to be free of the credit card debts and bank loans of more than S$100k.
I now prefer Debit Card.
Big THANK YOU to you, Lai Pin and CCS!
My husband and myself would like to express our sincere thanks to you and your colleagues who have helped with our case.
Special thanks to you for your time, effort and willingness to help us solve our problem.
We really really didn't expect that we are able get out of this horrible situation and we know from heart that this will not happen without your help.
The first half of this year was extremely dreadful. Work not smooth, money problems escalate, banks regular calls demanding payments, banks filing for bankruptcy, etc ……
The problems were never ending, and I could only expect worse to happen. Anyway the nightmare is over, at least for this moment.
Thanks for your great help to save me from the nightmares.
As a result of my carelessness, my little debt snowball to a huge debt of S$100,000. I was stressed when my total monthly repayment has exceeded my month salary.
I was really desperate for help and unable to cope. On my own accord, I tried to approach banks, credit cooperative etc for help, but was unsuccessful. For almost a year, I struggled to cope with the hounds of my creditors. The feeling was terrible. I felt insecure, helpless, hopeless, despised, rejected and a failure.
I was overjoyed when I heard of CCS from the media. Immediately, I called to enquire. I attended their awareness talk, counseling and finally had my DMP worked out. At CCS, I was treated with respect. CCS has helped me to restructure my debts and my lifestyle. I begin to appreciate the beauty of credit free living. Today, I am able to meet my monthly debts repayment. My stress was gone and I have gained back my confidence. I am now a happier person and I look forward to be debt free soon.
Thank you CCS and especially Gillian for your help for i know that without you, my name will be added to the bankruptcy list.
Hi, I am 44 yrs old. In 2002, due to cost saving plans in my company, I was left with free time due to less O/T in my company.
To pass the time, i resorted to gambling and in a short space of 1 and a half yrs, i chalk up a debt of more than $100k. How to pay? In 2004, i called up the banks whom i am owing .Except for Citibank, the rest of the bank did not respond to me. So every month, i just paid the minimum sum. I then realise that i was not reducing my debt at all.
Earlier this year, i read in the Sunday Times about CCS. I then called up CCS and attended the talk at the Subordinate Courts. Afetr i had filled up all the forms, I attended the councilling session.I was then put on the DMP.
CCS has helped me to appeal to the banks for a lower monthly repayment which i am able to service, of course with a lot of self discipline. However, i know that if i am to keep my part of the plan, i will be debt free in 6 yrs time.
Thank you once again and will be grateful always.
How I wish other people could step up and plan to pay back the banks by installments. I believe many people never come across CCS.
It took a lot of efforts, sacrifices and control in order to settle the debts and get on my life again. I could have knew your organisation earlier so that I would not have liquidated so many of my assets just to pay off the interests, at the end of day, I was back the square one with the principal debts still existed and thinking I could pay off. But in reality, it was not possible.
This is a brave step for me to walk into CCS to be able to breathe life again. I thank God for giving me the courage to press forward with bold confidence and to renew my life for him and my children.
Thank you for your kind guidance and help. At least, I can see the rays of light and hope thru' you and CCS otherwise I don't know when I would ever walk out of the dark tunnel.
Your help means a lot to me and my children. For providing me the bridge to have a second chance at life, to be at the starting point to breathe life once again and walk it right and fulfulling.
CCS should bring awareness of its existence, because being 45 years of age, I never knew such an Organization existed till the bank officer at ANZ told me about it. Trust me there are loads of people out there who could do with your help.
I would sincerely like to extend my heartfelt thankfulness and I am indebted to CCS to help me so promptly with the financial crisis I was in.
I realised that there are so many people out there with similar dilemma but do not know CCS exists, like I did not know. Today, I am a happier person, my husband too is back home, the kids are his weakness, I am hoping to start treatment soon, look after my aged parents, pay the banks on time (that is a promise that I wont let Mr. Tan Sing Hoon down after all the kind assistance and effort he has rendered to get me out of this mess).
I’m currently holding an executive post with monthly gross salary of $4,000 per month. Rightfully speaking, I should not get myself into this financial predicament.
It all started when my second brother started to do his own business. In the initial stage, the business was good and he did make some profit. With this, he ventured into another business and mixed with some ’bad company’. He started gambling the last year and got himself stranded with debts and started borrowing money from the loan sharks. It became a snowball situation and owed the loan shark about S$100K.
He was not able to make his credit card payment, phone bill and car loan. With this, I lend him my savings to pay the loan sharks and also pay his phone bill...etc. Worst of all, he left the house without informing us. With his ’disappear’, I had to shoulder the household expenses, take care of my father. In the end, I couldn’t even pay the minimum payment for all my credit cards.
Everyday, I’m receiving calls from the banks chasing for payment and also received lawyer’s letters. At one stage, I really thought of committing suicide as I do not know who to turn to for help.
Luckily I read about CCS from the newspapers and attended the talk.
With CCS’ help to negotiate with the banks, they allowed me to pay my debt using the DMP programme.
I consider myself lucky, without CCS’ help, I will be sued bankruptcy by the banks.