I need help* In a big financial mess

[Blue Tulip 0]

Hi all, im seeking advice on this issue. Please no negative remarks and all cause i know i messed up.

 

I have an outstanding amount of $10K from DBS cashline which i will be finacing via debt consolidation loan, note that i have not defaulted or had any late payment for any of the bills but however for some reason my credit reports seems to be 'HH' which is the highest grade. 

 

I have just gotten my BTO and I have already DIY most of my stuff so i dont have to incur any additional fees, but i still require funds for BASIC furniture / kitchen renovation. 

 

Banks have rejected all my renovation loans is there any other alternative? 

 

I need a roof over my head. Dont judge please. thank you..

[w7_lee 11]

Don't renovate the BTO. I heard of people who do not renovate, just get off the shelf items.

 

 

 

[slothly 0]

just reno part by part. 

[bepgof 20]

Whatever 'borrowed' need to be 'returned' with 'interest', to lenders.

Consumption delaying is 'painful' but 'fruitful'.

[MaHomie 0]

You can try to rent furniture for a few hundred dollars a month. The furniture leasing companies have packages which can furnish you entire home.

[Ricoka 0]

That's not too bad also but you can also consider purchasing essential furniture at budget prices if you are looking towards more long term planning. The furniture may not look as nice and have same quality as designer furniture but as long as it serves your purpose why not?

[Syalon 0]

get all your stuff from taobao

[bepgof 20]

On 10/9/2017 at 2:45 PM, MaHomie said:

You can try to rent furniture for a few hundred dollars a month. The furniture leasing companies have packages which can furnish you entire home.

Not advisable, from finance perspective,  'to rent anything' for consumption,  simply that Ownership of assets remain with leaser not leasee at end of day.

Earning capacity must be > spending capacity. If not, only God can help you.

[WuffRuff 0]

Buy the essential toilet and kitchen fixtures from taobao. 
You need not renovate the kitchen and toilet... you can get off the shelf items. 
Just need to do the plumbing and installation. 

For furniture and appliances, look on Freegood and Carousell. 

I just saw a working fride for free giveaway. 

Or you can often get pieces of furniture and appliances for $50 and sometimes they are very good. 

You can also look in second hand furniture shops, also listed on Carousell.

For lights, you can get floor lamps cheaply for use for now... this will save on electrician.  

Get only the essential stuff that you need. 

In the meantime, get a second part time job to increase your income. 

If you are working weekdays, you can do part time on weekends, or after work, or flexible work hours like driving Grab. 

Google and look on facebook... there are groups for part time and temp jobs. 

Slowly pay off your debt every month and put the remaining in a reno fund.

You can also consider renting out the rooms to get more income. 

You can rent out for 6 months to 1 year. It is legal min 6 months if I'm not wrong. 

All the best to you. I hope everything works out. 

Tahan for half to one year and you can be back on track and do a nice reno after that.  

 

[Sad Mom 1]

Hi Blue Tulip,

I am having the exact same situation as you. and i am also put into a HH grade which i found absolutely disagreeable. I have also got rejected by 3 bank OCBC/RHB and Standard Chartered. Sadly to say this. And I have to find an alternative but unavail to do so, sadly. I just gotten my BTO keys since 6th Dec 2018, and i engaged to an ID, and now all bank rejected and i am lost as you are. any response from anyone out there to help us, and advice.

Regards,

Sad Mommy

[bessiebeardsley 1]

Good tips here! The only thing that you can do now is to go to work. Another solution to your problem I cannot see here. I know that now it is very hard to live without debts. I know what I'm speaking about. I had once big problems with my bank. I even received calls and letters from debt collectors. I had a big debt and took another loan in order to pay that amount and nothing had changed. When I received the first letter from the collectors I woke up. These guys frontline-collections.com motivated me very much to work harder lol. Now I have to say to them "thank you" 'cause thanks to them now I don't have more debts and I live very well without them.

[RileyP 0]

On 9/6/2017 at 7:46 AM, w7_lee said:

Don't renovate the BTO. I heard of people who do not renovate, just get off the shelf items.

Indeed, I also think so. Why get into even more trouble

 

 

 

[greeeen 0]

Are you able to live without kitchen reno for now? 

Just get basic furniture (2nd hand, hand me down) enough for you to have a good night sleep, eat, relax.

Pay of debts while you have a basic roof over your head. Can be tough sure can do it!

You need to focus on getting your credit score back up so you can get a loan, or just save enough cash for your reno.

JIAYOU!!!