facebookI'm currently dating a guy who has HDB debts (from parents) of over 30K, despite earning 3.5K/ month. He struggles with savings. What is the best solution to clear this debt? - Seedly

Anonymous

07 Jun 2019

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I'm currently dating a guy who has HDB debts (from parents) of over 30K, despite earning 3.5K/ month. He struggles with savings. What is the best solution to clear this debt?

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Get him to allocate a portion of his salary immediately each month e.g. 1k to repay the debt, then manage with the rest.

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take home 2.8k

save maybe 1.5k per month

1 yr 1.5k x 12 = 18k

haven factor in any bonuses

can pay off in less than 2 yrs

struggle with savings? that will be an attitude/mentality problem

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Jason Sing

24 Oct 2018

School Of Hard Knocks And Life at School Of Hard Knocks And Life

Talk to HDB to repay the HDB loan as quickly as possible. Delay immediate gratification. Focus on needs and not wants.

Kenichi Xi

25 Sep 2018

nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham

In a joint tenants situation, touch wood if one of the parent have left, the other party who is usually the spouse will take over the flat and the flat loan if they have Home Protection Scheme "should" be fully paid up.

HPS is compulsory and can be paid by CPF fund or by cash.

HPS will not be in effect if the parents are over 65 year old or due to

  • they were not in good health before the commencement of HPS cover, or​
  • they provided false or misleading information, or​
  • ​the claim arose from wars or any warlike operations or participation in any riot​

Hopfully that wasn't the case and he just took over theHDB loan due to fillial piety.

The Best Solution to clear this debt is to focus on clearing this debt in 3 years time.

$30k/36mth= $833.33

I suggested 3 years so you and ur bf can have an easier time with a lower amount to repay per month.

Hope my reply helps.

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Thank you.

Gabriel Tham

25 Sep 2018

Tag Team Member at Kenichi Tag Team

Cut down on other expenses and try to allocate to paying down the debt till it clears.
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