View Poll Results: How would you react...

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  • Hope for the best... miracles...

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  • Challenge the system!

    14 66.67%
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Thread: What if there is a loophole in the Law...

  1. #1
    Senior Member
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    Default What if there is a loophole in the Law...

    Just wondering...

    What if there is a loophole in the law that can cause you to be bankrupt...

    ... and you can't do anything about it...
    Logging Off. "You have 2,631 messages stored, of a total 400 allowed." don't PM me.

  2. #2

    Default

    can you pls be explicit?

  3. #3
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    i'll see how my case will end lah.. can't be telling everybody about it den how 2 retaliate?

    anyway, not my case... hehe...

  4. #4
    Deregistered
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    There are plenty of holes, that's where lawyers come in and plug them all up. Women's charter is a good example.

  5. #5
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    Joking mode "ON"
    use your backside to plug the hole lah

    Joking mode "OFF"
    It have happened before. A bank ask a friend for full settlement of his home loan during the finical crisis few years back though he was able to service the loan but defaulted on his credit card ( the house was bought at high price with a high loan from the bank ). According to him, it is stated in the fine prints of the home loan contract that the bank reserved the right to recall the loan anytime.

    Hope your friend's case is not so bad. Good luck!
    I get paid more shooting part time ...... damn, I should find more time to shoot part time

  6. #6
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    Wah bro. I hope you are not going to be one. Anyway there are ways to get over it. Depends who your laywer is.

  7. #7

    Lightbulb

    still do not get what you are driving at.

  8. #8

    Default

    Quote Originally Posted by yqt
    Joking mode "ON"
    use your backside to plug the hole lah

    Joking mode "OFF"
    It have happened before. A bank ask a friend for full settlement of his home loan during the finical crisis few years back though he was able to service the loan but defaulted on his credit card ( the house was bought at high price with a high loan from the bank ). According to him, it is stated in the fine prints of the home loan contract that the bank reserved the right to recall the loan anytime.

    Hope your friend's case is not so bad. Good luck!
    Ask your fren to look for another bank to refinance the loan.
    Try ABN or Standard Chartered Bank. These two banks are better at approval of such loan.

  9. #9

    Lightbulb

    it is inconceivable that a person in such financial position be able to afford a lawyer, abeit a good(and expensive) one.


    Quote Originally Posted by jbma
    Wah bro. I hope you are not going to be one. Anyway there are ways to get over it. Depends who your laywer is.

  10. #10
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    All these small prints can really caused alot of unnecessary problems. And usually these small prints are written in legal "language" that lay-man like me usually don't understand. Sigh.

    Good luck to you Del_CtrlnoAlt. I myself is also concerned of a potential messy financial issue that is beyond my control. The kind of fear and uncertainties can be sure unwelcome.
    Last edited by eric69; 8th July 2005 at 10:31 AM.

  11. #11
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    90% of singaporean bankrupt due to lifestyle debts (house loan/credit card)

    10% due to business failure.

    So lesson to learn is to spend within your means....

    BTW, nothing wrong to go bankrupt...but must learn from it.

  12. #12

    Default

    curious. where does your statistics come from?

  13. #13
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    Quote Originally Posted by Snowcrash
    90% of singaporean bankrupt due to lifestyle debts (house loan/credit card)

    10% due to business failure.

    So lesson to learn is to spend within your means....

    BTW, nothing wrong to go bankrupt...but must learn from it.
    den i need a 101% and i am that 1%...
    Logging Off. "You have 2,631 messages stored, of a total 400 allowed." don't PM me.

  14. #14
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    Quote Originally Posted by Nisa
    Ask your fren to look for another bank to refinance the loan.
    Try ABN or Standard Chartered Bank. These two banks are better at approval of such loan.
    That was in '99. He got another bank to refinance the loan. I think it was CitiBank, not too sure.
    I get paid more shooting part time ...... damn, I should find more time to shoot part time

  15. #15
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    Quote Originally Posted by reachme2003
    curious. where does your statistics come from?
    Yes, need to quote source from where

    ... from the talk show "crossfire: can we still earn big money in singapore" aired recently.

    The host said it. So that sparks me thinking about the danger of using credit card (or the danger of enjoying too much?)

  16. #16

    Default

    always live within means. even a bankrupt man can support a family on meagre means.

    we only need air, water and food. the rest are extras.

    kind of like photography. all u need is a plain camera and normal film. the rest is your skill.

  17. #17
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    Quote Originally Posted by feryl
    always live within means. even a bankrupt man can support a family on meagre means.

    we only need air, water and food. the rest are extras.
    and shelter.... like a one-room HDB flat?

  18. #18

    Default

    Haha. parent's house.

    j/k. Ya.. whatever meagre shelter that can be afforded, even if it means rented room.

  19. #19

    Lightbulb

    aren't you simplifying things too much?

    Quote Originally Posted by feryl

    we only need air, water and food. the rest are extras.

  20. #20
    vince123123
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    Default

    I think zinc atap house is enough...or better yet, cardboard house!
    Quote Originally Posted by Snowcrash
    and shelter.... like a one-room HDB flat?

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