Due to overspending of credit card and line and pay min amount, I am now under this scheme for 5 years to pay off all outstanding amount which is about 89.7k Singapore dollars which bear zero interest rate. The annual membership fee is about $300 for first and second year, S$350 for year 3 to 5 maximum. Before this plan come in, I need to file a bankruptcy which cost over 1.8k to file and swear an oath in high court unable to pay the debt need to apply for DRS plan. So I engage an consultant to pay S$2950 include 1.8k which the remaining are the service fee they charged. Before the DRS approval, I have to pay assessment fee of S$350 and review fee of S$250.
The installment plan are 57 months 1.5k each month as there are condition like half of AWS bonus receive to be contributed to pay off the debt faster. If after assessment once my debt is over 100K Singapore dollars or does not prove to have regular income the DRS will not be eligible that will put be under bankrupt or I have to arrange payment plan with bank instead. Once I have a case, it is very hard to apply for any credit facilities with the bank for many years very long time.
I had been spending over 22K for sliming and facial, 12K on buying a piano, 4k plus on traditional natural treatment, 15K on gym and personal training. So add up like 53K, last year Dec, with interest rate of 24% on credit cards and some interest rate 18% on credit lines, I had been alone pay about S$1.3k interest per month to bank only, exclude any principal. If now I did not apply for DRS and interest rate is increase slightly, I will be paying at least 1.5K interest to bank alone exclude principal if always pay min since two years ago at start Apr 2013 where many credit card and line approved from many bank.
Lastly, my elder sister help me to pay 7K to one bank credit card and line which was canceled and demand full payment, and 3K to the consultant to apply DRS add up to 10k in last year Dec.
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