MBS = Bankruptcy

[Machupichu]

Heard the IRs gross profits are stagnating at SGD6B the past year. Screw them for all i care coz they're still making good money. Won't be going in anytime soon after the initial couple of visits. Feel sorry for those ppl who have that rogue gene that makes them gambling addicts. Get out b4 you lose everything.

[5thOct2014]

Bro

Don't gamble. Find a job to earn back money.

Regards

Originally Posted by urgg

The next day we paid another $100 levy each and fight again.. This time we won $1000 plus on top of the $800 we lost.. This is the start of the nightmare...

From then on, we started to visit MBS every weekend.. and our saving starts to get lesser and lesser... until i resort to cash advance from CC and taking up loans from bank just to feed my addiction to gambling.. I was working in a govenment sector and i am suppose to declare if im in debts which i didnt do so..

Goverment people is so clever they can track everything out of you.. Not surprisingly, they ask me to send them my credit repot and i decline.. not long after, i was terminated disgracfully.. i do not want to elaborate much on this.. By the time i was terminated, i have spent around 2 years fighting with MBS chalking up debts of near to 100k..

[zilturo]

self control is very important if you do visit casino. Tho easier said than done.

Personally, i practice this rule. only play with what you can afford to lose after all expenses and saving are catered to. i visit casino occasionally. not local, but overseas. because i don't feel like paying the levy

Every 1-2 month, i will pay a visit to genting for relaxation and of cos the casino. i can say my self-control is good. i always go with the intention that the amount i allocate for casino is already lost when i step into the casino. So this gives me no stress when i play.

i usually look for table with pretty dealer or have pretty girls seated at the table LOLZ. 醉翁之意不在酒 if i lose, then i will go for shopping, food and just rot my way through my stay at genting. if i win, i always stop win at 3 times my allocated budget, if i win that amount, doesn't matter. i will stop and use that money and treat my friend who accompany me up and buy stuff for my family back in singapore.

TS. it is always not too late to stop. good job waking up and getting your life back on track. hope you get your life back to normal asap. cheers and there are much more things to do in life than gamble. you have a beautiful wife and family. spend more time with them and enjoy

[carol888]

Good thread, i was also in debt betting 4D, soccer & casino..still paying debts..very difficult to kick off the gambling habbits

[FallenLove]

知错能改，善莫大焉

TS, It takes a man of fortitude to acknowledge his mistakes and shortcoming.
Just be reminded always that chance is not a given.
And don't forget those who lent a helping hand or stood by u during your darkest period - the least u could do in return is to prove by action that u've come out a better man...

Strive on!

[carol888]

but how come government sector can ask you to leave even you are in debts, unless a crime is committed

[OrangeDude]

Originally Posted by FallenLove

TS, It takes a man of fortitude to acknowledge his mistakes and shortcoming.

Very true indeed bro

[urgg]

Originally Posted by carol888

but how come government sector can ask you to leave even you are in debts, unless a crime is committed

The problem is i lied to them about my financial.. they have the right to terminate me.. it is all stated in the contract..

[porscheclub]

Originally Posted by urgg

The problem is i lied to them about my financial.. they have the right to terminate me.. it is all stated in the contract..

Bro, man up & face the music. It is a good time to reflash your life now.

My father was a habitual gambler & lost few hundred millions of inheritance in his lifetime. He started gambling at age 13 & all relatives+friends shunned him by the time he fell at 50+, don't think he was a bankrupt but doesn't matter. He owned 2 yachts at his peak but died a taxi driver with debts.

Do the right thing while you still can.

[demonhunter]

Originally Posted by porscheclub

Bro, man up & face the music. It is a good time to reflash your life now.

My father was a habitual gambler & lost few hundred millions of inheritance in his lifetime. He started gambling at age 13 & all relatives+friends shunned him by the time he fell at 50+, don't think he was a bankrupt but doesn't matter. He owned 2 yachts at his peak but died a taxi driver with debts.

Do the right thing while you still can.

At least he can proudly say he had a few hundred million before ....

[Parkerlon]

Originally Posted by jnudes

bro you have my highest respect and salute for sharing your story here. I was in your path before during my uni days. Gambled and lost abt $10K in foreign casino.

Was very depressed that time as I kept losing until my friend told me to stop before the gambling destroyed my family. I listened to his advice and now quit all forms of gambling including 4D, soccer betting, horse racing, 6D, jackpot lottery, pokies machine.

Luckily I did not borrow money from anyone, including loan shark and all the money lost was personal money. Never mind I lost, I can still earn back the money, which I did and I am quite relieved for that.

Bro u r my inspiration
I'm single as well and hook on to to soccer betting for 10 years and my money lost luckily is my personal money. Almost turn to borrow money. Now awaken and slowly save back my money. When I saved back , will fly to china to look for a girl I like.

[4getful]

Originally Posted by urgg

The problem is i lied to them about my financial.. they have the right to terminate me.. it is all stated in the contract..

Even if u r not terminated, if u declare, maybe your career also will be gone. Either way, declare or not, i think its the same. correct to say that?

[urgg]

Originally Posted by 4getful

Even if u r not terminated, if u declare, maybe your career also will be gone. Either way, declare or not, i think its the same. correct to say that?

When you declare that you are u in debts, most probably your office will bio you already.. your management will say it is confidential, sooner or later the whole office will know, then you will be treated with weird looks.. ma chiam you kill somebody. confidential project will not be made known to you. you will not be handling anything that associate with finance.

So in the end, you will auto leave the company and start afresh somewhere..

[urgg]

Hi Bros out there who PM me regarding the settling of my debts, i have decided to post here as all of you can see. If you are still not sure of what i wrote, please feel free to PM me and i will try my best to explain again. Im not a guru here, just that i have been through the same shit and hope i can help.

For my case, i did not borrow from legal/illegal moneylender. All my loans were from bank. I have a family, i do not wish to go bankrupt. why? i worried i may have problem finding jobs, i dun want my family to be worried, i dun wan to see my name in the newspaper, restricted travelling.. etc..

For debts less than 100k
1) Approach CCS, Credit Council Singapore. you will be require to attend a briefing at National Libary. they will present to you how they are going to help u. it is a must to attend the briefing. What CCS will do is to help you reduce the interest and draft out a plan to repay monthly to all the banks you owe. It is NOT confirm you will be qualify. They will need to access your financial capability, whether you can mangage to pay off the monthly loans and after paying for loans, do you have enough money to eat, drink, call FL(joking la) etc.. this is also up to the bank on whether they are willing to let u take up this scheme. There will be a fee of a few hundreds dollar for this scheme. However, can pay by installment.

I attended the briefing but i never follow up. At that point, my thinking was that i sure cannot qualify.. and alot of hassle.. need to bring all the bank statement. ( When i receive all the bank letters, i have never dare to open and just throw away the letters). Alot of forms to fill up. I gave up. For more info, please visit http://www.ccs.org.sg/services

2) Another option is to opt for Debt Repayment Scheme (DRS). To opt for this, you need to apply for bankruptcy first.
It is either you wait for your creditors to sue you bankrupt or you file bankruptcy yourself. If you owe less than 100k, this scheme is 90% to be approve.
DRS is a 5yr repayment scheme. lets say u owe 100k. Over a period of 5yrs, you need to pay $1666.67 per mth.. With DRS, you may only need to pay $1000 a month for a period of 5 yrs depending on your financial status, committment.. etc.. This is a government scheme, not some scam or hoax. To be continue...

[urgg]

I opt for self bankruptcy myself. Why? i duno what will happen when bank sue me.. i dun want to go court! i dun want my family to find out..
The negative point of applying self bankruptcy is that i need to pay a total fee of $2.5k. i was thinking, CCB apply bankruptcy still need to pay money.WTF! Already no money still need to pay money.. The 2,5k is actually for newspaper printout to delcare to the whole world you are bankrupt, Court time and space.. documents.. etc..

To apply for DRS, you must have a job, must not own a car.

I went to google desperately for help in DRS and i found this consultancy. they help pple to process DRS. The cheapest i find is 1.5k. installment in 3mths, 500 each mth. what they do? they help u to process bankruptcy, do all your paper work, help you bluff your document to get maximum discount for monthly payment. you got car they can also help u to bluff until u got no car. This option is up to you. you can choose to do everything yourself and save the 4k in total. But to be honest, i think the procedure not easy. Any Bro here that have did that please kindly share..

For More info, Please visit http://www.ipto.gov.sg/bankruptcy-an...nt-scheme.html

For those borrow from moneylender and loan shark, sorry i cannot help much. but you can go to One Hope. They will either talk to the money lender for you or they teach you how to talk to money lender..
http://onehopecentre.org/

Some advice.. dun avoid bank calls. answer and tell them you have no money and let them know that you are approaching CCS or DRS..
Open all your bank statement, Consolidate the total exact amount. you will need it..

Remember, dun give up... Feel free to PM me..