UOB Took Away My Money By Force!

[Sperminator]

READ THE FUCKING TERMS & CONDITIONS when signing for the CREDIT CARD FACILITIES.

There is a clause where the Credit Card companies have the right to repossess your assets if you cannot PAY for your debts, they have the first priority, having the right to sell your assets to pay for your debts....

why don't anyone read the fucking clauses when they get credit cards?

CASHFLOW = INCOME - EXPENSES

Get this equation right, and never use credit card for living expenses.... use what you can pay within 30 days... don't spend and spend, without income...

I just have to say that fucker fucking deserved his problem... do not get yourself into debts unnecessarily... if you cannot afford it... reduce your lifestyle... eat in, cook at home... bring lunch box out to office, take public transport, ...

sad to say most singaporeans are not very good in financial management... i fear, the mindset is becoming more and more like the irresponsible USA / European counterparts...

 

[johnny333]

Customer friendly my foot!! Maybank's loans department customer service sucks bug times. Their rates are very low though!!

Well I can speak from my experience with OCBC, they always regretted increasing the interest rate for my mortgage

I got so fed up with their game that I paid up my mortgage. Now I only deal with foreign banks like Maybank & Citi

 

[Alamaking]

Well I can speak from my experience with OCBC, they always regretted increasing the interest rate for my mortgage

I got so fed up with their game that I paid up my mortgage. Now I only deal with foreign banks like Maybank & Citi

That was what I did also to UOB, sibe knn 1 local banks

 

[Forvendet]

Well I can speak from my experience with OCBC, they always regretted increasing the interest rate for my mortgage

I got so fed up with their game that I paid up my mortgage. Now I only deal with foreign banks like Maybank & Citi

So is StanChart considered a local bank or foreign bank for you? It's headquartered in UK but had been majority owned by Khoo Teck Puat and now Temasek Holdings.

 

[Sperminator]

speaking from experience...

if you find that the banking interest rates are high, from your first bank, i.e. OCBC, if their interest rates is high, get a re-finance scheme, move your mortgage to a lower interest rate bank... now the FED interest rate is so fucking low... 0.5% and will not increase for the next 2 years...

This will ensure that there are many foreign banks with very good interest rates, corresponding to lower housing loan interest rates...

this is an opportunity to move your higher interest rates mortgages to a lower one... get any of your friends who know TIME VALUE OF MONEY calculations to recaculate your mortgages, you will see that the savings is substantial...

If you want an example, just give me a case study example, I'll work out the calculation here for you to see the cost savings...

 

[johnny333]

That said I had a bad experience with SCB, I was staying overseas at one time and had a seldom used credit card with them. The credit card was free initially but they started to charge me annual fees after a few years probably due to low usage. After I was billed for the annual fees, the account was deemed defaulted after 3 months as I did not pay up due to fact ....

I hold 4 credit cards but only use 1 regularly. It makes it easier to keep track of my spending & the points.
I hold credit cards with Maybank, Citi, OCBC, OUB

Whenever I receive the bill for the annual svc fee, I give them a call and ask them to waive the fees. They have always waived the service fee. Of course sometimes I have to tell them I would like to keep their card & would have regrets about cancelling it

In this day & age credit cards is as common as iPhones. The banks are desperately looking for victims. If you miss a payment they get to hit you with a 20%+ penalty. Even if you pay on time they probably get $$ from the merchants.

So remember it's in the banks interest to keep you as a customer

 

[johnny333]

So is StanChart considered a local bank or foreign bank for you? It's headquartered in UK but had been majority owned by Khoo Teck Puat and now Temasek Holdings.

Unfortunately you'll only find out when you're in their clutches :p

Can always ask others to share their experience. Heard that DBS owns a sizeable share of Standchart, so I suspect it's now just another local bank

 

[Sperminator]

So remember it's in the banks interest to keep you as a customer

Hi Johnny333 bro, it's always so good to read your useful advice. (okay, Advice = Noun, given from a verb Advise)

You are so right... in today's terms, Credit Card Facilities are legalized loan sharks, with the backings of the LAW, and the corporate lawyers are working for the bank's benefit, far more scarier than the Loan Sharks from Gangsters, as their reach to your assets is only limited by their brute force, however, the Credit Card Facilities have the power of the law to go all the way into your own personal possessions, your banking account, your assets, with the LAW on their side...

so when you want to use credit cards, make sure you can pay in FULL within 30 days, and make minimal interest rates payments... do not let it roll on, and pay minimum repayment, which is a trap... the debt will just snow ball...

Banks in Singapore today are just like any legalized loan sharks.... with the power of laws behind their backs... think twice... spend what you HAVE, and spend within your means... there is nothing paiseh about eating in, spending little money for survival, nothing paiseh at all... and there is nothing paiseh about not driving, no holidays, not much possessions...

 

[johnny333]

speaking from experience...

if you find that the banking interest rates are high, from your first bank, i.e. OCBC, if their interest rates is high, get a re-finance scheme, move your mortgage to a lower interest rate bank...

Good advise but in my case it was years ago & thankfully I had the money to pay off the mortgage.

Initially was looking at investments that would have given me a higher rate of return, but after seeing the game the bank was playing. I decided to invest in having "peace of mind" & to terminate my mortgage

 

[Sperminator]

Good Advice from Johnny333 bro again!

If you can pay off your mortgage, PAY OFF!!!!

Then you can consider, getting a loan from your housing asset, to finance any lucrative investments... do your homework carefully...

 

[johnny333]

so when you want to use credit cards, make sure you can pay in FULL within 30 days, and make minimal interest rates payments... do not let it roll on, and pay minimum repayment, which is a trap... the debt will just snow ball...

With some banks you don't even get 30 days

I remember reading that some banks have reduced the grace period for their credit card payments.
So next time anyone offers you a credit card, better read the small print.

The banks in Spore are nothing more than Lee-galised loansharks

 

[Sperminator]

More dangerous than gangsters loan sharks, as their abilities to get your money is via brute force alone... but banks are legalized loan sharks which can go all the way to your bank accounts, your assets, and your business... read the fucking small prints...

 

[Forvendet]

More dangerous than gangsters loan sharks, as their abilities to get your money is via brute force alone... but banks are legalized loan sharks which can go all the way to your bank accounts, your assets, and your business... read the fucking small prints...

Sorry, I don't think they're getting *your* money. They're trying to get back *their* money with interests as the borrowers agreed to pay when they accepted the loans. I was in the banking industry, not with illegal loansharking.

I understand the principle of O$P$, otherwise the integrity of the financial system would collapse, whether aboveboard or underground. I have nothing against the loansharks except they should have better investigation and enforcement units. I have no sympathy for those borrowers who refused to pay up getting harrassed, beaten up or homes vandalized. I'm only against harrassing and vandalizing the innocents who were actually setup by the defaulting borrowers. I don't condone harrassing and vandalizing but these defaulting borrowers should be arrested too as the root cause to all these problems.

If there's no demand for illegal loans, there'd be no illegal loansharks. If the borrowers are honorable, they'd have borrowed within limits of what they could pay and paid up. If they couldn't qualify for legal loans, they should seek government help. The problem is with the government who doesn't render proper social and welfare aids to the needies. No countries with proper social and welfare aids have problems with poor folks resorting to loansharks.

 

[Sperminator]

Sorry, I don't think they're getting *your* money. They're trying to get back *their* money with interests as the borrowers agreed to pay when they accepted the loans. I was in the banking industry, not with illegal loansharking.

thanks for your proper definition about my posts...

I amend accordingly... the legalized loansharks are only taking back their money with interest... so the Borrowers have to just read the fucking fine print...

I've rewarded Forvendet with 5 points for pointing out my unclear definition.

 

[Forvendet]

thanks for your proper definition about my posts...

I amend accordingly... the legalized loansharks are only taking back their money with interest... so the Borrowers have to just read the fucking fine print...

I've rewarded Forvendet with 5 points for pointing out my unclear definition.

Thanks bro. Just given someone else points earlier. Will give you points at your next good post.

 

[eErotica69]

Well I can speak from my experience with OCBC, they always regretted increasing the interest rate for my mortgage

Please.... that is what you think!! But that is not what OCBC thinks.

You think OCBC really bother? To us, a loan of $1 million or $2 million is a f**king lot!! But to OCBC, it is peanuts. The customer service may sound that they really feel sorry that you refinance with another bank, but the fact is, they don't bother, your loan is a kachang puteh!!

 

[Sperminator]

Thanks bro. Just given someone else points earlier. Will give you points at your next good post.

I always enjoy reading intellectual post, with clear definition, and I am even happier if someone point out my mistakes

Thanks bro Forvendet, I've only got virtual points to award Hopefully I can come up with better articles to share....

 

[Sperminator]

Please.... that is what you think!! But that is not what OCBC thinks.

You think OCBC really bother? To us, a loan of $1 million or $2 million is a f**king lot!! But to OCBC, it is peanuts. The customer service may sound that they really feel sorry that you refinance with another bank, but the fact is, they don't bother, your loan is a kachang puteh!!

Bro eErotica69,

if you magnified the move of 100,000 mortgage loan movements to a lower interest rate bank... for example, if an average loan is SGD 1 Million, and there is 100,000 housing mortgage movement... see how much will move...

100,000 X 1 Million = SGD 100 Billion

If this is not kachang puteh, what is? haha!!! we are discussing about one case here... but if you expand the case... OCBC can go bankrupt!

 

[eErotica69]

Good Advice from Johnny333 bro again!

If you can pay off your mortgage, PAY OFF!!!!

...

True, but not necessary always the case.

Example my case, I have $50K in my CPF OA that pays me 2.5% p.a. My Maybank loan only charge me 0.8% fixed this year and 1.6% fixed next year, if you were me, will you pay off the loan using the $50K CPF?

The idea should be, if your CPF or FIXED INCOME investment (like Bonds etc, not shares) interest (coupons) rate is more than the bank loan interest, it would make sense not to pay off the loan.

 

[chootchiew]

That's right. Spend within your means

Why should anyone be involved in loan. other than for hourse which is a madantory, but is best to pay back asap.Any others should not get into any form of loans. Do everything within our means. I also find that loan for studies is very silly, loan for business too.