No $ to pay instalment

[impunity]

Hi, i'm new here... just got a new bike 2 months ago from a bukit merah shop. And now i don really have enuff money to pay for da rest of da instalment as my grandma fell sick and now i have to pay for her hospital bills instead of my bike instalment.

 

I wanna noe if there's any way to 'surrender' da bike back to da shop? i still have 34 months of instalment to be paid.

 

And wut if i don pay instalment every month? will da shop sue me or anything?

 

Please help me. i'm really stressed right now...

[paiseh]

wat bike did u buy?

 

if the bike is in demand, u can sell it off and probably lose $1k to $2k in bike price + $___ for interest.

 

the only thing u can do now is sell the bike away.

[impunity]

wat bike did u buy?

 

if the bike is in demand, u can sell it off and probably lose $1k to $2k in bike price + $___ for interest.

 

the only thing u can do now is sell the bike away.

 

Spark 135...

 

So if i sell da bike back to da shop i have to pay da remaining installment right?

[.Hack]

First, if you don't pay installment, the shop will tow back your bike but you still have to pay for the installments. You signed the contract when you bought the bike didn't you?

 

You have 2 options,

1) Post online see whether got people want to coi or reloan your bike. You need to find out from shop whether they allow to coi or need to reloan the remaining amount.

 

2) See whether bike shop want to take back your bike or not. Let's say installment left $2k, and they eat back $1k. You have to pay them back the $1k.

 

Good luck and hope your grandma recovers soon.

[djdash]

erm feel sad for u.. hope she gets well soon.. try to get some1 to take over the bike and pay installments every month.. but the bike will still be under ur name

[.Hack]

erm feel sad for u.. hope she gets well soon.. try to get some1 to take over the bike and pay installments every month.. but the bike will still be under ur name

 

Not really. It depends on the shop itself. I do know of shops that will transfer ownership if you coi, just need to pay upfront 3 months. But most shops will want you to reloan the remaining amount, meaning, they get to earn new interest again.

[impunity]

First, if you don't pay installment, the shop will tow back your bike but you still have to pay for the installments. You signed the contract when you bought the bike didn't you?

 

You have 2 options,

1) Post online see whether got people want to coi or reloan your bike. You need to find out from shop whether they allow to coi or need to reloan the remaining amount.

 

2) See whether bike shop want to take back your bike or not. Let's say installment left $2k, and they eat back $1k. You have to pay them back the $1k.

 

Good luck and hope your grandma recovers soon.

 

Da 1st option definitely won't work for me cos it'll take a long time... Cos my monthly installment is $160. It's expensive... So i don think anybody will coi...

 

So only left with option 2...

 

But wut if i don pay da installments and da bike got towed back to shop and after dat i still don pay, wut will happen 2 me? Just curious...

[.Hack]

Da 1st option definitely won't work for me cos it'll take a long time... Cos my monthly installment is $160. It's expensive... So i don think anybody will coi...

 

So only left with option 2...

 

But wut if i don pay da installments and da bike got towed back to shop and after dat i still don pay, wut will happen 2 me? Just curious...

 

Then you are subjected to legal issues. On the day you decided to take the loan from the shop you are binded by the contract you signed.

[dreamwalk]

how many months installment are u owing?

 

I suggest you borrow from your friends/relatives 1st.

 

Den find a part time job to earn extra $$ for the bike installments.

[.Hack]

how many months installment are u owing?

 

I suggest you borrow from your friends/relatives 1st.

 

Den find a part time job to earn extra $$ for the bike installments.

 

TS stated 34 months of $160, total $5440.

[impunity]

TS stated 34 months of $160, total $5440.

 

Yeah... Very ex for a spark ya?

[.Hack]

Which shop you got your bike from? You can try asking them how much they want to take in your bike.

[Arcfire]

The best bet is to go back to the shop and ask them how much they are willing to take back your bike for. You will have to pay them back some amount in order for them to take your bike.

 

Alternatively you will have to look for someone to coi your bike but i think its quite impossible as your loan is very new.

[impunity]

Which shop you got your bike from? You can try asking them how much they want to take in your bike.

 

Albert. Sure not more den 4k...

[dreamwalk]

TS stated 34 months of $160, total $5440.

 

 

You misinterpreted my question.

 

I mean how many months of installments he OWE the bike shop? (overdue amount)

 

1 month , 2 months or 3 months???

[impunity]

You misinterpreted my question.

 

I mean how many months of installments he OWE the bike shop? (overdue amount)

 

1 month , 2 months or 3 months???

 

So far haven't owe any yet... As my grandma recently just fall sick... But next month installment coming soon... Donno can pay ornot...

[impunity]

The best bet is to go back to the shop and ask them how much they are willing to take back your bike for. You will have to pay them back some amount in order for them to take your bike.

 

Alternatively you will have to look for someone to coi your bike but i think its quite impossible as your loan is very new.

 

Pay some money back? As in pay back da remaining installment?

[levin]

Hospital bill cannot pay by medisave?

[impunity]

Hospital bill cannot pay by medisave?

 

my grandma not singaporean...

[Arcfire]

Pay some money back? As in pay back da remaining installment?

 

Yes, for example, if they willing to take back your bike at 4k then you will have to pay them $5440-$4000 = $1440 upfront plus any other admin fee, early settlement fee etc.

 

And having to take such a huge loan for the bike i would assume you only paid abit as downpayment. And probably means you won't be able to pay that $1440 cash.

 

So your other option is to let someone else carry on the installment while the bike is still under your name, even so, no one will be willing to pay so much for the bike so you may have to offer to pay for the last few installments to sweeten the deal( after all, 2 years later you can probably afford to pay the money).

 

I'd say you are in a real fix. If i remember correctly, not many other bike shops are willing to take in bikes under hire-purchase from Albert.

[darren_soh86]

Yes, for example, if they willing to take back your bike at 4k then you will have to pay them $5440-$4000 = $1440 upfront plus any other admin fee, early settlement fee etc.

 

And having to take such a huge loan for the bike i would assume you only paid abit as downpayment. And probably means you won't be able to pay that $1440 cash.

 

So your other option is to let someone else carry on the installment while the bike is still under your name, even so, no one will be willing to pay so much for the bike so you may have to offer to pay for the last few installments to sweeten the deal( after all, 2 years later you can probably afford to pay the money).

 

I'd say you are in a real fix. If i remember correctly, not many other bike shops are willing to take in bikes under hire-purchase from Albert.

 

Yeah. 2nd ur opinion. Albert. wee~ best shop in sgp n jb if u know wat i mean.. hehehe..

[Throttle]

Hi, i'm new here... just got a new bike 2 months ago from a bukit merah shop. And now i don really have enuff money to pay for da rest of da instalment as my grandma fell sick and now i have to pay for her hospital bills instead of my bike instalment.

 

I wanna noe if there's any way to 'surrender' da bike back to da shop? i still have 34 months of instalment to be paid.

 

And wut if i don pay instalment every month? will da shop sue me or anything?

 

Please help me. i'm really stressed right now...

 

Sorry to hear about your Grandma.

 

The shop will take back the bike.

They may of may not sue you depending on dollars and cents.

But they can.

 

In life, there are lessons, hope you learn yours and grow to be better.

[xiaobanz]

Hmm, i agree with them. Have to find pple to coi your bike. Can try unique.

[levin]

my grandma not singaporean...

 

Y not let her had the treatment from her own country, the bill in SG will kill U if paying by cash.

Not to beat around the bush ,I foresee the bill will be many more times then your bike price if the illness is complicated. And u can't even afford $160 ,how u going to pay the hospital bill?

 

Wish your grandma a speedy recovery.

[impunity]

Hmm, i agree with them. Have to find pple to coi your bike. Can try unique.

 

Wut do u mean by Unique? A shop?