Guest debt Posted June 28, 2015 Report Share Posted June 28, 2015 Can use cpf to pay credit debt? Where to ask for information? Link to comment Share on other sites More sharing options...
azimuth Posted June 28, 2015 Report Share Posted June 28, 2015 Can use cpf to pay credit debt?Where to ask for information? If you mean using your CPF to pay for your credit card debt, I am very sure this is impossible. Link to comment Share on other sites More sharing options...
fab Posted June 28, 2015 Report Share Posted June 28, 2015 Only if u give up your citizenship/PR. 鍾意就好，理佢男定女 never argue with the guests. let them bark all they want. 结缘不结怨 解怨不解缘 After I have said what I wanna say, I don't care what you say. 看穿不说穿 Link to comment Share on other sites More sharing options...
Guest Guest Posted June 28, 2015 Report Share Posted June 28, 2015 Can use cpf to pay credit debt?Where to ask for information? Call CPF Board. Link to comment Share on other sites More sharing options...
hairy springroll Posted June 28, 2015 Report Share Posted June 28, 2015 Impossible Link to comment Share on other sites More sharing options...
Alamak Posted June 28, 2015 Report Share Posted June 28, 2015 No u can't ...CPF is for retirement purposes... Link to comment Share on other sites More sharing options...
doncoin Posted June 28, 2015 Report Share Posted June 28, 2015 Call your credit card company (assuming it is credit) and negotiate a payment plan. mate69 1 Love. Link to comment Share on other sites More sharing options...
Guest guest Posted June 28, 2015 Report Share Posted June 28, 2015 The money in your CPF account is your money absolutely. Its uses are restricted so that people will not foolishly spend it away before they get old. Eg overspending on consumption and getting into credit card debts. You cannot use your CPF fund to repay such debts. One approach to solve TS' problem is to use his CPF fund to buy a property, and then rent it out. The rental from the property can be used to pay off his debts. Since he is in debt, he is unliikely to have cash to pay downpayment for the property. So this approach is only possible if he is eligible to buy a HDB flat with the payment fully satisfied by CPF downpayment and CPF loan. In the meantine, it is critical for him to keep his job and perhaps take on an extra job in the evening or in the weekends to general more cash to help pay down the debt. Link to comment Share on other sites More sharing options...
Guest Guest Posted June 28, 2015 Report Share Posted June 28, 2015 The money in your CPF account is your money absolutely. Its uses are restricted so that people will not foolishly spend it away before they get old. People are not allowed to spend it foolishly, but others are allowed to do that to our money foolishly, like overspending on YOG or doing loss-making businesses like the Suzhou Industrial Park. Link to comment Share on other sites More sharing options...
upshot Posted June 28, 2015 Report Share Posted June 28, 2015 (edited) hahah TKK ( Tang Koo Koo ) CPF is the most biggest con ever conceived but Singapore is no different from other govts too. It's one way of holding on to your money and use it thru a system that is better then collecting tax. Don't say about a debt you have to pay. CPF was suppose to help you later in life to weather the period you retire and the money is to help you live and to cover things medically. So you can be independent and not bother the states or others to help you. Problem is this.. if you have say cancer. Say treatment cost $250,000. You can beg till the cow come home with CPF Board and Govt and no one will let you have YOUR OWN money back to save your life. So if you need 250,000 for the treatment and your medishield has only 50K and even if your ordinary account has $500,000, you still have to borrow from some where else to cover beyond the $50k you have. You can look at your CPF statement and die happy knowing that the money will go to your family. They can get it after you die but can not petition to take out what you need to save your life left alone debts. They can say they rather have you alive then take the money but it will still not happen. You are expected to have external insurance to cover you health needs beyond the minimum in your medishield. Best part is, if you have no immediate family members to give the money to you better have a will to give it away to charity if not, as part of the CPF agreement, they will go all out to find lost relative you have to give the money to. So say you have a aunty, uncle or cousin that you hate with all your guts, they get that money when you die by default heheh... The CPF money is yours and is to help you be financially independent to use wisely BUT though it comes with a sensible ideals, some really shitty ones are also in the mix where it SHOULD also matters as much .... something as basic as saving your own life. That is not an option. Edited June 28, 2015 by upshot Tony Tan and angel_dust 2 ** Comments are my opinions, same as yours. It's not a 'Be-All-and-End-All' view. Intent's to thought-provoke, validate, reiterate and yes, even correct. Opinion to consider but agree to disagree. I don't enjoy conflicted exchanges, empty bravado or egoistical chest pounding. It's never personal, tribalistic or with malice. Frank by nature, means, I never bend the truth. Views are to broaden understanding - Updated: Nov 2021. Link to comment Share on other sites More sharing options...
upshot Posted June 28, 2015 Report Share Posted June 28, 2015 (edited) Only if u give up your citizenship/PR. What I know about this part... is say you want to move to Malaysia and give up your passport and be a Malaysia. It will take about one year before they release the money to you. (one year is what I as told a long time back, by which point that period starts I am not sure but i know it can be more complicated then that) So even if you can get your Malaysia citizenship settled, you still have to wait and get the paperwork done. So you want to try to get that money back ASAP?? Think again. Edited June 28, 2015 by upshot ** Comments are my opinions, same as yours. It's not a 'Be-All-and-End-All' view. Intent's to thought-provoke, validate, reiterate and yes, even correct. Opinion to consider but agree to disagree. I don't enjoy conflicted exchanges, empty bravado or egoistical chest pounding. It's never personal, tribalistic or with malice. Frank by nature, means, I never bend the truth. Views are to broaden understanding - Updated: Nov 2021. Link to comment Share on other sites More sharing options...
mate69 Posted June 28, 2015 Report Share Posted June 28, 2015 For those who want to renounce their Sg citizenship, it is the only way (before the allowed withdrawal age)for them to get their locked-up CFP money. So it's a case of: CPF money vs red passport. Probably this is why there are so many here who secretly hold dual citizenships.Allows them the 'best of both worlds'. To the govt, it's still better to hold onto an existing citizen, than having to take the (drastic) step to strip one of his/her citizenship.(closing of both eyes) Link to comment Share on other sites More sharing options...
Guest Guest Posted June 29, 2015 Report Share Posted June 29, 2015 No u can't ...CPF is PAP's money. So you can't use cpf to pay credit debt.Cannot use cpf to pay credit debts means PAP's money? Link to comment Share on other sites More sharing options...
leo yok loo Posted June 29, 2015 Report Share Posted June 29, 2015 It drops into a black hole. Nothing will come out. Link to comment Share on other sites More sharing options...
Guest guest Posted June 29, 2015 Report Share Posted June 29, 2015 CPF is your money because you can: 1) Use funds in MA to purchase medical insurance, and the money leaves CPF to go to a private insurnace company 2) Use funds in OA to invest in shares, and the money leaves CPF to go to CDP and then to the seller of the shares 3) Use funds in OA and SA to invest in shares, and the money leaves CPF to go to the fund manager 4) Use funds in OA to buy a property from a developer or a seller, and the money leaves CPF to go to the deveoper or the seller, respectively Just because you are not allowed to use CPF for consumption, spend on reno, buy a car, invest in high risk stuff and otherwise use it foolishly does not mean that it is not your money. Link to comment Share on other sites More sharing options...
Guest Guest Posted June 29, 2015 Report Share Posted June 29, 2015 For those who want to renounce their Sg citizenship, it is the only way (before the allowed withdrawal age)for them to get their locked-up CFP money.So it's a case of: CPF money vs red passport.Probably this is why there are so many here who secretly hold dual citizenships.Allows them the 'best of both worlds'.To the govt, it's still better to hold onto an existing citizen, than having to take the (drastic) step to strip one of his/her citizenship.(closing of both eyes)In my opinion once a person reach a certain age where he/she become an expended economic digit and can't find work here it's better for them to renounce citizenship and liquidate their assets and cash out their cpf to live elsewhere rather than to be trap here to face the bleak labour landscape and high cost of living here. Link to comment Share on other sites More sharing options...
Guest Guest Posted June 29, 2015 Report Share Posted June 29, 2015 Cannot use cpf to pay credit debts means PAP's money? Your comprehension sucks like gstc82.I said, "CPF is PAP's money. So you can't use cpf to pay credit debt."I didn't say, "Cannot use cpf to pay credit debts, so it means CPF is PAP's money"Comprehendo? Link to comment Share on other sites More sharing options...
Guest Guest Posted June 30, 2015 Report Share Posted June 30, 2015 The money in your CPF account is your money absolutely. Its uses are restricted so that people will not foolishly spend it away before they get old. Eg overspending on consumption and getting into credit card debts. You cannot use your CPF fund to repay such debts.If you cannot hold in your hands, you do not own it. The money we deposited in a bank is a kind of business deal we have with the bank. It does not belong to us any more because we do not hold it in our hands anymore. Thus, a need for SDC to insure us to boost our confidence (a CON game). However, SDC is not able to pay everyone if there is a major financial collapse affecting multiple banks. Link to comment Share on other sites More sharing options...
Guest Ener Posted June 30, 2015 Report Share Posted June 30, 2015 You guys very Eng(free in hokkien).... TS asked a question, nv state what kind of debt you guys can debate until soo far... Also, I noticed for soo long TS haven had a single reply. Maybe kana smacked by ah long liao or credit card company took all his assets including mobile devices and computer soo can't reply. lolz.. maybe next time I should troll a questions and watch the typist go. Link to comment Share on other sites More sharing options...
applepie Posted June 30, 2015 Report Share Posted June 30, 2015 You guys very Eng(free in hokkien).... TS asked a question, nv state what kind of debt you guys can debate until soo far... Also, I noticed for soo long TS haven had a single reply. Maybe kana smacked by ah long liao or credit card company took all his assets including mobile devices and computer soo can't reply. lolz.. maybe next time I should troll a questions and watch the typist go. Agree, asking a question even the office cleaning lady also know the answer. upshot 1 Link to comment Share on other sites More sharing options...
Guest Guest Posted June 30, 2015 Report Share Posted June 30, 2015 Then you are wrong. This question is deliberately asked with all purpose and intent to debate or politicized. Not your office cleaning lady, sorry. This type of tactic is used so often by ISIS for recruitment. Link to comment Share on other sites More sharing options...
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