what happens after that??

[hammerhd]

Got a problem

my best pal dad just pass away his house got no insurance cos he paying by cash and his car also havent pay finished. now my pal is laden with the debt

How to help him??

[tineng]

don't quite understand....his house got no insurance, this normally will mean that he have already paid in full as banks and loan company will never extent a housing loan without insurance....so the house should be an asset not a liablitiy.....as for car it really depends....whose name is it under??? if under the dad's name, and really can't afford to keep it anymore, then just let the car be repossed by the loan company....don't think your pal can be saddle by his dad loan.....if under his name and the car was paid by his dad - i think your friend got better things to worry about then having a car around....

anyway, i think the best thing that you can do to help him is by helping him rational and reporitize his obligation

[flubberina13]

Assuming that it is HDB's flat, can try talking to HDB or via the MP of that constituency. The FSCs in his area can also help the household. Try going there and ask them. And if he works in a 'charitable' company, I believe grants can be applied too.

If still schooling, can apporach the Student Affairs of the education institution and more options can be discussed.

And if your friend's dad should still have some CPF savings, then apply to withdraw the money.

Hope this helps and God bless him.

[neokn]

Agree with flubby, should check with CPF board first regarding his dad CPF balance.

MHO

1. Check CPF board on the balance of the account.

Yes. there is balance. Proceed to 1a.

No. End.

1a. Check whether did his dad make nomination?

Yes, product DC and file for closure of account.

No, need to submit his dad and mom marriage certificate to proof relationship and request for closure of account. (This will take quite awhile)

2. Check whether did his dad have any Insurance policy.

Yes. Produce DC and claim insurance.

No. End.

3. Check HDB for outstanding payment. (That is assuming he stays in HDB)

Yes. Check outstanding balance. Normally, this will be cover under HDB insurance or 3rd party insurance. In other words, it's more or less taken care of.

No. End.

3a. Apartment/ Landed Property.

Check which 3rd party insurance is covering this. Aproach them with the DC. Insurance company will advise from there.

4. Check Vehicle loan for outstanding payment.

Agree with tineng on this.

DC ~ Death Certificate (Photocopy lots of copy of it)

[Nic a Jon]

agreed with neokn and flubberina on the CPF and housing matters.

As for the car...if it is in the deceased name, then loan company probably repossed

the car . But if the present market value of the car is less than the outstanding loan, they might try to get the family to settle the difference. The thing here is..

the loan company can't sue the deceased's estate or touch his CPF money, if his estate consists solely of HDB flat and CPF monies.

But if the car is in another family member's name, then the owner is liable.

Hope this helps

[hammerhd]

thks guys and gals

Will ask him on that.

[hammerhd]

Thanks for the replies.

As far as i know his house is a resale flat so his dad was paying by cash

His dad is self employed and he has just bought his car not long ago so if he is definity making a huge lost if he selling now.

So my frd now is transfering the house to his name and maybe selling the car off

[cjh]

my condolences to him....

agree with flubberina13 and neokn

same with my fren... he sell away the company and the car and the house and move to a small and cheaper house....

[neokn]

Hi hammerhd,

1. Is your friend a student or working adults?

2. Pardon me for asking this, is his mom still around? Is she working or housewife?

[hammerhd]

working but only sec school

mum is a hsewife

[neokn]

working but only sec school

mum is a hsewife

So I guess the option open to him is pretty limited then.

When you say his dad is self-employed. What type of job is he in? Service or Product industry? Service wise ~ stop it. Product wise ~ someone in the family still can take over as product are self running as old customer will remains.

Car ~ Don't need the extra burden at this current moment.

[flubberina13]

working but only sec school

mum is a hsewife

In that case, try the CDC in his area. They should be able to help with some bursaries thingy or something.

All the best to him...

[hammerhd]

will advised him on that.

Thanks all