CPF TRANSFER MONEY TO RETIREMENT ACCOUNT @ AGE 55, NOW S’POREAN WILL LOSE HDB FLAT

Please refer to your article on ALL SINGAPORE STUFF regarding family who cannot pay conservancy charges end up paying more.

I have a similar problem. I defaulted on my bank loan for HDB flat cause CPF stopped paying when I turned 55 years.

I normally pay 725 in monthly installments but when I defaulted, DBS charging me late fees of about $ 1000 monthly . My default amount was about $4,000. I have since paid more than
$11 000 but according to DBS , I am still in arrears.

DBS have also started legal proceedings to repossess my flat.

I have my next court date on 8th September. The judge will most probably rule against me and allow DBS to repossess my home.

I have all documents and correspondence and payments proof. I also have the latest statement of my bank loan which DBS initially refused to give me until ordered by the courts.

I have sent an appeal to my MP, but now almost more than a month and completely no response.

After I turned 55, CPF transfers funds from OA to RA. but I still had some funds in OA until exhausted in May 2016.

As I was overseas, I did not receive any mail from DBS regarding default until November when they sent me an email.

After getting confirmation that CPF approved to transfer more funds to OA to service the loan on 9th December, I informed DBS.

1st march they started proceedings against me. 17th March monies was transferred.

I have spoken to DBS many times to reconsider their high interest and even send them email thru their lawyers but all have been rejected.

What should I do?

Mr S.
A.S.S. Contributor