Suppose person reach age 55 and still working.
He transfers all his assets and savings to wife so he has nothing.. he takes all his CPF that can be taken out and gives t to his wife.
He open accounts with many banks In the form of lines of credit or credit cards.
So you borrow 200k-400K from the banks.
Then you use thus money to top up your wife's RA account right up to ERS
Then you lose your job is unable to service your borrowings for the bank.
You tell the bank...you can't pay them back and your entire asset outside of CPF is zero except the clothes in your cupboard...if they want they can take your underwear.
My question is what can the bank do yo you?
When your wife reach 65 you start to enjoy payout from CPF Life can they seize the money?
(28-02-2024, 06:15 PM)sgbuffett Wrote: [ -> ]Suppose person reach age 55 and still working.
He transfers all his assets and savings to wife so he has nothing.. he takes all his CPF that can be taken out and gives t to his wife.
He open accounts with many banks In the form of lines of credit or credit cards.
So you borrow 200k-400K from the banks.
Then you use thus money to top up your wife's RA account right up to ERS
Then you lose your job is unable to service your borrowings for the bank.
You tell the bank...you can't pay them back and your entire asset outside of CPF is zero except the clothes in your cupboard...if they want they can take your underwear.
My question is what can the bank do yo you?
When your wife reach 65 you start to enjoy payout from CPF Life can they seize the money?
It is not say you want to borrow bank will lend you. They will do checks. Those seldom check are loanshark why not you try borrow from them and put inside RA and tell ahlong no monies pay back see how they write off bad debts
The bank managers who approve yr credit lines will be fired
(28-02-2024, 06:15 PM)sgbuffett Wrote: [ -> ]Suppose person reach age 55 and still working.
He transfers all his assets and savings to wife so he has nothing.. he takes all his CPF that can be taken out and gives t to his wife.
He open accounts with many banks In the form of lines of credit or credit cards.
So you borrow 200k-400K from the banks.
Then you use thus money to top up your wife's RA account right up to ERS
Then you lose your job is unable to service your borrowings for the bank.
You tell the bank...you can't pay them back and your entire asset outside of CPF is zero except the clothes in your cupboard...if they want they can take your underwear.
My question is what can the bank do yo you?
When your wife reach 65 you start to enjoy payout from CPF Life can they seize the money?
Transactions have record.
(28-02-2024, 06:15 PM)sgbuffett Wrote: [ -> ]Suppose person reach age 55 and still working.
He transfers all his assets and savings to wife so he has nothing.. he takes all his CPF that can be taken out and gives t to his wife.
He open accounts with many banks In the form of lines of credit or credit cards.
So you borrow 200k-400K from the banks.
Then you use thus money to top up your wife's RA account right up to ERS
Then you lose your job is unable to service your borrowings for the bank.
You tell the bank...you can't pay them back and your entire asset outside of CPF is zero except the clothes in your cupboard...if they want they can take your underwear.
My question is what can the bank do yo you?
When your wife reach 65 you start to enjoy payout from CPF Life can they seize the money?
how you borrow 200k to 400k from banks without asset or guarantee ?