Latest Update: THANK YOU FOR ALL YOUR SUPPORT! We managed to buy time until 31 October 2021, thanks to the donation we have collected so far and whatever we managed to raise privately. We still need help to hit the target. Please continue supporting and sharing
The main purpose of this fundraiser is to have many of YOU out there backing this campaign for as little as $1 each, to SHOW DISAPPROVAL OF THE CREDITOR for lacking the humanity and sympathy for taking such action against the couple, especially during such extraordinary times and circumstances, and to buy time for their Legal Guardianship to be processed and approved so that their property can either be sold for a decent margin or the loan be transferred to another more sympathetic lender with a more suitable repayment scheme and tenure. This is in light of the current lender not willing to wait out this process.
The amount owed skyrocketed when the husband started to face deterioration in his mental capacity at beginning of 2021, which led to the payment cycles being left unmanaged, while medical expenses began eating into their savings. The wife's slow decline started in 2019.
Late payment fees and interest started to pile up while their ballooning medical expenses dried up their bank accounts.
The amount targetted here is the balance that needs to be raised. Part of the outstanding arrears has been covered through private fundraising.
This campaign has 2 additional objectives, to raise awareness that loans through financial institutions other than banks will have less leeway for re-negotiation even under the current economic upheaval caused by the pandemic, nor will the health situation of the debtors come under consideration when it comes to a decision to take action against them for delay of payment.
Second, to highlight the plight of debtors when they suffer from mental deterioration due to the onslaught of dementia during the loan tenure and have limited avenues to seek recourse.
Legal guardianship for the 2 of them (husband 83 years old, wife, 80 years old) is being processed, but the application and approval process can stretch on for 6 to 7 months. With Legal Guardianship, decisions can be made on their behalf and also made in their best interest. Engaging of agents to sell the house requires a signatory to sign on their behalf, so that they can get the best value from the deal and clear off their loan.
The plan ahead is to settle the arrears, prevent eviction (as they had mentioned on many occasions while they were lucid, to have this home as their last), get the guardianship sorted to open up other options, and transfer the loan to a bank on a longer tenure, lower interest rates and a more friendly arrangement.
They have now until 31 October 2021 to pay up their arrears in full to have the eviction order rescinded.
A very big thank you to all donors for your kind-hearted support. Your help really means the world to them.