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News article - Mother blows $1M compensation in a year .....

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News article - Mother blows $1M compensation in a year .....

Postby Barnsley » Wed, 11 Jun 2014 11:08 am

Interesting timing for this with the current hoohah regarding the CPF and how to get at your money.

:o
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Re: News article - Mother blows $1M compensation in a year .

Postby the lynx » Wed, 11 Jun 2014 11:10 am

Barnsley wrote:Interesting timing for this with the current hoohah regarding the CPF and how to get at your money.

:o


URL? Keyword? Singapore or UK?

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Re: News article - Mother blows $1M compensation in a year .

Postby Barnsley » Wed, 11 Jun 2014 11:39 am

the lynx wrote:
Barnsley wrote:Interesting timing for this with the current hoohah regarding the CPF and how to get at your money.

:o


URL? Keyword? Singapore or UK?


It is the widow of the guy killed at Changi airport when the tourist stole a cab a couple of years ago.

http://www.themalaymailonline.com/malay ... 5m-in-year

It was on Asiaone this morning but I cant see it there now :D
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Postby zzm9980 » Wed, 11 Jun 2014 11:50 am

In 2012, her husband, Chandra Mogan Panjanathan, was killed after he was hit by a taxi hijacked by a Chinese national while operating a floor-scrubbing machine outside the Changi Airport’s Budget Terminal.


The driver who hit Chandra fatally is now serving a jail sentence of two years and one month for voluntarily causing hurt in committing robbery.


I wonder how long his sentence would have been if he had hit a local. Or more so, a well-off local returning from holiday.

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Postby bgd » Wed, 11 Jun 2014 11:53 am

That is sad, especially for the children. A good start in life thrown away.

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Postby earthfriendly » Wed, 11 Jun 2014 12:31 pm

She was fortunate in that she received counselling with her windfall. Many people who ended with a fortune (e.g. lottery winners and those in professional sports) never had that luxury and it became easy for them to blow it.


Along with the money came financial counselling for her to apportion S$200,000 to each of her four children, with the rest for herself.

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Postby sundaymorningstaple » Wed, 11 Jun 2014 12:54 pm

earthfriendly wrote:She was fortunate in that she received counselling with her windfall. Many people who ended with a fortune (e.g. lottery winners and those in professional sports) never had that luxury and it became easy for them to blow it.


Along with the money came financial counselling for her to apportion S$200,000 to each of her four children, with the rest for herself.


The problem was, after she blew through her 150K she rifled her children's accounts and blew the remaining 800K as well. So the kids don't have any future either. Her financial counciling apparently didn't have "checks & balances" in place to oversee that the funds remained in place.

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Postby earthfriendly » Wed, 11 Jun 2014 1:05 pm

It is only a counseling service, not an in-depth financial service where they could have set up a trust or something.

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Postby ecureilx » Wed, 11 Jun 2014 1:26 pm

not hard to loose it

when one of our relative was in India another relative spun a story that if he had a business employing locals it will be easier to seek long term residency, so the visitor pumped in money for a delivery truck ... and then there wasn't enough returns and the advisor said it Is hard to operate and get regular booking with one so better with 3 ... and then add one more ...

these were used trucks and spent more time in the workshop ... than making money ...

and one day the investor decided he wanted to close everything only to find out the local 'partner' had taken loans from a money lender and never paid any dues, and the trucks now didn't even belong to the investor any more and all were gone ...

such is life ... when you get money if you don't know how to manage it, just keep it in the bank and just don't do anything ... that way it will last longer says me ...

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Postby the lynx » Wed, 11 Jun 2014 1:29 pm

Damn... what an idiot. Her husband's death is all in vain. Not saying that he died to give her money, but still, she ought to have the sense of stewardship since she was given a second chance in life after losing her loved one.

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Postby PNGMK » Wed, 11 Jun 2014 4:15 pm

the lynx wrote:Damn... what an idiot. Her husband's death is all in vain. Not saying that he died to give her money, but still, she ought to have the sense of stewardship since she was given a second chance in life after losing her loved one.


Pretty much every individual I have seen receive a decent lump sum has blown it. I count myself in that as well ($160,000 profit from a house sale lost in a bad business). It's a lesson that has to be learned the hard way for some. There are individuals out there who only know how to take money of these people and nothing else I swear.

This woman had people (her BIL) preying on her night and day. Unless the money was in an irrevocable trust eventually someone was going to get at it.

When my father died when I was 4 the third party compensation ended up in a 0% account with the state government - I got it at 18. My sister's lasted about 6 months, mine lasted all my life and I can trace the money I have today to that $4,000 I got in 1982.

This story is no where near the worst I have heard in Singapore - the worse ones are when someone grabs the death cert and races to CPF to claim the DPS insurance before the widow realizes what the hell has happened.

My ex got AUD$150,000 in our settlement. She went through that in less than a year I'm told... a stay at home housewife!

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Postby ecureilx » Wed, 11 Jun 2014 4:24 pm

PNGMK wrote:. There are individuals out there who only know how to take money of these people and nothing else I swear.
!


no truer words said ....

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Postby the lynx » Wed, 11 Jun 2014 4:27 pm

PNGMK wrote:This story is no where near the worst I have heard in Singapore - the worse ones are when someone grabs the death cert and races to CPF to claim the DPS insurance before the widow realizes what the hell has happened.


I cannot think that it is possible. The DPS insurance, unless nominated otherwise, automatically goes to the spouse, or children, or parents in that order, depending on the marital status of the deceased.

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Postby ecureilx » Wed, 11 Jun 2014 4:34 pm

the lynx wrote:
PNGMK wrote:This story is no where near the worst I have heard in Singapore - the worse ones are when someone grabs the death cert and races to CPF to claim the DPS insurance before the widow realizes what the hell has happened.


I cannot think that it is possible. The DPS insurance, unless nominated otherwise, automatically goes to the spouse, or children, or parents in that order, depending on the marital status of the deceased.


you are right

it goes to the Estate and the Official Assignee's appointed officer will do the needful ... including reviewing the Will ....

never knew you can claim DPS just like that ... as PNGMK says ....


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