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Fund Investment Corner v3, Funds101
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SpringBreak2012
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 May 13 2022, 08:49 PM
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New Member
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Hi, would like to ask for sifus opinion.
A family member would like to apply for a long-term savings and investment plan (it's legit, 12m x 5y w/ 20 year maturity) in my name with payments fully made by them. It's a nice gesture, but since it's being made in my name I would like to know what is the worst case scenario that could happen?
e.g.
1) Payment is not made on time - any impact on my CCRIS?
2) Payment is not made on time - will I be hounded by payment reminders?
3) And anything else that could happen?
This post has been edited by SpringBreak2012: May 13 2022, 08:49 PM
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SpringBreak2012
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May 14 2022, 10:13 PM
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New Member
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QUOTE(MUM @ May 13 2022, 09:12 PM) my wild guess while waiting for value added responses,... saving plan is NOT a loan,.....thus will has no bearing to your CCRIS report. if this saving plan is like those of "insurance saving plan,.... then my guess is that the money inside will greatly reduced if in the event that there is a discontinuation of the plan midway .... and yes, they will sent you payment reminder if can tell them to put inside your EPF a/c Okays that sounds reasonable to me. Will take note on your advice on maintaining continuous payment. |
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SpringBreak2012
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May 14 2022, 10:21 PM
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New Member
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QUOTE(joshgm_119 @ May 14 2022, 10:57 AM) Is it via an insurance company thats offering these? If yes, it would be similar to an insurance policy and worst case being that it lapses if payments are not made, no impact to CCRIS as that would primarily be looking at non payment of loans/borrowed money/credit facility. Also, getting a copy of the terms & conditions should lay this out for you. Just my 2 cents, and happy to be corrected in case I am wrong. Thank you for the reassurance, I think is the case too. Will get a copy of the T&C as advised to confirm this. |
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