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 Help !I'm in trouble!, Credit card and unifi is killing me!

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TSEricSloth
post Apr 16 2014, 01:37 PM

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QUOTE(williamlee_1985 @ Apr 16 2014, 01:35 PM)
CIMB reject may or may not be related to CTOS. Or just call up BNM.

If you want to take chances and make assumptions its up to you.
*
Can check though calling?
Azriefiq
post Apr 16 2014, 01:38 PM

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QUOTE(EricSloth @ Apr 16 2014, 01:35 PM)
So my only option is AKPK?
*
Just try first la. U doesnt really need to register. They have service of nasihat first. Counseling. If they think and they able to make u think u can still go without their help, then dont need to register with them first. Just go ask for their nasihat.

I think they are the only orgz with huge experince to settle thing like this since everyone in the end go them for long time already.
weichong
post Apr 16 2014, 01:39 PM

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To be declared bankrupt, you need to owe RM 30,000 and above.

there is a few ways for you to go about it

if you can afford to pay the credit card, pay it.

if you decide to owe them the money, they cannot do anything to you cause the amount is less than RM30,000, try to negotiate with them to reduce the interest.

i have known people who didnt pay back the credit card and just let the interest build up. when he can afford to pay it back(after 4-5years), he went to the bank and ask the bank to waive all the interest charges and he paid what he owed only and the bank accept it. If you prepare to do this too, do note that you can no longer apply for any loan.
TSEricSloth
post Apr 16 2014, 01:39 PM

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QUOTE(Azriefiq @ Apr 16 2014, 01:38 PM)
Just try first la. U doesnt really need to register. They have service of nasihat first. Counseling. If they think and they able to make u think u can still go without their help, then dont need to register with them first. Just go ask for their nasihat.

I think they are the only orgz with huge experince to settle thing like this since everyone in the end go them for long time already.
*
Do i need to make an appointment?
RoyRF
post Apr 16 2014, 01:41 PM

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AKPK still gud option rite now..

Go there & seek help / advice from them..


Azriefiq
post Apr 16 2014, 01:41 PM

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QUOTE(williamlee_1985 @ Apr 16 2014, 01:35 PM)
CIMB reject may or may not be related to CTOS. Or just call up BNM.

If you want to take chances and make assumptions its up to you.
*
Nah.. easy to know. 3 moth late payment of any loan from any bank including CC, will sure get into BNM CCRS list.
CTOS in other hand, no lawyer letter, no CTOS. Got lawyer letter, can cmfirmed already in CTOS.

CTOS is really good at getting people named after lawsuit given. Coz lawyer got commision after selling named to CTOS. CTOS is private sector after all.
cfa28
post Apr 16 2014, 01:44 PM

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Dear TS, for your info, the thresshold to declare Bankrupt in MY is RM30K

so, based on your debts, you're very far away.

But what u must do is quickly approach AKPK to restructure your CC debts. Cos AKPK does not take cases under Legal Action.

AKPK will probably convert your CC into a Personal Loan which carries lower interest and monthly payment instalments.

But how the hell did u get a CC with salary of only RM1,200.

I am sure BNM (AKPK parent) would like to know but please hurry to AKPK
Azriefiq
post Apr 16 2014, 01:44 PM

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QUOTE(EricSloth @ Apr 16 2014, 01:39 PM)
Do i need to make an appointment?
*
Not sure. Here some other lowyatier post on akpk. Try to read it out.
Might help i think.
https://forum.lowyat.net/topic/876712/+520
Kaka23
post Apr 16 2014, 01:44 PM

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AKPK... or better if can borrow form family members since the amount is not that high..
Azriefiq
post Apr 16 2014, 01:47 PM

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QUOTE(cfa28 @ Apr 16 2014, 01:44 PM)
Dear TS, for your info, the thresshold to declare Bankrupt in MY is RM30K

so, based on your debts, you're very far away.

But what u must do is quickly approach AKPK to restructure your CC debts. Cos AKPK does not take cases under Legal Action.

AKPK will probably convert your CC into a Personal Loan which carries lower interest and monthly payment instalments.

But how the hell did u get a CC with salary of only RM1,200.

I am sure BNM (AKPK parent) would like to know but please hurry to AKPK
*
AKPK doesnt help poeple who already under legal Action? damned.
I dont know that. Dude. U gotta be hurried up then. TM is sure good at sending lawyer to collect their debt.
Learn that on during my streamyx crissis. Luckily TM good enaf to cancel it. After I paid in full ofcoz.
Showtime747
post Apr 16 2014, 01:48 PM

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QUOTE(EricSloth @ Apr 16 2014, 01:18 PM)
Guys, i really need advice on this problem.

I'm was working before now i'm studying, so i amassed quite a sum of debt actually.

I owe HSBC CC rm2658.87
I owe Unifi : rm270
I owe friends and family : 300
I owe rent : 616

My current salary : 1200

Spending: 800
Money that i can afford to pay a month to settle debt: 400

I'm 23 this year.
Both my CC and UNIFI is canceled by HSBC and TM respectively last month. I have UNIFI up my butt,(i settled rm 300 a few days ago previous was more) And i default my CC debt for 3 months already that's why they cancel. Also, CC already want e to settle the debt in full. What should i do?

I have been receiving many calls from collections already and i'm stuck.

What should i do to get out of trouble? I think they're gonna send me a lawyer's letter..

What are my options? I cannot change job because it's flexible with my studies so i can't resign..

My only hope is for PTPTN. But, that is a gamble also because i might get rejected due to my credit rating.... What do guys??? I'm so stressed, I'm under scholarship so tuition is not a problem, but all these collectors are making me depressed!

Can you tell me what is the worst case scenario?

And, if my CC is already canceled/suspended, do i still need to pay for interest every month after that?

Please show me the way out of this rut guys? I haven't slept in 2 weeks.. sad.gif
*
I shouldn't be telling you this, but I pity you. It should not be the right way to do it, but if you are desperate, then you should know what is your option. Your case is not as bad as those ah long case

1. Your amount of debt will not make you a bankrupt. To sue a person bankrupt, the amount must be >RM30k. So, HSBC and TM cannot sue you bankrupt. In fact they can't do anything except to send people to harass you, send you legal letters, send people to knock on your door. They won't ask ah long to chase you because that will get them in trouble. They will just keep calling you until you beh ta han and borrow money to settle with them. So, if you change your phone number and shift to another place, basically they can't do anything. After 7 years, the debt will be statute barred (meaning they can't claim from you anymore)

2. Of course your records in CCRIS will be tarnished. Meaning you cannot get loans from banking and financing institutions anymore. It is actually a good thing for you from getting in further debt. But you can solve this problem later after you graduate and make more money. When you make more money after you graduate, you can go back to them and settle all outstanding money with them (including interest) then you are a free man again

3. The more important thing is to concentrate on your study now. Your amount owing is not that big. Settle your problem after you graduate

Again, the above is not the right thing to do. But you have this option. Of course, the best is to ask your family to help you out and settle everything. Repay your family after you graduate.

Good luck !
navink
post Apr 16 2014, 01:48 PM

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QUOTE(Kaka23 @ Apr 16 2014, 01:44 PM)
AKPK... or better if can borrow form family members since the amount is not that high..
*
i agree with this.. ur family cannot "up front" the money to settle ur debt ka?
u applied / going to apply PTPTN so once approved pay back la..
Pain4UrsinZ
post Apr 16 2014, 01:48 PM

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Dear TS, why u don't ask help from family ? maybe Rm 1000 can help a lot
Azriefiq
post Apr 16 2014, 01:50 PM

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If you want to enroll in our DMP, you have to attend AKPK’s DMP Briefing held daily at its headquarters in Kuala Lumpur (10.00am, 12.00noon and 3.00pm – Monday to Thursday and 10am & 12noon on Friday), or its branches in Penang and Johor Bharu. For other locations please check with our website or call our toll free number. This will help you decide whether you want to proceed or not.

DMP (Debt Management Programme) Application Process
Step 1: Public Briefing
 Customers are encouraged to attend a briefing session to understand the services of AKPK at any AKPK branches provided with the briefing facility (walk-in).
Day 10:00am 12:00noon 3:00pm
Monday Bahasa Melayu Bahasa Melayu English
Tuesday Bahasa Melayu Bahasa Melayu Bahasa Melayu
Wednesday Bahasa Melayu Bahasa Melayu Bahasa Melayu
Thursday English Bahasa Melayu Bahasa Melayu
Friday Bahasa Melayu Bahasa Melayu
 Branches without briefing facility, customer may see counsellors immediately.
 After the briefing, customers wanting to join AKPK's DMP must prepare the relevant documents prior to attend the counselling sessions.

Step 2: Documents Required
 Latest CCRIS Report from Bank Negara Malaysia
 Latest loan statements for all facilities
 Latest salary slip if employed
 If self-employed, please provide the proof of your income such as statutory declaration
 Latest EPF statement if you want to restructure your housing loan
 Legal documents (if any)
 Income Tax Statements (if any)

Step 3: Counselling
 With the complete documentation, the customer attends a one-to-one counselling session with AKPK’s credit counsellor.
Monday – Thursday 8.30am – 4.30pm
Friday & *Saturday 8.30am – 12.00noon
*Closed on Public Holiday
 In this session, the credit counsellor will do the assessment on your income, expenses and all the debts and will try to restructure your debts with reasonable monthly instalments.

Step 4: DMP Application
 If agreeable with the proposed plan and payment amount, the customer is required to apply for DMP enrolment through the Online DMP application.
 Upon completion of the Online DMP application, the customer is required to make the first payment to AKPK within 10 days from the date of submission.
 Customer should refer to any counsellors if he/she failed to pay the first payment.

Step 5: Confirmation of enrolment into DMP
 Within 14 days from the date of receipt of the customer's first payment (estimated), AKPK will advise the customer in writing regarding the status of the application and notify the respective Financial Institutions (FI) accordingly.

The DMP is extended to individuals who fall under these categories:
 Not adjudged a bankrupt
 Unable to manage one's own debts
 Must have a positive net income
 Not under advanced litigation process
 Loans taken are from institutions regulated by Bank Negara Malaysia
 Loan exposure of less than RM2 million
Azriefiq
post Apr 16 2014, 01:52 PM

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QUOTE(Showtime747 @ Apr 16 2014, 01:48 PM)
I shouldn't be telling you this, but I pity you. It should not be the right way to do it, but if you are desperate, then you should know what is your option. Your case is not as bad as those ah long case

1. Your amount of debt will not make you a bankrupt. To sue a person bankrupt, the amount must be >RM30k. So, HSBC and TM cannot sue you bankrupt. In fact they can't do anything except to send people to harass you, send you legal letters, send people to knock on your door. They won't ask ah long to chase you because that will get them in trouble. They will just keep calling you until you beh ta han and borrow money to settle with them. So, if you change your phone number and shift to another place, basically they can't do anything. After 7 years, the debt will be statute barred (meaning they can't claim from you anymore)

2. Of course your records in CCRIS will be tarnished. Meaning you cannot get loans from banking and financing institutions anymore. It is actually a good thing for you from getting in further debt. But you can solve this problem later after you graduate and make more money. When you make more money after you graduate, you can go back to them and settle all outstanding money with them (including interest) then you are a free man again

3. The more important thing is to concentrate on your study now. Your amount owing is not that big. Settle your problem after you graduate

Again, the above is not the right thing to do. But you have this option. Of course, the best is to ask your family to help you out and settle everything. Repay your family after you graduate.

Good luck !
*
Good saying bro. Agreed.
cfa28
post Apr 16 2014, 01:55 PM

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QUOTE(Azriefiq @ Apr 16 2014, 01:47 PM)
AKPK doesnt help poeple who already under legal Action? damned.
I dont know that. Dude. U gotta be hurried up then. TM is sure good at sending lawyer to collect their debt.
Learn that on during my streamyx crissis. Luckily TM good enaf to cancel it. After I paid in full ofcoz.
*
To correct my earlier statement

Who is entitled?
Any individual who satisfies the DMP criteria of:

not being a bankrupt
not being in an advanced stage of litigation
having sufficient net disposable income after meeting one’s expenses, and
having a total debt size of not more than RM2 million

http://www.akpk.org.my/services/debt-manag...ce-introduction

Ask my Bankers Friend, Legal Letter / Letter of Demand still okay, AKPK can ask Banks to withdraw but if already commence Court Action, then too late





TSEricSloth
post Apr 16 2014, 01:57 PM

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QUOTE(navink @ Apr 16 2014, 01:48 PM)
i agree with this.. ur family cannot "up front" the money to settle ur debt ka?
u applied / going to apply PTPTN so once approved pay back la..
*
No family willing to help all sibeh kiamsiap i no parents..
funnybone
post Apr 16 2014, 01:58 PM

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QUOTE(DSV4600 @ Apr 16 2014, 01:22 PM)
Declare bankrupt.
*
He can't coz his debt is not above RM30K. TS, I don't believe you need to worry much, engage HSBC bank and work out a settlement. If you can justify your case, they might waive the interests even. From the bank's perspective, it is better to get back something rather than nothing. Unifi, can totally ignore, you just get blacklisted only....your debt is still manageable, good luck
TSEricSloth
post Apr 16 2014, 01:59 PM

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QUOTE(Showtime747 @ Apr 16 2014, 01:48 PM)
I shouldn't be telling you this, but I pity you. It should not be the right way to do it, but if you are desperate, then you should know what is your option. Your case is not as bad as those ah long case

1. Your amount of debt will not make you a bankrupt. To sue a person bankrupt, the amount must be >RM30k. So, HSBC and TM cannot sue you bankrupt. In fact they can't do anything except to send people to harass you, send you legal letters, send people to knock on your door. They won't ask ah long to chase you because that will get them in trouble. They will just keep calling you until you beh ta han and borrow money to settle with them. So, if you change your phone number and shift to another place, basically they can't do anything. After 7 years, the debt will be statute barred (meaning they can't claim from you anymore)

2. Of course your records in CCRIS will be tarnished. Meaning you cannot get loans from banking and financing institutions anymore. It is actually a good thing for you from getting in further debt. But you can solve this problem later after you graduate and make more money. When you make more money after you graduate, you can go back to them and settle all outstanding money with them (including interest) then you are a free man again

3. The more important thing is to concentrate on your study now. Your amount owing is not that big. Settle your problem after you graduate

Again, the above is not the right thing to do. But you have this option. Of course, the best is to ask your family to help you out and settle everything. Repay your family after you graduate.

Good luck !
*
You mean just pay my rent first, then slowly save money settle UNIFI debt, and then CC in one go?
MR.Jellyfish
post Apr 16 2014, 02:01 PM

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QUOTE(EricSloth @ Apr 16 2014, 01:18 PM)
Guys, i really need advice on this problem.

I'm was working before now i'm studying, so i amassed quite a sum of debt actually.

I owe HSBC CC rm2658.87
I owe Unifi : rm270
I owe friends and family : 300
I owe rent : 616

My current salary : 1200

Spending: 800
Money that i can afford to pay a month to settle debt: 400

I'm 23 this year.
Both my CC and UNIFI is canceled by HSBC and TM respectively last month. I have UNIFI up my butt,(i settled rm 300 a few days ago previous was more) And i default my CC debt for 3 months already that's why they cancel. Also, CC already want e to settle the debt in full. What should i do?

I have been receiving many calls from collections already and i'm stuck.

What should i do to get out of trouble? I think they're gonna send me a lawyer's letter..

What are my options? I cannot change job because it's flexible with my studies so i can't resign..

My only hope is for PTPTN. But, that is a gamble also because i might get rejected due to my credit rating.... What do guys??? I'm so stressed, I'm under scholarship so tuition is not a problem, but all these collectors are making me depressed!

Can you tell me what is the worst case scenario?

And, if my CC is already canceled/suspended, do i still need to pay for interest every month after that?

Please show me the way out of this rut guys? I haven't slept in 2 weeks.. sad.gif
*
just declare bankrupt, you will default on the CC loan and not declared bankrupt due to its less than 30k now throw the card away and enjoy being debt free

Note : this way will get you blacklisted for 5 years

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