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..
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 !