What is overlap loan? is it just another way of selling personal loan?

Anyway, instead of looking at loan commitment amount, actually you should be looking at interest rate, savings in early loan settlement, etc.

and also, looking at your history, doesn't seem like the best of idea to get a loan to cover another loan.

For the loan that bank rakyat offers you, based on my calculation, it is 3.44% flat rate, which means effectively it is at 6%+ p.a.. At this rate for a personal loan, i believe it is as low as it gets (not too sure, never needed to apply for personal loan before).

Now, your personal loan that is 770 per month, what is the interest charged, repayment period, etc...?

As for your credit card, what is the outstanding balance.

i'm not great at calculating these things, still learning, but the idea here being that
1) if your new loan offers lower interest rate compared to the interest of your personal loan and credit card loan, then might be OK to get it.
2) the consideration is how the new loan can create savings for both your cc balance and your current personal loan. if at the end of the day, you do save a ot of money, yes. so herein lies what terms and conditions of the previous personal loan? don't need to know about CC, cause that's 18% daily, known fact.
3) at 3.44% p.a flat rate, EIR 6%+ though, the rate is definitely higher than your ptptn loan, so no, don't use it to cover your ptptn loan.

Is it that hard to make the choice? You mentioned that you somehow regret about what happened when you are younger.

Shouldn't your priority is to get out of debt as soon as possible? or you still stuck somewhere yesteryear?

(800x15)+33,000+71,000 = existing repayment

1,400x120 = new plan

Your call?

But those amount only if i made full settlement. If i continue paying monthly. It should be more or less like below:

Rm37-39k(ptptn + 1 percent interest) + rm91k(personal with interest) + rm12k not including interest which i dunno whether itll increase every month due to interest.

What if you have hiccups with your new plan? There's additional interest as well.

You are paying myr800 / month for CC and should be cleared within 15 repayments? So, what's the issue?

What's your monthly repayment for PL and for how many months more?

First option is obviously better,
With 40k on hand, if got retrenchment within this year's, you still can pay back the loan for few months.

Apologise for not having a proper read on your first post. I reread it.

So, it's

(800x15)+(let's make it 40K for PTPTN)+(770X9 years or 108)

against

1400 x 120

anyhow, it's your call. I'm only 2 years older than you yet, I'm debt-free and owns a considerable amount of assets to sustain my current lifestyle. (I'm not really working at this moment)

my point is managing your debt is important, don't let debt hinder you from greater things.

i think you really need to clear your head and see what you have mentioned... taking a higher interest loan to cover a lower interest loan is definitely NOT a bright side.

the problem with your calculation is you compare the loan repayment amount of BEFORE and AFTER... which is not the right way to go... 1800 vs 1400 but this is not over the same time period.

point made by another forummer which i forgot, is that chances are by settling your previous personal loan, you probably don't save much.

you end up in longer loan. longer repayment period.

Now you are paying all the installments without delays, right? If yes, please take the loan, bank needs your money, I also need people like you in order I can enjoy > 4% of FD interest rate.
I always envy people that can take high loan amount as I'm not entitled to.

1st question..are u a govt servant? coz u can nego better rates

i will give u the answer u wanna hear. seems u really wanna give the bank rakyat guy the commission..lol

u can consolidate ur debt into one debt

but just only the ptptn and the other personal loan. make the new loan tenure at 9 years.

no need to do for credit card as it will be finished in 15month time..why the hell u wanna drag that into 9 years unless ur an idiot (i hope ur not)

looking at ur spending i reckon u love to use future money..so yeah plan ahead yar

btw we are at same age...lol

You shall know how much interest you are paying for nothing from personal loans and it is very bad on financial management, yet you refuse to learn from mistake but instead looking for people to support your move to retake personal loan again.
Since you refuse to learn from your mistake, then why open a thread and when people are telling you how bad such loan are, you still want to more people to support taking overlap loan are good. So why would I waste time to educate you?

Please disregard supersound. He is known to be a bad mannered and self-conceited person with generally unhelpful comments.

Let me help you with approximate calculations based on the limited info you provided:

First off, it's important to note that Simple Interest (used in car loan, PTPTN, and personal loans) is different from Effective Interest Rate (EIR). So we have to convert all of them to their respective effective interest rate.

I used this conversion calculator to do it for you. But I had to approximate some of the parameters (e.g. tenure, interest rate, loan amount) somewhat.

The approximate EIR for each of your existing facilities are as follows from most exp to cheapest:

1) Credit Card
    - EIR = 13.5% - 18% p.a. (depends on your repayment history)
2) Existing Personal Loan
    - EIR = 8.71% p.a. (I used RM90k, 15yrs, 5.3% to calculate)
3) Car Loan
    - EIR = 6%-8% p.a. (I used RM80k, 9 yrs, 3.4% to calculate)
4) Housing Loan
    - EIR = 4.3%-5% p.a. (based on current market rates)
5) PTPTN
    - EIR = 2%-5% p.a (depends on your repayment scheme)

As for your new offers:
Option 1 - EIR = 6.29% p.a. (RM160k @3.5% for 10 years)
Option 2 - EIR = 6.19% p.a. (RM125k @3.44% for 10 years)

At this point, it is obvious that the new P Loan offers are only cheaper than your credit card and existing P.Loan (maybe a small chance your car loan too), but more expensive than your Housing Loan and PTPTN.

However, you must know that there is some price to pay for early termination of a Car Loan and a P.Loan, which will likely not make it worthwhile to pay off these 2 loans early (Read: Rule of 78)

Hence, if for those offers, I would recommend to borrow only just enough to clear off your credit card debts and nothing more.

That way, you will come out ahead.

Somewhat agrees with you; generally, financial savviness is rubbed off from immediate family members and close friends, and if it is not found within this closed circle of relatives and friends, it is easier said than done "better borrow from family members" as all could be in the same boat.

The damaged was already done once the loans was signed, as the bulk of installment payments in the first several months/years was for interest payment. So how much would one really saves by using a loan of lower interest to replace another loan? I doubt there would be hardly any difference, especially if the installment is lower than the previous installment such that the tenure would be longer.

7-9 years car loan. Damage already done. Convert the flat rate interest to effective rate to know the true cost of interest. Read the rule of 78 on how much is the outstanding balance if to fully pay and terminate the loan. Basically, would only end the loan immediately if a cart load of money suddenly dropped onto my lap.

Same with personal loans with flat rate interest. Unless of course there is a guardian angel who can provide help with very low or no interest.

As for housing loans, damage already done when the longest possible tenure of 30 or 35 years was signed. Why the longest possible tenure? To have the highest possible loan amount with the lowest possible installment. Again, the bulk of the interest cost is in the first several years; the lowest possible installment would hardly cover the monthly interest.

Ideally, it should have been paying the highest possible installment when taking any loans. Not the lowest possible.

Consolidation of loans. This is only applicable if there are 2 or more credit card debts, where the outstanding balance of the higher interest card is transfer to the other card.

I doubt it would be applicable to consolidating several personal loans by getting another new loan. It could be merely for the sake of convenience of paying one installment instead of several times a month. It could be worse if this one big loan is defaulted; while previously there was an option to delay payments on the loan with the lowest interest when there is inadequate money to pay all of them.

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Above is out of topic, no reference to TS situation... my 2 cents on TS situation still remains as in previous post... tighten belt, bear the pain and continue on with the existing loans instead of thinking too much. It's only about half of his income.

Practice makes perfect. To live within our incomes need practice too; and it is better to start immediately without any further prograstination. Once the cc and personal debts are ended one by one, and if the changes in budgeting practice still remains, the 'installments' would continue on as 'savings'.

A bit out of topic but if you dont mind, can I understand why you took a personal loan when you were younger?  For what purpose?  Its a sincere question and I am not judging.  Just trying to understand why people take personal loans and end up in a financial trouble early in life.  Thanks.