hi all,

please help me manage on my below 9 product/facilities DEBT.


format ( current outstanding/total loan | Year started loan | tenure | monthly payment )

CAR LOAN (HP)
HLB RM45,XXX / RM69,100 | 2012 | 9YRS| RM784

PERSONAL LOAN
BRRK-I RM103,XXX / RM110,000 | 2015 | 10YRS | RM1538
MBSB-I RM76,XXX / RM80,000 | 2013 | 25YRS | RM533
HLB-I RM30,XXX / RM30,000 | 2016 | 5YRS | RM715



CREDIT CARD (current outstanding / total limit | 5%)
MBB RM12,888 / RM12,000 | RM6XX
BRRK RM2,100 / RM3,300 | RM15X
RHB RM5,800 / RM7,000 | RM30X
HSBC RM6900 / RM8,000 | RM35X
AEON RM11,000 / RM12,000 | RM55X

AH LONG @ LICENSE MONEY LENDER
RM12,000 CASH OR RM3,200 FOR 6 MONTH



TOTAL = RM331,000 (exclude AHLONG)




SALARY = RM8,000 (AFTER DEDUCTION IS RM6,500 NETT)


other commitment
UNIFI RM179 + GST
DIGI RM180-RM200 (POSTPAID)
TNB+SYABAS RM150-200
AIA INSURANCE FOR FAMILY RM200
KIDS / KINDERGARDEN FOR 2 RM1,000
COWAY RM1XX

non-fixed
VEHICLE SERVICE RM100-RM150
TOUCH AND GO RM100-RM200



summarize;

BANK COMMITMENT
LOAN RM2788
HP RM784
AHLONG RM3,200
C.CARD RM2,000

FAMILY COMMITMENT / TO SURVIVE
RM2,500 (all above)

exclude toll, petrol food etc


The CHALLENGE is to reduce total product/facility going to AKPK as much as possible.


current self-approach (call banker 1 by 1)
1. MBB CREDIT CARD = willing to convert to fix term..4.95% pa.3yrs..monthly rm306 BUT need to reduce/cash paid limit below 80% (RM9,600 ) then able to convert
2. HSBC CREDIT CARD = 9-12% up to 5yrs but will approval/checking records
3. AEON CREDIT CARD = manager will call back since the facility (convert credit card to fix term) already been terminated recently (2016)
4. RHB CREDIT CARD = NO as stated by call operator
5. BRRK CREDIT CARD = no need , outstanding 2k can settle (after i cash out others credit.card available..perhaps?)
6. BRRK PERSONAL LOAN = need to meet manager at branch (will do)
7. HLB HP & HLB-I PERSONAL LOAN = call no answer, need to go branch
8. MBSB PERSONAL LOAN = call no answer, will re-try


really appreciate if someone in LYN forum able to offer some OUTSIDE 1 big loan to cover all above loan
(10-20 yrs tenure)
plan to get OUTSIDE/NON bank loan , settle all debt , get low/clear commitment as per CCRISS report, buy a house using bank loan, after 5 years refinance house, pay lump sump outside loan

FYI, this month-end i will go for AKPK. Already met then before (but not registered yet) .

Holy... Good luck bro, help you bump.

I am in shock too , so much debt . I would advice to get AKPK to help you out .

wow..

how abt cost cutting first
UNIFI RM179 + GST ->try postpond/terminate/say move house to somewhere with no unifi
DIGI RM180-RM200 (POSTPAID) ->change to prepaid, max allowance rm30/month
TNB+SYABAS RM150-200 ->stop using aircond
AIA INSURANCE FOR FAMILY RM200 ->dont change
KIDS / KINDERGARDEN FOR 2 RM1,000 ->change to cheaper option?
COWAY RM1XX ->terminate/postpond

this can offset at least rm180+rm200+100+100 almost rm600 per month
use your car for uber/grab and add perhaps another rm500 of income

pay debt that has highest impact/interest
i guess it should be the along one.
heck i would even take cash advance from cc to pay out this one first.

then tackle the credit card one.
pay off the smallest first/highest interest one first
convert to term loan/balance transfer to lower interest one



This post has been edited by fireballs: Jan 12 2017, 12:41 AM

UNIFI can downgrade back to Streamyx back?im IT person..remote/VPN/high speed internet is part of my life
DIGI = good suggestion..will do it
TNB+SYABAS = can't help..baby need to have aircond else wont comfortable..fan wont help..outisde have bad weather.
KIDS / KINDERGARDEN FOR 2 RM1,000 = its the cheapest since it cost for 2..one of it infant..market now is RM500
COWAY = will do .thanks

Go AKPK and surrender yourself...

Then, AKPK will total up all loans (except housing and car loan if not mistaken)... give you minimum interest and up to 10 years return period....

However... for those 10 years, cannot create anymore loan/debt. Your name will be quarantine....so, can purchase house, new car, cannot use credit cards...

It helps.. trust me...

开源节流 = open new income, shut expenses

Salary 8k, borrowing 300k

Means even if half your salary go to repay loan, you still need 8 years to repay. Instead of going to AKPK or consolidate your loan, you may be better off go the bankrupt route

Repay the ah long so they dont kacau you and your family. Make yourself bankrupt. Suffer for 5 years. After 5 years, apply to discharge your bankruptcy

AKPK is the way to go for you. But they do not deal with Along so you need to find a way to pay them yourself

The loan amount look normal to me, until i see the CC outstanding amount! *shocked* Even for MBB its higher than credit limit.. TS mind to share what did u use those CC high spending for..

Just like others mention, can try settle one by one debt start from the lowest, using monthly allocation saving. Iinm its called snowballing method. I think 2 or 3 CC which amount 2-6k can be settled soon with high discipline and cut unnecessary monthly spending.

This doesn't look like a normal case of accidentally used too much money/gambling/whatnot.

I suspect it's your lifestyle that is the issue here. I suggest going to AKPK and settling your loans then start fresh.

Don't even think about finding short cut/short term solution like what you already have in mind - taking a one big lump sum loan and later refinancing your house - this does not solve your problem, but merely delaying it. Worst of all, if you can't pay off your loan commitments now, what makes you think you'll be able to pay the refinance of your house later on?

Most probably you won't be able to and you'll lose the house, which is bad because you've got a family.

AKPK and stick to it, clear everything the hard way and then stick to your finances.

You can try to do balance transfer for all your CC cards into one particular card/bank and start paying monthly based on the new monthly payment of those lump-sum outstanding balances transferred.

with that wage you can can support a 100k car loan and a half a million house and monthly repayment of 1400 myr easily bro. that's what I'm paying on my side so good luck

Bro, look at all his cc limit is almost max out.. how to do BT?

I'm really curious on what he did with all his Personal Loan money..

I urge you to go to AKPK. It is the only way you can restructure your debts.

As for your Ah Long situation, you may want to borrow money from everyone and settle that immediately, as AKPK does not recognize Ah Longs as official money lender.

All the best

Then better go apply another 500k and bankrupt?
300k also bankrupt, 800k also bankrupt.. Might as well bankrupt with some cash lo

QUOTE(remy_tailo @ Jan 12 2017, 12:40 AM)
UNIFI can downgrade back to Streamyx back?im IT person..remote/VPN/high speed internet is part of my life biggrin.gif -->use your time to uber/grab instead of watching internet. streamyx not cheap also. dont bother. ..is not that i don't want to..but since i were working in IT Banking sector..weekend also need to standby..else any issue on transaction, people wont able to withdraw their money (i'm back-end coder)

DIGI = good suggestion..will do it -->change to umobile. free 1gb each month. sufficient for basic use at rm30 with 214minutes of calls.
was using UMOBILE..but coverage not good since i staying at beranang..

TNB+SYABAS = can't help..baby need to have aircond else wont comfortable..fan wont help..outisde have bad weather. -->move everyone to one room. set room temp to 27. this should lower at least rm50.
done..current 2 months able to reduce RM30-RM50

KIDS / KINDERGARDEN FOR 2 RM1,000 = its the cheapest since it cost for 2..one of it infant..market now is RM500
-->kindergarden is not compulsory. if wife not working, ask wife to teach. if die die must go, send only at final year.

wife working..if not why i should sent to kindergarten? parents? passed away already.

COWAY = will do .thanks
-->check out where they dont have service and claim you are moving there. check how much to break contract.


you will ask..why wife not helping? bcoz she had 2personal loan, 1 car loan, 2 credit card and 1 housing loan
why we got a lot of personal loan? to survive..given a best food,education,cloths all for kids and wife since we doing all at own (relatives too busy with their own business)

why too much? this loan since 2010 untill now.


*
开源节流 = open new income, shut expenses

not prefering to do..if U are executive / professional especially working in banking sector, brankrupcty is a taboo..management will look on you..perhaps next job you will not get..btw this is my 7th job change for 6yrs..since banks now keep firing people..

what make u so high debt? mind to share?

the reason i do apply AHlong is because no relative helping me at first hand..since my wife given birth my 2nd kid recently..cost for delivery , confirment etc..parents?her mother ady passed away 1mon before she deliver my 1st son..starting that time, we struggle ourself till now