cms.malaysia,
Please mind your font size, it might irritating to others, you might get warn because of this. Thank you for the cooperation.

All,
The scheme is indeed exploiting the loop hole of CC.

People in the market used to call it "Cr. Card Re-financing (CCRF)". There is no such product from banks. As commonly known, the Housing Refinancing or Auto Refinancing are definately real products from banks.

This CCRF is definately against all banks' and impacted their current business plan in their standard personal financing products such as Personal Loans, Balance Transfer etc.

In simple, this CCRF has against the Rule of game with banks. The game owner is bank not this CCRF company. The Rule that set by bank is to govern and protect their major business plan.


This post has been edited by futuretalk: Oct 6 2008, 08:58 PM

u got the point here.......but bear in mind, i m not the merchant eventually......just cari makan and sharing good info around......those merchant really have their back-up when running into all this.....they are not 'tom, d*** and harry'........most probably their are connected...who know!!!!

most important....the program help and most important is that the consumer will not ended up in jail....simple as that

cheers

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Added on October 7, 2008, 6:58 pmnoted bro MOD

This post has been edited by cms.malaysia: Oct 7 2008, 06:58 PM

actually ppl in debt have only one goal....to reduce their debt... by all means if this "program" can give cheaper rates or 0% installment alternative, i would say why not???

some one here will come and say they shouldn't spent more and use cc bla bla bla + educational talk but... nasi sudah jadi bubur, so they cannot reverse the time...cheaper rates could help them...but if they screwed again...dunno what to say ler....

This plan only works for someone who has used 80% of their limit.

Scenario 1
See below calculation. 10000 limit with 8000 used.

EPP:
10000 x 18% = 1800 - This for EPP calculation
8000 + 1800 = 9800
10000 - 9800 = 200 - money that give user.
10000/24 = 416.67

Normal pay
8000 debt if pay by 5% (of debt) every month = 400 per month also can be settle in 24 months.


In this scenario, if a user can afford to pay "so called" 0% EPP which is 416 per month, he could save 1800 and pay 400 every month in which he also could settle the debt. Moreover the user could have 2000 limit for emergency use.



If the user don't have enough limit to pay for the EPP plan, it's more headache.

Scenario 2
See below calculation. 10000 limit with 9500 used.

EPP:
10000 x 18% = 1800 - This for EPP calculation
9500 + 1800 = 11300
10000 - 11300 = 1300 - money that user pay in order eligible for this plan.
10000/24 = 416.67

Normal pay
9500 debt if pay by 5% (of debt) every month = 475 per month also can be settle in 24 months.


In this scenario, user just pay 416.67 every month which is lower than 475 that he should pay to settle his CC debt. But do you realize, the user need to pay upfront 1300 in order to eligible for this plan. If user have 1300, why he need to sign up for this plan.

This post has been edited by SynHeng: Oct 8 2008, 10:49 AM

hey guys,

There is a Balanace Transfer Program from HLB with 0.5% for 6 months with Reducing Balance. If you have HLB CC, just call the Customer Service Officer and give them your X CC No. which you have the outstanding debt. They will arrange for you right away without any docs.

It is a good try product if you really need it.

You may want to check out some other banks besides HLB such as:

1. HLB
2. RHB
3. MBB
4. HSBC
5. etc

I guess this HLB Bal. Transfer is kind of good offer to those CC holders who intend to reduce their debts. There is no imposed of any admin processing fee.

0.5% x 6-month = 3.0% (yet is at the reducing bal./mth

I think bank has come out this plan to block away all these CCRF (cr. card refinancing) activities.

This post has been edited by futuretalk: Oct 12 2008, 11:54 AM

thanks for sharing.....eventually BT program intro by Bank was way many years back ago......yes, you are right and BT sometime can save your interest provided your bank card have sufficient limit for BT.......simple scenario.....if the user (HLB Card Holder) limit of 10k and total outstanding already 8000.....remaining balance only 2k......what make you thing BT will actually help alot??? but with EPP, the user can really feel relief....why, please read the above posting about the calculation.

every program there is an pros and cons obviously.......why HLB only offer 0.5% pm for only 6 months and not for 24month?????? let think again!!

browse below link for more info:-

Credit Card Restructuringhttp://forum.lowyat.net/topic/792689

hope the program really help!!

cheers
cms.malaysia
shawn chan

You qoute yourself without any specific discussion.

What is your purpose then?

This section is not a place to promote your service or selling anything.
There is a service noticeboard section that specific for it.

This post has been edited by cherroy: Oct 18 2008, 03:25 PM

This thread is being hijacked by people to make advertisement, and closed for good.