in relation to this case, I was told by my Banking friends that in the event that your relative passes away, and u have the ATM Card and PIN, please withdraw all the $$$ (u can leave nominal amount) before informing the Bank.

Cos, once the Bank is informed, the Bank will freeze the $$$ until a Will / Probate / Court Order is obtained which can take ages.

you are so long as the Bank has not send you as reached "advance stage of litigation' yet.

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

Quickly bro, do it and restructure your debts.

How much can u save a month if not for your Monthly Repayments.

Why don't u pay say 1/3 or 1/2 with your savings to reduce your interest cost. That's what AKPK will advice you.

There is a standard clause in all Loans, Credit Cards Agreements called “Right of Setoff”. Right of Setoff basically means that the Bank has the Right to ‘take money from one account’ to Setoff another Loan Accout within the same Bank.

So, if you have say a Credit Card with CIMB Bank and the outstanding is say RM3,500 and , say it is also your salary account and you have saved say RM5,000, CIMB has the right to setoff the RM3,500 (owing in your Credit Card against your Savings Account by deducting the amounta gainst your saving account.

So, if you have loans in Bank A and don’t / cannot pay, make sure you also don’t have Savings / FD in the Bank A.

How AKPK works is AKPK is suppose to help Borrowers who are unable / cannot pay their debts. You fall into the category of unwilling to pay cos you have savings of RM13,000 and can almost settle all your Borrowings. Hence, AKPK will ask you to use your savings to settle your Credit Card debts.

Know, you say that u have Credit Card debts of RM15,000 and savings of RM13,000

If you pay just say the minimum 5% every month and with an interest rate of 18% since you have defaulted in the past, it will take you 100 months (8+-years) to fully settle your CC balance and you would have paid RM6,197 in interest.

However, if you can pay say RM1000 a month, you can settle the amount in 18-mths and your interest is RM2,121.

You need to do a Cash Flow Budget and list out

Net Salary Less Fixed and Must Expenses such as Rent, Food, Transport (and please remove all luxury items such as Starbucks)

How much do you have left to pay your Credit Card.. Do u have at least RM800 to RM1,000.

If you have, use all savings to reduce Loan Amount. Balance to be paid off in 3-mths. For next 9-mths to 1-year, live like a Beggar and try to save at least like RM1K a month for 9-mths to 1-year so that u have RM9K to RM12K

You can then either have a smaller wedding or take another Personal Loan of Say RM20K for 5-years.

If not, at least use like half your savings to reduce the CC Interest and try to pay off as much as you can and take another loan 1-year down the road.

That’s my general advice without any specific numbers from you.

Good luck Bro and my other advice is not for you to hide things from your GF / Future wife. Better she hears from you than from a Debt Collector / Bank Letter of Demand.

This post has been edited by cfa28: Sep 4 2013, 01:10 PM