hye all forumers,
here is my situation ..
-i got p.loan/cc from hong leong
-car loan
i want to make another p.loan to cover all my debts and focus on 1 loan only .. i also got CCRIS ..
is it any bank person here that can help me?
Let me start by saying this:
you don't dig a bigger hole to cover another hole. Having said that here's the best possible route you can use to manage you finances and debts.
Your Original Plan
If you think that after
consolidating your all your debts by taking another bigger loan to cover it and you still can pay the monthly installment of the bigger loan, go ahead by all means. But based on experience of a number of ppl who had gone thru this route;
they had failed. This is because the itch to have another form of loan (mostly credit card) soon with crop up (since being freed earlier). They end up having bigger debts. The key word here is
financial discipline. You must have it.
You'd mentioned that you have CCRIS issue, am I correct to say your payments being irregular? If this the case, you may have difficulty in getting an additional form of loan. Banks can see your financial conduct and payment behaviour once they key-in your IC.
There is still hope, provided that you bring all your backdated payments back in line..meaning you need to settle all any backdate unsettled payments first. After that you still need to make the payments on the dot for the next 6 months. Then your CCRIS will be updated and bank sees it as healthy conduct.
However if you had a delay of payments for 3 or 4 months outstanding (usually it is car payment-3 months owing pay one month, subequent month also pay one month) you'll need 12 months of on the dot payments instead of 6 months as mentioned above.
Debt Restructuring via AKPK
So, there is another option, its AKPK. Agensi Kaunseling Dan Pengurusan Kredit is a wholly owned subsidiary of Bank Negara Malaysia, set up to provide financial counselling and debt management to individuals. This service is provided free of charge. You need to go there in person.
Call their toll free no: 1800-88-2575 for appointment.
What you need to do? The best thing is go to Bank Negara ground floor and get your CCRIS print out, then with the printout plus all your other loans documents ie CC statement n P loan statement together with your salary slips go to AKPK.
How they work
There will be an interview, tell the officer you can't afford to service the loan any longer due to (you need a strong reason). AKPK would look at your monthly income, then help you plan your outflow, i.e. your necessity first then see how much is left. After that, they would help draft a repayment plan to the bank. Obviously your card would be canceled as you "can't" even afford a card.
They will re-negotiate with the banks for a better interest @ 8% per annum istead of the usual 17.5% for CC, help you to get discount, etc
But you need to do it now, since there is a lot of cases being processed and the application takes
about 2 months to approve. After that all you need to do is to pay AKPK only. They'll help you to disburse the payments to the banks. You can breath easier. There is a
caveat:
1. During the tenure you are unable to apply any for of loan ie CC, HP, HL PL etc. sort of 'blacklisted' since you are protected by big bro.
2. This time around you MUST pay in time and
DO NOT default. Once defaulted, you are out of this program.
3. AKPK only helps you ONE time, no second time.
4. The bank you sangkut previously, you can't go back permanently.
5. There is a waiting period of at least 6 months before you can re-apply for anything.
Borrow from family members
Yes, this is the most direct route, needless to say.
Conclusion
But in the end I see you don't have much debt since its only a car loan, PLoan+CC from Hong Leong Bank. It is so difficult to go and pay to just 2 places? So, just tidy of up your repayment things and get on with your life.
Cheerz
