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AKPK Saves Yet Another Credit Card Debt Woman Who Is Under RM200,000 In Credit Card Debt August 15, 2009

Posted by Vedis in : Debts / Credit Card Debts , comments closed

Hi, CEO, just saw the comments left by you about AKPK. Congratulations! I am happy for you too. Thank God that AKPK has saved yet another credit card debt woman from being sucked dry all of her income by expensive interest rates, late payments fees, over-limit charges and many other ridiculous payments put up by banks and creditors :-)

I feel that your story should be read by many many out there who are still deeply in debt and don’t know where they can look for help to get out of debt, especially credit card debt.

First of all, A BIG THANK TO YOU FOR THIS BLOG. You are not only a woman of courage to reveal all that detail, but you have helped me tremendously.

I just got out from the AKPK office, and they proposed to reduce my monthly commitment from nearly RM10,000 to just RM2,000 p/m.

I got into a heavy credit card debt 5 years ago when a friend asked me to join him in a business. Trusting him, I quit my job, funded the business with my credit cards, supported HIM with a supplementary credit card (which he took only 1 month to swipe up RM20k), and lastly he just ran away, leaving me to pay everything.

Finally, the economy hit my career, and this month I had to accept a drastic paycut. It scared me at first, but I decided that maybe there was a silver lining.

I found your blog. I read and re-read it until 3 am.

I thought — maybe, if I go to AKPK, and they reduce my monthly repayment, I can actually start seeing some SURPLUS from my smaller income. Better to have a small income but with extra money, than having a big income but nothing to show for it. Of course, with my previous 5-figure salary, AKPK would just kick me out, but now I had the advantage of the situation.

Last Monday, I braved myself to go to AKPK. It was the hardest thing to do, to be SEEN walking into debt counseling. I have appeared in the media before, television, magazines and newspapers. Didn’t know where to hide my face. I arrived at 11.45, and was put immediately into the intro class.

I was surprised to see quite a few “corporate people” in the class, dressed in their office attire. I don’t know if they were as ‘embarrassed’ as I was to be there. I sat down for 1 1/2 hours, after which I immediately went to Bank Negara to collect my credit report.

I made the earliest possible appointment to see a counselor. In the meantime, I went to each bank and collected any missing statements.

I went to see the counselor this morning. She was polite, comforting and never did anything to make you feel small. She said she would try to negotiate it down to RM1,800 a month for the first 2 years then RM2,200+ thereafter. I said never mind, let’s make it RM2,000 flat.. I’m sure by the time the economy rebounds, I will be able to afford the RM2,000 easily.

She even guided me to fill up the application form properly (to fill the correct figures so the application can be approved easier). In short, she was there to help, and I mean REALLY help.

I got close to RM300k at first, but over the years, paying slowly, I have managed to bring everything down to under RM200k (which makes your RM60k something to smile about, actually!).

I have been earning 5-figures every month from my salary, yet I never get to taste my own money. My children have to settle for cheap clothings like poor kids.

Every month, I pay pay pay pay… I try to keep myself motivated, but it is tiring to wake up every morning, thinking to yourself, “I am running every day, only to stand still.”

She asked for the first payment to be deposited (RM2,000), which I will do next week as the banks are closed today. From there, processing will take approximately one month. She says no need to pay the creditors, if they call I just need to tell them I have submitted an AKPK application (and fax the deposit slip if necessary).

Fortunately I am not yet under any legal problems, and most of my loans are still current. If you are thinking about doing it, do it now. It is important to take action at THIS stage before the banks start harassing you.

I do not really care that I will not be able to get any new loans until the 10 years are up. I am selling my house and just live with the car. Maybe not now, but when the economy goes back up, and my salary climbs back to normal, I should be able to save up for a couple of years, and pay for a new budget-priced apartment in cash. The important thing is I will now have a positive income and room to breathe, and I HAVE YOU TO THANK.

God bless you. Please keep up the good work.

God bless you too. It feels good to have finally be able to breathe again without getting harassing phone calls and warning letters from banks and personal visits by third party collection agencies, right?

And I am always grateful to be given another chance to bring my financial back on track.

May Friend’s Debt Management Program Be Approved Soon January 18, 2009

Posted by Vedis in : Debt Management Plan , comments closed

One of my friends is worried to death now owing to incessant phone calls from banks, warning letters from creditors and debt collectors from commercial collection agencies appointed by certain banks.

She finds it especially embarrassing when debt collectors are at her doorsteps a few times a week.

I pray that her debt management program application will be approved soon so that she doesn’t have to face any debt collectors anymore.

Get Debt Relief Advice From Credit Counselors Before Too Late December 12, 2008

Posted by Vedis in : Debts / Credit Card Debts , comments closed

I mean it. If your credit card debt is unmanageable anymore, perhaps it’s time to get debt relief advice from a credit counselor.

Don’t wait until your creditors and credit card companies send out final reminders, third party collection agencies’ warning letters or legal letters. Trust me, by then you’ll feel very overwhelmed and depressed.

I have been there before, so I know the bitter experience.

I can now focus on my niche blogs selling memory stick and computer accessories simply because I am now under a debt management program.

Immediate Credit Card Care Service Has All Your Credit Card Application Queries Answered March 27, 2008

Posted by Vedis in : Credit Cards , comments closed

We live in a society where many decisions have to be made almost immediately. Creditors know this well and have developed an Immediate Credit Card Care Service for you to have all your queries answered before you click the Apply Online button.

This way of applying for a credit card online and receiving approval within one or two minutes is fast because computers do much of the legwork by pulling up your FICO score to measure your creditworthiness. The higher your score, the more likely you’ll be rapidly approved.

If you know that you have excellent credit, then you’ll have no issues in getting approved for Excellent Credit Cards. The credit cards with the best terms and rates will always go to the consumers with the best credit. So, it is always a good idea to know what your credit report says about you.

Even if you have very bad credit or no credit history at all, you will still be able to apply for Bad Credit Cards or No Credit Cards. You are still given chances to build, rebuild or re-establish your credit with Bad Credit Cards or No Credit Cards. Just make sure that you make on-time payments with all of your creditors and maintain your account balances below the credit limits.

Before you apply online for your new credit card, read the terms and conditions carefully. Check to make sure there are no surprise fees.

After you receive the news of your approval, you can expect your new credit card to arrive in the mail usually within 2 weeks.

To Get Yourself Out Of Debt: Debt Consolidation, Debt Settlement Or Credit Counselling Service ? February 16, 2008

Posted by Vedis in : Credit Cards , comments closed

Debt is very limiting. It limits your earning potential by taking away from the money that you can invest and save. Debt will constantly hang over you. The only way to get away from debt is to pay it off and stop using credit.

Here are a few ways to get yourself out of debt:

1. Make a Debt Payment Plan. Many people avoid making a plan, because it involves adding all of your debt together, and the numbers can be depressing and scary. However, knowing that you are doing something about your debt helps to relieve those fears and the nagging worry that you may be experiencing.

2. Consolidate All Your Debts. A debt consolidation loan could be helpful if you ran up your credit cards while you were in business school, or if you have a number of high interest installment loans such as student loans, car loan, etc. This will allow you to roll this high interest debt into one manageable payment.

When you consolidate your debt, you take out a loan to pay off several other debts. This allows you to consolidate the money you owe into one payment.

If you have an easier time making your payments, you can avoid late fees, extra charges, and the bad credit that will inevitably result when you can’t afford to pay regular bills.

Generally this debt consolidation loan will move unsecured credit card debt into secured debt (a home equity line). So if you fail to make payments, you may be in danger of losing your home.

3. Look For Up Credit Counseling Service. Consider consumer credit counseling which will allow you to enter into a debt management plan with your creditors. There’s a possibility to reduce your monthly payments, but you’ll still be able to pay your balance in full. As long as your payments continue to be made on time each month, consumer credit counseling does not hurt your credit.

4. Consider Debt Settlement. You may have read about debt settlement as an alternative to bankruptcy or a solution to your debt.

Debt settlement reduces your debt by negotiating with your creditors. You give the names of the creditors and the amount you owe. The debt settlement company then gives you an estimate for reducing your debt along with a new, lower monthly payment.

9 Tips On Maximizing Your Chances Of Obtaining A Small Business Loan December 8, 2007

Posted by Vedis in : Loans , comments closed

To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organizations are more risk averse than others, and will therefore have more stringent criteria.

To vastly increase your chances of a successful funding application, you will need to present the following information:

1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each. (more…)