Quote:
Originally Posted by Jayrius4593
Hi there
For your money lender issue, i will highly suggest you to seek for help witb silver linning, abdullam life counselling or blessing grace. They will be able to help you to ask for a monthly repayment plan. There is also one risk that some of this money lender will not accept the repayment plan and start visting your home to harrass you for payment. Do your family know about this? If no you have to be upfront with them and let them know the issue.
For your weekly loan how much are you paying back to them on interest per week? They can only charge you 10 percent admin fee with a 4 percent interest plus 4 percent late fee per month. I will suggest you to go down to their office and get a copy of the contract and look through it carefully which I believed that when you are in need of money, you will have just sign the contract without taking a look at the terms and condition. If you find that you have been overcharge by them, report them to the registry of moneylender.
Trust me weekly loan by moneylender is design to make sure that you will never be able to pay back them in full so that they can always earn your interest. Once you are not able to meet 1 money lender repayment you will borrow another want to pay off? Thats how your debt snowball, i have seen too many of this cases.......
Hope you will be able to settle your debt soon.
|
For the moneylenders, I've been returning about $500-1K per week. This moneylender has been pretty patient even though I'm late on payment a couple of times, only adding a one time late fee of $60. However, I'll still try to clear them asap. Current debt with moneylender is now $12K from the previous $16K.
I've also managed to get help from my uncle, who helped me settled my debt with OCBC. Initially owed them $8K to be repayed $1K a month till end of the year but they are okay to settle for $6.8K upfront which I decided to take up the offer. Every cent saved is a step quicker towards clearing my debt.
Thanks for the advice for going to the various counselling services for help, I think I'll skip that for time being as I feel I'm able to clear my debts asap as long as I stay focused, work hard and not gamble.