Sunday, October 31, 2010

Please read this carefully...

How many of us can really hold fast to the principal of " Cut the coat according to the Cloth", not many i reckon and if you are one of them, then let me share this true account of my friend Ah Weng, after reading i hope we all can be careful the next time when flash out the credit cards.

In 2003, he accumulated 8 credit cards debt amounting to 80k,(yes 80k),at that point his business plummeted,could not service the cards loan, so in early 2006, he was shocked to learn that after three years, the debt accrued at the interest of 18 % per annum with some other miscellanous charges, it came to a staggering plus minus 140k.

He told me this in 2006, i could still remember with tears in his eyes, he said he was so afraid that he would be declared a bankrupt,and asked me what to do. Being a dear friend to me, i said i would check with my lawyer friends, my accoutant friends.

Finally, i found the solution for him in the premise of Central Bank's debt restructuring department better known as AKPK. A repayment of debt was mapped out, he has to pay about RM1770 a month for the first three years, thereafter RM 2044 for the next 12 years, he is now 50 years old.

Met Ah Weng last friday, guess what? He still can't get out of the abyss of this torturous debt, he dafaulted on the repayments a few times and it seems that AKPK told him that it was the last straw, and certain actions will be meted out.... i can't imagine what would that be and i can't be of help either. Period.

I am sharing this not to run down a dear friend, but it is with all my sincerity i hope that we must really be very careful when it comes to money, more still as a responsible family man because like it or not, money sometimes can really kill..

Note : I have always liked this saying... " Every drop makes an ocean"

P/S : I am ok to drive a old car, after all it belongs to me not the bank


  1. Hiya Eugene!
    Thanks for sharing this. Definitely an eye opener and one that reminds us of our sometime forgotten common sense. A good story to ponder over the weekend. Have a good Sunday, my friend. X

  2. So must credit cards...carefully. :D

  3. sad.
    but there is still hope. force him to cut all his credit cards.

  4. sad but true. but i thought i read somewhere in the paper, a guys sue/comeplain(cant remember what he did) and got the court to freeze the interest. he already have no money, the interest aint helping right? perhaps can recheck on this again.

  5. i hardly use credit cards n if i do, i always pay on time..

  6. yalor, thank you for a lesson.

    i will use money very carefully.

    have a good weekend to u n ur family.

  7. Somebody borrowed money from me a few years ago - over RM5K "to save himself" as he was struggling to pay the minimum on his credit cards - he said he used the money to pay his football debts. Up till today, he is still paying me back bit by bit. If he pays, I take...if he doesn't, I just keep quiet. Don't have much hope of getting it all back...

  8. OMG! He is in a very deep sh*t! I really hope he learn his lesson, and that goes for the rest of us too. I'm a credit card user too and I know how convenient it can be. Its very tempting most of the time. I guess we all should really learn how to take good care of our spending and never be too greedy on it.

  9. Thanks for sharing the story. These plastic cards.... sigh, that's why I don't own one.

  10. I agreed at your P/S statement. Rich is in the heart and not the belonging.

  11. I would say we must becareful with our credit cards!! Hope he can solve his problem soon.