Author Archives: Vedis the DMP Blogger

AKPK Debt Management Program Blogger’s Trip In Kuala Lumpur

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Filed under Spending / Expenses

Wow, I have been away from my AKPK debt management program’s progress blog for a while! February was long gone and March is here and will be here for a few more weeks.

Time flies, right? Christmas and Chinese New Year was like yesterday only and now it’s March the 4th.

After spending 3D 2N in Kuala Lumpur, I came home yesterday afternoon. It’s a rewarding trip although I had to attend a relative’s funeral on the first night.

I enjoyed my second day in KL the most. Right after breakfast, my younger sister sent me to her beautician for a 2-hour facial, eye and neck treatment. The treatment fee was charged into my sister account, so it’s a free treatment for me. :-)

After the facial treatment, my sister and I had lunch at a nearby coffee shop. I tried to pay for it, but my sister was faster than I was when it came to pulling out money from the purse. So, free lunch for me.

At night, she brought along her two sons and together we went to the Jusco at Setiawangsa. We had our dinner at Sushi King. Ouch, more than RM90 for 4 of us! Of course, my younger sister footed the bill, again.

Each time I try to pay the bill, she will insist on paying. After a few times, I just let her pay without pulling out my purse at all. ;-)

One of the reasons why my younger sister insists on paying is that I am the guest when I am in Kuala Lumpur. I am a guest, so she will pay. Similarly, I will foot the bill when she comes visiting me in Ipoh.

I think another reason is that she takes my visit as an opportunity to spend money. You see, she works very hard and long hours in the shops with her husband. Three shops in a row! They own one and rents the other two shops for their motor biz.

She works from 9 a.m. till 8.30 p.m. every day, except Sunday. In between, she has to go to banks and fetch her kids to and fro schools and tuition centers. Day in and day out, …

She admits that she has money, but she has no time to rest or go traveling. When she finally squeezes out a few days for a short trip, her husband will rant a bit. Sometimes she is fed up with her never ending work routines and hubby who only loves working.

Wow, isn’t it good to have a hubby who enjoys his work very much? My sister is very lucky to have such as a workaholic hubby. Similarly, my brother-in-law is fortunate to have my sister who is good at handling the money, finance, management and customer service of the company.

Due to the workaholic hubby and her acumen in business that they are able to buy another house which is of RM400,000 in this bad economy. Phew, a RM400,000 corner-lot double storey house!

Coming back to my trip in Kuala Lumpur, I spent very little, RM37 on bus fare and less than RM20 on foods and drinks!

Use A Personal Loan Or Debt Management Program To Pay Credit Card Debt?

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Filed under Debt Management Companies, Debt Management Programs, Questions & Answers

Question: Should I use a personal loan or debt management program to pay off my credit card debt?

I have about $25,000 of debt but can still pay monthly payments on time and have never missed a payment.

If I try to get a personal loan as opposed to a debt management program, which looks better to creditors?? My credit score is around 650-670. I am thinking of going to a non-profit credit counseling agency to see what they think.

I still have some stocks and bonds totaling $6,000. I do get paid consistently and have been trying some internet surveys to make some small money on the side to my job.

What things should I look for at the credit counseling agency?

Entering Into Credit Counseling With A Debt Management Program?

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Filed under Credit Card Debts, Credit Counselors, Debt Management Companies, Debt Management Programs, Questions & Answers

Question: Entering into credit counseling with a debt management program or … ?

I am entering into a debt management program with a credit counseling company. I have about $17,500 in debt and my payment with the company would be about $400 a month.

My question is, would creditors be willing to accept 1/2 of the minimum balance that is due actually? I have 3 cards I’m in debt with, $285/month, $185/month, $165/month respectively.

I’m already 2 payments behind with 2 of the cards. Would the credit card companies accept a personal offer of 1/2 the usual minimum for a certain time frame? So I’d offer them $142.50, $92.50, $82.50.

Or since I’m already behind on payments should I stick with the debt management program (I just signed on and have to make my first payment on 2/28) and wait until I’ve been in the program a few months and then try to talk personally to my creditors and see what I can offer at that time??

Please advise. Thanks.

Any Advice On Entering A Debt Management Program?

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Filed under Debt Management Programs, Questions & Answers

Question: Any advice on entering a debt management program?

I am considering entering a debt management programme because I am way over my head in credit card debt.

I know it may not be the best debt relief solution but it seems I keep putting it off, getting no where paying down my debt.

Does anyone have advice or comments?