Category Archives: Home Installment Loans

Thinking Of Losing Your House To A Foreclosure? Think Twice!

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Posted by Vedis the DMP Blogger on February 4, 2010 – 9:11 am
Filed under AKPK Debt Management Plan, Credit Card Debts, Financial News & Updates, Home Installment Loans

I used to think losing a house to foreclosure is a financial relief. Well, I was wrong! It is a relief only if there’s NO “deficiency judgment” or difference between what you owed on your mortgage and what the bank sold it for at auction.

There was once upon a time when my credit card debt was so unbearable that I did think of giving up my house. Fortunately, I didn’t. I got help from AKPK free debt management program to help put my financial back on track again.

Are you thinking of putting your home on a short sale or have you already lost your home to a foreclosure? If so, read You Lost Your House – But You Still Have to Pay. You’ll think twice.

(CNNMoney.com) — As terrible as it is to lose your house to foreclosure, at least it’s a relief to put your biggest financial headache behind you, right?

Wrong.

Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these “deficiency judgments” are ticking time bombs that can explode years after borrowers lose their homes.

It can even happen to people who got their bank to approve them selling their home for less than it is worth.

Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008. She and her husband built the house in 2004, but setbacks, both personal (divorce) and professional (housing bust), made it impossible for the real estate agent to keep her home. So she negotiated the short sale and thought that was the end of it.

“My understanding was that the deficiency was negotiated away,” she said. “Then, last November, I got a letter from a lawyer telling me I owed my lender $65,000. I had to declare bankruptcy. There was no way I could pay it.” Read More »

Let Me Save The RM1,400 As Emergency Fund

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Posted by Vedis the DMP Blogger on November 20, 2009 – 9:55 am
Filed under AKPK Debt Management Plan, Auto Installment Loans, Credit Card Debts, Emergency Funds, Home Installment Loans, Income Streams, Saving Money, Spending / Expenses, Utility Bills / Phone Bills

Extra Money As Emergency FundHubby’s full time teaching income has been increased from RM1,500 to almost RM2,000 after EFP and SOCSO deduction.

With hubby’s RM2,000 net income, together with my online income of RM2,500 (my income is between RM2,500 and RM3,000), I must say that I don’t have to worry much like I did last time when hubby didn’t have a fixed full time job.

After paying the AKPK debt repayments of mine and hubby’s RM680, auto instalment RM820, home loan instalment plus bank overdraft interest charge RM530, utility bills plus Internet connection and cell phone fees RM270, and food and grocery expenses RM800, there is still about RM1,400 left in hand to be save as emergency fund.

Of course, the amount of RM4,500 only started to appear on the 28th of October! Prior to that, hubby’s income was still RM1,500.

Though there should be RM1,400 left to be saved in the savings every month, we still haven’t got the chance to own the full amount of RM1,400 and save it in the account. Why?

Well, there had been a few unexpected expenses that sucked the extra money and personal savings away. Eye specialist fee, bifocals, vitamins, supplements, wedding gifts and funeral money gifts, …

Ask the Chinese Malaysians that you know, how many wedding dinners they have attended and how much they have spent on gifts and money gifts for wedding from the month of September till now?

And how many more wedding receptions and dinners they are going to attend and the estimation of wedding money gifts they are going to fork out this December?

Ask too if they have ever received two or three wedding invitations which are/were held on the same day?

These few months are peak season for wedding! Wedding is the bride and bridegroom’s business, why do they have to make the whole world busy and waste money?

I will never forget a wedding dinner that I attended Kuala Lumpur more than 10 years ago. It started at 9 p.m, two hours late!

I waited for two hours! I should say I wasted two hours waiting for the dinner to start. You know, it’s only a not-so-close colleague’s wedding.

Yes, from what I have written, I am sure you can figure that I hate attending wedding dinners. And also birthday parties.

I am now at the stage of life where I want to spend my time doing the stuff I like. I no longer want to use my time to do other people’s stuff or stuff that make others happy because I give them face but in the actual fact I hate it.

Of course, there are exceptions. I will still attend family members’ wedding dinners and birthday parties. I mean those who are really really close and those whom I like.

So, when do hubby and I really get the chance to own the amount of RM1,400 and save it as emergency fund in the saving account?

Bank In AKPK Debt Management Program (DMP) Repayments

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Posted by Vedis the DMP Blogger on July 28, 2009 – 10:28 pm
Filed under AKPK Debt Management Plan, Auto Installment Loans, Credit Card Debts, Debt Management Programs, Home Installment Loans, Income Streams, Spending / Expenses

Hubby got his first pay check today! Happy and relieved. :-)

I am relieved because the money came in time to pay some overdue utility bills that must be paid within these few days.

Hubby’s net income is RM1,500 for the time being. His RM1,500, plus my online income and tuition fee of RM2,500 is equal to RM4,000.

Tomorrow hubby will bank in my AKPK debt management program repayment and his AKPK DMP repayment.

Finally the car can be sent for service tomorrow after putting off the service for more than 3 months!

The following day, I will bank in car and home loan installments. The car and home loan installments are actually 2 months behind. It’s my hope that we are able to bring them current as soon as possible.

$2,500 + $1,500 = Dual Income To Pay AKPK DMP Repayments, Car & Home Loan Installments

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Posted by Vedis the DMP Blogger on July 1, 2009 – 1:40 pm
Filed under AKPK Debt Management Plan, Auto Installment Loans, Debt Management Programs, Home Installment Loans, Income Streams

At last, hubby has started his work as a full time high school teacher with effect from 1st of July. My wish of him having a stable full time job has come true.

I must have God to thank for because He answered my prayer. :-)

With hubby having a full time job, this means there is RM1,500 to pay some bills, pay off some personal debts from close friends and save for emergency funds.

Hubby’s current pay is only $1,500 per month because he is only given 15 classes per week to teach. There aren’t enough classes for the time being because it’s middle of the year now.

Although hubby’s salary is RM1,500, he is still considered a full time teacher. You know, he will be entitled to a month’s bonus!

If hubby is sure that he wants to be a discipline master after 2 months, he will have extra RM400.

Next year, it’s expected that hubby’s salary is between RM2,000 and RM2,400.

Let’s look at my current income from my niche blogs and tuition classes. I think they bring roughly RM2,500 per month.

Both of our income adds up to RM4,000! Wow, …

With RM4,000, we can pay my AKPK RM320, hubby’s AKPK DMP RM360, car loan installment RM820, home loan and bank overdraft interest fee charge RM520 and utility bills RM250.

Extra money will then be used for daily expenses and saved for emergency funds.

A Full Time Job Means A Stable Income To Pay AKPK Debt Management Program Repayments

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Posted by Vedis the DMP Blogger on June 19, 2009 – 12:33 am
Filed under AKPK Debt Management Plan, Auto Installment Loans, Home Installment Loans, Income Streams

Hubby is closing down his foot biz after barely six months in business; the foot reflexology center was opened in January 2009.

There are various reasons that have brought to the closing down of the center.

First off, hubby hasn’t done much when it comes to marketing and promoting his foot biz. This has got to do with his own personality; he loves staying low profile.

As you know, being successful in biz means that you need to be able to mingle with different types of people and entertain boring people and conversations. He just simply isn’t the type of man who wants to waste his time on nonsensical or gossipy topics.

It’s true that hubby has some regular customers that can bring him a few hundred dollars every month. But with his already painful right arm, he will have to stop doing foot reflexology sooner or later. Instead of waiting for his right arm to stop functioning, it’s better for him to stop now.

Hubby has a better career option if compared to being a foot reflexologist. He used to be a high school teacher for more than 10 4 years in his early thirties.

Recently, he was persuaded to teach again in the same high school. Hubby has not made up his mind because he is considering a few more high schools.

Honestly, I prefer hubby to teach at a high school that is nearest to the house. This way, we save money on petrol and car maintenance. Most important of all, hubby doesn’t have to waste time on driving to and fro.

The last reason is the most important reason why hubby must stop his foot biz and join the teaching force again – stable income. Being a full time teacher means there is a steady monthly income from hubby, approximately RM2,000.

My online income of RM2,500 is unstable in this volatile economy. There are days that I earn more because of better Google AdSense earnings or online assignments and there are days when there are fewer reviews to write or late payments from the advertising companies.

Due to my unstable income, there is a need for hubby to have a full time job to generate a stable income to ensure that my AKPK debt repayment, hubby’s AKPK debt management program repayment, our car and home loan installments are paid on time.

Our free debt management programs (DMPs) require that we pay our debt repayments in time or on time, otherwise, the debt management plan agreements will become null and void.

I am praying to God that hubby accepts the right full time teaching job soon. The sooner he starts work, the faster he can pay off some personal debts he borrowed from his buddies and the safer I feel with extra cash in hand or money saved for emergency funds.