Tag Archives: outstanding balance

Hope To Start Using The No.1 Broadband Streamyx Combo 1.0Mbps On 1st Of January 2010!

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Posted by Vedis the DMP Blogger on December 29, 2009 – 9:05 am
Filed under Utility Bills / Phone Bills

Can you believe it? It’s the mere $0.95 outstanding amount that the No. 1 Broadband TMNet officer that didn’t allow us to install the new phone line. It’s not the current bill of $30.45 that I told you earlier.

According to hubby’s buddy, a Streamyx authorized agent, the amount of $0.95 came from the first phone line account in Kuala Lumpur that we had terminated many, many years ago.

Gosh! We moved from KL to Ipoh in year 2002! More than 7 years ago.

Sigh! Hubby and I didn’t even know we still had a balance of $0.95! Don’t we have to settle the outstanding balance first at the TMNet outlet before we terminate the phone account? Weird!

Anyway, hubby’s buddy paid the $0.95 on behalf of us first as he was a the TM Point outlet yesterday. Today he called to inform that the technician would do the phone setup tomorrow afternoon and then he would submit the Streamyx Combo 1.0Mbps application.

If everything goes on well, it’s expected that we can use the No.1 broadband Internet on Friday. Yay!

Once the phone and Internet lines are working fine, I will terminate the current phone line and Streamyx broadband access accounts next Monday.

If you have had a bad experience dealing with the #1 Telekom/TMNet/Streamyx like I had before when transferring phone line and Internet connection accounts to new address, you’ll understand why I preferred to open a new phone and broadband access accounts than doing the transfer.

I would rather pay another month’s phone and Internet fees to make sure that I stay online while waiting for the new lines to start working.

AKPK & Banks Say Not To Worry About Late Payment Charges On The Monthly Statements?

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Posted by Vedis the DMP Blogger on November 24, 2009 – 9:44 am
Filed under AKPK Debt Management Plan, Credit Card Debts, Credit Cards, Credit Counselors, Debt Management Companies, Debt Management Programs

AKPK Banks Late Payment Fee ChargesTell me you can still keep your calm after seeing the outstanding balance of your credit card as of today and in March is RM6,300 and RM6,400 respectively.

I think any reasonable mind will go mad or freaked out after seeing no noticeable decrease in credit card balance despite being in a debt management program, right?

This morning, I thought of doing a spreadsheet for all my credit card accounts. When comparing the figure of March and November statements of a bank, I was shocked to see RM6,300 and RM6,400.

How could it be? I had already been in AKPK debt management plan for one year, so logically, the amount owed should have dropped to less than RM6,000, right?

Ya, I was mad and freaked out. I knew it’s because of the late payment charges that showed up almost every month for the last few months.

I remember my Ipoh credit counsellor had told me before that there’s nothing to worry about the late payment fees. They would not show up anymore once the banks had everything updated.

I also thought the banks would remove the late charges from their record sooner or later, so I didn’t call or write to the banks. But after giving them so many months to get updated, the late charges still showed up in the statements.

Enough! Too much! So I gave AKPK Ipoh branch a call. As usual, the ever helpful Ms Lina answered the phone.

I told her about banks (except Public Bank) which still had the late charges printed on the monthly statements. After listening attentively to my complaint, Lina assured me not to worry about the late payment fees.

According to her, banks would stick to only collecting the agreed amount of outstanding balance plus interest charges. I hope the banks really do so.

To know the latest correct amount of each of my credit card, Ms Lina even gave me every bank’s phone number and name of person who is in charge of AKPK cases.

I did call one of the banks and raised my concern regarding the late payment charges. Again, I was reassured that there’s nothing to worry about the late fees.

Before Applying For A Credit Card, Know The Types, Terms & Fees Of All Credit Cards

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Posted by Vedis the DMP Blogger on August 23, 2009 – 10:54 am
Filed under AKPK Debt Management Plan, Credit Cards

So, you are perfectly clear with the endless lists of pros and cons of using a credit card and ready to apply for a credit card. Let me share with you some of the helpful tips that can make your credit card shopping journey easier.

First, surf the net and do some research on the types of credit cards available on the market. By doing this, you can familiarize yourself with different credit card types and terms.

Balance transfer credit cards, low interest credit cards, cash back credit cards, reward points credit cards, retail rewards credit cards, travel points credit cards, gas rebate credit cards, home improvement rewards credit cards, airline mile credit cards, bad credit credit cards, business credit cards, student credit cards, and the list goes on.

Being a form of borrowing that involves charges, credit cards usually have underlying credit terms and conditions that affect your overall cost.

So, it’s best to compare terms and fees before you apply for a credit card and agree to open an account.

Some of the important terms to be understood well include the annual percentage rate or the APR. Being a measure of the cost of credit expressed as a yearly rate, make sure you know the APR rate before you apply for a credit card.

Aside from APR, you should also find out the periodic rate so you would have an idea of your outstanding balance and finance charge for each billing period.

Other important terms to know before you apply for a credit card are free period or grace period, annual fees, transaction fees and other charges, and balance computation method for the finance charge like average daily balance, adjusted balance, previous balance, and two-cycle balances.

I am not that type of person who is patient enough to research on all the credit card terms, that’s why I ended up in deep debt trouble and had to resort to enrolling in a free debt management program to get out of debt. :-)

If you are also not that type of person who is patient enough to understand all the terms, you should at least get the card issuer to give an explanation how the balance is computed and it must appear on your monthly billing statements.

Once you are familiar with the types, terms and fees of all credit cards available on the market, your next step is compare numerous credit cards that would best serve your needs.

Different types of credit cards offer different options, depending on what your needs are. Some are geared toward individual consumers, while others are set up in ways that work best for small business needs.

And lastly, you may now apply for the right credit card of your choice by filling out a credit card application by visiting a bank representative or through online.

4 Debt Management Tips To Get You Out Of Debt Fast

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Posted by Vedis the DMP Blogger on July 16, 2009 – 5:10 am
Filed under Debt Consolidation Loans, Debt Management Programs, Debt Management Tips

You are lucky if your debt hasn’t landed you on the need of enrolling in a debt management program.

I had to resort to joining a free debt management program after failing to see much decrease in my credit card debt. Month after month I threw in chunks of my hard-earned money into making the minimum payments, yet the total credit card debt didn’t seem to drop much.

Was it because I kept adding new credit card debt to my outstanding balance? Noop. It’s because of late payment fees, over-limit charges, cash advance fees, retail interest charges, and miscellaneous fee charges that kept being added into my total debt.

Scary, right? To avoid letting these horrendous fees imposed by banks and credit card companies drags you into a deep debt hole, you need debt management tips to help you get out of debt fast.

1. Credit Counseling. Seek help from a certified credit counselor who can help you navigate through your debt dilemma.

You can either opt for a non-profit credit counseling agency or a for-profit credit counseling company when it comes to credit counseling. The difference is that the former provides free counseling and charges a nominal monthly fee if you decide to enroll in a debt relief program while the latter charges quite exorbitant fees.

2. Debt Consolidation Loan. You should only consider a debt consolidation loan if you are not able to replace your high interest credit cards with one, low interest rate credit card. This is because you may have to pay for an application fee for a debt consolidation loan, whereas with a credit card you would not.

3. Home Refinancing. Refinancing your mortgage allows you to save hundreds of dollars per month on mortgage payments. With lower mortgage payments, the money saved could be used to pay off your credit card debt.

4. Home Equity Loan. Alternately to home refinancing, you may have enough equity in your home to cash out and pay off your debt. Most importantly, credit card debt is not tax deductible, but a home equity loan is. This means you can reduce your debt as well as reduce your tax obligation by cashing out.

See, you have some viable solutions to help you get out of debt fast without resorting to any debt management program, debt settlement plan or bankruptcy that damages your credit score.

How To Lower The Interest Rate Of Your Credit Card

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Posted by Vedis the DMP Blogger on December 26, 2008 – 12:48 pm
Filed under Credit Card Debts, Credit Cards, Saving Money

“Hello. I think I’ve been a good customer. I’d like to stay with you, but I need my intrest rate of my credit card to be lowered. Could you help me?”

Do you know that you, as a credit cardholder, can get your credit card interest rate lowered by simply using the above script to call your credit card company?

It’s a simple script, yet it brings amazing results that save you money in the long run.

Like many credit cardholders out there, you may be so used to paying a certain interest rate that it never comes across your mind that you can ask for lower interest rate by just making a phone call to your credit card company.

Let me tell you, your credit card company is more than willing to lower the interest rate if you’ll just ask.

Imagine how much money you can save if you ask for bringing the interest rate down Let’s say you have a $3,000 outstanding balance every month and your credit card company agrees to lower you rate from 21.99% to 14.9%.

From paying $54.00 in interest every month to $37.20, you save $17.70 every month. It’s more than $200 per year! This amount of $200 can be used to pay to the principal to knock down your credit card debt more quickly.

Now, pick up your phone and call your credit card company to lower your credit card intrest rate with this magic script, “Hello. I think I’ve been a good customer. I’d like to stay with you, but I need my interest rate of my credit card to be lowered. Could you help me?”