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Old debt (modified 0 times) End of World I have stop receiving demand letter from banks & card company & 1 bank did not even issue me a reminder letter for credit card debt since 6-7 years ago. However, this year 1 bank issue me a reminder letter to settle my old debt & 1 card company manage to trace me & call me to make specific sum of payment to stop the interest & to make proposal to settle the debt. I cant afford to my any payment proposal as I am 48 years old & this leave me with only 7-8 years before my retirement age which is not enough time to fully settle all my debts. This is due to the interest charge by them is 11 times the amount I owed. Please advise what are my option to this problem. 09 Sep, 2008 13:26:31

RE: Old Debt (modified 0 times) Peter John Tan Dear "End of World", Few options: (1)Go to AKPK for advice. Toll free line: 1800-88-2575 AKPK is an agency set up by Bank Negara Malaysia in April 2006 to provide financial counselling and debt management to individuals as well as financial education to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit. AKPK’s objectives are: * To proactively ensure that the household sector continues to be resilient by providing an avenue for individual borrowers and potential borrowers to seek advice and assistance in managing their finances and debts and at the same time promote a sound and robust banking system. * To achieve these objectives, AKPK’s mission is to Make Prudent Financial Management a Way of Life for all Malaysians. AKPK offers the following services, free of charge: * Financial education on the responsible use of credit and basic money management skills * Counselling and advice on financial management, including financial budgeting to manage expenses * Debt management programme to assist financial consumers to regain financial control (2)If after you seek help & advice from AKPK and not qualified for their debt payment restructuring programme, then opting for bankrupty may be a good choice if you have huge amount of debt and find that in no way you are able to pay back. Once you are a bankrupt under the Jabatan Insolvensi Malaysia, your creditors cannot chase you for any payments anymore. Bankruptcy allows you to have a new fresh start in a more matured and responsible way! It is NOT the end of the world! It is a fresh New Beginning for many people! Do NOT allow FEAR to control our life! Lots of Cheers!!! 10 Sep, 2008 15:47:17

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