How nice~ It’s been raining practically the whole day! Woke up pretty late today.. as usual. Last night need to company some street meeting, to find some solution for someone I know.
Here’s a scenario: - The law of gambling is simple.. There’s no winner.. Only expensive thrills. The saying “Ai Pua, Mai Lui” become synonymous with H. H has so much debt to settle so much so that his 4-figure salary could not even service the banking loans and personal debt to his family and friends. At one point I believed he did stop, but as month passes by pressure from repaying loans and debt forces him to seek alternative way to settle his debt faster.. Gamble again! How stupid can that be?
Anyway of recent problem arises yet again,. H is out of work, his car is 5 month lapsed for loan service; his credit card payment is months behind. Many of us here owns transportation and credit cards, almost everyone at one point of the lives would take a loan or sum to finance something.
A car loan may take as little as 3yrs, 5yrs or maybe 9yrs to fully pay up for the loans. Has it ever occur if one fine day you no longer have to financial mean to service all your loans *as in NO ONE CAN HELP YOU! *. What would you do then? What possible solution one may comes up with? As H car is 5 months late for payment; fears has it that and RO been issued; H and I went to meet a group of car reposessor/call man/ etc a trade that deal things banking institution would do in front. This group offers loan services and protection of cars that are about to be repossessed by banks for certain duration and fees.
If one ask me, the whole deal is a scam and stupid simply.. not only the car loan is not paid and on top of it owing a fresh debt to these particular group. The fees they ask equal almost 50% service charged monthly.
My previous advise to my friend still stand. I advised him was to surrender everything he has to the bank, get a bankruptcy filed and thing being back to normal. Being a bankrupt is not so bad really because H has exhausted all his option. Aside from not being able to own banks account, own a business, limited flying out of country it good! No more fear from getting phone calls by bank, fear of car getting tarik etc etc. Banking law for less than 30k bank won’t sue you bankrupt *wonder if it still hold true now * and on top of it after 3 years of being a bankrupt there’s an option to discharge with a discounted sum.
I can only hope he settles everything and pay what owes to me. Because of people like H and a few others, I too have learned not to trust and give loans to people.
