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Debt Management (Bank Loan, Credit Cards, Personal Debts)

Hi guys,

I know this sound very straightforward and a desperate move. I know this seems to be very suspicious and questionable. But I am writing anyway and giving it a shot.

I really want to have a fresh start with my life.

I figured out that the best way to solve my financial struggles is to pay back all my debts ALL AT ONCE to cancel all those monthly interest charges from the three banks I have loaned with (when I was still in good financial standing before I lost my job) and clear out my conscience from the people whom I have owed with (to get through with my daily expenses while I was unemployed). I need someone who can help me raise Three Hundred Thousand Philippine Pesos (Php 300,000.00) or roughly US$7500.00 to pay up my debts over the years.

I even setup a blog for my plea:

http://savejakehere.blogspot.com

I need advise how to turn my world and get out of this trap.

Thank you!
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Comments

  • earathouearathou Member PExer
    I am wondering if anyone here are living without a debt (money)?
    [Yeah of course except for the newly born child, student, etc.] :lol:

    I am refering to people who have work, self-employed, a businessman, and investor. :naughty:

    It seems we cannot live without a single debt. :bop:
  • DaNa8DaNa8 certified mommy PExer
    I used to be debtless a year ago but since I've had an apartment constructed I had to borrow money. But it's just a small amount, 40k.
  • DonTDonT Aviculturist PExer
    I think I can proudly say that I am currently living without debt. I have two kids with 1 going to school, own a 2000 model car (cant justify yet to buy a newer model), renting out a small low rise condo, but still we are living with our parents. I think thats how we are able to control and save some money. Maybe after a few years more, I might have to go to the bank and get a mortgage on a house and lot...

    But then again..we could also rent if we wanted to...I think its really a matter of personal choice...Some people wouldnt mind having debt as long as they have the latest car and equally nice Townhouse...

    In some situations it is advantageous to borrow money, especially in business in order to make money. Therefore Debt in this case is a good thing.

    I always try to stick with this principle..'Live within your means'. and it will be easier..financially speaking.
  • knightraderknightrader Member PExer
    Leverage is a two-edge sword and will cut deep if used at the wrong time in the wrong way. We have utilized leverage in purchasing real estate in the past (before the "easy" loan bubble) and have now liquidated all real estate holdings except where we live. We have utilized leverage in stock market plays at extreme oversold conditions but currently have not used margin for the last 12 months except on intraday trades (goes flat before market close).

    At the current juncture, debt in all forms (including mortgages) should be avoided. Credit card debts is always a no-no especially for purchase of non-essential goods. Credit cards, however, is a convenience for travel expenses and business accounting. It also provides airline miles! he-he Credit card balances should be paid in full every month.

    In this inflationary times we live in, it is understandable that people shun savings in favor of "goods" that appreciate in value. It is wise to buy these goods now and pay them with cheaper dollars in the future. There is a caveat, however, that your ability to pay your debts may not be there when the time comes that hyperinflation is in full swing. Before hyperinflation comes business reversals w/ massive layoffs. Before people can take advantage of paying off their mortgages w/ cheaper dollars, they will be laidoff first. As the majority abandon their "goods" (like real estate), the market valuation declines to below what is owed BEFORE the opportunity for payoff comes.

    It is currently wise to have a paid up home as we need to live somewhere. Renting is an expense which also takes the control of housing cost out of your hands. Some of your money should also be in gold and silver as paper money is devalued in time. It doesn't make sense to have no debts but have your money in a savings account which will also be wiped out in a hyperinflationary scenario.

    To have no debts w/ a small percentage in gold/silver gives someone the ability to not only weather the ebb and flow of a developing currency collapse but to actually take advantage of it as you will have more buying power at a time when "goods" can be picked up for a song. :)
  • earathouearathou Member PExer
    There is common thinking that as early as now you can have the "goods" cheaper. If you purchase it later or next couple of years, it will be very expensive.

    Having this thinking, some people want to grab it and try to find ways like borrowing money or applying for a loan. And the debt is born.

    It is a matter of money management how to get out of debt again. But having these "goods" it feels that there is a fullfilment.

    Having unplanned debts will lead also to surrendering or returning the "goods".

    There are many factors too and considerations that debts cannot be paid in time due to emergencies or unplanned priorities and obligations.
  • omengomeng the glorious ✭✭
    Personal, yes.

    Company, no. But that's the beauty of Incorporation. :D
  • DaVinciCodeDaVinciCode Member PExer
    DEBT can also be associated with a person's philosophy in life, and how he regards his definition of personal happiness.

    We live a life that is short. There is also a saying "... I will savor this moment, for I shall not pass this way again...". There are a lot of experiences and opportunities in life that we say "pass" simply because we don't have the money to pay for it. That's where DEBT comes in. We borrow money so we can experience it now, "for we shall not pass this way again".

    A lot of parents borrow money to pay for their children's tuition fee in a private school. Once you completed school, you can't go back and experience it again like the first time around. Acquiring debt is one way to ensure that you will not miss this segment in your child's life.

    A lot of people get car loans so they can drive a car NOW, and not some 5 to 8 years later hoping they can save enough to buy one.

    Acquiring DEBT is not a bad thing. Every person is entitled to his own personal reasons on why he wants to acquire debt -- as long as you have a solid plan on how to pay for your debt and you are prepared to endure what it means living in debt.

    Don't plan to acquire any loans if you are leaving it to God on how to pay for it.
  • QuadradoQuadrado Member PExer
    I have no debt...

    There was one time I borrow an obscene amount (just 500K, but for someone who is just 24 y/o and someone who is earning less than that annually, I consider it a huge debt already) to finance an short term investment... Tama si Knighttrader, this was leveraging! Delikado siya had the bet collapsed, but luckily it ended well.

    It was the IPO by the way of PhilNaRe that needed short term financing... Upon listing, dump kaagad for an easy 20% profit. :lol:

    Kakatakot din though...
  • business_guybusiness_guy Member ✭✭
    Ako may utang. Cell phone ko 12 months to pay. Yun lang - hehe....
  • DonTDonT Aviculturist PExer
    DEBT can also be associated with a person's philosophy in life, and how he regards his definition of personal happiness.

    We live a life that is short. There is also a saying "... I will savor this moment, for I shall not pass this way again...". There are a lot of experiences and opportunities in life that we say "pass" simply because we don't have the money to pay for it. That's where DEBT comes in. We borrow money so we can experience it now, "for we shall not pass this way again".

    A lot of parents borrow money to pay for their children's tuition fee in a private school. Once you completed school, you can't go back and experience it again like the first time around. Acquiring debt is one way to ensure that you will not miss this segment in your child's life.

    A lot of people get car loans so they can drive a car NOW, and not some 5 to 8 years later hoping they can save enough to buy one.

    Acquiring DEBT is not a bad thing. Every person is entitled to his own personal reasons on why he wants to acquire debt -- as long as you have a solid plan on how to pay for your debt and you are prepared to endure what it means living in debt.

    Don't plan to acquire any loans if you are leaving it to God on how to pay for it.

    I 110% agree with this...but just for argument sake...
    I want to have my own house and lot..lets say it costs around 3M. Which I beleive is quite average if not below average nowadays.

    Now...in what kind of financial position should a person like me should be in.. before I think of acquiring any debt to finance my 'dream house'...must I be permanently employed with the top 20 corporations in the philippines? should I have a total net income of 40 or 50K per month? should I first have a business of my own?

    I am just thinking that in all of this situations..there are so much uncertainties that..I can't help but 'leaving it up to God on how to pay for it' should I have a debt of 3M.. Maybe its just me.:(
  • knnknn Member PExer
    Ipod 12 months to pay
  • tidus1203tidus1203 star of the abes! PExer
    none at the moment
  • baboyakobaboyako Member PExer
    depends whether debt is good or not.
    if debt means you can use the money to earn more, good.
    if debt means you lose money or it starts snowballing, bad.
    me, no debts, credit card negative balance (oops, overpaid). positive cashflow...
    always try to pay full in cash...
  • Tama kayo, kaya cguro wala rin akong masyadong asenso sa buhay kahit ang sipag ko sa business ko ngaun dahil hindi ako nangungutang, last na utang ko nung May 24 na 10k pero nabayaran ko agad sa sister-in-law ko nung sumonod na araw (May 25), mayron akong takot na magka utang at makakalimutan kasi ako eh baka maklimutan ko pang magbayad. Isa pa kulang ako sa diskarte pagmangungutang ako sa ibang tao, maaring kahinaan ko na yun.

    credit card, wala ako nun, self-employed ako eh mula pagka teenager, totally wala ako sa radar kaya hindi rin ako pwedng maka-utang sa bank.
  • Hello. I wanted to ask about paying back my old credit card. It's been over 7 years since I stopped paying my credit card. There are no excuses, but I left and went abroad several years ago. Now, I'm considering heading back to the Pinas in a few years. I would like to start paying it off now because I don't want any issues going back there. If anyone can answer any of my questions, it would much be appreciated.

    ~Who would I need to contact now? The credit card/bank or some other office?
    ~How would this old utang affect me if I was to go back there?
    ~Anything else that I would need to know?

    Again, thanks for help with this. I know I made an error and would like to fix it.
  • guess888guess888 Member
    Hello. I wanted to ask about paying back my old credit card. It's been over 7 years since I stopped paying my credit card. There are no excuses, but I left and went abroad several years ago. Now, I'm considering heading back to the Pinas in a few years. I would like to start paying it off now because I don't want any issues going back there. If anyone can answer any of my questions, it would much be appreciated.

    ~Who would I need to contact now? The credit card/bank or some other office?
    ~How would this old utang affect me if I was to go back there?
    ~Anything else that I would need to know?

    Again, thanks for help with this. I know I made an error and would like to fix it.

    Hi all you have to do is to call your credit card who issued ur card ask them them that you are going to pay ur unpaid balances with them..... talk the bank officer maybe mabigyan u ng restructuring sa balances u..... Possible that ur name is on the CMAP or the Credit Management Association of the Philippines.....
  • deemondeemon canned thoughts... PExer
    tanong po
    ano po yung amnesty letter?? nagpadala daw po kasi ng ganito yung banko regarding sa credit card debt.
    di ko pa nakikita yung letter since wala ako bahay at the moment.
    salamat po
  • bankerIIbankerII Member
    once the collectors hear that, they will swarm to you - klarong commission na ito!
    :naughty:

    negotiate direct with the bank although
    sometimes it is better not to resurrect a
    dead issue.
  • deemondeemon canned thoughts... PExer
    hi bankerII
    not sure if your post was a reply to me o dun sa TS hehe
    anyway, the letter came from the bank so i assume na nasa kanila pa ren yung issue
    nagtaka lang ako since nagpadala sila bigla ng notice e 7 o 8 years ago ko pa last ginamit yung cc... though hindi ko siya pina-cancel
  • bankerIIbankerII Member
    The amnesty fantasy often comes from collectors.
    this might interest you:
    http://www.equalizerpost.com/2010/01/domino-molaer-dealing-with-debt.html
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