Anonymous asked 12 years ago
Dear Sir,
I need advise about debts refinance & consolidate to pay-off current debts.
Debts & loan
Credit card – RM 25K (month repayment around RM1500)
PL (friends) = RM14K (no interest)
Home loan = current in balance -RM106K (months instl RM1200)
Currently i’m work as freelancer doesn’t has a fixed income about RM1900/month.
My action plan is:-
1) clear all my credit card debt & PL loan at once to cut-off the high interest rate payment every month.
2) Refinance my home loan.
I need the “fund” to repay all my current debts at once. And I also need around RM50K to cash flow my business & daily expenses. Do you think that is possible I can secure a loan by apply a overdraft facility loan on my property? The current property market value is at least $350K.
After settle all this debts (no more credit card), I think I able to focus and continuing my freelance work.
Wish to hear from you soon. Your advice & consult are highly appreciated.
Thank you
Wilson