Borrowing from loan sharks to pay loan debts. How to consolidate all debts into a single monthly payment?

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asked on Apr 19, 2016 at 20:43
edited on Apr 26, 2016 at 01:47
I have some outstanding loans with banks, I have been paying regularly under AKPK without any issue but now I got terminated from the program because I skipped payment.

The reason is I got loan with Moneylender and now Ah Long. I'm still managing to pay them but I have no idea where this is going to end. The payment to them is too high. I did not take these money to gamble or anything as I'm not a gambler.
I'm an engineer by profession and I have no idea what to do.

I'm going into depression because of this. I really need someone to mediate between me and the ah long for a reasonable settlement amount. I cannot continue paying weekly interest. I'm dying here. I know I borrowed money from them and I want to repay them. I'm not running away. I'm scared if I do not pay them then things will get worst. I just need some time to get things back on track. I'm borrowing from one Ah Long to pay another. I cannot go on like this forever.

I have currently referred my plight to MCA Jabatan Pengaduan Awam, Johor Bahru, Mr. Michael Txx for help and he is handling my case at the moment. Whatever the help I still have to return the principle amount borrowed to the Ah Longs, which is why I'm looking for some financial help.

All I need is a debt consolidation loan from a bank  with a reasonable repayment plan. I can pay off all my debts and consolidate all into a single payment. I have a property which I can use as collateral. The property is under my mother's name and I have only RM2k left. Already got the redemption statement and planning to get in changed into my name.

I need some advice from a lawyer who can help me on this. I'm running out of time.
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4 Answers

answered on Apr 20, 2016 at 01:43
As you are in danger of becoming a bankrupt soon, the most stupid thing you can do now is to transfer the house title to your name.
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answered on May 4, 2016 at 23:16
I was hoping for a better answer than that, if that is stupid, what other ideas do you have?
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answered on May 5, 2016 at 00:53
edited May 17, 2016 at 07:41
vkpc is the most senior forumer here. Please be more polite if you want good advice.
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answered on May 5, 2016 at 15:01
Under Moneylenders Act, loan sharks cannot sue you.
This is why they use other "methods" of collection.

Maybe you should move house and change all tel numbers.  Do it at night.
JeffOO5 is an expert on the topic "How to Run".
Get in touch with him.
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