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Accumulating High Interest Rate Credit Card Debt: I don't have money to pay, what should I do?

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asked on Sep 6, 2019 at 15:45
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edited on Dec 6, 2019 at 15:25
 
I have a credit card debt of RM7K, accumulated over a period of 7 years. I am so stressed now as I don't have any extra money to make repayment.

Early this year, few debt collectors had been looking for me but couldn't locate me. But I did receive few threatening SMS messages. The fact is, my husband left me with 2 kids to be taken care of so I just don't have enough income.

I am so worried as the bank keeps on increasing the debt amount due to the high interest rate they are charging. What should I do? Please help.
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2 Answers

answered on Sep 6, 2019 at 15:51
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edited Dec 6, 2019 at 16:26
 
@Mdm ling,

The interests is sure to increase. There is nothing much one can do.

There is not much info about your debt so that you can help yourself.

Did you read about the 6 years Limitation Act in this forum? It is referring to debts of over 6 years of which you cannot be sued in a court of law.

https://www.lawyerment.com/answers/questions/10958/limitation-act-1953-act-254
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answered on Sep 6, 2019 at 16:11
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edited Dec 6, 2019 at 16:28
 
@Mdm ling,

Please answer the following questions which can help you about your credit card debt.

1. When is the last payment to the bank?

2. Are you employed permanently?

3. Do you have time to go to the nearest Bank Negara branch to extract a copy of your CCRIS. To know what is CCRIS, read here:
https://www.lawyerment.com/answers/questions/13419/what-is-ccris-ctos-bnm-akpk-special-attention-account-or-dsr

4.  Did any bank bill collectors contact you recently? If yes, how much did they ask for. Ignore all future calls. Bar them using handphone apps.

5.  Is there one card debt or more?
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