Refinancing Application Solution

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asked on Apr 14, 2015 at 21:38
by   crazy ong
I'm runned up with huge amount of debts due to failure in trading/investment as follow:-
Credit card debts (6 banks)       - 35KRM
Personal loan (4 banks)            - 45KRM
Policy loan                              - 15KRM
Borrowing from relatives/friends - 75KRM

Besides, also have housing loan, car loan, PTPTN loan and etc.
I would like to apply cash-out refinancing from my existing housing loan which potential provide me 200KRM to pay-off all outstanding debts and bring myself and my family out from this terrible life. Unfortunately, i was facing problem for this application.
Hosing loan details:-
Borrower:- Elder brother and myself
Chargor:-  Elder brother, myself, father(deceased)
I was told that i'm not able to apply anything from my housing loan due to my deceased father name is one of the owner even though i'm now is the appointed administrator (LA letter under my name).
Is that really no way to allow me to go through this application?
At this moment, my life and my family is depend on this application.
Kindly please help me on this matter.
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1 Answers

answered on Apr 15, 2015 at 01:14
by   Pak Dolah
How old are you?

Why drag your brother and your deceased father into your turmoil?

Most of those under bankruptcy issues are due to "refinancing".. digging a bigger and deeper hole to bury themselves slowly at first then at F1 speed to being bankrupted.

From your posting, on the surface, the more workable solution would be

1/ Sell the house and give your brother his share of the proceeds.
2/ Approach AKPK for DMP. OR..
3/ After paying yr personal debts, apply for self insolvency to protect yourself from bill collectors.
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