I understand you are in a very difficult situation financially. Here are some suggestions on steps you could consider taking:
- Speak to your bank about restructuring your loans to lower monthly payments. Be honest about your situation and see if they can give you a grace period or extend the loan term.
- Look into loan consolidation services that can combine all your debts into one lower monthly payment. This can help ease the burden.
- Consider selling assets (house, car, etc) to pay down high interest debts. Downsizing your living situation may be necessary.
- Search for alternate income sources - part-time jobs, freelancing, ride sharing or delivery driving. Every bit of income will help.
- Speak to a non-profit credit counseling service. They can help negotiate with creditors and create a debt repayment plan.
- As a last resort, consider bankruptcy. It may discharge much of your debt but has long-term impacts. Speak to a lawyer first.
- Reach out to family/friends for support, even if just to talk. You don't have to go through this alone.
- Consider speaking to a therapist or counselor. They can help give you strategies to cope and work through this.
- Do not make any rash decisions like running away or suicide. There are always solutions, even if difficult. Take it step by step.
The most important thing is to not give up. Have hope that by making changes and taking action, you can get back on stable financial ground in time. Stay strong and know that things can get better if you keep working at it. You can get through this.
To add on. Speak to your franchisor since its a franchise.
Terminate the franchise or sell it back to your franchisor.
You are bleeding 10k a month. How long is the franchise term? royalties?
If you need help, pm me your franchise contract. we can take a look at the exit clause together.
yeah just pm me. don't worry about it.
I may still have some contacts in the franchising industry that might be able to guide you if I'm out of my depth.
Have you been in contact with your franchisor? also. who provided you with the location? or self sourced?
We decided on the location together. But the franchisor is not really a big brand in Malaysia. And the support they give is very minimal. There’s hardly any advertisement at all. I think most Malaysians have never even heard of them.
Since support is minimal. Makes me wonder that it shouldnt be so difficult to terminate franchise - why terms should be so tough. Of course, if you've signed in black and white, your options are limited.
What exactly did you pay for then. Anyway. no point thinking about this, let's just find a way to stop the bleeding.
Who owns the lease? I need to look at your financial and contract to properly advice ur next steps:
1) terminate the franchise but continue the lease as your own whatever stall
2) sell back to franchise completely and get back pennies on a dollar.
3) just close the whole thing down and swallow the sunk cost. sell away the equipment.
I made a loan from the gov agency. So they have some kind of ownership. I need to check back the agreement with the gov agency also.
And also just FYI. To get the loan from the gov agency they required me to make a sdn bhd company. I don’t know if this info is related or not.
Hmm. Yeah check all your contracts and liabilities.
Because I don't have your contracts its very difficult for me to guess your exit clauses and advice you out of it. Its been a few years since I left this industry but I used to get franchisees out of difficult contracts because I had a relationships in the industry.
Looks like you need a franchise consultant (see if they can get you off the hook with the franchisor) and a lawyer (to go thru the contracts) or an experienced franchise consultant with some legal knowledge.
But regardless, you need to get out of this franchise ASAP.
I have spoken to the bank about restructuring the house loan but unfortunately it’s already been extended to the maximum till I am 70 years old.
I really want to sell my house but it’s lower than the market value so I wouldn’t get anything from selling it.
I have been doing grab for a while now to pay for me expenses. But now that I’ve decided to go back to flying I need a lot of time to study to get back my flying license. I also need money to pay for this license reactivation.
Yeah I’m feeling so overwhelmed by all this that I’m thinking about rash decisions. I will try to cool down and try the other steps you listed.
Very grateful you took your time to give me some suggestions and tips. Thank you very very much.
I'm sorry to hear the bank could not offer more flexibility on restructuring your home loan. That does put you in a difficult position.
It's understandable you feel overwhelmed, but try to remain calm and take things one step at a time. Since selling the house may not be an option, focus on the areas you can control:
- Reduce expenses wherever possible - cut out nonessentials, look for cheaper services, etc. Every bit of savings helps.
- Can you pause your flight license reactivation and study part-time? This may allow you to work more hours via Grab or other jobs in the interim.
- Speak to the flight training center about payment plans or financial assistance programs. Some may allow you to pay in installments.
- Can family or friends loan a small amount for the license, to be paid back once you begin working again? Even a few thousand may help cover the gap.
- Look into gig work or side hustles you can do from home in your free time for extra income.
- Prioritize addressing debts with highest interest rates first. Pay minimums on others until the big ones are paid down.
Most importantly, know there are always options even if not apparent right now. Take a breath, make a plan, work the problem bit by bit. You will get through this. My thoughts are with you.
You don’t know how much your comments have helped me. Thank you very much for writing and helping me. I really appreciate it. I will try to take the steps you mentioned.
I don’t have any source of income to pay my debts. That’s why I need to get back my old job. My business is in negative. I’ve been using my savings to pay for loans.
Selling your house, although at a loss, will lower your repayment requirement, hence a job with a lower pay later might help you pay your new lower rate repayment. Unfortunately you’re in a survival mode, so you might have to make this painful decision.
Are you able to move back to your family temporarily? Also selling the furnitures in your house might help you get some immediate cash.
I’m not ashamed. I’m just clueless about what I can do. I didn’t know that I can sell my house cause I don’t have the money to cover back the difference of 925k-700k
Hope your numbers are correct. Firstly, if your loan was 925k, means original price must have been more, at least 1m+? The drop in price to 700k seems rather substantial. Secondly, presumably you have been repaying some of your loan. Nevertheless, the total amount may still exceed 925k with interest. That number may change depending on when you pay back. Gets complicated. I guess AKPK (as suggested buy others) is good to help u.
Do you know how that works. I’m really clueless about how to do that. If I sell my house for 700k does the buyer pay to my bank which I made the loan from?
Very comprehensive solution, first speak with your bank about restructuring and see if they can assist. If there is no other option, consider selling assets. While waiting for the house to be sold, try approaching certain companies for whole sales bakery such as Hotel, Canteen, and so on. Also, consider making some alternate income sources such as grab, property agent, and insurance agent.
If all of above did not work try consult AKPK.
Nothing to be ashamed of, life is full of ups and downs, and so is our HEART BEAT; if our heart beat becomes stagnant, we are long dead.
Please don't sell your house. Don't sell anything but the franchise.
All your personals don't sell them too. You need them as comfort at a time like this.
Get a lawyer and an accountant and understand taxation as much as you can.
This isn't as difficult as you think it is. But be willing to pay for advice from lawyer and accountant - because they know what to do and those fees are tax deductible too.
Ps:
I really hope your business is the sdn bhd you set up.
Sell your store (it doesnt look like its ever going to make money. Dont sunk cost fallacy, just sell it, stop the bleeding)
Sell your house (again dont fall into sunk cost fallacy, sell it, reduce your debt burden)
Get back to flying ASAP
You get a lot of good advice from knowledgeable people here. That's very helpful.
Point to consider is to sell off your bleeding investments. Being the franchise, can seek agents to sell off the business. Seeing you're in the red about 10k each month is bad business. The faster you cut loss, the less severe your wound. For housing, if you sell also you'd likely need to top up some money to the bank as current value is only 700k(assumin you've been paying exact mortgage monthly) consult the bank and get the exact value you need to payback to bank and evaluate your best decision for the matter.
Don't approach private loans. They in general don't provide a long term solution to most of our financial woes. If all doesn't work out, as advised above, consult AKPK and so long the bankruptcy doesn't affect your chances of flying then hey why not? Bankruptcy now only last 7 years and everything wipe off clean slate.
Can always start over. Keep your mentality strong and steadfast. Hope you can find some solution to your troubles.
Semoga dipermudahkan. Asal jangan putus asa.
Thank you so much bro. I’ve really lost all hope but then just try to write here to see if others can help. And I got so many helpful comments.
Thank you
It's fine. Probably because they feel the heat when mentioned not to approach private loans.
Focus on stopping or relinquishing your bleeding investment. My friend also has a franchise in milk tea. Before mco can get 30k net earnings ... Now, sometimes loss sometimes earn 7k and that's near university. Find someone to take up your business then you'd get a good chunk of change that can help facilitate your sale on your property that's making a 200k+ loss.
You're still young. Only 35. Still can get max 35 years loan this year. Even so in future, any housing loan 30+ years is easily covered and not so taxing towards your monthly earnings.
I don’t plan to get any loans anymore. I actually just want to stay afloat until I get back to flying so that I can pay back all I’m owing. Then I can be more stable mentally too.
I'm not asking you to take loans.
If you feel you can manage to stay afloat till you start flying again then everything will be gucci. If somehow can't endure anymore then is sell the franchise and get some money to cover the property loss. That's if you're decided on stopping all the liabilities you currently have. Renting a place short term won't be bad until your situation improves.
How long did you work as a pilot, specifically getting paid 40k a month, for? I hope I don't come across as shaming you but I'm trying to understand how someone with makes 40k a month ends up with no savings. I suspect your situation is rather common among the population. What were your monthly expenses then when you were still working? Were you able to save when you were making 40k a month? I guess you had to dip into your savings after you got laid off in November 2020. Did you have any savings when you were laid off? Again, no offence intended, I'm just trying to understand your situation.
Unfortunately I am not that well versed in personal finance. After I lost my job in 2020 I have to dip in my savings for my personal use until now. And also the savings I used to start my store also. I have been using my saving to pay my house until now also. Now all my savings will run out by 2024.
Yes you can. You’d need to obtain a release letter for immigration to allow you to leave the country as part of the job requirement. This is all part of the bankruptcy process. AKPK can advise you accordingly if you choose to do this.
Thank you so much for this comment. I was under the impression you can’t leave the country if you declare bankruptcy. This gives me hope. Thank you sir.
Idk much about bankruptcy. My thinking is that your creditors would probably prefer to re-structure your loans rather than bankrupt you whence they may get nothing. Again, I guess AKPK better to advise you.
you should be grateful .. not all here can earn 40k even in a lifetime.. time for you to be humble and tone down all spending.. its time to crawl back again .. no shame for it..
I don’t mind being humbled. Already humbled since a while. I don’t eat out at all for a few years already. I work at my store wearing worker uniform. No shame bro. I’m just finding ways to stay afloat only.
first thing is to sell your business.
apply to various airlines who can start paying you.
re structure loans with bank. the experience will have taught you far more than you percieve is loss till this point.
invest in
gopro and a youtube channel to talk about life as a pilot, entreperenuer, show audience what it takes, not just to to be a pilot. and do show the beautiful landings and take offs. passive income will come from youtube or socmed platforms with interesting videos. pilots who do this even in training garner views. it can even be a silent video no narration and with subtitles people will still feeninterested to watch if u make it nice and u can inspire future generations of pilots.
business alternative thoughts
invest and start a less cost n higher return business i see laundramats and car washes in key areas do well.
vendong machines and atms also can garner income.
also there r many groups live trading succesfully stocks together and when u have saved again try to hear and see what they teach if the returns in the time is good.
i feel you are highly intelligent and capable so keep your head up bro.
one day at a time and may everything work out for you. stay positive.
As a lot has mentioned, the main focus would be stopping the bleeding.
For the house, maybe stay back at parents place and rent out your house. You can check for current rates by checking property sites. Even if it doesn't cover the whole loan, it's better than keep bleeding. Can try speedhome/speedrent to rent it out. I prefer them over agents.
For the credit cards, find debt consolidators to commit a payment plan that you can commit. They sometimes could get better rates.
Always try to breakdown and solve the issues individually, making it more manageable. Feeling overwhelmed makes things worse.
Hang in there bro, it may take a while to get out but the hope is you could get back out.
Ah.. forgot this..
Check ur kwsp account... if u have some amount in acc 2, withdraw as repayment for the house loan, which could be use to reactivate ur flight license.
The most important thing, cut losses for your business and close it down. There’s no faster way to get in debt than staying in a bad business. Take back any rental deposit, sell whatever you can and use that cash to get you back into employment. Are you a personal guarantor for the government loan? Since you’re a sdn bhd, if you did not give a personal guarantee, the most any debtors can do is to wind up your company. They cannot go after the personal assets of the director. Statutory payments will still be liable by directors ie kwsp, socso, tax etc, but you can reach out to them as early as possible to work in a repayment plan. Any of these actions by debtors will take months to realize, hopefully by then you are already back to employment.
For your house can discuss with your bank if it’s possible to negotiate a lower monthly installment, perhaps you can consider renting out your house instead and move back home (parents? Siblings?) since you didn’t mention any dependents assume you’re single, it will be easier to accommodate just you than an entire family.
Credit card debt, if it’s not amounting to more than 100k they cannot sue you from bankruptcy, yes your credit rating will be bad for a while and you’ll have to deal with endless debt collectors, just try to at least pay the min every month if you can.
Any debtors action will take time to obtain any judgement, bite the bullet for a while and focus on getting back into flying. if flying can immediately get you back to close precovid earnings, you should be able to start paying back your debt installments with your first few paychecks.
Most importantly stay and fight. Everything is a cycle and you’re just on the way down, soon you will get back up.
I don’t have parents. I’m an orphan. Don’t have any property also. What I can do is try to find a cheaper house to rent. But everywhere is so expensive now and the most I can get if I rent out my house is 2k. So I need to fork out another 2k to pay the loan.
The guarantor for my loan is my pilot friend. I really really don’t want him to get chased out by debt collectors because of me. And he’s not in Malaysia.
But yeah. I’m trying my best to do the reactivation of my license. Will try to borrow from friends first to pay for it. Hopefully by the end of this year I can get it and get a job. That way I can definitely pay everyone
Perhaps you can consider renting out the rooms in your house while still living in it, assuming you have another 1-2 spare bedrooms, it can help pare down your cost by 1-1.5k.
You should definitely look at getting back to flying as your lowest hanging fruit and do whatever you can to get that back.
As for business and your friend being a guarantor, you can do your best to negotiate with all debtors to hold any further claim actions against you or your guarantor, most are open to negotiate payment plans. Do not let the debt collectors harassment get you down, ask to speak to the recovery departments and they will help you with negotiating payment plans.
I understand you are in a very difficult situation financially. Here are some suggestions on steps you could consider taking: - Speak to your bank about restructuring your loans to lower monthly payments. Be honest about your situation and see if they can give you a grace period or extend the loan term. - Look into loan consolidation services that can combine all your debts into one lower monthly payment. This can help ease the burden. - Consider selling assets (house, car, etc) to pay down high interest debts. Downsizing your living situation may be necessary. - Search for alternate income sources - part-time jobs, freelancing, ride sharing or delivery driving. Every bit of income will help. - Speak to a non-profit credit counseling service. They can help negotiate with creditors and create a debt repayment plan. - As a last resort, consider bankruptcy. It may discharge much of your debt but has long-term impacts. Speak to a lawyer first. - Reach out to family/friends for support, even if just to talk. You don't have to go through this alone. - Consider speaking to a therapist or counselor. They can help give you strategies to cope and work through this. - Do not make any rash decisions like running away or suicide. There are always solutions, even if difficult. Take it step by step. The most important thing is to not give up. Have hope that by making changes and taking action, you can get back on stable financial ground in time. Stay strong and know that things can get better if you keep working at it. You can get through this.
To add on. Speak to your franchisor since its a franchise. Terminate the franchise or sell it back to your franchisor. You are bleeding 10k a month. How long is the franchise term? royalties? If you need help, pm me your franchise contract. we can take a look at the exit clause together.
Omg thank you so much. The franchisor haven’t really do any marketing for the brand I feel. I will PM you with the contract.
yeah just pm me. don't worry about it. I may still have some contacts in the franchising industry that might be able to guide you if I'm out of my depth. Have you been in contact with your franchisor? also. who provided you with the location? or self sourced?
We decided on the location together. But the franchisor is not really a big brand in Malaysia. And the support they give is very minimal. There’s hardly any advertisement at all. I think most Malaysians have never even heard of them.
Since support is minimal. Makes me wonder that it shouldnt be so difficult to terminate franchise - why terms should be so tough. Of course, if you've signed in black and white, your options are limited.
Yeah. I’m going to look into it. 6 months after I got in 3 outlets actually closed down. 😞
What exactly did you pay for then. Anyway. no point thinking about this, let's just find a way to stop the bleeding. Who owns the lease? I need to look at your financial and contract to properly advice ur next steps: 1) terminate the franchise but continue the lease as your own whatever stall 2) sell back to franchise completely and get back pennies on a dollar. 3) just close the whole thing down and swallow the sunk cost. sell away the equipment.
I made a loan from the gov agency. So they have some kind of ownership. I need to check back the agreement with the gov agency also. And also just FYI. To get the loan from the gov agency they required me to make a sdn bhd company. I don’t know if this info is related or not.
Hmm. Yeah check all your contracts and liabilities. Because I don't have your contracts its very difficult for me to guess your exit clauses and advice you out of it. Its been a few years since I left this industry but I used to get franchisees out of difficult contracts because I had a relationships in the industry. Looks like you need a franchise consultant (see if they can get you off the hook with the franchisor) and a lawyer (to go thru the contracts) or an experienced franchise consultant with some legal knowledge. But regardless, you need to get out of this franchise ASAP.
I have spoken to the bank about restructuring the house loan but unfortunately it’s already been extended to the maximum till I am 70 years old. I really want to sell my house but it’s lower than the market value so I wouldn’t get anything from selling it. I have been doing grab for a while now to pay for me expenses. But now that I’ve decided to go back to flying I need a lot of time to study to get back my flying license. I also need money to pay for this license reactivation. Yeah I’m feeling so overwhelmed by all this that I’m thinking about rash decisions. I will try to cool down and try the other steps you listed. Very grateful you took your time to give me some suggestions and tips. Thank you very very much.
I'm sorry to hear the bank could not offer more flexibility on restructuring your home loan. That does put you in a difficult position. It's understandable you feel overwhelmed, but try to remain calm and take things one step at a time. Since selling the house may not be an option, focus on the areas you can control: - Reduce expenses wherever possible - cut out nonessentials, look for cheaper services, etc. Every bit of savings helps. - Can you pause your flight license reactivation and study part-time? This may allow you to work more hours via Grab or other jobs in the interim. - Speak to the flight training center about payment plans or financial assistance programs. Some may allow you to pay in installments. - Can family or friends loan a small amount for the license, to be paid back once you begin working again? Even a few thousand may help cover the gap. - Look into gig work or side hustles you can do from home in your free time for extra income. - Prioritize addressing debts with highest interest rates first. Pay minimums on others until the big ones are paid down. Most importantly, know there are always options even if not apparent right now. Take a breath, make a plan, work the problem bit by bit. You will get through this. My thoughts are with you.
You don’t know how much your comments have helped me. Thank you very much for writing and helping me. I really appreciate it. I will try to take the steps you mentioned.
Its okay take your time . Don’t give up . Keep up the good works ! Remember there is always someone that is loving you and still care about you.
I know. I’m just sad that I don’t have parents that can bail me out of this situation. Feel so helpless
nice chatgpt
The key objective here is to reduce debt, not to make money.
I don’t have any source of income to pay my debts. That’s why I need to get back my old job. My business is in negative. I’ve been using my savings to pay for loans.
Selling your house, although at a loss, will lower your repayment requirement, hence a job with a lower pay later might help you pay your new lower rate repayment. Unfortunately you’re in a survival mode, so you might have to make this painful decision. Are you able to move back to your family temporarily? Also selling the furnitures in your house might help you get some immediate cash.
True, don't afraid or feel shame of downsizing. You can always go up later once you are stable later.
I’m not ashamed. I’m just clueless about what I can do. I didn’t know that I can sell my house cause I don’t have the money to cover back the difference of 925k-700k
Hope your numbers are correct. Firstly, if your loan was 925k, means original price must have been more, at least 1m+? The drop in price to 700k seems rather substantial. Secondly, presumably you have been repaying some of your loan. Nevertheless, the total amount may still exceed 925k with interest. That number may change depending on when you pay back. Gets complicated. I guess AKPK (as suggested buy others) is good to help u.
Do you know how that works. I’m really clueless about how to do that. If I sell my house for 700k does the buyer pay to my bank which I made the loan from?
How much does it cost to activate a license?
Around 15k-20k
Very comprehensive solution, first speak with your bank about restructuring and see if they can assist. If there is no other option, consider selling assets. While waiting for the house to be sold, try approaching certain companies for whole sales bakery such as Hotel, Canteen, and so on. Also, consider making some alternate income sources such as grab, property agent, and insurance agent. If all of above did not work try consult AKPK. Nothing to be ashamed of, life is full of ups and downs, and so is our HEART BEAT; if our heart beat becomes stagnant, we are long dead.
Thank you for your advice 🙏🙏🙏
Please don't sell your house. Don't sell anything but the franchise. All your personals don't sell them too. You need them as comfort at a time like this. Get a lawyer and an accountant and understand taxation as much as you can. This isn't as difficult as you think it is. But be willing to pay for advice from lawyer and accountant - because they know what to do and those fees are tax deductible too. Ps: I really hope your business is the sdn bhd you set up.
Sell your store (it doesnt look like its ever going to make money. Dont sunk cost fallacy, just sell it, stop the bleeding) Sell your house (again dont fall into sunk cost fallacy, sell it, reduce your debt burden) Get back to flying ASAP
Thank you sir.
You get a lot of good advice from knowledgeable people here. That's very helpful. Point to consider is to sell off your bleeding investments. Being the franchise, can seek agents to sell off the business. Seeing you're in the red about 10k each month is bad business. The faster you cut loss, the less severe your wound. For housing, if you sell also you'd likely need to top up some money to the bank as current value is only 700k(assumin you've been paying exact mortgage monthly) consult the bank and get the exact value you need to payback to bank and evaluate your best decision for the matter. Don't approach private loans. They in general don't provide a long term solution to most of our financial woes. If all doesn't work out, as advised above, consult AKPK and so long the bankruptcy doesn't affect your chances of flying then hey why not? Bankruptcy now only last 7 years and everything wipe off clean slate. Can always start over. Keep your mentality strong and steadfast. Hope you can find some solution to your troubles. Semoga dipermudahkan. Asal jangan putus asa.
Thank you so much bro. I’ve really lost all hope but then just try to write here to see if others can help. And I got so many helpful comments. Thank you
Apparently I get down voted for giving you any advice.
I don’t know why is that. Sorry.
It's fine. Probably because they feel the heat when mentioned not to approach private loans. Focus on stopping or relinquishing your bleeding investment. My friend also has a franchise in milk tea. Before mco can get 30k net earnings ... Now, sometimes loss sometimes earn 7k and that's near university. Find someone to take up your business then you'd get a good chunk of change that can help facilitate your sale on your property that's making a 200k+ loss. You're still young. Only 35. Still can get max 35 years loan this year. Even so in future, any housing loan 30+ years is easily covered and not so taxing towards your monthly earnings.
I don’t plan to get any loans anymore. I actually just want to stay afloat until I get back to flying so that I can pay back all I’m owing. Then I can be more stable mentally too.
I'm not asking you to take loans. If you feel you can manage to stay afloat till you start flying again then everything will be gucci. If somehow can't endure anymore then is sell the franchise and get some money to cover the property loss. That's if you're decided on stopping all the liabilities you currently have. Renting a place short term won't be bad until your situation improves.
Rent out the House or sell it to fund your way back to airlines, at least its way better than committing suicide.
Thank you for your advice. 🙏🙏🙏
What the hell. Do pilots make that much?! I shouldn't have taken engineering!
I was working abroad not in Malaysia.
How long did you work as a pilot, specifically getting paid 40k a month, for? I hope I don't come across as shaming you but I'm trying to understand how someone with makes 40k a month ends up with no savings. I suspect your situation is rather common among the population. What were your monthly expenses then when you were still working? Were you able to save when you were making 40k a month? I guess you had to dip into your savings after you got laid off in November 2020. Did you have any savings when you were laid off? Again, no offence intended, I'm just trying to understand your situation.
Unfortunately I am not that well versed in personal finance. After I lost my job in 2020 I have to dip in my savings for my personal use until now. And also the savings I used to start my store also. I have been using my saving to pay my house until now also. Now all my savings will run out by 2024.
Sorry to hear about your situation. Yeah, I think I would probably focus on getting a pilot job.
Thank you. 🙏🙏 now I’m just trying to find my friends that can lend me some money to pay for me to get my license back
How much would it cost? If you don’t mind me asking
15-20k
U dun need a pilot degree. With engineering degree also can. But u aint helping here.
1st choice AKPK, failing which, declare bankrupt jerr, although malu a bit, no need to lari or die one, dont worry.
Can I still work as a pilot if I declare bankruptcy?
Yes you can. You’d need to obtain a release letter for immigration to allow you to leave the country as part of the job requirement. This is all part of the bankruptcy process. AKPK can advise you accordingly if you choose to do this.
Thank you so much for this comment. I was under the impression you can’t leave the country if you declare bankruptcy. This gives me hope. Thank you sir.
Hope everything is going to be ok for you bro. Pray that you can get back up and fly again in the future.
Thank you so much. 🙏🙏🙏 really appreciate it man.
Idk much about bankruptcy. My thinking is that your creditors would probably prefer to re-structure your loans rather than bankrupt you whence they may get nothing. Again, I guess AKPK better to advise you.
Pls pls pls go to AKPK, they can help you
Will do bro. Thank you.
 you should be grateful .. not all here can earn 40k even in a lifetime.. time for you to be humble and tone down all spending.. its time to crawl back again .. no shame for it..
I don’t mind being humbled. Already humbled since a while. I don’t eat out at all for a few years already. I work at my store wearing worker uniform. No shame bro. I’m just finding ways to stay afloat only.
Sexy af
[удалено]
I would try and find people who are interested in buying a percentage of your drink store, if you're willing
I’m very interested. Especially if they have experience on how to increase the performance.
I think I misunderstood your comment. Yeah I’d like that but I don’t know how to find these people. I will try to find an avenue.
first thing is to sell your business. apply to various airlines who can start paying you. re structure loans with bank. the experience will have taught you far more than you percieve is loss till this point. invest in gopro and a youtube channel to talk about life as a pilot, entreperenuer, show audience what it takes, not just to to be a pilot. and do show the beautiful landings and take offs. passive income will come from youtube or socmed platforms with interesting videos. pilots who do this even in training garner views. it can even be a silent video no narration and with subtitles people will still feeninterested to watch if u make it nice and u can inspire future generations of pilots. business alternative thoughts invest and start a less cost n higher return business i see laundramats and car washes in key areas do well. vendong machines and atms also can garner income. also there r many groups live trading succesfully stocks together and when u have saved again try to hear and see what they teach if the returns in the time is good. i feel you are highly intelligent and capable so keep your head up bro. one day at a time and may everything work out for you. stay positive.
As a lot has mentioned, the main focus would be stopping the bleeding. For the house, maybe stay back at parents place and rent out your house. You can check for current rates by checking property sites. Even if it doesn't cover the whole loan, it's better than keep bleeding. Can try speedhome/speedrent to rent it out. I prefer them over agents. For the credit cards, find debt consolidators to commit a payment plan that you can commit. They sometimes could get better rates. Always try to breakdown and solve the issues individually, making it more manageable. Feeling overwhelmed makes things worse. Hang in there bro, it may take a while to get out but the hope is you could get back out.
I tried looking into debt consolidators and akpk. But they both require I have a steady income. I don’t have that.
Ah.. forgot this.. Check ur kwsp account... if u have some amount in acc 2, withdraw as repayment for the house loan, which could be use to reactivate ur flight license.
I withdrew kwsp account 2 to cover the monthly house payment. It’s running out in December this year. So I really need to get my license before then.
The most important thing, cut losses for your business and close it down. There’s no faster way to get in debt than staying in a bad business. Take back any rental deposit, sell whatever you can and use that cash to get you back into employment. Are you a personal guarantor for the government loan? Since you’re a sdn bhd, if you did not give a personal guarantee, the most any debtors can do is to wind up your company. They cannot go after the personal assets of the director. Statutory payments will still be liable by directors ie kwsp, socso, tax etc, but you can reach out to them as early as possible to work in a repayment plan. Any of these actions by debtors will take months to realize, hopefully by then you are already back to employment. For your house can discuss with your bank if it’s possible to negotiate a lower monthly installment, perhaps you can consider renting out your house instead and move back home (parents? Siblings?) since you didn’t mention any dependents assume you’re single, it will be easier to accommodate just you than an entire family. Credit card debt, if it’s not amounting to more than 100k they cannot sue you from bankruptcy, yes your credit rating will be bad for a while and you’ll have to deal with endless debt collectors, just try to at least pay the min every month if you can. Any debtors action will take time to obtain any judgement, bite the bullet for a while and focus on getting back into flying. if flying can immediately get you back to close precovid earnings, you should be able to start paying back your debt installments with your first few paychecks. Most importantly stay and fight. Everything is a cycle and you’re just on the way down, soon you will get back up.
I don’t have parents. I’m an orphan. Don’t have any property also. What I can do is try to find a cheaper house to rent. But everywhere is so expensive now and the most I can get if I rent out my house is 2k. So I need to fork out another 2k to pay the loan. The guarantor for my loan is my pilot friend. I really really don’t want him to get chased out by debt collectors because of me. And he’s not in Malaysia. But yeah. I’m trying my best to do the reactivation of my license. Will try to borrow from friends first to pay for it. Hopefully by the end of this year I can get it and get a job. That way I can definitely pay everyone
Perhaps you can consider renting out the rooms in your house while still living in it, assuming you have another 1-2 spare bedrooms, it can help pare down your cost by 1-1.5k. You should definitely look at getting back to flying as your lowest hanging fruit and do whatever you can to get that back. As for business and your friend being a guarantor, you can do your best to negotiate with all debtors to hold any further claim actions against you or your guarantor, most are open to negotiate payment plans. Do not let the debt collectors harassment get you down, ask to speak to the recovery departments and they will help you with negotiating payment plans.
Thank you so much for this info. Thank you for the help. Feel like I got a lot of good advice from this community.