I have a good life but circumstances changed when I went into the beauty business with a friend.
For a year, I had been paying for the rental of the leased shop unit. It came to a situation when more cash is needed to run the business, paying of beauty products. Being a new business no credit terms were given when you ordered products from the suppliers. We started with zero customer based.
Banks turned down our loan application because we do not have a track record. At about this time, the classified section of the newspapers was splashed with licensed money lenders advertisements.
First licensed moneylender only loan me $1,200, weekly payment term. When my payment was prompt, they asked if I needed more cash for business. Gladly took up. Then went on to borrow from other licensed moneylenders to pay the previous when I could not come up with the money.
I left the business after one year due to differences in view of getting more established products compared to those products from Taiwan. From then until now, I have been in debt. I find ways and means to earn extra money to pay promptly. At times, when I could not get enough money to pay them I have to pay interest for late payment. I was living in fear all the time.
One and a half year ago, I noticed a pastry outlet at Shenton Way, Golden Bridge. The uncle was friendly and humble. My children love his pastries too. One day, this uncle, Mr Wong, handed me a name card.
On it read Adullam Life Counseling. Out of curiosity, I asked what role does this organization played. He said it helped people to resolved issues with moneylenders. People who borrowed from loan sharks and licensed money lenders and posed problems for the family. I left it as it was.
Just 2 months ago, I tripped and fell and was out of action for a week. That’s when I woke up. Why? I have been paying for the last 4 years but I do not see the light at the end of the tunnel. I am unlikely to be able to clear my debts because the interests are high and that really kills you. I will not be debt free for the next few years! I am determined to be debt free but how? I relooked at the name card.
After a days of consideration, I picked up the courage to call Mr Wong and told him I need to meet him to see how Adullam Life Counseling can help. He said if I belonged to any of the following groups, he would not help. 1st group – gamblers and 2nd group – spendthrifts. I said its fair. I do not belong to any of the groups.
He asked me to give the list of the licensed moneylenders that I borrowed from. He made a few calls and he asked me to go to IMM on a Saturday afternoon to meet the loan negotiators in his organization. I was there, shared with all who were at the sharing session. I owe 20k but there were others who owe more than 100k!
At Adullam Life Counseling Centre, the loan negotiators and the other members shared their experiences of how they were introduced to the licensed moneylenders and how they ended up with more debts. Adullam Life Counseling was able to help to negotiate with the licensed moneylenders to stop the calculation of the interest payable to enable their customers or us to be able to pay up. Adullah Life Counseling has helped me a lot by negotiating with them to reduce my monthly repayment amount, stop the interest calculation and payment schedule for a longer period.
I am working very hard to clear my debts. I hope to clear all by end December 2015 and hope to be part of this team to help others.
Word encouragement, never never borrowed from moneylenders. They are like vampires!
From : Wakeup Call4years