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Tuesday, March 5, 2019

Pay for 6 years only paid up RM 666 ?

Tonight, I met with a lady in her mid 50. 
She showed me her CCRIS report and wanted to get my advice on how to get rid of her mortgage. 
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I was shocked to see her CCRIS report. 
From the report, one can tell that her mortgage loan started in 27/8/12 with RM245,758. 
On 31/1/19, the outstanding balance was RM245,092
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This simply means that, after 6 years and 5 months (or 77 months) of servicing her loan, 

she paid RM108,108 (RM1,404 X 77 months) to her mortgage,
only RM666 is paid to the principal, and the balance was for the interest 😱
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I am sorry when I hear her story. 

I told her that she should look for me 6 years ago. 
There is nothing more frightful than ignorance in action.
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You will never understand the pain of ignorance until it happens to you.


Having a solid planning and management skills are paramount.
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The moment you manage your debt correctly, you will get your life back !
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Hope you learn from this little sharing.



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