**READ ON** if you dont wana be "BANKRUPT" !!!

25 years old "BANKRUPTCY" in progress... Look at his CCRIS !!!!

This gentlemen here is on his way to Holland.

He is only 25 years old and work as a Banker. He wanted to purchase x1 unit of the property that i am buying together with me.

So i asked him 2 question;
1. How much cash do you have now?
2. What is your annual income?

He replied;
1. RM3000+ (in saving account. No cek book)
2. RM2000 (Basic salary), add incentive RM3500++

I asked again;
"How are you even able place booking of RM10,000 when you only got RM3000+ saving".

He replied;
"I can swipe my credit card, and request for balance transfer installment with minimal %interest"

I asked again;
"How are you goin to take loan then"?

He replied;
"I DUNNO, tot u can help me"

I said to him;
"You think Maybank my father open ah? I can only say that your loan will confirm being REJECTED. Do you have any siblings or family support"?

He replied firmly;
"I dont need family support, i can do it myself".

Then i asked for his CCRIS report and see if i can do anything for him, by looking at his commitments and loan outstandings if any...

TO MY SURPRISE..!!!!!!

I asked;
"What the heck are all these "CREDIT CARDS OUTSTANDING" ??????

He replied;
"I dont have much savings or cash, so i use my credit card to sign up for a Property Investment course. I want to retire young and achieve Financial freedom. Those courses is around RM4,000+ each and there are 3 level. Beginner, Intermediate & Advance. After advance there are another course by another Property Guru. So in total i spent almost RM18,000 for seminars with my credit card"

I am speechless;
"What did you learnt"

He replied;
"Nothing much besides basic property Investment theory like Zero Down payment strategy. Altho it is zero-down but i still require some capital as seed fund which i dont have"

*Hats off to this boy, he is willing to swipe his card with tens of thousands to learn about property investment knowledge. I respect his willingness to learn but i dont know whether does his Guru knows about his current situation or not?

I asked him;
"So how do you plan to settle your credit card debts, please put the Property investment topic aside first"

He said;
"I tot u can help me so that i ask for your advise"

*ZZZzzzz........

I told him to;
"STAY THE F#‪#‎K‬ OUT OF PROPERTY INVESTMENT if you do not wish to be BANKRUPT and do not mention to me "Property Investment" again you are qualified, or ask me for opinions on any other property untill you clear off you Credit card debts"

My advise for him is;
1. Work harder in his day job.
2. Part time become a property agent.
3. Part time become Insurance agent.
4. Part time do outsource Mortgage.
5. Night time work as "UBER" driver.
Or Pasar malam whatsoever to clear your Credit card debts.

Before we end our conversation...

he asked me;
"No matter what, is there still anyway that i am able to Invest together with you"?

JL replied;
"Do you have siblings that can be your Investment Partner to fund you on the booking fees or Loan bearer"?

He said;
"Yes i have a brother, he also worked in a bank with Basic salary of RM3500/month without any commitment. Maybe i can joint venture with him"

JL replied;
"Ok, with his salary at 70% DSR he is able to loan up to RM500,000. Call him now, ask him what is his commitment currently or does he have any outstanding loan like personal loan or Credit card"?

He called his brother... And this is the info he got from his brother;
"He have Credit card limit of RM20,000 but his total outstanding is around -(RM18,000)"

I FAINTED......!!!!! #€$#$>%#%$¥€##¥?!&&%##

FYI ::: Statistic shows that the highest "Bankruptcy" cases are majority from NPL of (Hire Purchase) and (Credit Card).

JL™

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