James (not his real name) came into my workshop. Normal looking, business owner. Very chill and relax. Went through the entire workshop & when it came time for our 1 to 1 Personal Coaching, he show me his Financial Compass (his Assets & Liabilities). I was shocked!!! I ask him, “How do you feel?”. “Like that lo”, was his reply. That was the beginning of how I help James save RM 10,000/month using a Debt Consolidation strategy
“That was during the START of Covid 19 last year in May 2020. Luckily there was the moratorium. So it gives me some relief, but still, it can’t go on. This started even before the pandemic”. That was what James told me during our 1 to 1. Upon probing deeper, he shared with me it was due to his business failures, being a victim in scams & over-investing in properties.
I could relate as I was in a similar situation. Although not RM 18,000 deficit, it was equally painful. I knew what he was going through. He had to support his family, his wife didn’t work since getting married to James & he had 3 person to support & waiting for him to feed (including his 2 daughters)
Since he had multiple loans, we use Debt Consolidation Strategy to organize all the loans into 1 Consolidated Loan & 1 repayment. 1 advantage he had was that he bought properties early in his career. The properties have appreciated over the years. That way we could use that property as a “container” to consolidate all his personal loans, creditor loans & car loans.
How we help James besides using Debt Consolidation Strategy was to restructure all his fixed line loans (Car loans & Personal loans) into reducing balance loans. You can read HERE for more info on How I help someone in debt because he Lost RM 300,000 In An Investment Scheme
After guiding him using the strategy, here’s what happened
“I can only say thank you as I did not expect I could get this kind of result from joining his workshop”, these were James’s words. I saw him started enjoying more of his life with his family. Going to picnics at the farms & seaside, to having steamboat at home, I was so happy for him.
Although his situation could be better, he was grateful for cutting half of his deficit. If you are in a similar situation like this, CLICK HERE for an EMERGENCY 1 to 1 Debt Assessment with me and download the FREE Debt Management Template before the session. And of course you are welcome to join & get similar results just like how James got his, at the Debt Management Workshop (now renamed to Debt-Free Code Workshop) HERE
*DISCLAIMER – All strategies listed here are not a recommendation nor advise. The article is written purely for the purpose of education and journaling only. The content of this article is an expression of my opinion and should not be taken as professional advise. If you are seeking for professional advise, please consult me personally . You should do your own research and/or seek expert’s advice when overcoming your debt circumstances.