Hi! I am Brandon Lau, a Chinese Malaysian, staying in Sepang district, Selangor, Malaysia. I wish and hope I could clear my credit card debt as earlier as possible for me to start a new life.
In August year 2015, I started to have difficulty to pay minimum payable amount of my credit cards from 5 banks. This is because my investment in banknote operated massage chairs, that was started in the end of year 2013, has failed.
I have invested MYR90,000 for 6 massage chairs in year 2013. I did not have enough capital for the investment, so I signed up for few packages to withdraw tens of thousands of Ringgit Malaysia in cash from my credit card accounts from multiple banks. Before the investment, the massage chair supplier gave me some “misleading” statistics by saying that his other investors earned minimum MYR1000 monthly for each massage chair invested by allocating those massage chairs in selected hotels. At that time, the investment sounded good and profitable for me. At that time, I was thinking to have a good and secure passive income first before I could plan to try other profession for living.
However, the reality was that supplier has failed to find suitable hotel to allocate my invested massage chairs for first few months. Few months later, the supplier only managed to have two hotels to allocate my four massage chairs; the other two massage chairs were left in supplier warehouse. For the four massage chairs in operation, two massage chairs have moderate income, average about MYR600 monthly per chair; another two massage chairs have poorer income, average about MYR350 monthly per chair. These were gross income before paying monthly space rental to hotel.
In year 2015, my two massage chairs with moderate income started to have problems. So, I requested support technician to repair. Initially, the repair work was done at allocated hotel. Later days, when new problem occurred, technician told me need to send my two massage chairs back to workshop for checking and replacing some spare parts. I requested them to take my two massage chairs in their warehouse to replace my two massage chairs that have been malfunction. However, my request was not fulfilled. The technician has replaced my two malfunctioning massage chairs with massage chairs from another investor. This caused me to have no enough cash to repay minimum payable amount for credit card accounts. Eventually, I sold my remaining two massage chairs to an investor for about MYR2000 to MYR3000. In addition, referring Hotel CCTV recording, the technician has misconduct to stole banknotes from my massage chairs in few months time before I sold my massage chairs. I have terminated my massage chairs contract and stopped paying space rental to hotel. Some more story to tell but in short, I don’t want to bother these massage chairs anymore.
Now, I have learned from the failure, but I have had to pay a high “learning cost”. I have surrendered all my credit cards in years 2015 and repay credit card debt by monthly installment. In order to cut down monthly expenses and commitment, I have also surrendered all my life insurances and medical cards. In May year 2016, the factory (in Banting, Selangor, Malaysia), where I worked at that time, has been closed down, I have to travel extra 25km to new working place in Klang Valley area. Extra cost has been added to my monthly expenses because I have to pay additional highway toll charges, additional parking fee, more expensive meal, etc. I am in tight budget every month since May year 2016; it is difficult and tough for me to have savings. I have to surrender all my insurance and medical cards in December 2016 to further reduce my monthly and yearly commitment. My current major commitment is my housing loan, car loan and credit card debt installment. After paying three major monthly commitments, the balance of my monthly salary may just be enough for food, transportation (petrol, toll charge, public transport fare, parking fee, etc), phone bill, etc. I am eating less nowadays, this help me to reduce meal cost and keep fit. I use public transport (train and LRT) to work to reduce cost. However, I hardly to have savings (even drain out my savings) and I do not have emergency fund. In fact, I am struggling for survival.
I am over 44 years old now (in year 2018), I try to control my diet and pray for having healthy body because I do not have insurance and medical card to cover medical or hospitalization bills. In addition, I am still single and never married. I am looking forward to falling in love, but my financial situation and constraint makes me afraid to look forward to it. I have paid more than MYR56,800 to reduce my credit card debt since year 2015. Maybe I could settle my credit card debt in another six or seven years. After clearing my credit card debt, I may try to find a relationship for marriage. However, six or seven years later, I will be over 50 years old. My parents are now 80 and 76 years old respectively. Maybe I have “some buffer time” to wait for few more years to have my own family, but I am not sure if my parents could make it to wait for me to get married and have their grandchildren.
The attached images are sample of my credit card statements from three banks (out of total five banks). I wish and hope that I could settle my credit card debt as earlier as possible. The following is my paypal link if you are so kind to donate：
May you and family be well and happy always.
Thank you. Thank you. Thank you.