Lavish Weddings Can Be A Killer

Lavish Weddings Can Be A Killer

Fahmi was a lecturer in a local university. His wife, Fatimah, was also a university lecturer. Their combined income allowed their family to lead a comfortable life though not overly luxurious. They were prudent with their spending and successfully managed to set aside some amount for savings every month.

However, they started to face financial difficulties when one of their sons was getting married while his younger son was still studying in a private college in Kuala Lumpur. The couple decided to fund the wedding and make it a grand one?memorialising is as the happiest day of their son’s life. To make this possible, Fahmi applied for personal loans to cover the expenses.

It wasn’t much of a problem until Fahmi utilised his credit card to pay for his aunt’s funeral expenses when she passed away a few weeks after his son’s wedding. Before long, Fahmi started to default on his personal loan and credit card repayments. That was a clear warning sign of financial distress but Fahmi chose to ignore it and continued to default on his repayments.

One day, his younger son came to him for financial assistance on his own wedding. That was the straw that broke the camel’s back as the severity of Fahmi’s financial difficulty finally dawned on him. He had to turn his son down and explained his current state of affairs to him at great length. The son listened and rightly decided that it was time for his father to seek help. He brought Fahmi to AKPK.

At AKPK’ branch office, the counsellor sat down with Fahmi and learned that he had three personal loans and five credit cards, and was close to being declared a bankrupt. The counsellor then explained about AKPK’s Debt Management Programme (DMP), and how it can help him regain his financial freedom. Upon hearing the benefits of enrolling into DMP?loans restructured to lower repayments spread over an extended period?Fahmi decided that this was the right solution that he needed and immediately applied to be enrolled into the programme.

A few months after the first appointment, Fahmi came back to see the counsellor and was thankful that he was getting the right help. He promptly paid his DMP instalments and led a more simple life to prepare himself financially for his retirement in a few years.

Are you in need of such assistance? Do you know anyone who could use such assistance too? Call AKPK at 03-2616 7766. AKPK, sahabat kewangan anda!