Sooo i recently found out that my mum has pajak gadai debt amounting to 30k. She put the golds which she inherited from my grandmum and the ones she bought when she was younger. Each of these pajak are made over a period of time and each pajak has a 2% interest per month.
No Amount
1 1,350.00
2 1,400.00
3 2,500.00
4 2,600.00
5 3,000.00
7 380
8 650
9 380
10 800
11 1,000.00
12 1,200.00
13 300
14 1,650.00
15 1,000.00
16 1,600.00
17 1,000.00
18 1,000.00
19 1,800.00
20 450
21 2,000.00
22 5,000.00
Total 31,060.00 (excluding interest)
2% per month times 12 is 24% p.a for each gadai. That is alot of money. Why she put all this at pajak? Investment scam. stupid. ik.
So I intend to chip in RM 7,500 so the total amount can be reduced to RM 23,560 excluding interest.
Each month I can chip in Rm250, my sister RM 250, and my mum can chip in RM 500. So monthly we can pay RM 1,000.
My plan is to pay off all the gadai in one shot and avoid paying anymore interest. To do so, i need RM 23,560 in cash.
Should i
1) Take personal loan ie CIMB Cash Plus Personal Loan. But i feel like personal loan is a big no no with high interest rates also.
2) Apply for credit card cash advance and pay off the debt in 24 months. some CC has 0% interest provided you pay on time.
These ideas does seem stupid to me. So i hope you guys give me a better idea.
for context, I earn RM 3500 with zero commitments and live in my parents house. No plans to get married anytime soon.
Those golds are too valuable to let it go just like that. After we take those golds back, my sister and I will split it among us. we wont give any of those gold to my mum (she agreed to the terms).
Thanks in advance.
No Amount
1 1,350.00
2 1,400.00
3 2,500.00
4 2,600.00
5 3,000.00
7 380
8 650
9 380
10 800
11 1,000.00
12 1,200.00
13 300
14 1,650.00
15 1,000.00
16 1,600.00
17 1,000.00
18 1,000.00
19 1,800.00
20 450
21 2,000.00
22 5,000.00
Total 31,060.00 (excluding interest)
2% per month times 12 is 24% p.a for each gadai. That is alot of money. Why she put all this at pajak? Investment scam. stupid. ik.
So I intend to chip in RM 7,500 so the total amount can be reduced to RM 23,560 excluding interest.
Each month I can chip in Rm250, my sister RM 250, and my mum can chip in RM 500. So monthly we can pay RM 1,000.
My plan is to pay off all the gadai in one shot and avoid paying anymore interest. To do so, i need RM 23,560 in cash.
Should i
1) Take personal loan ie CIMB Cash Plus Personal Loan. But i feel like personal loan is a big no no with high interest rates also.
2) Apply for credit card cash advance and pay off the debt in 24 months. some CC has 0% interest provided you pay on time.
These ideas does seem stupid to me. So i hope you guys give me a better idea.
for context, I earn RM 3500 with zero commitments and live in my parents house. No plans to get married anytime soon.
Those golds are too valuable to let it go just like that. After we take those golds back, my sister and I will split it among us. we wont give any of those gold to my mum (she agreed to the terms).
Thanks in advance.