So here's my first blog post for this year!
I know you've been wanting to hear from me since last year, however I got preoccupied with a lot of things since the pandemic started, sorry about that.
Today, let me share with you how I was able to pay my credit card debt amounting to Php 99,939.99. :)
MY STORY:
One fine afternoon, as I was staring at my mini library, a yellow book entitled "How Underdogs can become Overcomers" by JPaul Hernandez caught my eye. In this book, he shared the success formula for underachievers who wish to become leaders. As I was reading the book and flipping over the pages, there's one chapter that really caught my attention, it's where he too, was once buried in 5 digit cc debt.
I had goosebumps while reading it because I share the same sentiment. But wait there's more, he was able to overcome it! I was really inspired by his story. "So would I right?" I said to myself.
Immediately, I search the internet and find ways on how to pay the large amount of debt in installment.
I found out about the Interbank Debt Relief Program (IDRP), a debt restructuring program to help cardholders make their debt repayments more manageable.
Debtors who wish to avail of the program must have credit card accounts that are at least six months old, with an outstanding balance of at least P10,000 per card and total credit card obligations of at least P100,000 for all cards. If your bank is a participant of the program, acceptance is at their discretion once the proper documents are submitted. Once you are accepted in the program, you will not be able to use any of your credit cards, whether they are delinquent or not.
So what I did is, I emailed the bank and asked about it. They've given me 4 options to choose from:
Since I don't wanna prolong my agony, I choose the staggered payment for 12 months. I know, 6k a month just for debt is a big chunk of money and an impossible one for some. But that's the thing, I need to make an extra effort on how I will be able to pay that amount so I could be debt free.
"In the midst of chaos, there's also an opportunity."
-Sun Tzu
True enough, being in debt is not bad at all. It made me realize some things I never thought I'd be able to do if it didn't happen to me. I started doing side hustles like opening my own businesses, becoming a life plan agent etc. And for the first time in my life, I didn't spend my bonus on personal wants, instead, I've saved them up so I'll be able to pay on time.
On my 6th month of paying the monthly amortization, the bank called me and gave me a huge discount if I'll be able to settle the amount in 2 days. And I did! because it will save me tons of money!
Once paid, they will give you a Certificate of Full Settlement, yey!
I learned the lesson the hard way, so please DON'T be like me! Pay your debts on time and in full. Don't get blinded by the "minimum amount" lols.
So if you know someone or you are that someone who's also struggling to pay your cc debts, you may find this program really helpful. Call your banks now or email them, whatever works for you. In no time, you'll also be cc debt free.
Rooting for you! :)
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