In a heart-wrenching account of financial downturn, a Malaysian individual who once earned a monthly salary of RM30,000 has been laid off, thrusting them into a dire financial crisis.
The Malaysian took to the Twitter account SecretsMY to ask for suggestions after losing their job last October due to budget cuts.
“I’ve encountered severe difficulties in managing my finances, having missed payments on loans and credit cards for four months. I’ve started getting lawyer letters, and one personal loan has asked me to pay the full amount,” they wrote.
The individual, who had recently celebrated the milestone of acquiring a house, finds themselves in a precarious situation, having exhausted all savings and incurred additional loans for the house.
Secured job with half of their previous salary
This financial turmoil coincides with their starting a new job next week, which, despite being a beacon of hope, offers less than half of their previous salary.
The drastic pay cut in their new employment adds another layer of complexity to their already strained financial condition, leaving them searching for viable strategies to navigate through this storm.
My new job has cut my pay down to less than half of what I used to make. I’m just happy to finally be getter a job. But now what am I supposed to do?
‘Go for AKPK’
The tweet, shared on Wednesday (7 Feb), garnered over 400k views at press time, with many suggesting the individual seek advice from credit counseling and debt management agencies.
“Please don’t ignore lawyer letters especially for loans. If you do, they may opt to declare you bankruptcy,” one wrote.
Another also suggested the individual to look for AKPK (a debt management agency set up by Bank Negara) for advice.
One was also shocked to find that the individual doesn’t have any savings despite his high pay.