Debt Dilemma

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Debt Payment

Debt Payment (Photo credit: Images_of_Money)

 

Inquirer:

 

I am in a dilemma right now with 2 credit card company where I was a member since 2004. I was able to pay my obligation with this bank for few years while I am still living in manila where business is fine. But due to inevitable circumstances, we transferred our residence in Bicol. Business didn’t went well and ultimately wasn’t able to pay even my minimum due since it swell bigger than I am able to pay. I cut off all my communication with them because the 2nd month I’ve been answering their call and trying to negotiate to give me a longer (5years) term they couldn’t give me. I don’t have any means to pay. I have maxed out the 2 credit cards to 120k each.  But now, I received a postal mail from one of the bank’s legal collectors, it jumped up to 240k. They said, they will file a case against me and my wife.  My wife doesn’t know about my dilemma, should she know, it will another dilemma.  I admit, failures on this and willing to get out of this. But It seems growing and growing.

 

May I appeal to your good heart to give me a good advice on how I could get out of this mess, except for killing myself.

 

 

 

 

Guita of Colayco Foundation:

 

 

To get out of this problem, you and your wife need to work together so find a way to tell her of your dilemma. The presence of a counselor (or priest/pastor) may help you explain the situation to her.
Do you have a job or any means of earning regular income?
Do you have other financial obligations? I.e. Children, other debts?
Do you have any assets?
Here are initial steps you should take:
Step 1: Get in touch with the credit card company itself. The letters and calls are probably from a 3rd party debt collection agency. Ask for a statement that lists exactly how much you borrowed and also how much interest and fines were added resulting in the current total. This is important because when renegotiating, some of the interest and fines can be waived.
Step 2: Identify what assets you can quickly sell and approximate how much that would give you. This is because when you renegotiate, they will ask for a lump-sum payment.
Step 3: Spend only on what is EXTREMELY necessary and Identify how much monthly payments you can afford regularly. You and your family will have to give up luxuries and divert all excess funds to paying off the loan. Otherwise you will be in debt for a long time.
This is the start of your journey to Being GOOD – Growing Out Of Debt. It is do-able and MANY people have done it in the past. The following article can help you in greater detail: Debt Repayment Plan to manage your debt. But before all of that you need to be honest with your family, they are the ones that will assist you in growing out of debt.

 

Congratulations Pisobilities: Best Public Service TV Program

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On April 23, 2013, I got the call from Aileen, the producer of the Pisobilities show that the program was a finalist in the KBP Golden Dove Awards for Best Public Service Program. We were ecstatic to even be nominated, especially after learning that our program was nominated alongside the programs of media stalwart ABS-CBN.


As we were seated at Star Theater last April 25, 2013 in the evening, waiting for the announcement, we were sure that…we were happy to have been nominated. Yet lo and behold…the voice of Winnie Cordero… and the KBP Golden Dove Award for Best Public Service TV Program goes to… Pisobilities, LightTV33.

Pisobilities - Best Public Service TV Program at the 21st KBP Golden Dove Awards (2013)

It was truly a blessing for us that the industry recognized the value of Pisobilities. More than this accolade, it is our deepest desire that we continue to reach more and more Filipinos through our various TV programs, books and seminars.

I would like to thank in particular our partners in this program – ZOE Broadcasting Network’s LightTV33, Bro. Eddie Villanueva, Soc Garcia, Arlene Retania, LightTV33’s production head, Aileen Valdez Pisobilities Producer, Jingle Perez scriptwriter, Maria Fortich Quimpo and Carlo Damalerio Editors, Next Leyderos Marketing and Sales.

And of course the members of the Colayco Foundation Team who work to make this program possible, Mr. Francisco J. Colayco for untiringly sharing his time, talent and vision,  Mr. Armand Q. Bengco for his crazy wonderful ideas, Art Ladaga for meticulously designing and refining each episode and the rest of the team Amy, Gina, Elvie, Renzie, Fiona, James, Lala, Jun, Jao and Jep.

All our hard work would have been for nothing if it were not for our viewers! So thank you as well for all your support and continued patronage and feedback!

Pisobilities featuring Francisco J. Colayco airs on LightTV33 every Tuesdays 8:30PM and GMANewsTV every Saturdays 6:00AM.

 

Unexpected Places

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I find myself in an unexpected place…beside Francisco J. Colayco at the 21st KBP Golden Dove Awards (2013). Our TV program co-produced with ZOE Broadcasting Network, Pisobilities featuring FJC is up for Best Public Service Program.

So yes I find myself in an unexpected place…Who could have predicted 5 years prior that I’d be part of a team producing not one but four and possibly six TV programs…And that I’d get to show myself on TV too!?!…and that one of them would be recognized by the industry in this way…

In one’s career one definitely should have a plan…and then one should also be ready to go with the flow when the opportunity presents itself.

So for now wish us luck… The awarding hasn’t started yet.

Update 9:45pm

We won!

Pisobilities was awarded the 21st KBP Golden Dove Award for Best Public Service Program (2013). You can now watch the award winning Pisobilities on LightTV33 every Tuesday 8:30pm and on GMANewsTV every Saturday 6AM

First Time Investor

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Inquirer:

I read that for first time investors, we should try first investing in mutual funds. Let’s say that I have invested already, what are the things I should do next? How many years should I invest in a mutual fund? Thanks po. :)

wrong decision pic

Guita of Colayco Foundation:

Yes, I recommend you start investing first through mutual funds until you have sufficient savings.

While you are investing in mutual funds, use the time to STUDY other instruments such as stocks, business, real estate, deposit accounts, etc.

‘Sufficient savings’ will really depend on your personal financial and lifestyle profile and not a specific amount or length of time. It’s important to first have a plan. You need to set your financial targets. This determines 1) how much you need to invest, 2) what kind of investment instrument, 3) when you can/should redeem your investment.

Learn Financial Planning for yourself. Join the Pera Mo Palaguin Mo Workshop this May 25. 

Sell House Quick!

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Metro Manila - Quezon City Metro Manila Philip...

Metro Manila – Quezon City Metro Manila Philippines Townhome For Sale (Photo credit: International Real Estate Listings)

Inquirer:

Gusto ko pong advice on How To Sell my house quickly before the end of this year.

I got a few querries from Sulit.com from state agents and private individuals.

However, the state agents in Pinas work differently with what we are used to here in London. In Pinas they want money upfront before they do the job, whilst in London’s state agents works as in ‘No sale No fee’ which is more secure and dependable! And the buyers and the house owners do not communicate directly but through their own representing lawyers. Unlike in Pinas, its very dodgy, they even asked for my bank account to put their payment in without me agreeing with their pulling bet yet! Oh what a Laugh, absolutely ridiculous!

Thank you po.

Guita of Colayco Foundation:

If you are looking to sell fast, there are usually ready buyers however note that you will most likely have to sell it at a low price (lower than market value).

For better or worse the situation is different in London and in Philippines.

If this is your concern it would be best to go through a licensed real estate broker, they will of course charge a certain commission but in return they will handle everything for you.

One of our contacts, Ms. Grace Pekson may be interested in your property please send her an email with details at gracepekson@gmail.com.

Please note that Ms. Pekson is not a member nor representative of Colayco Foundation. Any dealings with her will be between the two of you only and we are not liable for any communications and agreements you may engage with her in the future.

What are you craving for? & Other Tips

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A few months back, Renzie Bailon, Arthur Ladaga and I were working on really short articles to publish in a lifestyle magazine…some of the articles didn’t make the cut. Still we’d like to share them with you. :)  

family_finance_resolutions_18emslf-18emslm

What are you craving for?

Want to buy that fierce dress or delicious designer bag? Begin with the end in mind. Write down how much you need and the number of months you have to get it. Figure out how much you need to save and invest to get it. Concretizing your goals will motivate you to achieve them.

The Incredible “Bulk:” Stop wasting money on packaging! Buying sachets or single serve portions are more expensive by the liter/gram than buying in bulk. Not only will you save on your pocket money, but you’ll save on your shopping time and help Mother Nature too!
The Big Cable Switch: What channels do you regularly watch? Once you know that, check your cable operator (and it’s competitors) to see which package has those channels included. Let’s face it! You probably only watch 20 channels anyway. Why pay more for the rest?

Gusto magtayo ng negosyo?

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Software Freedom Day Singapore 09

Software Freedom Day Singapore 09 (Photo credit: ruiwen)

 

Inquirer:

 

Magandang araw po. Nais ko po sanang mag-inquire kung meron kayong service or program sa mga baguhan na gustong mag-tayo ng business. Gusto ko po sanang magtayo ng sariling negosyo pero hindi ko po alam kung anong negosyo ang papasukan. Sana po ay masagot ninyo ang aking katanungan. Marami pong salamat.

 

Ito po ang mga sagot ko sa inyong katanungan.

 

1.      Ano ang hilig mo?

 

Ang hilig ko po ay gumawa ng computer system at mag-drawing o mag-sketch.

 

Ang asawa ko naman po ay maghilig sa pagtitinda, buy and sell.

 

2.      Ano ang alam mo?

 

Ang alam ko po ay gumawa ng computer system analysis and design.

 

Medyo marunong din po ako sa Photoshop.

 

Ang asawa ko naman po ay marunong sa pagluluto.

 

3.      Magkano ang capital na mayroon ka?

 

Ang capital po ay balak kong hiramin sa bangko.

 

4.      May trabaho ka ba ngayon?

 

Meron po akong trabaho ngayon. Pero ang asawa ko po ay plain housewife.

 

 

 

Guita of Colayco Foundation:

 

Sa pagnenegosyo mas magandang magumpisa ka sa linya ng negosyo na pamilyar sa iyo dahil may hilig, kaalaman o karanasan ka dito.

 

1. Computer systems, analysis and design, is an area much in demand. Kung kaya mo marisa o di kaya ay makabuo ka ng team of 2-3 persons, puwede kayo kumuha ng mga project bilang freelancers.

 

2. Para kay misis naman, puwede niyang pasukan ang buy and sell subalit ano ang i-bebenta niya. Suriin ang network ninyo ng kamaganak, kaibigan at kapitbahay, ano ba ang mga bagay bagay na binibili o gusto o kailangan nila? Kung pag-kain ang papasukan, anong klaseng food business? Karinderya, baked goods, catering, etc.

 

3. Capital. Kung maguumpisa ka pa lang ng negosyo hindi ka makakakuha ng business/enterprise loan sa bangko. Kadalasan, gusto nila tumatakbo na ang negosyo at kailangan nila na legal entity ang kukuha ng loan. So kung sakali ang i-offer sa iyo na loan is a personal loan. At this point, mas maigi na hindi ka muna kumuha ng loan para sa negosyong naguumpisa pa lang. Mag-save ka muna ng pangkapital at siguraduhin na may pag-asa yung negosyo mo bago umutang. Ang utang – obligasyon yan, kahit hindi maging ok ang negosyo kailangan pa rin itong bayaran.

 

 

Inquirer:

Ang iniisip ko lang po ay kung paano kami makaka-survive ng pamilya namin kung papasukin namin ang bagong business o pagkakakitaan.

Kasi po kung gagawa po ako ng program ay kailangan ko pang i-market ito bago kumita, ang misis ko naman po ay kokonti pa rin ang contacts kung magba-buy and sell sya. Survival po ang pinaka-malaking problema na nakikita ko. Kasi po may 2 kaming anak na nag-aaral, isang grade 4 at isang 1st year high school.

Paano po kaya ang magandang solution dito?

Guita of Colayco Foundation
Gaya nga ng nabanggit mo, may mga obligation ka – pamilyang kailangan pangalagaan.
Mahirap kung aalis ka sa trabaho para magnegosyo kung saan hindi mo pa maassure sa sarili mo na kikita ka.

It’s more prudent if you keep your job in the meantime and build the program you can sell on the side while you are employed.

Inquirer

Marami pong salamat sa inyong advise. I appreciate it very much.

 

Hindi ko po nasabi sa inyo na 8 years na po akong OFW dito sa UAE.

Kaya halos dito na ako tumanda at hindi ko po gaanong nakasama ang family ko.

 

Tama po ang advise ninyo na hindi po sigurado kung kikita agad ang plano ko.

Ang isa pa po ay wala pa akong nauumpisahang program para ibenta.

Kaya siguro po ngayong taong ito ay uumpisahan kong gumawa ng computer system habang nandito ako sa UAE.

Dati po kasi akong gumagawa ng Payroll System sa isang Software Development Company sa Pinas.

 

Ang isa ko pa pong balak ay mag-alaga ng mga baboy, manok, kambing atbp. para may dagdag na kita.

Pero ang mag-aasikaso naman po ang problema.

 

Guita of Colayco Foundation

Kung matutunan mo ang pag-aalaga ng mga baboy, manok, kambing, atbp. puwedeng magandang negosyo yan. Pero isang negosyo muna ang pasukan mo, pag established na ung isa tsaka asikasuhin ang bagong negosyo. Kung ituloy mo ang pagaalaga ng mga hayop, isang uri muna. Dahil iba’t iba ang pag-aalaga at kalakal ng mga hayop na ito.

 

 

What are T-Bills?

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s_investmentsInquirer:

magtatanung lang po kung anu po yung T-bills. how it functions? baka merun po kayung magandang link na pwedeng makapagpaliwanag sakin ng malinaw bout po diyan.

bale ang question ko pa po e mga banko lang po ba ang me hawak neto??salamat po sa inyong drive! to educate pilipinos..may God bless you in your endeavor…;))

salamat po

 

ANSWER:

Government Securities | Colayco Foundation for Education

WHAT ARE THEY? : Loans that you give to the national government to pay off its expenses.

Government securities are classified to the following:

  • Treasury Bills- short term securities (usually 1 year) requires big amount of money (P100K above)
  • Treasury Bonds- long term securities (5 years or more), requires big amount of money (P50K or P100K above)
  • Retail Treasury Bonds- long term securities, requires small amount of money (P5,000/unit)

HOW DO THEY WORK? : The money you lent to the government will be used for a specific period of time to fund its expenses. The government will pay you the interest. The terms of payment – interest rate and schedule of interest and principal repayments are based on  the specific offering.

WHY CHOOSE THEM? :

  1. Gives annual interest rates from 5% to 10%, higher than bank products.
  2. Can be bought and sold in any Government Securities Eligible Dealer – usually banks and investment houses
  3. Less risk since the government guarantees to pay you.
  4. Good for your short term and long term goals

Ideal instrument for retirees as it gives regular income and is low risk.

GOVERNMENT REGULATORY BODY: Bureau of Treasury
Others: Bangko Sentral ng Pilipinas and the Securities and Exchange Commission

You can get a complete list of GSED (Govt Securities Eligible Dealers) on the Bureau Of Treasury website - www.treasury.gov.ph

Automate It!

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A few months back, Renzie Bailon, Arthur Ladaga and I were working on really short articles to publish in a lifestyle magazine…some of the articles didn’t make the cut. Still we’d like to share them with you. :)  

pcb

Make It Automatic: Make saving easy and hassle free! Once you know how much you want to save per month, you can:

  1. Do it with Love – Consider saving in Pag-IBIG Fund II which historically has given returns of 5% per year. Learn more on www.pagibigfund.gov.ph
  2. Bank on the bank: Most banks have savings programs where you can auto-debit your payroll account and credit to a savings account.
  3. Company Savings Programs – Your employer may have savings programs where they auto-deduct your contributions and place them in special savings or investing programs. Some companies even match the savings up to 100%!

Medicine Business

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Medicine drugs

Medicine drugs (Photo credit: Wikipedia)

 

Inquirer:

 

 

I am a mother of three ,I am an optometrist,but after giving birth I just stay home and take care of of the kids. Now that the  my youngest is 18. I want to  be  an importer  and distributor of  a  supplement medicines from a  supplement drug company from the US. I don.t know what are the requirement and papers needed. I want to  cosult you about this.Can you help me regarding this matter

 

 

 

Guita of Colayco Foundation:

 

Assuming you have done the necessary study on the feasibility and profitability of your business, you will need the following:
1. A licence to operate (LTO) from the Food and Drug Administration (FDA).
2. A licensed pharmacist in your employ is also a prerequisite to getting the LTO.