Hi, my name is Miko. I am creating this campaign to ask for help to get out of the debt trap in which our family is currently being dragged down.
Who will benefit: My whole family.
Use of the funds: To pay our debts/loan/mortgage.
How soon: As soon as possible.
The support means that every single penny that you will give me will also show me that there's still hope to finish my dreams. And I am very grateful to anyone of you.
My family had a loan of $9406 (500k in Philippine Peso) in 2014 to support my studies as a pilot, it should be paid within 5 years, but only $1881 (100k in Philippine Peso) was used on my education. I wasn’t able to finish my studies because I was forced to work and pay the debt. On March 2018, my mother “re-loaned” the debt without the knowledge of my father, me and the whole family at the same amount but of higher interest rate for another 5 years with an estimated total accumulation of debt at $16932 (900k Philippine Peso). She did it to pay the old loan.
- First loan: $9406 12-14% interest rate.
- Total amount to be paid: $14110 for 5 years (will end on Mar 2019).
- Reason: for studies but only a part of it was used on studying.
- Second loan: $9406 16% interest rate.
- Total amount to be paid: $16932 for 5 years (will end on Mar 2023).
- Reason: to pay the old loan, so "I think" the first loan has already bee paid.
2013: I graduated college and was ready to take my licensure exams. I made it, finished and received my license at the end of the year.
2014: A plan has been decided that I should take a pilot’s course. I tapped in the online freelancing jobs which had higher net income during that time. I was able to accumulate more than $1500 quickly. That amount of money is enough for me to start fresh, but I still need more than $1800 for continuous operation. My mom wanted to mortgage the house for $9406 (500k Philippine Peso) for me to continue studying until I reach the Private Pilot’s license. I did not approve the idea, but it was still continued despite all of my oppositions.
My savings were all used to process the documents, but in the end, I was only able to use more than $1800, just like how much my savings were. We now have a debt I that should be paid for 5 years. The rest of the money? It didn’t go to my studies, but for furniture, travel and house renovations. It was a blast of mismanagement if I were to be asked.
2015: The struggle sustained, and I could not continue my studies because whenever I have a salary, it will just be automatically be paid for the debt. I could no return to the field of aviation and took office work.
2016: My license expired. I got a new job in the aviation education industry and was still holding to finish my dreams. I’m still paying part of the loan together with my father’s remittances from abroad. And a part of it was for blogging and savings for studies.
2017: Just a few more years and we will be debt-free. I'm still holding to my job and dreams. This time, our travel blog was growing and earning a few bucks. It has helped me set up gears and few travels, but a part of it also goes for the loan payment/
2018: Without the knowledge of the whole family, my mother took a “re-loan” in March, I was still in the Philippines at that time, and working as an instructor. She did it to “pay” the old debt. It was a loan to pay-off the loan.
I did not know everything, as she hasn’t told me, and I was living away from home. I was forced to leave for abroad in May without knowing the whole picture. The burden of the loan seemed to be growing even though there are just a few more months until it ends. I was wondering “why?” When I went abroad, my cousin has been supporting me for the past 5 months. I could not send remittances as I was job hunting. Those were the dark months of my life and wondered why was it so hard for us to pay the loan. Until recently, my mom told me all about the “re-loan” that we didn’t know. Now, she wants to sell the house for good and pay off the debt. My father is here with me abroad, but he is too old to be working at almost 60. My mom has no work and takes care of my little brother who will enter college after two years. They haven’t been eating good food since I left the country. The burden is within me and my father’s shoulders. I currently have an office job, but the net income is too low for me to even pay the monthly bills of the loan at less than $200 a month.
I have lost hope to finish my studies. I’m getting older without savings and personal properties. I wanted to return to my field, take master’s degree and migrate to my dream country when I was a child, New Zealand, but the loan wouldn’t let me. This campaign is a reach out for you to help me. It’ll be used to pay the mortgage. My tuition’s expenses should be placed on my shoulders, and I will try to save for it.
If ever, just “if ever” the amount exceeds, and I have paid all of the debts, and there are still a few more bucks, that money will go to my travels, and I promise to use them to help those who I will be meeting along the way. Food of children? Clothes for the homeless? The list goes on.
I have placed $18000 because it is sure that we will be paying late interests and I will also pay my cousin (estimated amount of $1800) for all of his troubles.
I am deeply thanking everyone in here. Thank you soo much!
A picture of our home. Its 300sqm, but since 2013, it wasn't renovated or upgraded for a second floor. It's on the verge of being taken away by the local rural bank and I'd do anything to stop it.