Home / Malaysia Business & Finance Law / Banking & Finance Law Settlement of credit card debt Full settlement of credit card debt

Settlement of credit card debt (modified 0 times) sloth I have credit card debt and I plan to settle it fully even though I only have limited fund to do it in order to cancel my credit card. I would like to get your advise whether the bank concerned would give any discount or lesser the total amount due in order for me to save some money or any negotiation allowed to achieve that goal. Thanks 19 Jul, 2009 16:00:34

RE:Settlement of credit card debt (modified 0 times) badboy most likely no. But you will never know. Try your best to negotiate. This is what I did. It a calculated risk, so do it carefully. Last time my credit card debt was around RM4K. No money to settle it at that point of time. Knowing how the bank works, I took a risk. 1. At that time you need to owed RM10,000 or more be declared a bankrupt. Mine was less. 2. Time bar. Bank need to proceed with legal proceeding within 6 years or time bar will set in. 3. bad debts. Bank will place your case as bad debt if the amount is less than RM10K and they can't contact you. Knowing that the interest due will not make the total debt payable to reach RM10K within 6 years, I stopped making any payment and simply refused to have any communication with them. Then when time bar is about to set in, they appoint a 3rd party to collect the payment. This agent is good. managed to get my new contact number. Knowing that time bar is near and the amount is under bad debt (bank already make provision for it, so what ever money that they can get is consider a good money), the offered me to pay at a discount. No need to pay the interest & 30% discount on the principle amount. I got extra money, so I paid (a debt is a debt, so need to pay). Use this method at your own risk. Not sure if it work now as the banckruptcy limit is now RM30K. 29 Jul, 2009 09:37:35

RE:Settlement of credit card debt (modified 0 times) kiki can the same work now? I have around rm4k debt as well back in 2005 and decided to cancel the card because i know i couldnt afford it anymore. now the collector is calling me everyday and sending me tons of sms. so, i paid rm1000 because he said he would prepare a settlement offer. when i received the letter it was ridiculous!!! i was asked to pay rm9000!!!! when the principal would only be around rm3000. so i decided to ignore and now they are threatening to send someone to come to my house. please advise what should i do now? 23 Jan, 2010 12:31:56

RE:Settlement of credit card debt (modified 0 times) vkpc You should not have paid anything without a B&W offer you can agree not. Just tell your mum to tell them no such person when they come. 25 Jan, 2010 10:29:34

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