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 | Credit Cards Debts (modified 0 times) | Bert4801 | |
| I read from "Notalawyer" claiming that one will be safe from legal actions (e.g. Bankruptcy proceeding, WSS etc) once his/her debt is more than 6 yrs. Can some help me by defining this because I'm confused on when is date (6 yrs)begins?
Please help.
Thanks. | |
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| RE:Credit Cards Debts (modified 0 times) | alfa | |
| Time begins to run from the day the loan facility is withdrawn or the date of the Creditor's Letter of Demand.
And the period is 12 years for debts involving land | |
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| RE:Credit Cards Debts (modified 0 times) | alfa | |
| the clock restarts from zero if any payments are made later. Also, your written acknowledgement of the debt even after 6 years restarts the clock again. | |
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| RE:Credit Cards Debts (modified 0 times) | Bert4801 | |
| Thank you so much Alfa. It's very kind of you to answer my queries so soon.
What about in the case that judgement has been obtained against me (say in 1998) and shortly after that I have made some payment to the bank (it's was MBf then and now it's AMBANK)to settle the outstanding partially. The last time I made the payment (in 1998) the balance was less that Rm5k but now the collection agency agent says that I owe the bank about close to Rm70k.... Imagine that. I wonder how does this derives from. Anyway can the bank take any action against me now like bankruptcy proceeding, WSS etc. ? Please advise.
Also in another case, when u meant "written acknowledgment of the debt", is it referred to my correspondence to the bank in any form?
Looking forward to you prompt reply. Thank you so much. | |
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| RE:Credit Cards Debts (modified 0 times) | vkpc | |
A lot of people got conned by predator banks this way. ( A tiger is an example of a predator )
Let's say you owe 50k. You negotiate to pay in installments and the bank accepts it with a letter stating that
things will "be as before" if you default on the installments.
After you pay 40k, and then you default because no more money, the bank will claim the full 50k plus interests, as if you did not pay any installments at all. The law is on their side in this case.
and yes, they can and will make you a bankrupt because you were so kind to offer to pay by installments. | |
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| RE:Credit Cards Debts (modified 0 times) | Bert4801 | |
| but that was since 1998 and since then there was NO payment at all and also NO written correspondence from me. Can they still do anything? Please advice... Alfa, VKPC, Notalawyer or anyone?
Thanks. | |
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| RE:Credit Cards Debts (modified 0 times) | vkpc | |
| If the last payment and letter was in 1998, they can't do anything now except ask debt collectors to harras you. | |
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| RE:Credit Cards Debts (modified 0 times) | Bert4801 | |
| yeah! the debt collectors from debt collection agency always harass me, from time to time. what can i do to stop them?
It's really annoying. I know I have done something very wrong for defaulting the loans (CC) i took but they shouldn't keep on harrassing me. It's not right. Also when i said I would see AKPK for advice, most of them discourage me.
why? | |
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| RE:Credit Cards Debts (modified 0 times) | alfa | |
| I may be wrong here but isn't the Limitation 12 years for judgement debts?
Limitation Act 1953, 6 (3) | |
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| RE:Credit Cards Debts (modified 0 times) | vkpc | |
1998-2010 is twelve years....
In fact after 6 years, no interest can be charged. So the debt becomes 5k again.
After 12 years, it becomes zero K. | |
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| RE:Credit Cards Debts (modified 0 times) | Bert4801 | |
| Hi VKPC,
Thanks a lot for that info.
Also thank you so much everyone who are so kind to feed me with these precious info.
Now I just hope all these debt collectors can get off my back. | |
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| RE:Credit Cards Debts (modified 0 times) | bert4801 | |
| hi,
I have another enquiry. What about those TM/Maxis/Celcom bills that I owed? How far can these telcos go to "destroy" me? What are the limitation they have?
Kindly advise.
Thanks. | |
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| RE:Credit Cards Debts (modified 0 times) | romeo | |
| Please pay your telephone bills lah... | |
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| RE:Credit Cards Debts (modified 0 times) | ernie | |
| hi bert,
the same 6 year limitation applies. if they've sued then the limitation is 12 years | |
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| RE:Credit Cards Debts (modified 0 times) | bert4801 | |
| Hi Romeo,
I clearly know that I'm obliged to settle all my bills incl all credit cards debt. But just like everyone else, if I'm not downed by financial difficult, you won't see me in the this website asking for advice. Not that I DON'T wanna pay, I can't right now. I hope u can be more helpful rather than posting this kind of comments the next time. | |
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| RE:Credit Cards Debts (modified 0 times) | bert4801 | |
| Hi Ernie,
Thanks so much for yr advice. | |
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| RE:Credit Cards Debts (modified 0 times) | bert4801 | |
| yesterday i received a call from someone who identify himself as Jeffrey from XXX Capital Berhad saying that the company he worked for has bought over the credit card debts from Stan Chart and now he wants to collect from me. is it true? or he is trying to bluff me whereby he's actually another fella fromn the collection agency??
I ask abt the amount owing aned he told me it's around RM9k. He even offered to give me up to 30% discount if i can settle in one time off. But to be honest, I really don't have the money...in other words I'm broke (or else i won't be in this kind of situation and ask for valuable advices).
I defaulted this credit card long long time ago and if i'm not mistaken more than 6 yrs ago. He told me that judgement has been obtained against me but so far i didn't receive any correspondence abt this one. but never mind... when i asked for the judgement date and judgement debt amount, he couldn't give it to and said that he will get back to me? How come huh? Whoever he is, whether he is the credit controller/recovery officer fr that XXX Capital Berhad (which he claimed) or the guy from collection agency, shouldn't all this info and tools be ready? This is something triggers in my mind....
Well, Should i negotiate for settlement by instal say RM100 every month or just ignore it since the amount is less than RM10k and this is not the only bank that i owed (the author of that magic book" said so in his book unless it's more than 30k or somewhere near to it.
Moreover, if judgement obtained, the amt that they can claimed is around that as well, isn't it?
I'm just worried abt WSS only even though I have nothing much left in my house......Only some little pride left if any.... Some one pls advise... | |
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| RE:Credit Cards Debts (modified 0 times) | bert4801 | |
| Notalawyer, vkpc... anyone please???
Appreciate yr help.... really. | |
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| RE:Credit Cards Debts (modified 0 times) | alfa | |
| 9k is below the bankruptcy threshold of 30k.
The debt may or may not be time barred. Get a copy of your CCRIS credit report for your record at any Bank Negara branch..its free.
If you don't wish to settle the debt, deny it and refuse to pay and ask them to sue you. Most they can do is WSS...and even that is unlikely. | |
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| RE:Credit Cards Debts (modified 0 times) | notalawyer | |
| What is your question?
Where did you find the magic book? | |
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| RE:Credit Cards Debts (modified 0 times) | bert4801 | |
| Hi Notalawyer,
that "magic book" is actually the book by William Chan.
My question is should i negotiate with that company/bank or just ignore it as advised by Alfa and also that book since the amount is "NOT BIG".
What do you think? | |
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