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any sample letter to write to bank on settlement of debts(loan)?
any sample letter to write to bank on settlement of debts(loan)?

New Messageany sample letter to write to bank on settlement of debts(loan)? (modified 0 times) BlurBlur
hi there, would like to seek advice/help from the member here.
I have called up my OA in Jbtn Insolvensi(KL) [as u guys know, is #### fxxking hard to get to the PIC. Even general line also no body bother to answer).
I have to write in e-mail only the OA (2nd OA handle my case) called me up.
I am trying to get infor on how to settle the loan debts (Owing Rm40K), and i hope can get a discount as much as possible.
So i thought OA wil be the right person to negotiate with the bank. But when i talked to her, she asked me go to approach the bank and negotiate with them.
When the bank comes out with a figure and we mutually agree then only the bank will write in a letter to Jbtn Insolvensi. (is this how it goes?)
Anyone can help me with the letter to settle debts and of coz the appeal letter later on to further mark down the debts)
I wonder if public finance bhd is around since tis loan was from them since 10 years ago.
Thanks n regards.
05 Jan, 2011 14:10:19

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi,

This is the process in order for me to get discharged and you have to do yourself (OA will never help us)

1) Call the bank and tell them your intention to get discharge. (Ask for final amount to settle). It is normal if they pass the line one to another department. (Don't give up until you get the correct person incharged)

2) They will provide you the letter of offer, which they stated the amount to settle.(you have to follow up with the closely if you want them to speed up the process. (Used very polite word)

3) If you not satisfied with thier offer, you can write letter to appeal to reduce the amount. (This is the letter that I'm send to them. (My lawyer draft this letter)(I get RM12K instead of RM15K)

Your Ref:

Your name & address

Dated

Bank Address

Dear Sir/Madam,

DALAM PERKARA KEBANKARAPAN WILAYAH PERSEKUTUAN NO: .................NO. K/P :

I refer to the above matters. Thank you for your letter dated ----------, in which you agreed to the full settlement figure of RM15,000.00 to discharge the debt.

Due to my current unfortunate circumstances and dire financial straits I am unable to make the proposed payment. The absolute limit of my capability of borrowings from my siblings and relatives is a sum of RM10,000.00.

That is the only sum I can afford. It is my intention to discharge this debt at the earliest possible opportunity, and therefore, I assure you of my integrity and commitment to pay you the said sum of RM10,000.00 (Ringgit Malaysia : Ten Thousand Only) within seven (7) days of receipt of your approval.
Your kind consideration and approval shall be much appreciated.
Thank you.

Yours faithfully,

………………………………

4) After get the letter, go to JIM and pass the letter to OA and OA will give you the total amount to settle. (This is also you have to folow up with them)- The amount is inclusive JIM administration fee.

5) Then make payment and bring the receipt and document related to your lawyer.


Hope this is can guide you

05 Jan, 2011 18:39:58

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) 1818
Hi Pening,

Í am sure your letter is very helpful to many forummers here.

I guess you are no longer 'pening' now, haha.

Seriously...

1. Does your RM12k include all the fees paid to JIM?

2. What about admin and legal fees JIM charges? Or was your FINAL TOATL RM12k?

3. Just to clarify, did your bank accept your RM10k settlement or did they ask for more?

4. What is the total legal fee you have to pay your lawyer?

05 Jan, 2011 18:56:23

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi,

The bank offer me at first is RM15K out of RM26K++. Then I'm appeal to get RM10K but the best they can offer me is RM12K.

The total amount I have paid to JIM for Full settlement provide by OA - RM13252. This amount is a net amount (I have pay JIM every month for 9 months RM100 = RM900 already with them.

The stupid maybank freeze my account and send to JIM is RM370++.

So actualy the actual amount that I'm pay to them as follows:

1) Full settlement - RM13252
2) Monthly payment - 900
3) MBB Freeze account - 370

Total is 14,522

My husband lawyer friend help us to handle this case, so he give us free of charge service. We only pay for incidental expenses; stamping.. it is less than RM400.

Hope this is can help you all

05 Jan, 2011 19:07:25

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) 1818
Thank you for answering my questions, Pening.

I am glad for you - now you are free to do many things, especially, visit other countries if you wish!

05 Jan, 2011 19:32:02

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
thanks, Ya hold it more than 7 years
05 Jan, 2011 19:51:57

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) BlurBlur
hi pening,
would like to know u call to the branch or the head office of the bank?

my loan is from Eon Finance Bhd at taman midah cheras.(correction for the above statement that i put public finance bhd)
regards n thanks

06 Jan, 2011 10:11:32

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) BlurBlur
Hi pening.
Just called to Eon Bank Bhd (Credit Recovery Centre-Hire Purchase).
They asked me to write in a letter to propose/inform how much im willing to settle and if they think is reasonable then only they will get approval from the Head Office.Once approve then only i can pay at JIM.

can i just amend your appeal letter n then send to the CRC-HP, should be quite ok if i use back some sentences.

Regards,

06 Jan, 2011 10:39:51

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi,

My bank is ambank. Different bank they have their own way but u can amend my letter and give them proposal to them. you must give the amount that you able to settle it and that amount is not inclusive of admin charges of JIM. JIM will give you final amount to settle after you pass the letter of offer fr bank to them. Good luck

06 Jan, 2011 21:10:34

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) BlurBlur
Hi Pening,just out of curiousity, Ur debts only RM 26k++? i tot must exceed rm30K only u will bankrupt?
im kinda confused.
i have paid my monthly instalment to JIM since year early 2007 until now..total if not mistaken oledi paid rm8k....
when u received letter offer(after appeal) from bank, u accept the offer by writing in?or personally have to go to the bank there to get the letter and submit to JIM later on?
11 Jan, 2011 13:31:14

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi blur,

Actually bankruptcy amount increase to RM30K on 2004 and before that only RM10K they can file you for bankrupt. The bank lawyer submit application for bankruptcy to me on Nov 2003 but the hearing only on April 2004. So my file already in court on 2003, that why they can declare me as bankruptcy eventhough my debt only RM26K+++.

I went to bank to take the letter of offer and submit to JIM. JIM will calculate your monthly payment to them for your final payment.

Good Luck

11 Jan, 2011 19:57:12

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) BlurBlur
thanks pening..hope i can settle this ASAP.....
will update...hopefully everything wil go smooth....
Pening..thanks for dropping in to this forum..hope u wil log in here once in a while to share your story with others..
really appreciate it
12 Jan, 2011 11:55:46

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
No problem. I'm happy to help all of you. Wish you all the best
12 Jan, 2011 20:56:19

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) BlurBlur
Pening,
i have received a reply from the Bank, they refused to settle at the amount i requested.
when i asked him how much they willing to let me settle, he said at least 80%(excluding the amount i have paid) from the amount i owed....
According to them(they have checked with JIM), i have paid up to RM9K+(roughly 20%) till dec'10...
i was like wtf.....i have paid 20% and now he was asking me for 80%...meaning i need to fully settle everything without any discount given... ><"
really feel dissappointed and upset on this.....i dunno should i write in again or not...or just continue paying wat i have been paying all this while.....
18 Feb, 2011 16:32:21

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi,

Don't give up. Just give another amount to them until you think is reasonable to you. Bankruptcy matters is always like that but please don't give up.

01 Mar, 2011 22:04:58

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
you can try use bank negara to nego with the bank. Try your luck, sometime they will help.
01 Mar, 2011 22:06:55

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) CONFIUS...
HOW JIM CALCULATE THEIR CHARGES ACTUALLY??BANK REDUCED MY LOAN TO 13K. WHEN CALLED JIM ASKED FOR TOTAL PAYMENT THEY SAID I HAVE TO PAY RM18K++. ASK WHY THE CHARGES ARE SO HIGH. THEY GIVE THE FORMULA AS : LOAN + 5% + RM3730 + 7%. SOOOO...PENING, JIM CHARGE A LOT. MR.PENING OR ANYONE, CAN REQUEST JIM TO REDUCE THEIR CHARGES OR NOT?
15 Mar, 2011 14:29:32

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) CONFIUS...
How JIM calculate their charges actually??bank reduced my loan to 13k. when called JIM asked for total payment they said i have to pay rm18k++. ask why the charges are so high. they give the formula as : loan + 5% + rm3730 + 7%. soooo...pening, JIM charge a lot. mr.pening or anyone, can request JIM to reduce their charges or not?
22 Mar, 2011 11:58:00

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) krissy
Profile | Email
hi may i get know the person of Pening, cuase i need help from this person.

thanks

26 Apr, 2011 18:23:39

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) krissy
Profile | Email
hi pening

i need you advice, now i am own bank RM12000, but the give my offer letter only pay RM1200, i am happy that,
but unfortunately, this house is a shared name of my ex-husband, now the ex-husband does not want to settle and he asked bank to call me, now i am appeal to pay half of RM1200, i say to them , please look for the ex-husband, he is leaving me alone to face all kind of issue.i am not even get pay for it (maintenance fee), i tell bank , i really finance have problem , but i also tell bank , is not me does not want to settle on at the early state, now bank say , if the no approval , i have to add the sum until they agree.

but before that, they asked me to write my finance list.

how much i salaries and all kind of loan i own, and money i spend. and bla bla..

should i let they know?

should i list out?

my bank is a UOB BANK.

i know maybe is too much to asked the question is only PAY the total settle amount is only RM1200.
but i am no agree that, in before i already spend a lot in this house , now i need to pay again.

this is my ex-husband don't want to settle , not me.i just want them to discharged my name only.the ex, i don't care.

please help. i am appeal is because i don't want to wait until the big figure, that time, maybe i am no money to pay it , is make even worse.

is urgent

thanks is advance!

26 Apr, 2011 19:11:10

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi Krissy,

You get offer RM1200 out of RM12000? It is really good offer. If your ex don't want to pay, don't bother him. This is your life. I think you should take this offer before you debt will growth until the amount that you can't effort to pay. My debt only start with RM5000 but after 8 years its RM26,000 and only after 10 years I'm struggle to discharged myself from bankrupt.

28 Apr, 2011 20:43:58

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) krissy
Hi pening

i am happy to get you reply.

Thanks for the advice, now the bank call me, and given me advice, he asked me to wrote a letter to split the RM1200 for 2 , that means is RM600.00 for each person,because i told them , my ex is divorce with me, he is not with me anymore,now i apply on it to pay RM600.00 as they advise, they agree,now i am waiting the cheque to bank in, i am still waiting their news, but i called , they say they will dicharge my name once money is in.

i have another question, for the bank negara,once the bank discharge my name from the bank account, so in bank negara will also discharge my name of black listed?


thanks pening

11 May, 2011 20:49:00

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi,

First things what your status in bank negara? Bankruptcy or blacklisted?. Both of the status also got to chase your bank to submit to bank negara after payment done. Like my case my name still bankcruptcy at bank negara up to 2/5/11 eventhough I'm already discharged on 4/1/11. I have submit the complaint of status to bank negara and they will give me answer tomorow. (within 2 weeks) Anyhow when we make payment, please chase the bank.

15 May, 2011 21:37:26

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi all,

Today I'm fully discharged from bankruptcy. Call bank negara today and they already updated my name, it is clear now... fuhhh

16 May, 2011 20:35:23

New Messagedischarge name (modified 0 times) krissy
HI

first i want to congratulation , finally you are out of trouble. and second i had a question

now i already make a payment to bank, and they already send me a clearance letter to discharge my name from the bank, but the bank official told me, even they discharge my name from there , but i still under option blacklisted, if want to clear the name from bank negara , at least the another parties had to make a payment also.

now i appeal the bank to only pay of my part , is means only discharge for my self , but now the official told me , because of my ex don't want pay , so my name still there in the option blacklisted .

but he say when i want to get loan or what even , i can show the letter from the bank , is means the letter from bank to discharge my name.

and he told me , is nothing related with bank negara.

so should i show letter to bank negara ?

if i have a money in my account, they will asked me to pay or sue me bankruptcy?

i am such an worries

25 May, 2011 12:39:23

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi,

In the case of joined loan, I have no idea but no harm for you to ask bank negara either they can clear your name. Just try. Go to bank negara, take a statemnt from ctos kiosk. (put your ic and thumb on top of screen and you can print statement. After that you can show your statement to bank negara officer and ask them what to do. (Don't worry, they got very free time to entertain you but very helpful). Bring the letter of discharged from bank too.

Good luck.

27 May, 2011 20:33:11

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) BlurBlur
you can try use bank negara to nego with the bank. Try your luck, sometime they will help. <----how do u use bank negara to nego? meaning ask help from bank negara and they will help u to nego with the bank? seriously?
how does this work?
02 Jun, 2011 15:27:12

New MessageLoan Repayment (modified 0 times) Dina
Hi All...
Fyi, My car was stolen in 2008 by salesman. I have cancelled all insurance policy and can't claim for it. Now, I'm stuck with loan about RM13K (no:RM16K). Please help me on how much can I ask bank to reduce in order to pay all the loan as I have RM8000 in my hand now.

Help me!
mail me at hazlinajasni@gmail.com

Thanks in advance.

10 Oct, 2011 10:18:57

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) wendy
AM's lawyer sms me - they wanna send someone to seal my house but my debts is RM8k plus. I told d lawyer to reduce the debts to RM3k and i will settle full settlement. But tat 'pariang' lawyer said i cannot bargain with lawyer and I don't have the right to bincang the reduce settlement with lawyer. Told them i need to paid AM Bank monthly RM300 for credit card and I can't afford to pay so much as I am single mum. The lawyer is not helping but demanding me to pay and if i pay monthly - I hve to paid until monthly until the total sum RM8k. What i can't understand is - we want to settle the debt but why the bank & their lawyer prefer people to hve their debt rather than settle it.
21 Mar, 2012 18:01:31

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Boleh
@Wendy,

Bank lawyers DO NOT call to collect debt, that person who called you is a debt collector PRETENDING to be a lawyer. Yes, that jerk off lied to you. A lawyer would first send you a Letter Of Demand, then a summons if your debt is high enough, at RM8,000+, there is NO way they can bankrupt you in 6 years, so relax girl! When those liar debt collectors call again, do this:

1. Ask for that low life's name and name of his "law firm".

2. Quite likely, he won't give you his name, if he doesn't hang up. If he does, tell him it is UNLAWFUL to impersonate an officer of the court by calling himself a lawyer when he is clearly not, and if he calls again, you will make a police report against him and his company.

The best thing to do is, use your caller ID, if you are not sure who is calling, don't answer. Search this forum, find out why it is very UNlikely these lying coward debt collectors won't lelong your stuff, they may come to your office or house to threaten they will - but they won't.

Banks are like robots, once you don't pay them after a few months, they either get their lawyers to send you letters or they "sell" your debt to a 3rd party, debt collectors. Debt collectors' job is to make your life as miserable as possible so you will want to get rid of them by paying up. That's their plan. The thing to know is, if you don't pay off in full, the bank can still sue you once day. So no point paying unless you can afford to settle in full.

Hope the above helps. Good luck.

21 Mar, 2012 18:42:40

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Boleh
CORRECTION

The best thing to do is, use your caller ID, if you are not sure who is calling, don't answer. Search this forum, find out why it is very UNlikely these lying coward debt collectors will lelong your stuff, they may come to your office or house to threaten they will - but they won't.

21 Mar, 2012 18:45:17

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Dimbi
Pening ,

Hope u can guide me.

I hv C/card debt with EON (now Hong Leong) RM11K ,the credit limit was RM3k and now the interest accumalate to RM11K ,my last payment for this card was in 2007 .
Now the bank agent (debt collector) contact and ask me to pay the outstanding..I request to them wave the interest and willing to pay RM4K in sigle payment.
The agent replied after nego with his boss and offer RM6.7K.I refuse and stand with my proposal 4K.

Should i accept the bank offer or stand with my proposal..?or can i direct deal with the bank by appealing to them.?

Pls advice..

18 Apr, 2012 11:55:56

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi Dimbi,

You can try contact direct to bank. The Agent will try to get as much as they can coz they can have higher commision on debt collected.

Good Luck.

24 Apr, 2012 21:00:38

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) mieana
Hi all,

In early June someone called my husband to settle credit card debt (charge card) which were o/standing for 10yrs but less than 10k (the amount juz strted frm RM1500 negotiated wif bank so many time but no solution). He said frm lawyer firm and urged my hsbnd to pay in full by the next day if not all my hsbnd properties (if any)will b seized and bank account will b freezed and cannot go to work anymore. The amount owed cannot negotiable. If my hsbnd agreed to pay then he will gave all the bank's details to bank in the money. We argued why so short of time, coz he said b4 this he cannot find my address to send the legal letter but now can call?. I took the phone frm my hsbnd and startd to talk wif the lawyer (konon nyer!!!) but he said cannot talk to 3rd party and threatened if no pymnt by 2morrow he will executed what he said b4 (who de hell he think he is) and hang up the pnone. Aftr that I send an sms to him that I will make police report and he said go on but after that no more phone call or sms frm him. Same like what has happned to Wendy and being told by Boleh. FYI, the main card (line of credit-am bank)alrdy settld in full RM20,000++ now left the charge card amount (mbf) b4 this they were one bank when split our debt also splitted.

13 Jul, 2012 14:26:27

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) SEDIH
Hi,
Pening,
I hope u still here, i would like to know how many percent that we can negotiate with bank to reduce the debts? Who should i negotiate with? can you give me some point how i going to negotiate with them? I'm really blank now...hope u can give me a help...

thanks is advance!


SEDIH

20 Jul, 2012 14:16:14

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Pening
Hi Sedih,

You can ask up to 50%. Just use my sample letter. Good luck

25 Oct, 2012 16:25:32

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Blurrr in debts
Hi Pening & Forummers..

Need your advise and guidance..
my situastion is i am blacklisted from cimb bank.
and my debts is around 17k..
i want to sent appeal letter to bank to reduce my debts..
is anyone have the sample of appeal letter? and how many percent that we can negotiate with bank to reduce the debts?

Please guide me..

16 Nov, 2012 16:24:07

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) guarantor
Mr Penning,i hope you are still responding to us,the 'unfortunates'. I thought i saw you did mention 50%. I did propose that 8 yrs ago thru my lawyer coz i m just a guarantor. It was rejected and they charge me.JIM make appointment for my first mtg this dec. Should i propose lower? I think i hv paid about 20% of the total amt coz everytime i go abroad got to pay bond.If they agree at 50% then the balance amt is small. I hv been vy hostile and so far i manage my way through. To be frank life hv been good for me,only problem is going oversea. But to get our name clear will be better.
16 Nov, 2012 21:48:08

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) UNHAPPY GUY
I've been blacklist coz being a guarantor for a friend who didnt pay his personnel financing with bank rakyat.The officer of bank rakyat didn't do anything to find this SOTB to pay his debt.In the end they send me a lawyer letter to settle this debt.I've already ask the AKPK n they have discuss with the bank.The result is i've to pay installment for the debt which is not mine..it's cos me 20K..please anyone could give an advice..TQ
15 May, 2013 12:29:48

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Manjo
Hi Pening,

Just want to let you know the sample letter you drafted for loan settlement is very helpful to me, really appreciate. Thank you.

Regards,
Manjo(Kerala, India)

26 Jun, 2014 04:19:18

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) hafilah
Hi Boleh and all forumers,

Need some advice here.
I have outstanding debts with few banks. Before this I was very scared each time I got the calls from the debt collector. I changed my phone number few times. But after I found this forum I feel better. It's not that I don't want to settle my debts. But right now I don't have money. Planning to make full settlement, or at least higher monthly installment later. Every time the agent call me, I didn't pick up, because they will ask for settlement or installment.

The problem now is, I don't know where they got my information. They went to my house and call my hubby. Eventhough they spoke nicely to him, I don't like them calling my hubby. They asked me to return call. I can do that, but how to stop them from calling my hubby? Because it seems unlikely that my hubby would change his phone number.

Thanks

10 Jul, 2014 17:50:09

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Liverpool
Hi Hafilah,
Once bank passed the uncollected debt to debts collectors, they is no way you can stop them for calling you or your relatives or even your company, unless you agreed to pay and you paid for that. Debts collectors have their way to find your number or even your family or company contact no. What they can do is keep chasing by act as lawyer, court la, JIM officer la to scare you to make you pay. But they have no right to freeze your account or house, they even cannot harass you base on debt collector act. But if they keep calling you or your family member will make us frustrated. What you or your family member can do is block their number in your handphone if you not prepare to pay yet.

If they enter your house without your permission or court order, you can log a police report cc copy to Bank Negara. Anywhere, this is not the long term solution, to avoid them keep harass you, better arrange with the bank how to make the instalment payment.

One more thing, if the bank did not take any legal action against you within 6 years, the bank will lost their right to chase the money, as 6 years is the time limit for any FI to take legal action.

14 Jul, 2014 17:59:49

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) jane doe
I have read with much interest on all the cases here as we too encountering the sad situation . My hubby bought a house with his ex-wife and now the bank is coming to us to settle the payment . After much negotiations, frm amount of rm80k, there are asking for rm53k . FYI, the house has been auctioned and the principal to be recoup is rm36k. We tried our luck to reduce the amount but bank is adamant .

My questions are;

1) can we still appeal for a lower amount
2) I read one of the comments , that if the bank didn't take any legal actions within 6 years, then they can't bankrupt us.


Appreciate advice. Thks in advance

22 Nov, 2014 12:07:52

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Abu Ammar
Profile
Dear Jane Doe

You asked:
My questions are;

1) can we still appeal for a lower amount
2) I read one of the comments , that if the bank didn't take any legal actions within 6 years, then they can't bankrupt us.

1) Yes, you can try to appeal witha repayment proposal that you must follow. Normally they will ask for 30% to 50% upfront payment or whatever suitable amount (try 5K) and then a monthly commitment of say RM600 and see how it goes. At least if agreeable your balance will be less than 30K and they cannot make you a Bankrupt.

2) Minimum amount for Bankruptcy is RM30K. 6 years limit is for any legal action.

Kindly refer to this article (in English)http://debttalesthebankandyou.blogspot.com/2014/08/legal-action-procedures-personal-loan_30.html and this article (in Malay)https://ceritahutangbankdananda.wordpress.com/2014/08/14/proses-tindakan-undang-undang-pinjaman-peribadipersendirian-bahagian-3/ on the various modes of Judgment "execution". Even though the title is for Personal Loan, the legal procedures are the same. Hope that answers your questions.

23 Nov, 2014 10:42:40

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 0 times) Jane Doe
Thanks Abu Ammar for the explanation.
24 Nov, 2014 12:54:38

New MessageRE:any sample letter to write to bank on settlement of debts(loan)? (modified 1 times) Bladirunner
Profile
.. FYI, the house has been auctioned

Legal action had been accorded. Next action can be anytime if negotiations fail. 12 years Limitation for bankruptcy if amount is more than 30K. That is why the banks WILL not nego. If you pay anything the total amount goes below 30K, they cant take bkcy action. Do you think bankers are non mathematicians??

24 Nov, 2014 14:23:45


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