Home / Malaysia Bankruptcy Law / Business & Consumer Bankruptcy Law Credit Card debts

Credit Card debts (modified 0 times) nancy Dear Forumer, I have credit card debts around 300k for 7 banks. Now already 3-4 month due. i can't afford to pay even minimum payment. Now i not to pick up any phone call from the bank and not to sign any registered letter. Is it the right way i am doing? I am in afraid all the time everyday. Very sad and depression. I nearly going to die Can anybody to advise me or help me what to do? Thank you. 22 Dec, 2011 18:20:44

RE:Credit Card debts (modified 0 times) vkpc Why are you sad and depressed? Imagine if you have RM100 million but you are blind and on wheelchair. Which would you prefer? 22 Dec, 2011 19:39:38

RE:Credit Card debts (modified 0 times) Emily Wong One will not die from owing bank money, banks are not Ah Loong, they can't threaten you and your family members. The most they can do is to make you bankrupt you only. Cool down, it is not end of the world, I have been through it and understand your feeling very well. Pls don't ignore the registered mails, it may contain summons. Some banks may offer to convert credit card debts to term loan when you start to default your payment for more than three months. 22 Dec, 2011 22:11:58

RE:Credit Card debts (modified 0 times) natalie Profile | Email Nancy, Plz dont ignore the registered post/A.R coz it might be demand/summons/judgment. At least once u know that it is 1 of those docs, u can propose some settlement wt respectiv bank. OR u can jus appoint 1 lawyer to advise n assist u accordingly. If u ignore this, dont be suprised if 1 day u realize that all ur account been freez and u been declare bankrupt. Anything, email me at iejamse@gmail.com.tq regards, natalie 22 Dec, 2011 22:41:23

RE:Credit Card debts (modified 0 times) nancy Profile thank you for your reply. can i know if i ignore everything, is it will go to bankcruptcy? how long is it? 23 Dec, 2011 13:26:12

RE:Credit Card debts (modified 0 times) nancy Profile actually i got go to AKPK, but the officer advise me better keep the money for future plan, since i am not qualify to that programme .i don't have money because of my bussiness failure. The office said if i go to declare for bankruptcy i have to pay RM1500 for processing fees. or else wait banks to sue . my friend told me that he got a friend which his debts is worst than me, he ignore all the things few years already. but nothing happen. he oso don't know what his status now. is it the bank can't sue u to the court since u not received any letter due to move out? 23 Dec, 2011 14:08:26

RE:Credit Card debts (modified 0 times) natalie Profile | Email how long depends on how fast d bank`s lawyer proceed wt their legal action. but need to go for several procedure b4 can make u bankrupt. No appearance in court, easier 4 them to get judgment within 1 month. then proceed, to serve judgment, u stil ignore d A.R.. bankruptcy notice cn b filed vs u. regards, natalie 24 Dec, 2011 02:57:29

RE:Credit Card debts (modified 0 times) Emily Wong If you ignore all the registered mails which contain summons, the banks can obtained default judgement again you. Later if they are unable to serve the bankruptcy notice to you, then banks will advertise in the newspaper as substituted service... Nowadays banks really act fast! 24 Dec, 2011 15:31:40

RE:Credit Card debts (modified 0 times) nancy Profile thank you for your advise. i in suffering and deppression since this happen to me. i lost my weight for 15 pounds. i feel like end of the world, so afraid all the time. No meaningful for my life. after i see some cases in this forum,i think i have to face the facts. i have to acknowledge all the mail and pick up the phone call oso. i think i should try to delay the bankrupcty procesedure and go to the Singapore. can i know any charges if i fight with the bank at the High Court because really no money at all. can i know how to find the job at Singapore? worried hard to find job. i got another worried. i got property had been sold out one year ago, is it will affected when in bankcruptcy position in future? i got car which market value around rm7000-8000 is registered under my name, is it will affected oso? how can i plan for all this thing? can all forumer advise me and give me some idea what to do ? Thank you. 24 Dec, 2011 16:27:55

RE:Credit Card debts (modified 0 times) natalie Profile | Email CAR- yes will be affected property- has been sold out- nothing to worry charges-to fight in court. depends on ur lawyer n how taff ur cases r. no scale in litigation. mayb wut u can do, jus go to respectiv bank. try to talk to them. re-schedule ur instalment or ask them to hold any legal action for "certain" time. coz for me, u cn hire lawyer to drag ur matter but at d same time u need to bear d lawyer fees which u can use to pay ur debts regards, natalie 26 Dec, 2011 23:29:27

RE:Credit Card debts (modified 0 times) nancy Profile natalie, thank you for your advise. property- in Limitation Act, say within 2 years d property sold out affected, is it? in future, can i still get back my life insurance sum insured (in cash out like EPF) if i have been declared for bankruptcy. 27 Dec, 2011 17:23:11

RE:Credit Card debts (modified 0 times) nancy Profile i received a message say that " from personal loan ask to attend court hearing and call the person incharged to discuss on this matter." i think because of i never pick up their phone call. my quenstions are , 1.i only received a letter from lawyer which ask for settle both personal loan n credit card debts within 7 days (registered mail dated 15/12/11). 2. For personal loan, only 5k outstanding only, how can be sue? (but my cc o/s is above 30k at same bank). how i am going to do now? pls advise. Thank you. 27 Jan, 2012 17:59:03

RE:Credit Card debts (modified 0 times) vkpc i received a message say that " from personal loan ask to attend court hearing If there is no written summons received, it means debt collector bluffing again to scare you. 27 Jan, 2012 18:18:00

RE:Credit Card debts (modified 0 times) Leroy Or it could be a LoD, Letter of Demand, from the bank law firm. If you really can't repay, you may ignore the LoD, if you can afford to pay the bank back in 10 equal monthly installments, there is a good chance the bank will accept your proposal, but like life, there is no guarantee. If you can afford to repay, take it from someone who has been sued by several banks, it is best you settle it ASAP! On the other hand, if you owe many than one bank and you can only afford to pay back just one, then no point repaying any bank, not even a sen, keep the money for a rainy day, if it is not already "raining". 27 Jan, 2012 18:41:08

RE:Credit Card debts (modified 0 times) nancy Profile Thanks vkpc, If there is no written summons received, it means debt collector bluffing again to scare you. the message is from bank centre, mean bank people also scare people. Thanks Leroy, The letter from the law firm not written there "Letter Of Demand" as subject, is it consider is a Letter Of Demand? 28 Jan, 2012 13:21:36

RE:Credit Card debts (modified 0 times) nancy Profile today i received a message say that "settle the payment to avoid GANGUAN (visit or call) semamsa perayaan." This message is send to my new h/p no from another bank's debts collector. Can i know how they knew my new number? Can i know any website to trace it? 28 Jan, 2012 15:55:10

RE:Credit Card debts (modified 0 times) Leroy Hi Nancy, I do not know the answer to your latest 2 questions but regrading the LoD, if it is from a law firm demanding payment, it is a LoD whether the subject is LoD or not. If you ignore it, and if you owe their client RM30k, sometimes less, better be ready to receive a summon to attend court within a month or so. 28 Jan, 2012 18:22:51

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