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 | REQUEST FOR BEST ADVICE (modified 0 times) | Dear Firefly/Notalaw | |
Hi Firefly & Notalaw or anyone else who can help
I'm new to this forum. I going thru all the forum notes. Most of it are good sound advice of many different nature. I'm having sleepless night for the past 1 year due to my Credit Card debts + personal loan + house loan. My combine debts in total is RM303, 000 approximately. Initially Major chunk of it due to my helping my relative in difficulty. (I was naive at that time) I've manage to get AKPK assistant. But with the payment tier increasing by the year, i finally could not meet up. I'm paying monthly now to AKPK RM1,690 for the Credit card debts+personal loan. As for the house I using EPF monthly deduction of RM1320 to assist me. I've almost zero saving now. I don't intend to touch my EPF anymore as i intend to use it for old age & help my children.I may not have enough though in Account 2 of EPF for consecutive years anyway. I need your advice on this: Due to constraint (have 4 kid, schooling + 1 good understanding wife to feed) I intend to default in payment and allow myself to go for bankrupt. All my indv. Cred Card dept is not yet RM30K. As for the house intend to sell it off. All this I'm doing to start a new slate which I know i will face the JIM. I notice that these method will be more merciful to me & my family of at least by paying lesser to IJM to meet my family needs. At least this way some of the creditors of minor amount will dropped from my shoulder and allow to still pay monthly lower to IJM. As such will my Bank account use for salary currently be frozen where the company could use to bank in my salary. At times I want to commit suicide which I hate the thoughts of being coward to my 4 lovely boys & my good wife who have to face the world on their own. So please help me breath... I appreciate your good nature advice to the many people who have come in contact with you good guys. /Sleepless night -Peter 538 | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | firefly & notalaw & | |
| Another note which I left out. My wife is a full time housewife. | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
If you think that you need to leave a house, car or money for your kids, you are wrong.
They don't need all these.
They will buy electric cars when they grow up. They don't want all these oil burning junks that we have now.
They want to live in better countries when they grow up, not these houses we think they like.
You can leave them RM 10 million and they will fight themselves over it, and they will finish spending it all in 2 years.
What they need from you is love and guidance.
Sell the house and rent a nicer one.
Save the cash in a safe deposit box for rainy days.
When your kids grow up, they will buy house and car for you as a reward for not giving up. | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Peter 538 | |
Bro / Sis, (sorry i did not get your nick name)
Thanks for the word of advice.
But back to my initial query.., I intend to allow myself to go bankrupt by defaulting on my payment to AKPK. My credit Card + personal loan amount is RM102,000 in total. There are 6 Credit cards in total but none has reached RM30K as yet. I'm doing this as upon my judgement of bankruptcy, I understand i can work with out OA (JIM) of lesser payment(app. $50 to $100 monthly) and ultimately possible discharge after 5 years of good behavior. This I thought will allow me to breath and start a new slate. Is this the best move for me?... having known that I'm having difficulty in coping up with the payment of RM1690 monthly to AKPK?? please advise. Thank you in advance. /Sleepless night-peter538 | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
Once you become bankrupt, your monthly payment to JIM would depend on your income and necessary expenses.
If your income is 5k and your necessary expenses is 4k, then you would be required by JIM to pay 1k every month.
Which expense is necessary would depend on your discussions with the OA.
If you have no income, then you don't need to pay any monthly payments. | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Firefly/Vkpc/Notalaw | |
| Thanks Firefly, for the kind advice on the payment. Do you roughly know the structure & quantum of expenses allowable by JIM (before paying JIM) or is it we compose for them and justify to convince them? Cause I would like to still save RM300 at least for rainy days & children education. I don't whether they will also take this away. Will they take away my car too as I use daily for work and traveling around for work area. My car is iswara 1999 model current market price at about RM8K. /Sleepless night-Peter538. | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
You will be allowed to keep the car if the value is RM 5k and below.
Just tell them the car value is 5k.
You can offer to pay RM 100 per month, they actually can't force you.
A lot of people stop paying anything after a months. Nobody has gone to jail yet.
They are more understanding than you may think. | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Firefly/Vkpc/Notalaw | |
Thanks Bro / Sis, (Firefly/VKPC/Notalawyer)
I'm working and preparing all the necessary data and step now, and with the sound advice from you good guys, I will be able to judge the best move. I will keep all a###### at the time of the action. By the way Bro, I was looking for the article in your previous pages for the "Representing your 1st day at court", which you indicated there is. I don't seems to find it. Has it been removed from this webpage forum? I appreciate to have that as I do not want to say the wrong thing in court & mess up the whole matter. Don't mind could I have it once again. Sorry to trouble good fella.
THANKS TO YOU BROTHER & SISTER. GOD BLESS YOU. WISH YOU "GONG XI FA CAI" MANY MANY GOOD LUCK & PROSPERITY TO YOU GUYS. AS FOR ME I HOPE MY DECISION TO BACKRUPT WILL SOMEWHAT AT LEAST BETTER. /Sleepless night, Peter538 | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Firefly/Vkpc/Notalaw | |
| Hi i don't why this thing come out on my tread reply just now. i.e. a#####. I did not think or mean any badwords here. It mean to be read as "a.b.r.e.a.s.t". synonym as "inform all". I have to write in letter by letter so that it does not come out deform again as badword marking. Please don't get me wrong. Cheers. /Sleepless night, Peter538 | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
| Get this book from MPH bookstore.
How to Represent Yourself in Court to Fight Banks
ISBN Number: 978-967-320-447-2
Pelican Publishing www.pelican.com.my Tel:03-56333000
If they no stock, you can place an order.
Good Luck and keep us informed. | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Firefly/Vkpc/Notalaw | |
| Thanks, Bro / Sister,
I will get that book & keep you guys update when the actions comes.
Best wishes again.
Cheers. /Sleepless night-Peter538 | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Notalawyer | |
| Hi Bro/Sis-Notalawyer, I got this extract from one of the contributor of this forum, contributed by Dr.Francis Gurusamy. I'm more inclined towards point (c) below, where it states your house will not be seize in the event bankcrupt (Mine is Credit Card / personal loan bankruptcy, not Company Sdn Bhd bankcrupt) as stated in point c). Or is it only mean for Company Sdn Bhd bankcruptsy ?
ARE THEY ANY PROPERTIES OR ITEMS WHICH CANNOT BE SEIZED IN THE EXECUTION OF WRIT OF SEIZURE AND SALE?
Yes.
There exist a series of limitations that enable a debtor to protect funds sufficient to provide the "necessities of life".
Under the Debtor's Act 1957, the following shall not be liable to seizure or sale in the execution of writ of seizure and sale, namely :
a) the wearing apparel, cooking vessels, beds or bedding of the judgment debtor, his wife and children, and the tools and implements of his trade to the value of RM$200.00 in all, which to that extent shall be protected from execution
b) the tools or artisans or where the judgment debtor is an agriculturalist, his implements of husbandry and such cattle and seed-grain or produce as may in the opinion of the Court be necessary to enable him to earn his livelihood as such.
c) houses and other buildings (with the materials and the sites thereof and the land immediately appurtenant thereto and necessary for their enjoyment) belonging to an agriculturalist and occupied by him
d) books of account
Appreciate your enlightenment on point c in particular. Regards, Sleepless night-Peter538 | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
This does not apply to you because banks in Malaysia do not execute Writ of Seizure and Sale (WSS) on normal people's houses.
WSS is usually only used on multi-millionaire's houses. | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Notalawyer | |
| Thanks Bro / Sis-Notalawyer,
At least I know now that they have no chance of taking my roof of my family, when I (no choice)proceed myself for bankcruptcy. Bro / sis you gave me that peace of mind.
As you have help people, so will you be helped (by many)
As you have lighted up mnay, so will you received light of Joy
As you humbly gave so you will receive in abundance unconditionally
As you have consoled many, so will you be consoled at the time of your needs
As you have save many troubled souls, so you will save at your hour of trouble
As you save many families, so will your families be blessed and protected
As you gave many kind advice without a penny, so will you received wisdom of advice from Wise man without a penny.
This is me & my family blessing words for you, firefly, vkpc & your families. What you guys are doing is not an easy work & I pray you guys have the stamina & strength to help many who are in difficulties. We (include other participant of this forum) too will... as pick pieces from you guys along the way and follow suit. LOVE YOU GUYS & GOOD BLESS YOU ALL. Cheers. Sleepless night-Peter538. | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | virnicia | |
Congrats notalawyer on your new book.
You have kept your promise to help others.
The banks should be shaking in their boots now.
This is the best CNY present ever. | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | Choong | |
| Dear Notalawyer
So does this means that. If i were to be a bankrupt due to Cc and personal loan, I get to keep my house under Debtor Act 1957? | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
| Are you sure got Debtor Act 1957? | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
| No. Bankrupts are not allowed to keep any houses. | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | romeo | |
| notalawyer,
Is this your book?
MPH Online
I thought you were not serious when you said you were going to compile a book.
Anyway, congrats. I will get one after CNY. | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | Choong | |
| Dear Notalawyer, Please refer to a few post higher than my previous post in which this was posted
There exist a series of limitations that enable a debtor to protect funds sufficient to provide the "necessities of life".
Under the Debtor's Act 1957, the following shall not be liable to seizure or sale in the execution of writ of seizure and sale, namely :
a) the wearing apparel, cooking vessels, beds or bedding of the judgment debtor, his wife and children, and the tools and implements of his trade to the value of RM$200.00 in all, which to that extent shall be protected from execution
b) the tools or artisans or where the judgment debtor is an agriculturalist, his implements of husbandry and such cattle and seed-grain or produce as may in the opinion of the Court be necessary to enable him to earn his livelihood as such.
c) houses and other buildings (with the materials and the sites thereof and the land immediately appurtenant thereto and necessary for their enjoyment) belonging to an agriculturalist and occupied by him
d) books of account
If there is a debtor Act 1957, Would i be able to keep the house since it is being occupied? | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
Are you an agriculturalist? (Farmer)
If not, your home will be taken. | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Notalawyer | |
Hi Notalawyer,
I'm a bit confused now after reading your tread reply to Choong in my tread respond. I read your tread reply to my query 11th Feb and also your reply on the 11th Feb, that my house will NOT be seize to pay off my loan. My outstanding loans are Credit Card & personal loan amt to $102K. And I do not own a farm house nor any farm. My house is normal double standard storey house 22ft x 70 ft corner lot. I have still outstanding with the bank of $200K for the house, which I'm paying diligently with the aid of EPF monthly withdrawals. If what you say that they will seize my house than I felt that I should stop paying for the house, either sell it off or auction off. I thought I could actually salvage my house for my family. Is there hope of roof over my family in my situation? Appreciate your advise. | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | SleeplessNight | |
Resend, (stated my nickname wrongly)
Hi Notalawyer,
I'm a bit confused now after reading your tread reply to Choong in my tread respond. I read your tread reply to my query 11th Feb and also your reply on the 11th Feb, that my house will NOT be seize to pay off my loan. My outstanding loans are Credit Card & personal loan amt to $102K. And I do not own a farm house nor any farm. My house is normal double standard storey house 22ft x 70 ft corner lot. I have still outstanding with the bank of $200K for the house, which I'm paying diligently with the aid of EPF monthly withdrawals. If what you say that they will seize my house than I felt that I should stop paying for the house, either sell it off or auction off. I thought I could actually salvage my house for my family. Is there hope of roof over my family in my situation? Appreciate your advise. Regards, /Sleepless night-Peter538 | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | SleeplessNight | |
| Sorry Notalawyer, I miss out a point. I want to stop paying AKPK as I can no longer afford (which is for Crd Card & personal loan). And with that I could at least pay for my double storey house without using my monthly EPF payment. With saving payment from AKPK amt to $1690 monthly I could afford to pay for the house using my monthly salary. But if you say that they will also TAKE AWAY my house for not paying the AKPK payment (which is fr Credit Card & personal Loan.) Just to refresh memory. I've set of loan - 1st is AKPK (consolidated from Credit Card & personal loan, all individual banks not exceeding $30,000 yet, only 1 or bank nearing $24,000) and the 2nd type is my house loan which I'm paying diligently through my monthly EPF withdrawal. I intend to stop AKPK payment so that I could pay my house through my monthly salary. Currently all my payments is good but could no longer hang on to the AKPK. Please advice Sir / Madam. Just that I was confused to your reply to Choong in my respond thread. I intend to stop the AKPK payment this month. Sleepless Night-Peter538 | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
| Dear Peter,
I hate to bring bad news. You are now at the mercy of the banks.
When I mentioned that WSS does not apply to you, i did not mean that you can keep your house.
They can take your house through bankruptcy.
If any of the credit card or personal loan banks win their case against you in court, unless the amount is less
than RM 15k, ( which they may just write off) they can accumulate the interest until it reaches RM 30k.
Then they can make you a bankrupt.
Within 6 months after you become a bankrupt, no bank is allowed to charge you any interest.
That's why the mortgage bank will auction off your house.
The problem is, they will sell it at an extremely low price and you will receive nothing from the sale.
The solution is to sell the house yourself asap. Make sure you sell it to a stranger, not to a relative.
Keep the cash in a Safe Deposit Box for rainy days. | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Notalawyer | |
Thanks Notalawyer for your prompt advice,
I got it clearly now. I see that I have to sell off the house, before the bank dictate the terms. Thanks sir. Anyway I just back from MPH-MidValley, I've bought the book you recommended. They have balance 15 books on the shelve. It should be very interesting. I'm it reading now.
By the way since my house is still in loan with the OCBC (me as a Tenant / hirer) and I'm paying promtly for the housing loan can the other bank (Credit Cards & Personal Loan:-HSBC,RHB, CITIBANK, MBF, Ambank) still auction off my house. I'm the thought, that the other bank can't touch it as my house still in loan with OCBC. Which I believe OCBC will not aution off. I will still make my prompt payment to OCBC. Regards, /peter | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | notalawyer | |
OCBC WILL auction off your house once you become a bankrupt, even though you are making prompt payment.
You are not the "hirer" of the house, you are the owner. Car and house is different.
Don't say I didn't warn you... | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | Peter538 | |
| Thanks alot Notalawyer,
I got a hint who you actually are. But I think I shall not reveal anything here. As "Zorro" always thriumph being anonymous. I will have to find ways to sell off my house now, even in such a condition (half way renovated).
I've read the book you recommended (just finish it). I sync my thoughts with the author and understand his predicament & difficulties. He somewhat graduated from University of Hard Knocks. I salute his noble determination, his worthy cause and solemn vow. I'm more determine to be his partner now for the same cause. I can only do it in this forum and when my part of actions begins. Besides his book is highly educational & make me easy to map out my strategies of all possibilities, in short all my calculated risk. Only one thing is missing in the book is sample letter how to discharge yourselve from bankruptcy for the High Court appeal. Perhaps maybe it is written in view, limiting only "to fight with Bank" not about discharging one's bankruptcy. However sir, if you have one sample don't mind if you could share with me.
Thanks alot Sir. GOD BLESS YOU & YOUR FAMILY. I will update all under the nickname Peter538 as when there is news for all. Cheers. /Peter538 | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | romeo | |
| Peter,
Which section of MPH you found the book?
How much it cost?
Can pinjam or not? | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | peter538 | |
Hi Romeo,
It is in the Law Section. Ask for assistant for them to locate for you. They have it in their system, including where it is dispalyed. It is good book. Pinjam difficult lah a bit as when i need to establish my strategic I would need it at hand. As sample template is also available for reference. Please take down the correct ISBN No. as there is also a similar title by an American author which cost RM158.00. The ISBN is already provided by notalawyer in one of tread respond below. It only cost RM15.00 lah. Cheers, /peter538 | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | romeo | |
Ok. Thanks. I found my copy at Subang Parade MPH.
Has the bank sued you yet? | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | peter538 | |
| No not yet.I'm yet to actually work on it as still thinking whether to allow myself to declared bankrupt. I'm still paying all my dues and barely nothing left for me & fly. | |
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| RE:REQUEST FOR BEST ADVICE (modified 0 times) | Desparado.... | |
| hi to all....
Currently im facing heavy credit cards debts to 6 different banks...wit a total of rm100k...and most importantly i cant afford to pay even d minimum amount...as my salary is only rm2.4k...and stil need to pay child support to my 6yrs old kid....wit a amount of rm600/mth....
Pls kindly advise wat else i can do to avoid filing for bankruptcy...
I thought of going to AKPK for help,but some of my collegues told me its a bad idea...as they cant help much to solve my prob...
Help n advise r very much appreciated...n at d same time pls provide whice law firm or legal firm r best for my case to file for bankruptcy...
Thanks | |
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| REQUEST FOR BEST ADVICE (modified 0 times) | peter538 | |
It appears that you are heavily indebted. Do you have any house where you could mortgage to clear off the whole debt? Looking at yours is quite similar to mine. Prepare yourself to be bankrupt (if you did have a house), sometimes Bankruptsy is the only way at the end. Even you go with AKPK you would be paying 1st year 1,100, 2nd year 1280 & the 3rd Year onwards 1690. AKPK condition is that you are not in the process of bankruptcy & that you have balance of cash flow after deduction. Otherwise they cannot help you. Max years on AKPK repayment is 10 years. So you think you fit the bil as stated here. Even you can pay for the 1st & 2nd year, but the 3rd if you are sangkut, all back to square one. So measure yourself up and if you know that you are not able to complete the whole programme, you as well save the money now and bankrupt yourself. You only pay affordable to IJM (after bankruptcy). This will give you a new breathing to life. (if you have the house under your name please sell it fast, it goes off too). Think it thru.
/peter538 | |
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