Lawyerment Discussion Forum
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 | URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| Dear Notalawyer/Nkpc/Firefly
Currently i owing to Several banks for my Personal Loan + Credit Card about RM280k. at this moment i still paying all my debt by using the my salary + cash advance from the credit card. i think i can not hold anymore on the debt and next month i can not pay my credit card debt anymore because my current salary is enough to settle the personal only.Therefore i think i will be go bankcrupt soon....
so in this forum, i hope i can get some advise from you guys. thanks in advance first to those who give me advise and guide.
my question is as follows :-
1) Do i wait the bank to sue me bankcruptcy or i personnally declare bankcrupt? which option is better?
and normally how long does it take for bank to sue me and via versa?
2) HOUSE - i owned a house (bought last year, S&P with my wife). if i go bankcrupt, does this house
affected i mean being aution by bank? currently housing loan was paid by my EPF monthly withdrawal.
3) BANK A/CS - when a person being declare bankcrupt, his account will be freezed. if my salary and EPF
monthly withdrawel is direct debited to my HLBB and EON Bank, does these two accounts will be freezed?
if yes, how my salary & EPF will be debited ?
4) SHARES - i had CDS a/cs and some of the shares in this a/cs was not belong to me. do i sell it
immediately?
5) INSURANCE - currently all my insurances (wife+son+myself) are direct debit to my credit card, if after i
being sue for bankcrupt, i think all my card will be terminated. question was does the JIM will ask me
to terminate my policies ? can JIM take the cash value from the insurance to pay my debt?
6) CAR - my wife just trade in a car this year (register under my wife name but i am the ganrantor)
Question was after i bankcrupt, do JIM allow me to set aside money for paying the car loan as the car
loan was paid by me from the 1st day as my wife salary is not much.
7) How JIM calculate or set aside money to repay my debt? or it is depend on how much that i can abford to
paid? if in this case, do i need to provide evidend on the expenses that i incur?
8) do JIM will be informed my employer about my bankcrupt?
9) currently i sill had 3 credit card that not being use at all because i thought i dun want to increase my
debt, But since i going to bankcrupt soon, i thought i want to take cash advance from these credit card
for Emergeny purpose.It is a criminal for doing these?? can bank sue me for abusing on credit card since
i already knew i can not pay them back?
10)if after 5 year, i appear for discharge and was successed. do i still need to pay the bank is ther still
had a balance on my debt?
regards
ALEX | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | vkpc | |
| Wah, so many questions....
Have you bought the book on how to fight banks already or not?
kinibooks.com | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| Dear Vkpc,
not yet, why? does thise book will help me and guide me on my question?
who is the writer? | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | vkpc | |
| does this book will help me and guide me on my questions? Yes. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
i already bought this book " How To Represent Yourself in Court to Fight Banks"
yesterday night via online.. waiting the delivery now.
any other answer from you guys for my question here while i waiting the book to arrive..as i am very desperate now..........please help me..thnks | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | notalawyer | |
| 8. Sometimes
9. Because you always win lottery once every few years, you genuinely expected to pay back the credit cards with the lottery winnings later. It is never criminal to spend the new credit cards since the banks willingly gave you the credit in the first place. You did not force them to give you the cards.
My advise is to use the cards to stock up on more rice, canned food and instant noodles. Not on big TVs.
10. No need to pay anything after discharge. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| Thanks Notalaywer for ur answer on Q8,9,10, very appreciates.
how about the House, can the banks force selling the house since my wife also own 50% of the house? | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 24/7 | |
| Dear Alex,
From your questions, I can feel your "panic-ness", if it is any consolation, I owe more than you, a lot more actually, 15 banks, over RM730k and counting, all credit card debts! But after a lawyer recommended me William Chan's book, I have some hope... to delay being made a bankrupt, like many, if you want to buy time, you must read this book. Since I have already attended court a few times, if you are serious about fighting your banks, may I strongly suggest you start looking for a final year law student to help you out because some steps on what to do next are not covered in the book. A law student should charge you a lot less than a law firm. Or if you can find a lawyer who is willing to offer you some free legal advice on the phone, that would even be better.
notalawyer is right, you should stock up on essential stuff with whatever credit limit you have left - my mistake, I did not do so because I thought by not using up the rest of my RM20k credit, the bank would be "nicer" to me, it turned out, this is the first bank that is suing me, the rest haven't! However, instead of stocking up on canned food (which I believe can't be good for your family's health), buy vouchers from supermarkets.
If you don't remember anything else I wrote, remember this... penghakiman terus. Your banks's lawyers will sneak in this "weapon" against you whenever they can, even when it is not appropriate yet, this is where some legal advice will come in handy.
One last word, have an exit strategy or strategies if you can, example, if you can work overseas, go for it, then try your best to get a PR in that country, next, become a citizen of that country, then dump your M'sian passport. Why an exit strategy? You can only delay for so long, it is almost a certainty the banks will sue you bankrupt if you can't pay them back.
I wish I can be of more help, all the best in your fight, Alex. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| Thanks for ur infor 24/7
my book still not arrived, can i ask u how u delay the bank suing u bankcrupt? izit still paying the minimum amount ?
i read few cases in this forum saying if ur debt is less than RM30k, the bank actually can not sue u bankcrupt..
all my cc outstanding is below RM30k, only my personal loan was above 30k .. ie SCB = 41k and OCBC about 27k
if i wan to prolong the period of bankcrupt, izit meaning i still need to pay SCB n OCBC??
btw..what u mean by this sentence ==> enghakiman terus. Your banks's lawyers will sneak in this "weapon" against you whenever they can, even when it is not appropriate yet, this is where some legal advice will come in handy...
where do i get a final year law student?? and if i go for law firm, noramally wat is the range of charges?
thanks | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | vkpc | |
Law students have zero court experience and some don't know the forms and procedures required.
You could be better than most of them when it comes to actual court action. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| Thanks vkpc
so u mean after i study the book, i will be better than the law student..lol..i hope too...
anyone or notalaywer can answer my Q 1 to 7 so tat ia rough ideas had on how to deal with it while waitng my book..hope my book will be arrive ASAP...appreciates ur guys help. thanks | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 24/7 | |
| Dear Alex,
In English, "penghakiman terus" is "summary judgment". This subject is covered in William Chan's book, if you want a detailed explanation now, visit http://en.wikipedia.org/wiki/Summary_judgement.
Regarding if one should or should not hire a final year law student, (1) this is more of a last resort, (2) you obviously want to "interview" a bunch of final year law students before choosing one and (3) I did not suggest hiring a law student to represnt you in court, I am talking about help in technical stuff like replying to Affidavits from your banks' lawyer, etc. - steps not covered by the book.
A law firm that I almost engaged late last year (before I got William Chan's book), their fee was RM200 an hour. Since you'll need help quite often - depending on the number of summons you get - it is not feasible to hire a lawyer every time you are stuck, and you WILL be stuck even if you memorise every single word in the book. This book does advice you to do research online and in the library.
Bottom line: If you can find a "good" law student who charges you just RM10 an hour and is willing to read William's book first before helping you, I think that would be your best bet, next to having access to a free lawyer.
P.S. If you live near a MPH book shop, you may read the book there while waiting for your book to arrive. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
finally my book arrived..
i read through this book and it is simple to understand..it is really answer most of my question especially on my house.
but now my question is very difficult to get a buyer to buy my house. because my area houses is a lots ( Supply more than demand )
i stay in Bandar Sungai Long, market value of my houses about RM240k.
how do i save my house from being sue..?? or how to get a buyer fast fast fast..? really Pening Pening kepala...
ALex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Boring | |
but now my question is very difficult to get a buyer to buy my house. because my area houses is a lots ( Supply more than demand )
i stay in Bandar Sungai Long, market value of my houses about RM240k.
how do i save my house from being sue..?? or how to get a buyer fast fast fast..? really Pening Pening kepala...
How to get ur buyers FAST ??
Create your own buyer i.e from family members and start play the game with the purchase price.....discuss with bank valuer's panel about how maximum the current value can add up..
how do i save my house from being sue..??
Ur house is landed property is it and it is involving Land Office discretion before auction. So in between, the Land Office will conduct "Hearing' between you and Bank representative....Discuss with manner and try to influence the land officer there to prolong the case or what else..
Apply restructure the monthly payment where u afford, and if unsuccessful bring ur rejection application letter to Land Office during hearing date in Land Office. OR u also can go to BNM seek their advise to say that i dont want make any problem, BUT the bank make me problem. Here, ur letter and bank letter is a proof that u are really want solve the problem... | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| Hi Boring,
When u said "Create your own buyer i.e from family members..." can this be a valid sales because as i understand when JIM or the creditors found out that the buyer actually not a genuine buyer they can take back the house..Am i Right???
my housing loan was paid by monthly EPF withdrawer to OCBC bank... now i only can not paid my other credit card payment..that why i afraid other bank will made my house to auction.... | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| hi everone, notalawyer, vkpc, boring
now, the bank customer services department calling me for credit payment, how do i prolong time from here in order to take more time b4 the bank actually sending legal letter??
i still have few question that not being anwser..can anyone help me to answer ( Q3,Q5,Q6,Q7 )??
many thanks
regards
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | notalawyer | |
3) BANK A/CS - when a person being declare bankcrupt, his account will be freezed. if my salary and EPF
monthly withdrawel is direct debited to my HLBB and EON Bank, does these two accounts will be freezed?
if yes, how my salary & EPF will be debited ?
If you become bankrupt and the accounts are frozen, the EPF standing order will stop. For salary, you can ask the company to pay you cash to or pay cheque with another person's name.
This is your right under Employment Act, tell them they cannot refuse.
If you do report to JIM, they can allow you to open one saving account for salary.
4) SHARES - i had CDS a/cs and some of the shares in this a/cs was not belong to me. do i sell it
immediately? Sell-lah
5) INSURANCE - currently all my insurances (wife+son+myself) are direct debit to my credit card, if after i
being sue for bankcrupt, i think all my card will be terminated. question was does the JIM will ask me
to terminate my policies ? can JIM take the cash value from the insurance to pay my debt?
You can negotiate with JIM to let you take partial and they take partial amount
6) CAR - my wife just trade in a car this year (register under my wife name but i am the ganrantor)
Question was after i bankcrupt, do JIM allow bme to set aside money for paying the car loan as the car
loan was paid by me from the 1st day as my wife salary is not much.
Can. They can't really force you to pay more than what you want to pay..
7) How JIM calculate or set aside money to repay my debt? or it is depend on how much that i can afford to
paid? if in this case, do i need to provide evidend on the expenses that i incur?
It is more of a negotiation between you and them. They can't force you to pay more than what you think is fair.
Even if you stop paying, they can't do anything except don't agree to let you discharge early after 5 years.
Nobody has gone to jail for stopping payment to JIM yet in Malaysia. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| hi notalawyer,
thanks for ur reply...
When you said "ask the company to pay you cash to or pay cheque with another person's name." if in this case , my company will know that i m bankcrupt,, will the management terminate my services???
when is the time for me to report to JIM.. izit when i received a legal letter from bank??
the bank customer services department calling me for credit payment, how do i prolong time from here in order to take more time b4 the bank actually sending legal letter??
thanks
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | notalawyer | |
When you said "ask the company to pay you cash to or pay cheque with another person's name." if in this case , my company will know that i m bankcrupt,, will the management terminate my services???
Wrongful dismissal is a serious matter that you can bring to Industrial Court...
when is the time for me to report to JIM.. izit when i received a legal letter from bank??
When you receive letter from JIM asking you to report to JIM
the bank customer services department calling me for credit payment, how do i prolong time from here in order to take more time b4 the bank actually sending legal letter??
You can't delay bank from sending you legal letter. Legal letter is just a letter. It means nothing.
But you can delay and discourage them from sueing you by telling them that 5 other banks already summon you to court. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| hi notalawyer
thanks for your prompt reply,very appreciate....
btw..do the bank really know which bank is suing me??
regards
LIM | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| hi notalawyer,vkpc/firefly & other friends out there
after few months.i manage to sell the house to 3rd party..now pending the consent letter from land office (MPKJ)..my S&P dated 25/11/2010, according to the lawyer , since my house was leasehold it take fews month to get all the transaction done and the money will be issue only to my wife name....
my question..
1) i all ready default payment for 3 months..the proceed of my house will only be received Feb'2011 or mar'2011(Estimates date)..by the time, my payment will be default for 6 months..so wat do i do now??
2) i afraid that be4 my wife received the money, the banker might know that i selling the house and take court action to witheld the sale of house...can the bankers do that ???/
3) if after mar'2011, all the money already in my wife account. can the banker take action agaist me for selling the house??
hope to heard from you guys soon...
thanks in advance for all the advise,,very appreciates..
alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | notalawyer | |
| 1) i all ready default payment for 3 months..the proceed of my house will only be received Feb'2011 or mar'2011(Estimates date)..by the time, my payment will be default for 6 months..so wat do i do now?? Do nothing.
2) i afraid that be4 my wife received the money, the banker might know that i selling the house and take court action to witheld the sale of house...can the bankers do that ??? Normally no.
3) if after mar'2011, all the money already in my wife account. can the banker take action against me for selling the house? No. But your should withdraw the money from all bank accounts and keep in safe deposit box. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| hi notalawyer
thanks for your reply..apprecaites
another question..if i being sue bankrupt..since i dun hv anymore assets with me now, the only money i had now is the monthly net salary of 5k..how much do i paid to the bankers if i being bankrupt??/
thanks | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | notalawyer | |
| You can offer to pay RM50 per month to be shared by all banks. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | alex | |
| thanks for your reply
huh..RM50 for all the bankers that i owe then 250k????/ are they going to accept and it is reasonable to give so little ?
it officer assignees going to ask me to provide the detail monthly expenses to them??
Regards
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Alex,
In June this year, I proposed paying RM150 per month, per bank, all of the 13 or 14 banks I contacted rejected my offer.
I am curious why you don't plan to DELAY being made a bankrupt? | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | alex | |
| @1818
how much u owe to these 13 bankers...??
i did not mention i dun wan to delay..at this moment i still not recived any legal letter from the banker..i only default payment to bankers for 3 consecutive months.. only everyday received call fr the banker asking for pymt..i just said i will try..they even offer to reduce interest for me if i pay the due payment... | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Alex,
Some banks will send the first summon letter just 3 months after you've missed payments, whereas, some banks, especially if you're based outside M'sia, even nearly 12 months later, I only get collection agency calls and letters. Note: That first summon letter costs RM850, RM750 for their law firm and RM100 for the court.
What is end goal? Wait for your income to improve and pay off the banks, if not in full, the minimum?
It is important to have an exit strategy, for me, I planned to migrate even before I missed any payments, which means, I expected the banks to try to bankrupt me as soon as possible. If you owe them more than RM30k (per bank), they are NOT interested to negotiate - unless you can meet their minimum demand, eg., the bank I owe nearly RM30k at that time, they wanted me to pay a MINIMUM of RM1.55k per month, not a sen less, another bank, I owe RM70k, their best counter-offer to my 1% per month offer is RM7,000 per month over 10 months!
The bank I owe the least at that time was around RM26k (one bank), the bank I owe the most was RM120k+ (one bank also), the rest around RM50k - RM75k per bank, now the total with interest, legal fee, etc. is around RM750k! I think I am the king here in terms of credit card debt alone, haha!
Actually, I made a mistake, it was early this year that I offered to pay RM150 per month, per bank, late in June, I actually upped my offer to 1% per month, per bank of the total I owe each bank, this means, in 120 months or so, I would have cleared all my debt.
Guess what? All the banks still rejected my offer! But it wouldn't have mattered whether they have accepted or my 1% per month offer or not, I couldn't afford it anyway, at the time of my offer, I thought my business would improve soon, it didn't, in fact, got worse! | |
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| RE: URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Jonathan Seagull | |
| @ alex
Since you only have defaulted payment to bankers for 3 consecutive months, it is just the beginning before the bankers send you letters of demand follow by summon letters to attend court. After that they will outsource it to the collection agents to chase payments from you. At least for another one year or two from now if your single debt to a bank is still far from RM30k, nothing will happen to you. During this time, do what you need to do to protect yourself.
If your amount of debt to a single bank is less than RM30k, the bank cannot sue you bankruptcy yet. Sometimes, this debt may escalate to RM60k or even RM100k before the bank takes bankruptcy action against you as I believe the banking industry has a lot of probably more important cases to recover first than yours. To the bank, RM500,000 is a small amount as an example. If your intention is to solve your debt, then I would advise you to seek AKPK for help.
If the property under your own name is sold two years prior to your bankruptcy, your creditor bank concerned may file a court action to recover the sold property or money. If beyond two years, you are safe. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Jonathan Seagull,
What if I have already spent the money from the sale of the house? What can the creditor bank do? | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @Jonathan Seagull,
as u know, my property is in the process coz is lease hold, the money still in the process. i think by next year Feb'2011. all the proceed from the property will go into my wife accouts. then she will withdraw all out and put in a save place.
as u mention that if the property sold within two year of my bankcrupt, the creditors can get back the money. how they get back the money if my accounts and my wife accounts does not show any money???
my bank debt for fews bannk merely 30k... HSBC 26k, UOB 28k RHB and CIMB 21k.. so it will take them for another 2 months to send me a legal letter??
i already when to AKPK, and the minimum payment is about RM3200. my net salary only 5k.. how to enter this DMP program???.. sad....
@1818,
when u said bank will send me a summon letter. if i did not received this letter personally , does this letter still take effect , i ask this because when the postman send the letter to my house i was on work??
i m now trying to get some part time job. the other days saw in newspaper under section jobs, there is this co's call APEX ELECTRONIC SERVICE that provide part time assembly eletrical products. 1 unit = RM5 paid out.
but need to pay a registraton Fee of RM85 (fully refundable) and License fee of RM265 (yearly). hope this co's is not a fake company.
ALEX | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Alex,
when u said bank will send me a summon letter. if i did not received this letter personally , does this letter still take effect , i ask this because when the postman send the letter to my house i was on work??
If I am not mistaken, the bank wil try to resend you the summon a few more times before proceeding to declare you a bankrupt. The best way is to call up the bank/s to find out what is happening and give them your current address, what I did last year was, I visited ALL the banks (any branch will do) I owe $$$ to, I gave them a letter of my settlement proposal with my current address, I also made each of them photocopy and stamp that letter, even got the name of the bank employee who took my letter. I wanted them to find me so I can DELAY them from making me a bankrupt.
i m now trying to get some part time job. the other days saw in newspaper under section jobs, there is this co's call APEX ELECTRONIC SERVICE that provide part time assembly eletrical products. 1 unit = RM5 paid out but need to pay a registraton Fee of RM85 (fully refundable) and License fee of RM265 (yearly). hope this co's is not a fake company.
I seriously doubt a legitimate company seeking employees would charge any fees. If I were you, I would be really careful.
Hope the above helps. Merry Christmas! | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @1818
i also doubt on the co's. but after think twice, even if this co's is not legitimate. i only lost few hundred ..if the co's real then i can earn more than wat i paid...
regards the summon letter, so far i still not received any letter, hope it will not come so soon as i still pending my house money( just call the lawyer, they just summit the consent letter to land office MPKJ ).. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Alex,
If that company is for real, please share with us, I am sure many, many of us here would appreciate it and love to make some extra income.
All the best, may 2011 be a very good year to you and your family! | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | alex | |
@1818
for sure i will share it here in this discussion forum because i also want those who fall in this trap can get more extra income to settle their debt more quickly or even somoe plp out there need extra income | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @1818
i just received letter of demand from RHB bank lawyer..wat should i do now??/
the other i wan to said is that the Part time job that i requested in on the ways..the company said they already send the electrical assembly product by post..i will received soon. so when i got it..i will let you guys know
alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Alex,
Do you plan to fight the RHB case in court? If yes, have you bought William Chan's book?
If you do not plan to fight, then, no need to do anything I guess. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Alex,
As mentioned earlier, whenever I received a letter of demand from the bank law firm, I'd give them a letter of my settlement proposal with my current address and email address, you may email and/or fax their law firm. It is important (at least to me) for the banks/their law firms to be able to reach me easily.
Here's the settlement proposal I used:
Strictly Without Prejudice
XXX January 2011
Ref: (your credit card number/s)
From: (your full name & I/C number)
Address: (your current address)
Email Address: XXX
To: Bank Law Firm
c.c. ABC Bank Malaysia Berhad, Consumer Collections-Credit Cards
Attention: (lawyer's name)
Dear Sir/Madam,
RE: FULL SETTLEMENT PROPOSAL
I refer to the above matter.
Due to my current unfortunate circumstances and dire financial straits I am unable to pay the sum stated in your Letter of Demand. The absolute limit of my capability of borrowings from my siblings and relatives is a sum of RMXXX as my full and final setlement.
That is the only sum I can afford. It is my intention to settle this debt at the earliest possible opportunity, and therefore, I assure you of my integrity and commitment to pay you the said sum of RMXXX (Ringgit Malaysia XXX Only) within seven (7) days of receipt of your acceptance.
Your kind consideration and approval shall be much appreciated.
Thank you.
Yours faithfully,
........................
1818
Strictly Without Prejudice | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @1818
thanks for the reply
i think at this moment i not intend to fight the bank as u know that my income is merely can cover my wife credit card debt. so now my concern is the house transaction can be done by next month.
alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| hi notalawyer , @ 1818
need advise urgently..
today i go to HLBB and wish to withdraw my salary and found out that the HLBB with held portion of my salary from being withdrwan...Eg :my salary RM5k and my company direct bank in HLBB in my savaing and when i want to withdraw RM4500 and the bank only allow me withdraw RM2k, when i ask the bank the lady inform that the credit card department put down a note witheld??
just want to ask ..does the banker got right to with held my saving account being withdrwan since i own them credit card payment with i default???????/
please advise
thnks
alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Alex
The very fact HLB has already withheld part of your salary seems to show they have the right to do so but to be sure, why not call or personally visit Bank Negara to find out?
Personally, I withdrew everything except RM10 before I defaulted.
Hope the above helps. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @1818
hi..actually my company using the HLBB to pay every month salary..so i can not close the account...
today i call up the customer line of HLBB and he said the credit collection had the right to witheld the money....?? dun know wat to do now except paying the HLBB debt...
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Melvin Armando | |
| Hi Alex,
It is common for the same bank to withheld your same bank money if you owe them money in default.
Since your monthly salary goes into the HLBB account, you will need to ask your management to stop
depositing into it. You would need to think of alternative mode of your salary payment like:
(1) Getting another bank acount of yours where you have no debt.
(2) Ask your company management to issue you a cash cheque or in favour of your name so that you can cash it out over the counter directly. Cash cheque may be a better choice.
(3) Ask your management to pay you cash directly.
(4) If your management allows your salary to be deposited into a proxy bank account under your wife's name.
I believe it all boil down to mutual understanding and relationship between you and your company management.
Since you know you are owing HLBB, the same bank account as your monthly salary deposit, why is that you are not taking action long before they withheld part of your salary? Sometimes in life, we may take things for granted just because nothing is happening to us. We need not only to know our local laws but also the terms, conditions and regulations pertaining to debt issues with our creditors especially the banking industry. It will definitely do us good when we apply this wise proverb, "a stitch in time saves nine" meaning to say that it is better to spend a little time to deal with problems or act right now than wait. If you wait until late, things will get worse, and it will take much longer, let alone the possibility of spending extra time, effort and money to deal with them or in certain cases, it may be too late to mend them.
We would be fortunate if the worsen situation does not worsen our health due to high financial tension, stress and anxiety we could not cope with, let alone the possible disharmony and chaos affecting those who have a family of their own. Life is a choice. So we need to plan carefully every step ahead even though some may have no choice but to go for bankruptcy. If you have a chance, fight against the bank in court. Luckily, we have this useful forum to benefit many people who need help in matters petaining to debts with banks, annoying regular calls from debt collection agents, process/procedure of our local laws/court proceeding, bankruptcy process and how to deal with the Malaysia Insolvency Dept (JIM) after bankruptcy.
There is nothing to fear in seeking help from this forum but everything to gain! Cheers! | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @Melvin
thanks for your opinion.
if i being summon to court, who will be paying the court fees since i dun have any money to paid??
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Alex
If you lose, you'll have to pay the court cost but don't worry, you need not pay on the spot. Based on my experience, I've lost at least 3 times, the bank law firm sent me a bill, I ignore it like my credit card debts.
If you are not aware, the first summon itself, the legal fee is RM750 or RM850 and there is also a RM100 court cost.
How is your work at home business getting along? Made any money yet? | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | alex | |
| @1818
thanks for your reply because the banker said i need to paid the court fees if i being summon.. that why need confirmation on this forum
regard to the business, the company did send me the sample of the car for me to fix, i still fixing it as still on CNY mood..hahaha
once i got my first payment i will let you know..thanks
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | rooney | |
| i feel like this is a good forum to share abt everything
and until now the bank still not even give me lod after i almost 4 months didnt make any payment
i am happy to have u guys that give me confidence and also helpful info that make me feel that i can still hold on for quite some time really want to thank all of you that contribute here
maybe they show me letter of demand or summon then that is the start of my case
otherwise i feel that i can drag
i also feel that the banks are dunno what to do w my case......as they just keep calling and threatening
and then i just keep it like that
THANK YOU ALL | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @1818 ...
just received a call fr a lawyer firm (represent maybank) stated that if i did not made any payment by 12.00 noon..he will summit order to court and get WSS in my house.. is this the correct procedure???
i thought we need to get a
letter of demand... summon serve.... judgment obtained... execution of judgment.... bankruptcy notice serve...
.. bankcruptcy petition served..receiving order...
so my question .. when is the WSS action came in for the above procedure..i mean what staged..
anyone please advise...
regards
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | dragon | |
| Lawyers don't call people up one-lah. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @1818 ...
just received a call fr a lawyer firm (represent maybank) stated that if i did not made any payment by 12.00 noon..he will summit order to court and get WSS in my house.. is this the correct procedure???
i thought we need to get a
letter of demand... summon serve.... judgment obtained... execution of judgment.... bankruptcy notice serve...
.. bankcruptcy petition served..receiving order...
so my question .. when is the WSS action came in for the above procedure..i mean what staged..
anyone please advise...
regards
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | IVYW | |
| Alex,
No they cannot do a WSS on you only they have a court judgment against you. This so called lawyer is most likely from a Debt Collection agency using scare tactics to get you to pay.
If he/she called again, demand to see a copy of the court order for the judgment against you. Call Maybank now to confirm that no summons have been issued against you yet. From my experience maybank is rather slow, so if you owed 4-5 months, no legal action is yet to be taken. Once you have your confirmation, make a huge complaint to Maybank and threaten to lodge a police report against them. Also tell Maybank that you do not wish to hear from this fake lawyer again.
You will need to call the Collection Dept from Maybank. Call this no 03-91451688 and asked to speak to Ms Santini Kumarin, she is a manager there. If she is not around call 91451686 and just speak to any one of the officer.
Good Luck.
I had the same experience too. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @Dragon & IVYW
thanks for you guys reply
i did call back the number 03-21467000, is legal firm..
the guys said he going to summit document to court and get me to attend a court..then get court order to WSS my house.
normally how long will this process take because i need another months ( until 31/03/2011 ) to solve my house transaction..??
Regards
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | dragon | |
Get William Chan's book from MPH.
It will help you delay many months and years until your house is sold. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | alex | |
| @1818
as u know my house sold and the transaction will be complete in Mar'2011.. if the money bank in in my wife a/cs then withdraw everthing out, do the banker or court will demand the money back??
Alex | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | IvYW | |
| @Alex
Was the firm you called up named Zuri and Partners??? If it is, they are not a law firm but a Debt Collection Agency. Did you call maybank like I told you to, to confirm if there is a court summons? If it is Zuri and Partners, chances are legal proceedings had not started against you.
From Initial Court Summons to WSS, It will take quite a while providing that you fight the case. My first summons was in June last year and I just got past the Order 26A Appeal Hearing. You may have some time to complete the transaction on the sale of your house. If I may ask, what stage is the sale now? You may need to do something to speed it up and there are ways and means to do it! | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @Alex,
if the money bank in in my wife a/cs then withdraw everthing out, do the banker or court will demand the money back??[/]
I am not sure if the bank or court can demand the money back but if I were you, I would NOT keep the money in any bank account till I am 110% sure. I'd likely keep the money in a safe deposit box first, see what happens, anyone out there with a better idea? notalawyer? IvYW? | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | Alex | |
| @1818
thanks for ur reply..
btw..can u send me a email. i do have some personal question to ask you if u dun mind.
tclim168@yahoo.com
regards
LIM | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | jinggabiru | |
|
just nak tanya pendapat....
saya ada hutang cc dengan satu bank ni....RM9 ribu lebih kurang.
bank ni dah appoint debt collector bagi pihak dorang untuk kejar saya.
last week dorang call....
saya cakap saya dah tak oleh bayar so sukatilah u lah kalau nak buat...
dia tiba2 marah dan cakap suh saya bersopan....so saya cakap saya mmg dah tak boleh bayar
so sukatilah u all kalau nak proceed legal action ke apa.
dia teruscakap dia boleh malukan saya.....dia boleh buat lebih teruk dari untuk malukan saya.
ugut akan call majikan saya pastu akan malukan saya satu ofis...bla.blabla.
semalam hingga hari ni dia hantar fax dengan tulisan yg sangat besar dan berpuluh2 helai ke ofis saya....
apa patut saya buat...15hb ni saya dah decide nak gi akpk utk sessi taklimat. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | faqs | |
buat report polis...then buat satu surat rasmi kepada bank terbabit, CC kan kepada bank negara, dan syarikat terbabit.
simpan semua rekod dan pergi mahkamah untuk file kan saman kepada bank terbabit..
teach them a lesson | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | jinggabiru | |
percaya tak dia hantar surat yg tak berapa nak rasmi melalui fax ofis i ...
dia pusing citer...dia ckp i cakap kat staff dia bodoh pastu i kurang ajar....
seingat saya mula2 masa dia call saya cakap elok jer pastu saya cakap saya tak boleh bayar sukati nak ambil tindakan apa....dia terus cakap marah2....cakap i tak tepati janji lah
pastu ckp nak malukan i...nak call boss i ckp pasal i pastu dia kata dia boleh buat lebih dari tu....
i marah balik i ckp naper nak libatkan bos i pulak apa kena mengena hutang i ngan majikan i... takkan i nak mencuri nak bayar hutang.bila i cakap dia cakap...i geram i terus letak phone.dia call lagi..saya diam... dia cakap jgn diam...jgn main2 dengan dia....mcm2 dia cakap i terus letak lagi buat kali ke dua....
esok nya terus fax dan fax dan fax.....tiba2 arini dia cakap saya cakap staff dia bodoh dan dan saya ni kurang ajar kat surat dia....naper ek dia pusing citer mcm tu....sakitnya hati saya..... | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | faqs | |
apa nk susah bro...just bgtau dia u ada buat rakaman conversation...then u ckp u dah report polis dan akn ambil tindakan undang2 mengikut undang2 bank atau bafia law...
just ckp dkt diaorng..they can go to hell... | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | maemae | |
| hi everyone,
i have question(s) that i want to ask too..
i have a debt with HSBC credit card about RM5k. I didn't pay it already for a few years because i've migrated to another country and i don't have money to pay it back too and i'm still holding malaysian passport. my problem now is, i have to come back to visit my father because he's sick and everyone told me that once i come back to malaysia i can't go out again. it really worries me. i don't know whether i should believe it or not.
so, is it true that i can't go out of the country again once i come back? hope someone can answer me and thanks in advance for your reply! | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | 1818 | |
| @maemae
Someone asked a similar question a few days ago, the answer to your question should also be here... http://www.lawyerment.com.my/boards/article-Malaysia_Business_Consumer_Bankruptcy_Law-1659.htm
Good luck!
P.S. If you have anymore questions, start a new thread. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | spllim | |
Hi, any advice will be much appreciated.
Went to JIM Pertama Kompleks after confirm bankruptcy thru search in Putrajaya. At JIM I was asked to fill many pages of forms. Just wondering whether I must fill everything exactly or can I consult the JIM officers before filling. Eg. not sure if I should put my wife as housewife or working part time, not sure if I should put my employer contact in case they decide to call up, not sure whether to declare real income. Also, are there guidelines how much monthly deduction from salary JIM will make to repay creditor? I read somewhere to just offer RM50 per month, but is that acceptable is my salary is around rm10k? Sorry so many questions, but need advise before committing the information as there's no turning back after declaring, yes? Thanks, Lim. | |
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| RE:URGENT !!!!Need Help And Advice on my Huge DEBT (modified 0 times) | asan | |
| Sir,
May I know the name of the book by William Chan that you are referring to?
thanks. | |
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