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Credit card debts
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asked on Aug 3, 2009 at 02:23
by   kate
I have a collective debts of RM35K from 5 credit cards and 2 personal loans from 5 different banks. Can banks collectively join together to sue me under bankruptcy?

I also lost my job due to this economic downturn and am not able to make the payments to the bank for my credit cards and loans (RM2500 per month). I have already informed the banks but the customer service personnel who calls me almost everyday does not seem to get it and says that i need to make the payment somehow or rather but i do not have any means to do so. How can i ask them to freeze or wait until i get another job. I am jobless for 2 months already. I have always been a prompt paymaster for 3 YEARS and this is really unbearable.

The other thing is whether i can negotiate a fixed amount to pay to the #### banks so that the interest do not rise. i have stopped charging my card altogether.
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answered on Aug 3, 2009 at 11:27
by   notalawyer
Can banks collectively join together to sue me under bankruptcy?
No.
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answered on Aug 3, 2009 at 19:52
by   Saiful
Hai kate, Don't worry.Please go and seek help from AKPK.Please, don't be shy to go there.I have personally been there,and there huge number rich people there.
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answered on Aug 3, 2009 at 21:38
by   Saiful
Sorry for the previous reply.Actually it goes like this......I have personally been to AKPK and i have seen so many rich and educated people there.All this people were badly affected by the crisis.The AKPK officers are so wonderful and willing to help us to the bottom.So,KATE DEAR please dont hesitate and try to give a try,ok.
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answered on Oct 12, 2009 at 17:06
by   kate
hi thanks for da reply. the thing is, i still haven't got a job yet. its more than 4 months now. i called akpk but they told me i need to produce 3 months salary slip to be eligible for the plan, which i obviously don't have as to date. And i receive  a letter from Citibank stating that my account has been transferred to non-performing loan and the debt collecting agency will be handling this from hereon. I currently owe RM7800 for my citibank credit card, RM1900 for one personal loan and RM8600 for another personal loan (all from citibank). I read earlier that all three accounts can be collectively summed up to sue me for bankruptcy once it reaches a total of RM30k. The late charges and interest on my credit card alone totals to RM150 amount, n definitely will reach RM30K before 6 years. What can i possibly do? I'm trying so hard to get a job, but the market right now is ridiculous.
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answered on Oct 12, 2009 at 17:31
by   vkpc
What kind of job you are looking for?
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answered on Oct 19, 2009 at 16:52
by   kate
i just received a call from UOB bank. They ask me to make a payment of RM200 by end of this month to avoid my account being moved to some judgement thing. So what do i do. I have not paid for 4 months and my interest has already reached RM500. The total amount on my card is now RM4500.
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answered on Oct 19, 2009 at 17:33
by   vkpc
Why don't you get a rich boyfren?
Then all problems solved.
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answered on Oct 19, 2009 at 17:50
by   kate
i appreciate proper and helpful answers. Thanks.
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answered on Oct 19, 2009 at 18:01
by   notalawyer
Limitation Act 1953
Section 6.(4) An action to recover any penalty or forfeiture or sum by
way of penalty or forfeiture recoverable by virtue of any written
law shall not be brought after the expiration of one year from the
date on which the cause of action accrued

This means that after 1 year of no payment, the bank cannot claim from you
1. late payment charges or
2. additional interest on late payment or
3. any other penalties charges

That is why they are pushing you to pay RM 200 so they have another year to charge you penalties.
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answered on Oct 20, 2009 at 10:16
by   kate
thanks a lot. that was really helpful. I just got a job last week. So i called UOB bank yesterday to negotiate a settlement. They said that i can settle the pending RM4500 within 12 months at 0% interest. They will basically convert to term loan for one year at no interest, but i still need to make an initial payment of RM200 to them. So do you think i should go ahead and make the payment since i want to settle with them?
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