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Credit card debts

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asked on Aug 3, 2009 at 07:23
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 Oct 23, 2009 at 01:42
by   notalawyer
Hi Kate,
This is my advice to you.
They can do nothing to you.
They can't take your house or car.
They can't ask other banks to freeze your bank accounts.
You are already blacklisted anyway.
After they summon you and you let them win, they still can't do anything to you.
After 1 year they can't claim any penalty charges from you.
After 6 years, they can't even take your bicycle.
If they call you again, ask them to go fly kite.
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answered on Oct 23, 2009 at 20:25
by   kate
ok thanks a lot. just another question. I owe citibank RM7500 (credit card), RM1900 & RM8500 (personal loan).

a) They can join the amount and sue me rite after it reaches RM30k.
b) I paid in Jan, Feb, Apr about RM900. Then i didn't pay anything until Jun. In July i paid another RM200. An agent named Coco called me yesterday to ask me to make a payment of RM160 as minimum payment so that no legal action will be taken against me. And she said that i needed to pay by today else i will suffer legal consequences. I told her that another agent from citibank informed me that it only goes to legal if i didn't pay for six months in a row. She informed me that since i didn't pay for Mar, May, Jun, Aug, Sep, Oct, it totalled up to six month so she will move it to legal. It it right?
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answered on Oct 23, 2009 at 21:31
by   vkpc
She already told you today is the last day right?
So tomorrow or the next days when anybody call again you tell them that she say that day was the last day already,
so no need to make anymore payment because it already moved to legal.

They will then tell you that day was not the last day, today is really really the last day.
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answered on Oct 23, 2009 at 21:42
by   wei ling
Kate,

May I know why you own bank so much money?
Why you use your credit card if you know you cant pay them?
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answered on Oct 23, 2009 at 21:43
by   weiling
Kate,

May I know why you own bank so much money?
Why you use your credit card if you know you cant pay them?
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answered on Oct 23, 2009 at 21:55
by   kate
i  took the loans to pay my my exam fees. I was using the credit card for the past 3 years and paying promptly. After i got retrenched, i could pay for almost 6 months, so now its a snowballing effect that i cannot handle.
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answered on Oct 23, 2009 at 22:00
by   notalawyer
a) They can join the amount and sue me rite after it reaches RM30k.
Wrong. RM 7500 cannot reach 30k in 6 years time. ( without penalties like late charges )
So most likely, they will sue in less than 1 years time. ( to lock in the penalty charges )

After they win, they still can't make you a bankrupt because it is less than 30k.
It is unlikely they will try WSS, Garnishment or Judgment Debtor Summons as well, because the amount is too small.

If you pay them a little like RM 200 each time, you will keep paying until you are 100 years old.
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answered on Oct 26, 2009 at 22:43
by   kate
thanks a lot notalawyer. You've been of great help.
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answered on Jul 23, 2010 at 23:05
by   tokan
hai kate.utk pengetahuan you,bank bila-bila masa blh proceed with wss if tiada payment dr pihak you.wss boleh diambil dr jumlah rm1 sehingga rm1000++ ke atas.tapi kate you tidak perlu risau.you blh tulis letter dkt bank negara regarding this problem.the bank negara will find the solution for you.
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answered on Nov 21, 2017 at 21:22
by   Nick
I own citibank RM15k plus converted to term loan but 2 months unable to pay due to lost of job.  The officers says will sue if didnt pay by 28 Nov.

Any advice what bank can do? Like judgement debtor or garnishment
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