Currently overseas with Credit Card and PTPTN debts. What will happen?

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asked on Apr 5, 2016 at 00:06
edited on Apr 13, 2016 at 05:33
I am a little pickle over here. Would appreciate the help...

I have a Maybank credit card debt about RM5k. My credit card maximum limit is also RM5k. This will be the first month where I failed to meet the payment requirements.

I also have a Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) debt of around RM24k. They want me to pay lump sum as I failed my degree. But so far they haven't blacklisted me in immigration. The PTPTN debt is almost a year old already.

Currently I am in Europe to look for a job and I married my wife (who is European) and I am applying for a residence permit in Europe. Thing is, the permit lasts for 1 year then I have to renew again, and then 2 years before renewal etc. I will only get citizenship after around 7 years.

My passport expiry date is 2021.

I have a couple of questions that I need some answers and advice from all of you:

1) What can the banks do to chase me for the RM5k debt from my credit card when I do not plan to return to Malaysia ever again? Its interest is 18%. I am currently overseas. Can they blacklist me in immigration? Can they make me bankrupt over RM5-6k?

2) How much will this credit card debt spiral before it hits the ceiling? How much is the maximum amount?

3) Can this credit card debt and PTPTN together bankrupt me as altogether the debt is almost RM30k?

4) When will PTPTN start blacklisting me as its already been almost 1 year since I failed my studies? And what can I do to prevent that from happening for at least 7-8 years? I do not plan to return to Malaysia so I do not want to return to Malaysia just to negotiate with PTPTN or bank.

5) If I am blacklisted by immigration because of PTPTN, what can I do in order to renew my passport overseas?

6) What should I do to start a new life somewhere? I lost everything in Malaysia and I do not want to return there ever again.

7) Is there anyway to escape from this predicament?

I thank you for your time and hope that I will be answered, I am at the end of my wits here, and I don't want to let my wife know about this as it will worry her greatly if I have to be sent back to Malaysia. The debt is still pretty high for a young person like me to pay it off, and there is no family help as I am an orphan.

Thank you again and I hope this will get answered.
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10 Answers

answered on Apr 5, 2016 at 02:24
Not paying your PTPTN deprive another student of future loans.

Be a man and try to come back and settle it by instalments.
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answered on Apr 5, 2016 at 06:13
edited Apr 13, 2016 at 05:22
by   helpmepls
To NeedLoanToo

I did not say I don't want to pay, I am asking what happens, and I actually do want to pay it by installments but how to ask them to do so without returning here. Like writing a letter etc. I don't have RM25k lying around. Instead of being so mean, probably you can offer a suggestion.

You do not understand whats it like to be in this situation I presume. Thank you. 
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answered on Apr 5, 2016 at 15:00
edited Apr 5, 2016 at 15:05
by   jeff005
@ helpmepls

Your passport is valid as long as you are overseas for the next 4 years.

1. You write letter to PTPTN
2. You write to MBB
3. Offer to pay each RM50 per month using internet banking. Every month send proof of payment.
4. There is nothing much MBB can do to you at this point of time. They should accept.
5. As for PTPTN, they will accept as this is a study loan.
6. Make a trip back to Malaysia after 3 years. Report lost of passport and make a new one for another 5 years.
7. This is based on an assumption that you do not have a active tax file without defaults.(Tax dept can also bar overseas traveling)

Cross Border checks is already in existence for the past 5 years.
Personally I have been subjected to SECURITY and CREDIT checks without me knowing about it by my ex employers. Most of the time it is a requirement by company's clients (local) due to the nature of my work. Always failed my Credit check due to credit cards defaults.

It is a matter of time these checks may extent for visa and PR applications in other countries. Australia, I heard, have already implemented various additional other measures for their sponsorship and TR applications.

Good Luck
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answered on Apr 5, 2016 at 20:47
To helpmepls,

Countries in mainland Europe can issue Alien's Passports to Permanent Residents in certain cases. These travel documents allow them to travel internationally even though their National (Malaysian, in your case) Passport may have expired. Suggest you do your own research (via the web and/or through personal contacts there) on how to get an Alien's Passport. Getting a Geneva Passport (google it) is also another option, if you've been persecuted in your home country. Good luck and do keep us posted on your progress.
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answered on Apr 6, 2016 at 20:22
edited Apr 13, 2016 at 05:24
Thanks for all your input, I just need to clarify a few more questions:

1) What is the debt ceiling of my credit card if my limit is RM5k? The maximum debt allowed.
2) How do I write a letter to PTPTN? I can't find their addresses.
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answered on Apr 6, 2016 at 20:31
edited Apr 13, 2016 at 05:30
Dear Jeff, thank you for your instructions. May I ask when to contact MBB and PTPTN? After 4 years?
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answered on Apr 6, 2016 at 23:54
@ helpmepls

Contact MBB and PTPTN to nego for instalments asap not 4 years later.
You can start your next round of defaults after you have renew your passport (illegal comment )
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answered on Apr 7, 2016 at 01:06
edited Apr 13, 2016 at 05:34
Thank you very much Jeff. I appreciate your advice.
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answered on Feb 26, 2017 at 22:52
If you fail to pay ptptn loan, they will charge you interest 4% per year, so your total debt will be increased to MYR31680 after 8 years. Approach PTPTN authority and they will offer you repayment scheme/ contract, the interest will be reduced to 1% per year if you pay on time according to the contract. 
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answered on Apr 21, 2017 at 06:39
just call them up lah walao eh, use google search to find the contact and call them up tell them your situation la
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