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Advise Needed: Unable to Pay Business Term Financing Loan

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asked on Jun 21, 2016 at 09:35
by   needhelp
Me and my business partner have taken 2 term financing loan from OCBC of total RM288,000. We are servicing our loan all the time but for recent past year we are unable to pay the full monthly installment. However, we still try our very best to pay with what we can. Eventually after several month due, the bank have send us a legal letter to order us to pay back the due. However, we are unable to make the due payment. Currently, we still owe the bank approximately Rm170,000, and even though the bank have send us the legal letter, we still trying our best to pay at least RM2,000 per month.

We are an Sdn Bhd, and the loan eventually fall to me and my partner as we are the guarantor for the loan. Business is still running but we are merely surviving due to the bad economy situation.

I'm sincerely looking to solve this situation but when ever I talk to the bank, they just tell me to pay the loan but did not offer any solution

My question is that whether there is any chance that the bank can restructure the loan? Or any advice for my case below.
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7 Answers

answered on Jun 21, 2016 at 14:38
by   mike
but when ever I talk to the bank, they just tell me to pay the loan but did not offer any solution

My question is that whether there is any chance that the bank can restructure the loan? Or any advice for my case below.
maybe you could approach AKPK. Most banks will oblige to them as they are formed by BNM.
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answered on Jun 21, 2016 at 17:08
by   needhelp
Dear Mike,

Does AKPK accept business loan restructuring? 
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answered on Jun 21, 2016 at 18:41
by   akpk
AKPK do not respond to commercial loans.
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answered on Jun 21, 2016 at 18:42
by   akpk
AKPK do not respond to commercial loans.
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answered on Jun 21, 2016 at 19:02
by   jeff005
OCBC?
Is it CGC linked?
Go HQ to re nego
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answered on Jun 21, 2016 at 19:09
by   needhelp
Dear jeff005

It is not CGC linked. 

Another question, I was just notified by the legal firm that they have issued summons, does that means that i still can nego with the bank? 
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answered on Jun 21, 2016 at 20:17
by   jeff005
They are actually forcing you to nego a workable repayment schedule.
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