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Statute of Limitation of Debt in Malaysia

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asked on Aug 12, 2016 at 20:36
by   pioneering
edited on Aug 12, 2016 at 21:22
by   pioneering
Dear all,

I had a personal loan from Standard Chartered Malaysia

Original loan amount:17k
Date of loan: 2006
Repayment years: 5 years
Last Payment to Standard Chartered date: 2007
Loan Sold to Aiqon Direct by Standard Chartered: February 2011 
(As claimed by Aiqon in a letter and Supposedly Sanctioned by High Court)

As I am aware, I have not been sued and I am not bankrupt. 

I have never made a single payment to Aiqon Direct because they always called to demand full payment or ridiculous amounts. 

Am I still applicable to this loan under statute of limitations for debt?
 
Any advice of actions if applicable? I have been harrassed very badly recently with calls and house visits. Aiqon is asking for 80k in debt repayment.
I have asked for proof of loan and they just sent me an letter by email with Aiqon letterhead claiming that the loan has been transfered to Aiqon with a High court case number.
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6 Answers

answered on Aug 12, 2016 at 22:04
by   vkpc
The reason they are harassing you is because thay can't sue you in Court due to Limitation Act.

Don't open the door and just hang up on them.
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answered on Aug 12, 2016 at 22:54
by   pioneering
Hi  vkpc,

How do I calculate the Statute of limitation for debt?
Is it 6 years from 2007 (my last payment to Standard Chartered)? 
Does the date of transfer of debt from Standard Chartered to Aiqon has any effect? Did it reset the clock?
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answered on Aug 13, 2016 at 02:36
by   vkpc
How do I calculate the Statute of limitation for debt?
Is it 6 years from 2007 (my last payment to Standard Chartered)?
 
Yes, roughly 6 years if bank did not sue earlier.

Does the date of transfer of debt from Standard Chartered to Aiqon has any effect?
Did it reset the clock?
No it did not.
Making payments will reset the clock.

Get some dogs.
If Aiqon people open your gate, let loose the dogs on them.
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answered on Aug 13, 2016 at 02:53
by   kiki
How do I calculate the Statute of limitation for debt? 

It will depend on the contract you signed when taking the loan.
The 6 years is calculated from the day you defaulted the loan whereby the caused of action is acrued.

Some notorious banks CCR still take the chance to pursue lawsuit hoping that you are ignorant of the law or helpless to defend yourself. When this happen you must contest it and not assume the Limitation Act is in an auto mode that you don't even need to read any letters sent to you by the lawyers.
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answered on Oct 12, 2016 at 19:26
by   optra87
Hi Everyone,

I am facing the same issue and has been going up and down to the court.
My credit card limit was 29k in 2009 and in 2011, it was sold to aiqon by standard chart.
Recently, I received a summon and guess what...aiqon asking for 87k for settlement.
I couldn't deny on the figure so I am pleading for the amount to be reduce. The magistrate informed that if I didn't deny, the summary of judgement will be pass to me and I may become a bankrupt.
My next hearing will be in November and now I am given a time to answer to the plaintiff's affidavit.
I was thinking on arguing the plaintif on the amount they paid to standard chart to bought over my debt. I am sure that the amount is lesser than outstanding so plaintif should claim only on the amount they paid and of course together with late charges.
Any idea on what else to argue so that I can use it in my affidavit?
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answered on Oct 12, 2016 at 20:10
by   vkpc
Any idea on what else to argue so that I can use it in my affidavit?
When was your last payment?
The debt could be expired if your last payment was more than 6 years ago.

Post your affidavit here for checking before filing.
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