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Personal loan asking for full payment

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asked on Aug 24, 2016 at 01:43
by   Vkhc123
Hi,

I am with Oxxx personal loan since 2014 for a loan tenure of 5 years and have an outstanding of 6 months payment of which they appointed a outsource debt collection company to approach me and asking for payment.

The first officer called me and demanding to pay the full payment of approximately rm 80k, I informed that I wouldn't have that much to pay of which I would have paid my installment if I have that amount, she then offered a lower total payment and finally we came to an agreement that I would pay rm 6000 on the day itself, another rm 6000 next week and the rest next month and assurance from her that I wouldn't get any summonse after making the payment.

I paid rm 6000 and when I was about to make payment for another rm 6000 today, I thought would b good for me to call n verify gain before making the payment. Turns out the manager answered my call of which the manager was very aggressive, kept asking me to pay in full n mention that if I am unable to pay the amount of which he proposed in full, the bank will issue legal letter, summonse this and that and he will not be able to guarantee anything. I informed the manager the proposal which his staff made with me last week and he says that is not valid, that I should have speak to him, which according to him "the right person"

Finally, he asked for  total sum to be paid in 2 installments which I still feel that is very heavy, I am making effort to clear the payment but I will be needing some time but it seems like he refuse to take my proposal but just kept insisting me to follow and comply to his proposal which is paying in full or two installments (of which is still heavy for me)

Can I ask if they have the authority to keep pushing me to pay in full although my loan is only suppose to be due in 2019?

He kept repeating that bank will issue legal letter, summonses to me and might be ended up bankruptcy if I fail to pay. Is that true?

Appreciate if I can get some advise on this.
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7 Answers

answered on Aug 24, 2016 at 02:22
by   jeff005
Turns out the manager answered my call of which the manager was very aggressive
The manager of the Debt Collection Agency or the Bank's collection unit?

I paid rm 6000 
Paid to who? Bank or Agent?
Got receipt?

Once there is a default of 3 months, the loan agreement is voided. The bank reserves the right to recover the balance of loan in one full payment. Read the T&C of loan agreement carefully.
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answered on Aug 24, 2016 at 02:56
by   Vkhc123
Tq so much jeff005,

Turns out the manager answered my call of which the manager was very aggressive 
The manager of the Debt Collection Agency or the Bank's collection unit? 
- the manager of the debt collection agency

I paid rm 6000  
Paid to who? Bank or Agent? 
Got receipt? 
- paid to bank with receipt

Once there is a default of 3 months, the loan agreement is voided. The bank reserves the right to recover the balance of loan in one full payment. Read the T&C of loan agreement carefully.

I went online and research about the debt collection company and found that apparently they have a lot of bad reviews. Shall I insist to talk to the bank or akpk (m trying to avoid akpk as it will leaves a record) or if I no choice but to deal with them? I can make payment but wouldn't be make it all at once but the debt collection company is too aggressive so I m just a lil uncomfortable in it
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answered on Aug 24, 2016 at 04:26
by   jeff005
@ Vkhc123

Shall I insist to talk to the bank 
they appointed a outsource debt collection company
They have already "sold" the debt

m trying to avoid akpk as it will leaves a record
In some instances AKPK helps a lot

Q's
1. Are there any more bank debts, eg other credit cards, housing loans and H/P loans
2. Do you have assets?
3. Are you in gainful employment?
4. Do you intend to make loans in the next 5. 6 years?

the debt collection company is too aggressive
They are more "soft" now.

In 1999, my defaults was at 10K (credit limit) for 3 banks
1. They keep calling my house phone the whole day even past midnight without saying anything.
2. There was a case they threw a dead chicken into my office store.
3. They tail my (deceased) wife's car from school to house.
4. The make their presence known to my 4 children and wife with saying a word.
5. At 7pm, they will come outside to my house (flat) in full view of neighbors and wait for me.
6. I gave them 4 months P/D cheques to keep them at bay.
7. I sold my apartment below market value and shift off suddenly.

Will answer you on AKPK once you have answered my above questions.
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answered on Aug 24, 2016 at 04:40
by   Vkhc123
Thanks jeff005,

Q's 
1. Are there any more bank debts, eg other credit cards, housing loans and H/P loans - yes
2. Do you have assets? - yes
3. Are you in gainful employment? - commission based
4. Do you intend to make loans in the next 5. 6 years? - most probably yes

Grateful for your advice. 
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answered on Sep 6, 2016 at 09:20
by   mayling
Hi Jeff.  I'm shocked that you went through such trauma with the debt collectors.  Since they represented the  banks, why didn't you report them to police?  Surely their methods can't be legal.

The high cost of living is making many people face financial difficulties and the tonnes of notices stuck on every tree advertising loan shark financing doesn't help.  Lack of enforcement is also a problem.
I wonder why police are so efficient catching drug dealers but not loan sharks.  
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answered on Sep 6, 2016 at 16:29
by   jeff005
@ mayling

1. In 1999 there is no regulations and enforcement against Bill Collection Agencies from BNM. Most BCA is sub, sub, sub... My friends, business associates have made polis repots. No action taken as there is no written harassment and/or physical injuries. If you have 4 school children and at different schools, how many and legs can one spare to protect all..?? The only option is to "run" like the monsoon wind..!!

2. so efficient catching drug dealers   This is a MISNOMER.. Those caught were actually elimination of rival drug dealers.
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answered on Sep 6, 2016 at 16:50
by   jeff005
edited Sep 6, 2016 at 16:54
by   jeff005
@ Vkhc123

I apologize for late reply.
I was not in town hence did not read all postings except reccuring ones.
I have missed out replying yours.

Here is my personal opinions/views (non-legal)
AKPK
1. You have other loans

2. Group them up in AKPC

3  If you quality for MDP, the interests rates is restructured to 9-9.50% on str line basis

4. Not feasible for H/P and housing loans which have longer term tenure

5. Already your this default has been captured ONLY on BNM  CCRIS, but not on CTOS or others.

6. This "black dot" will remain on your CCRIS for the next 12 months.

7. There is no permanent "black listing" if you improve on your Credit Rating at CCRIS (from now onwards)

8. If you qualify for MDP, you can made adjustments to the number of years (max. 10 years) to say 4,5 years according to your ability to repay monthly. After 5 years, your improvement on Credit Ratings is there. Some foreign banks may even like you as you are a person who has made good your temporary shortcomings (if any). There is no need to wait for 18 years to be a new person (cina quote) again.
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