Advertisement

Credit Card Debt: Received SMS about writ of seizure and sales (WSS). What can they do with WSS?

512 Views  ⚫  Asked 2 Years Ago
asked on Sep 23, 2016 at 14:36
by   serena
edited on Oct 16, 2016 at 06:16
 
I received a SMS about writ of seizure and sales (WSS) yesterday. Not sure whether its the bank or the legal office. I owe a bank credit card and it was back in year 2003. The actual owing amount is RM7,000++. However this amount has went up more than RM40,000 as of 2016 (I think). I have been in touch with the bank collection agency to negotiate the full settle amount of RM10,000 to be settled in installment basis however they refused.

I want to know will they proceed with WSS? What can they do with WSS? I have a property under my name. Will they take it? What are the choices I have?
0 had this question
Me Too
0 favorites
Favorite
[ share ]
9 Answers

answered on Sep 23, 2016 at 15:06
by   kiki
edited Oct 16, 2016 at 05:59
 
What are the choices I have?

* Stop any negotiation with the Bill Collector or any Collection Agencies.
* Don't pay even a single sen.
* If it has been default since 2003 and you have not made any payment, the debt may have been time barred.
* Just wait for the writ summon and genuine legal letter if really the bank will file a lawsuit.
* Don't worry about the bill collector just bar their phone numbers. Legally they cannot do anything other than try to threaten you into paying.
1 found this helpful
Helpful

answered on Sep 23, 2016 at 16:15
by   serena
edited Oct 16, 2016 at 05:56
 
Does it mean the debt is not paid more than 10 years it has time lapse. What can they do? i.e. file bankruptcy against me / come sita my property or what? 

They act kinda like 'Ah Long' than bank people (feeling down now). I did propose to pay last time but they are the one opening crocodile mouth. 
0 found this helpful
Helpful

answered on Sep 23, 2016 at 18:19
by   kiki
What can they do? i.e. file bankrupty against me / come sita my property or what ya?  

They cannot do anything other than get the bill collector to try recover it.
Some nasty bank will try their luck by filing a lawsuit hoping that you are ignorant of the law.
IF this happen you need to contest it.

In any way as long as you are not payng , your name will still be on the list.
It will be pass to an agency and to another.
So try to live with it.
1 found this helpful
Helpful

answered on Sep 23, 2016 at 21:44
by   serena
edited Oct 16, 2016 at 05:54
 
May I know what is the amount for a financial institute to take action against you for bankruptcy / writ of seizure and sales (WSS)? Is the amount calculated based on the amount we actually owe them or including the ridiculous interest and service fees?

Example: My actual amount owing them is RM7,000 but base from their calculation its more than RM40,000
0 found this helpful
Helpful

answered on Sep 23, 2016 at 22:03
by   kiki
the amount for a financial institute to take action against you for bankruptcy
Minimum of RM30k

Is the amount calculated based on the amount we actually owe them or including the ridiculous interest and service fee?

Yes.
0 found this helpful
Helpful

answered on Sep 23, 2016 at 22:08
by   kiki
Yes, ...including the ridiculous interest and service fee
0 found this helpful
Helpful

answered on Sep 26, 2016 at 20:38
by   serena
edited Oct 16, 2016 at 05:40
 
Is there a way not to pay the ridiculous interest and service fee? Say, the owing amount is RM7,000 and I willing to settle for RM10,000? I want to settle this but they are not accepting my offer the last time.

Is there a bureau for me to complain i.e Bank Negara etc.? Its really not fair for these bank to impose such interest. Banks should be looking at how to reduce delinquent instead of collection amount.
0 found this helpful
Helpful

answered on Sep 26, 2016 at 21:46
by   Cheah
edited Oct 16, 2016 at 05:29
 
You offer them RM11000, they will accept but you have to pay the full amount. If really cannot pay full amount, negotiate for two or three installment. I think maximum installment they give you is three installment.
0 found this helpful
Helpful

answered on Sep 26, 2016 at 23:19
by   kiki
edited Oct 16, 2016 at 05:26
 
Is there a way not to pay the ridiculous interest and service fee?
Yes, just ignore it.

I want to settle this but they not accepting my offer the last time. 
During negotiation, don't forget to write or say the word " Without Prejudice". Otherwise they may  prejudice it against you as an admission of debt. 
0 found this helpful
Helpful

Your Answer





By posting your answer, you agree to the privacy policy, cookie policy and terms of service.