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Preparation for the worst

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asked on Apr 5, 2017 at 18:00
by   shahril
Hi All

I am 35 year old and working as Procurement Manager in one of the subsidiary in conglomerate company in Malaysia.Short Brief of myself
Salary = RM 6400
Utility = RM - 2000 ( House Rental + astro + Unifi )
Commitment = RM - 2600 ( 2 car + CC + PL)
Makan + Sekolah + Other = RM -2000
So balance monthly insufficient RM 200 and no money for myself.
What i do for the last 1 year, i skip payment for CC and PL - RM 1,200..
This 1200 i use for fuel, makan tghari, klinik, etc

What happen was from the last 1 and half year ago, i been scam in my business with amount of RM 70K, the person run away. did the police report but the pegawai penyiasat says it was commercial case. and if i want to pursue, he suggest for me to go to court. I didt engage lawyer la coz no money.

Since then, i using my saving to settle debt until no more money lagi to pusing around and i stop paying the bank for CC and PL. Car loan still pay coz takut kene tarik..
Summary of my Loan as in CCRIS
Car 1 = Bank M okay
Car 2 (wife) = Bank R okay
Car 3 ( Brother) = Bank P outstanding 3 month. ( my name but my brother paid monthly)
PL = Writ Ingkar says bank want RM 125K ( initial loan was RM80K)
CC = Writ Ingkar says bank want RM 15K ( latest reminder was to proceed with WSS)

What happen now as 3 April 2017, the PL bank want RM 10K to settle out the outstanding.
If not, their will start the CP proceeding.

Question = I have check the CTOS date 31 March 2017 but the "Bankruptcy Proceeding thru New paper is Nil. This might due to the attempt from the bank to deliver the Bankruptcy Notice (BN) to me was unsuccessful due to change of delivery address.
The writ ingkar their post to my parent house at kampung.
Surely PL bank need to get court approval for substitute service right or their can just proceed with CP if the court allowed it.
And how if i want to check the existing of the BN for me? at makhmah tinggi? but i dont have any reference number,

To be continues.....
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answered on Apr 8, 2017 at 04:42
by   kiki
Regarding the WSS letter from RHB, it is mostly an empty threat. 

The bank has no choice other than sending one. Next is the Bill Collector..

Can only impose 6% pa interest and base on the amount it will never exceed the limit for a bankruptcy proceeding in 12 yrs. knowing that the limit will further raised to Rm50K once the revised Act is passed in parliment. 
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answered on Apr 11, 2017 at 00:11
by   shahril
Hi all.

Just update.
Today Bank rakyat send their staff to my office for the sosial visit.
The guy example to me the possibility what bank rakyat can proceed further in action with legal action

Just about 15 minute face to face chat.
I explain the current status as he recorded all thing.

As my stage.. the fellow explain that bank rakyat might proceed with notis kebankrupan.

Surely if bank rakyat do it.. definitely thier will deliver to office..

Any comments guy?
How long do i have until court provide the notis to me?
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answered on Apr 11, 2017 at 00:49
by   jeff005
Sorry to butt in
To survive the crises, cut costs immediately.
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answered on Apr 11, 2017 at 03:57
by   kiki
I explain the current status as he recorded all thing. 
What did you say to them. Did you make any proposal to them?

How long do i have until court provide the notis to me?
2 ~ 6 months 
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answered on Apr 12, 2017 at 13:25
by   shahril
Hi @jeff005

Thank.
Trying very hard right now.

By the way, i did email to you regard to the copy of wiilian chan book.
Appreciated your could reply
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answered on Apr 12, 2017 at 13:27
by   shahril
hi @kiki

What did you say to them. Did you make any proposal to them? 
No proposal to them as i worry i cant commit.
As you can see the guy is recording the conversation.
I am afraid later Bank Rakyat will use that as their benefit in future.
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answered on Apr 12, 2017 at 13:28
by   shahril
Hi @vkpv and @kiki.

Thank for the advise on the RHB WSS.
quite a release for temporary.
At least i can try something else perhaps maybe UBER or Grab for additional income
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answered on Apr 12, 2017 at 14:02
by   shahril
Hi Guys,

Just a quick question.
I notice that the new act of bankrupt has been approved by Dewan Rakyat.
Later go to Dewan negara and gazetted in future. ( depend on the new act will execute.. 2 year from now maybe)

I just want to clear my understanding on the current rules.
In the current rules, if someone been bankrupt, the period will be up to 5 years for him to report monthly to JIM until he/she official "free".

The word "free" what is the actual meaning.
1. Can make passport
2. Can open bank acc
3. Can apply loan
4. Complete payment
5. Can own car more than RM 5k value
6. etc

Please help to explain. 
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answered on Apr 12, 2017 at 15:35
by   jeff005
edited Apr 12, 2017 at 15:38
by   jeff005
As a discharged bankrupt, you are treated as any normal person.  Up to individual banks as to whether they would give you new loans. In short, you have to built up your new credit rating base.

Sorry, my PC koyak. Not repaired yet. I hv problems accessing my gmail on my handphone.

U can make or renew passport while under 3, 5 yrs case management with permission from DGI. Can travel overseas for work related trips.
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answered on Apr 13, 2017 at 13:35
by   shahril
Hi @ jeff005

Got your replied on gmail.
Will wasap you and perhaps next week i came and collect.

However, i just ask around with some frez, they had mention that even after we are free from bankruptcy ( after 5 year), but still need to report to JIM monthly and continue with the current payment set by JIM.

Are this true?

I go and search in the forum, but most the case share was about before the bankrupts..
I trying to understand during and after the bankrupts..

Hope someone could share their expreariance
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