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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 25, 2017 at 23:34
by   kiki
OR i can do it after received bankruptcy notice/ CP?
Since you are in the midst of preparing for the worst.. just do it and do it fast.
Also think about if your bank account is frozen.
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answered on Apr 26, 2017 at 01:37
by   shahril
Hi Kiki..

Thank you.
By the way.. my salary is in muamalat..
Can bank rakyat freeze in under court order?
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answered on Apr 26, 2017 at 05:16
by   kiki
Can bank rakyat freeze in under court order?
The Bank Rakyat will only opt for bankrupcy... because your Judgement Debt is more than RM50k.

The RHB bank for your cc debt, since they cannot make you bankrupt may opt for garnishee order..
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answered on Apr 26, 2017 at 05:16
by   kiki
Can bank rakyat freeze in under court order?
The Bank Rakyat will only opt for bankrupcy... because your Judgement Debt is more than RM50k.

The RHB bank for your cc debt, since they cannot make you bankrupt may opt for garnishee order..
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answered on Apr 27, 2017 at 01:50
by   jeff005
@shahril

A Garnishee Order is to remove any monies from your bank account (leaving behind a minimum of RM10). The monies will be transfer to the bank who applied for the court order. By law, salary cannot be garnished. If garnished, you can apply to court to get back the monies (with proof)
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answered on Apr 27, 2017 at 02:00
by   jeff005
edited Apr 27, 2017 at 02:05
by   jeff005
@ shahril

today got call from bank rakyat ask me to settle half before end of this week.. around rm5k 
(Tau2 je minggu gaji) 
Well i says.. i will my best 
Seem to me the bank still want to nego.. 
Can be wrong assumption that they want to nego. By your answering of the phone, they have established that you have not run away yet and is still alive and using the same phone. They are just keeping in contact with you while applying for court orders (if any) at the same time.

can i ask my brother to buy my car now in order to put his name but i will pay the monthly payment due to if i am bankrupt.. i need to surrender the car..OR i can do it after received bankruptcy notice/ CP?
Best is to sell the car away now to third party or surrender if the market value is less than the loan amount. Take note that under Bankruptcy Laws, JIM can claw back (cancel/void) any sale of a Bankrupt's assets (min 2 years, max 5 years).

By the way.. my salary is in muamalat.. 
By the way, can explain the purpose of this type of special ac as we non-muslims are not aware?
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answered on May 4, 2017 at 18:34
by   shahril
Hi @ jeff005

Best is to sell the car away now to third party or surrender if the market value is less than the loan amount. Take note that under Bankruptcy Laws, JIM can claw back (cancel/void) any sale of a Bankrupt's assets (min 2 years, max 5 years). 
If so is happen, what happen to my brother and the asset.
Need some advise since this are the thing which i plan to do

By the way, can explain the purpose of this type of special ac as we non-muslims are not aware?
Hahaha.. i may confused you.. it is Bank Muamalat.. Same as CIMB, Maybank etc.
Not special ac
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answered on May 18, 2017 at 01:28
by   Itwontcome
Hi Shahril,

Your answer when on of the forumer asked you whether you have gone to APKP:

However.. thier offer me to prolong the agreement max of 20 year and total payment go to half

May I know what does "total payment go to half" means and how they can offer you 20 years, I thought the max is 10 years?

Thanks in advance.

Thanks in advance.
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