Advertisement

Bank wants to auction property despite the amount already paid to JIM.

429 Views  ⚫  Asked 11 Months Ago
asked on Jun 9, 2017 at 17:28
by   iman62
Hi

I was made a bankrupt in 2002 (Personal loan).  At the same time I defaulted on my housing loan and the bank tried to auction the property several times but not successful (no bidder).
The bank also submitted the PoD on the housing loan to JIM. The last time they tried to auction the property, I negotiated with the bank to stop the auction and made payment to JIM on the agreed amount.

However after several years, JIM did not release the payment to the bank since the amount is not sufficient to pay my other creditors and JIM fees. After several negotiations, all the creditors agreed to give discount on the PoD amount.  (The total amount is less than the amount I paid to JIM).
However, JIM still did not release the amount since after adding their fees (about RM38K), the amount is still not sufficient.

According to JIM, I still need to pay another RM15K before they can release the amount to the creditors. The problem is after paying the full amount for the housing loan, my business has folded and I’m having problem to raise the RM15K

Now the bank is trying to auction my property again.  

Question

They want to auction the property for RM1 million because I cannot pay RM15K to JIM.  What can I do to stop the auction?  I have tried to negotiate with the creditors but not successful. I need time to raise the RM15K.

I was told by a friend that since I already made the full payment to JIM for the property, the bank cannot auction the property. The money is already there with JIM.  JIM’s lawyer is not helpful at all and said that they cannot do anything since the bank is just following the book.

Thank you.
0 had this question
Me Too
0 favorites
Favorite
[ share ]
33 Answers
« Previous   1   2   3   4   Next »  Last »

answered on Jun 10, 2017 at 12:36
by   jeff005
edited Jun 10, 2017 at 12:40
by   jeff005
6. What I do not understand is that why this bank did not file POD. If it is CGC linked, then they are out for yr old blood.. interestingly,, yr financial issues and mine occurred around 2002. Bru.. time to rest our tortured mind.. and health.. 16 ,years is too long..
0 found this helpful
Helpful

answered on Jun 10, 2017 at 12:45
by   iman62
edited Jun 10, 2017 at 13:32
by   iman62
6. What I do not understand is that why this bank did not file POD. If it is CGC linked, then they are out for yr old blood.. interestingly,, yr financial issues and mine occurred around 2002. Bru.. time to rest our tortured mind.. and health.. 16 ,years is too long..

Yes, thats what my lawyer said also. Actually when they withdrawn the case in 2011, I was afraid that they will submit POD on my 1st bkcy. 
0 found this helpful
Helpful

answered on Jun 10, 2017 at 12:52
by   iman62
edited Jun 10, 2017 at 13:27
by   iman62
@vkpc

Are you using a lawyer to fight the bank? 
Which bank is it?


Yes. I engaged lawyer to set aside the 2nd bkcy. I was discharged from the 2nd bkcy a year ago.
The bank - CIMB
0 found this helpful
Helpful

answered on Jun 10, 2017 at 13:25
by   iman62
1. Once JIM accepted the POD, the house is gone. There is no way you can stop this auction even if u pay up the 15k. 
According to JIM's officer, once I pay the RM15K, they will release the money to all the creditors and I can proceed for discharge.

2. Personally I believe that the second bkcy application is sudah lebih. This happened when the S.O.A. was not properly filled up at reporting to JIM when first bankrupted which causes this mess.. That is why I keep telling bankrupts to fill up the SOA accurately even amounts owing to ex wife or mother in law for any dowry owed. Things can come back to haunt bankrupts down the hill. 
The loan (RM150K) defaulted during the 1997 financial crisis. We had to close the business. For 5 years the bank did not come after any of the directors. We thought since the loan was guaranteed under CGC, they will not come after us as an individual. So when I filed my SOA, I only stated all my personal debts/assets.
The bank got their judgement in 2002 and there were never any notice to the 3 directors. I think they only sent to the office address.
The 3 loans, Business loan (RM150K), Personal loan (RM15K) and housing loan (RM150K) all under one bank. When I negotiated with them to pay all the loan to save my house from auction, they only calculated my personal loan, which I duly paid to JIM. (2012)

Prior to that, as I mentioned in previous post, in 2011 the bank tried to enforce the 2002 judgement, and the judge admonished the lawyer. The case was then withdrawn. So in 2012 when they said my debts was only RM320K, I really thought the case was already closed.

I only got to know about my 2nd bkcy when I went to JIM to make the payment and the officer asked me, for which account. That really put me in a mess since I was planning to clear my bkcy and refinance the house to replace my working capital. Without the capital I used to pay the debts, my business that I set-up after my bkcy (using proxy) also had to close down.


3. The 500k BL.. is it CGC linked loan?

yes
0 found this helpful
Helpful

answered on Jun 10, 2017 at 13:42
by   jeff005
The CGC linked loan is the culprit for the 2nd bkcy application. There is a reason for it. Never mind the reason it is past beyond redemption.

The Personal Loan, oso CIMB?
0 found this helpful
Helpful

answered on Jun 10, 2017 at 13:56
by   iman62
The Personal Loan, oso CIMB?
Yes
0 found this helpful
Helpful

answered on Jun 10, 2017 at 14:08
by   iman62
The CGC linked loan is the culprit for the 2nd bkcy application. There is a reason for it. Never mind the reason it is past beyond redemption. 

Jeff, care to share the reasons? Just curious and good to know
0 found this helpful
Helpful

answered on Jun 10, 2017 at 15:54
by   jeff005
Hahaha.. the bank legal team made a big blunder. Have you ever wonder how can a same bank try to bankrupt you twice?
Once you have gotten yr moneys you can email me the good  news and I tell you the POSSIBLE reason. It is not for sharing here as Bank Operatives are reading here. I do not have the qualifications to teach them on how to sue ppl to bankruptcy for those with commercial loans.
0 found this helpful
Helpful

answered on Jun 10, 2017 at 16:07
by   iman62
Hahaha.. the bank legal team made a big blunder. Have you ever wonder how can a same bank try to bankrupt you twice? 

They have separate department for business loan and personal loan and both departments not working together. 

You are in KL Jeff?. Maybe can go for TT after Raya.
0 found this helpful
Helpful

answered on Jun 10, 2017 at 16:17
by   jeff005
All I can SPECULATE is that CIMB should have proceeded to windup your company first before going into personal bkcy for all those involved in the commercial loan. It is provided for under Company Act and Laws. The other shareholders is not in the clear  yet. You might get away with it. Personally I felt that the 2nd bkcy was done in anticipation that you would be discharged. Then the same bank would bankrupt you again. But when you fight the 2nd bcky the bank timing went out and the whole mess started. People seldom fight bkcy what more 2nd bkcy? Hahaha... no teamwork of the bank legal dept and their lawyers..
0 found this helpful
Helpful


« Previous   1   2   3   4   Next »  Last »

Your Answer





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