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Will credit card debts be wiped off after 12 years?

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asked on Jul 24, 2017 at 21:02
by   gsf598216
edited on Aug 4, 2017 at 04:24
 
I have 4 credit cards, 1 personal loan and 1 car loan back in 2005. Each of my card had a RM3000 credit limit. My personal loan is RM6000. I have not been paying all these loans regularly since 2005 because of the economic downturn in 2007.

The banks did not issue me any summons letter anymore since 2015. Only debt collection agency will call me and demand payment. I don't know how much is my debts from 2005 until now and do I still have to pay the bank after 12 years? I checked with CTOS, a Credit Reporting Agency, and my name have been blacklisted but I can still use my passport to go overseas.

Can anyone tell me if the banks have wiped off my debts after 12 years have passed?
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answered on Jul 24, 2017 at 21:58
by   jeff005
edited Aug 4, 2017 at 04:25
 
Banks will not wipe off any debts even after 20 years. The debts can be legally written off from their books of accounts after a debtor has been made a bankrupt.

Post a copy of your CTOS here for better understanding.
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answered on Jul 24, 2017 at 22:41
by   kiki
edited Aug 4, 2017 at 04:27
 
1) I have not been paying all these loans regularly since 2005 because of the economic downturn in 2007
Exactly how long ago was your last payment to each of the credit cards and loans.

2) and do I still have to pay the bank after 12 years?
Even though you have not been paying regularly but if your last payment was in, lets say in 2014, then it is not consider it has passed 12 years, it was just 3 years ago.

3) The banks did not issue me any summons letter anymore since 2015.
What kind of summons did the bank issue to you the last time.

4) Can anyone tell me if the banks have wiped off my debts after 12 years have passed?
The banks do not just wipe off debts like what Jeff has written above. But if you meant to escape by means of the Limitation Act, then it depends on Questions 1, 2, and 3.
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answered on Jul 28, 2017 at 19:51
by   gsf598216
edited Aug 4, 2017 at 04:30
 
1. My last payment was to AEON Bank in 2015. But that was the debt collector who called me. I only paid RM200 out of the RM3000 through the ATM machine to AEON.

3. The bank issued me a lawyer letter demanding payment through debt collector. But that was only a debt collection agency representing AEON Credit. Other banks have not issued me any summons letter.

I did check with CTOS but it did not show how much I owed the banks. Only which banks I owed money to.
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answered on Jul 28, 2017 at 20:09
by   Taneka
edited Aug 4, 2017 at 04:31
 
To answer your query properly, post a copy of the following documents here:
1. CTOS
2. BNM CCRIS

Have already answered your basic questions. Your debts NOT wiped out.
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answered on Aug 2, 2017 at 21:44
by   gsf598216
edited Aug 4, 2017 at 04:32
 
I applied to AKPK a few years ago but was rejected because my salary was too little to cover the debts. My salary at that time was only about RM1000. I was wondering too why did AKPK reject my application.
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answered on Aug 14, 2017 at 16:04
by   gsf598216
edited Sep 25, 2017 at 10:44
 
I heard that bankruptcy law has been amended. The amount for bankruptcy has been raised from RM30,000 to RM50,000. Is it true? What about the Limitation Act? Still the same?
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answered on Aug 14, 2017 at 16:28
by   Taneka
edited Sep 25, 2017 at 10:50
 
Have you got your CTOS and BNM CCRIS? Why keeping asking if you have not done it?

You posted :-
 I only paid RM200 out of the RM3000 through the ATM machine to AEON in 2015.
Why talk of limitation period when any payment/s or correspondences will reset the clock?

The amount for bankruptcy has been raised from RM30,000 to RM50,000. Is it true? 
It is true, so what? From 2005 till 2017, a defaulting debt of RM3,000 would be in excess of RM70,000 now. Any single debt can easily bankrupt you, not to mention that a person is insolvent based on an aggregate total of all outstanding financial debts.

Don't guess nor speculate, get the CTOS and CCRIS and you can get some appropriate comments. Don't live in perpetual mental torture.
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answered on Aug 14, 2017 at 16:41
by   Taneka
edited Sep 25, 2017 at 10:52
 
I was wondering too why did AKPK reject my application.
Simple answer, even if one is earning RM1,499 per month, cannot even afford to make any payments to AKPK.

You have been hit hard by 2 issues
1. Salary too low
2. Period too long with exacerbated debts

Just make sure you have an address to receive any lawsuits. Probably you have gotten Court Judgements. If you do not know how to read CTOS, post here in the forum, there will be people to unlock your hidden problems.
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answered on Aug 29, 2017 at 15:02
by   gsf598216
edited Sep 25, 2017 at 10:53
 
Just took my CCRIS report from Bank Negara yesterday. Can anyone advise me the status of my report?
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answered on Aug 29, 2017 at 15:36
by   Sharee
edited Sep 25, 2017 at 10:55
 
How to answer your questions?
@ kiki asked - no feedback
@ Taneka asked - no feedback

Just post the CCRIS and CTOS here on this thread in JPG or GIF format.
Delete your name and address and bank accounts numbers. But leave name of banks there.
If you are shy about showing the docs and could not understand how to read those docs properly, then please stop asking questions that people could not answer.

Otherwise consult a lawyer and pay them to answer.
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