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Ambank Offers 95% Settlement Amount from Total Outstanding

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asked on Feb 8, 2018 at 16:49
by   hilmidris
edited on Mar 5, 2018 at 03:54
 
I have 3 outstanding loans from Ambank (formerly MBf Finance Berhad) totaling to RM40,000. However since 1992, the Bank has failed to initiate any legal proceedings against me until today to which I have questioned them the reason behind it to no explanation whatsoever.

Last week, a representative from a debt collection agency called me and offered me a 95% discount to settle 2 out of the 3 accounts being credit card and personal loan. But there was no indication on the HP loan totaling to RM27,000 outstanding.

Question: 

1. Should I take up the offer made by the Debt Collector and settle the first 2 accounts amounting to RM2,000 thus leaving only the HP loan outstanding? What is the legal implication to this action from the legal point of view. I was told that one reason why they have not proceed with legal action is because they have erred under the 'time-out' Act stating that they have to bring this matter to court within 6 years from date of loan default.  

2. Will the Bank be able to take me to court over the 3rd outstanding loan should I pay for the first two? I have been told that once I agree in writing or action to pay for the 2 loans, the bank will receive a breath of new life to sue me in court. Is this true?
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answered on Feb 8, 2018 at 21:13
by   jeff005
edited Mar 5, 2018 at 03:58
 
2. Will the Bank be able to take me to court over the 3rd outstanding loan should I pay for the first two? I have been told that once I agree in writing or action to pay for the 2 loans, the bank will receive a breath of new life to sue me in court. Is this true? 
Even paying RM10 as "duit kopi" will reset the tick-tock clock. You might as well commit Hara Kiri later if you sign anything... Understand or not?

The above have been explained to you before, long long ago.
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answered on Feb 9, 2018 at 12:39
by   hilmidris
edited Mar 5, 2018 at 03:59
 
Duly noted with much thanks. After all the harassment, mind was blur..

Thank you again for the head's up!
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