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20 years credit card debts

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asked on Feb 13, 2018 at 12:28
by   saidiali
edited on Apr 13, 2018 at 00:39
 
I have a credit card debt about RM10,000 with a local bank back about 20 years ago. Recently the bank or debt collector has been harassing me to pay up more than RM200,000. What is my legal stand on this matter? Thank you very much.
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10 Answers

answered on Feb 13, 2018 at 12:49
by   Puan
edited Apr 13, 2018 at 00:41
 
Can you describe in what way the debt collectors harass you? Which bank or finance company? Why owe money need not pay back?
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answered on Feb 13, 2018 at 16:31
by   vkpc
Just tell them you don't have 200k la.
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answered on Feb 13, 2018 at 18:24
by   jeff005
edited Apr 13, 2018 at 00:41
 
Google "Roy Ong" and read all the broken links. Same issue same solution.
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answered on Feb 13, 2018 at 18:39
by   vkpc
Why owe money need not pay back?
By law after 6 years no need to pay back.  Please read Limitation Act carefully.
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answered on Feb 13, 2018 at 19:18
by   Puan
By law after 6 years no need to pay back.  Please read Limitation Act carefully.
Can quote a law that states  "no need" to pay back? 
If there is such a law, why are debt collectors flourishing and even getting more rough by the day?

This Act only "Limit" an action in a Court Of Law. It does not limit other actions (legal mode of debt recoveries) by the banks Debt Collectors.

If only people is aware of this Limitation Act and how to apply. This Act is invoked upon any legal actions initiated by banks.

Legitly still owe the bank and the bank debt collectors can still chase for it.
Can set aside any lawsuit by using the Limitation Act but most most defaulters are not even aware of them having been made Judgement Debtors as some of them live in nomadic situations.

If one can learn to deal with debts collectors, the sky is clear then..
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answered on Feb 14, 2018 at 07:04
by   vkpc
Can quote a law that states  "no need" to pay back? 
Read Limitation Act again more carefully.

....the bank debt collectors can still chase for it.
Just treat debt collectors like kids throwing tantrums in a toy store and everything will be fine.
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answered on Feb 26, 2018 at 20:28
by   muppy
edited Apr 13, 2018 at 00:44
 
I just want to know how to calculate the 6 years... From the last payment you made to the bank or the bank starts to cancel your account and start using legal terms to sue you?
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answered on Feb 27, 2018 at 01:19
by   Anonmyous1
edited Apr 13, 2018 at 00:44
 
Read @ Aurora and @ Ayzek
The answers are there with complete court case.
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answered on Mar 1, 2018 at 13:01
by   cinnabon
edited Apr 13, 2018 at 00:46
 
You still need to pay up. Otherwise you'll remain a bankrupt all your life.  Here's what you need to do:

1. Make an appointment with your official assignee (OA) in Insolvency Department - talk to them!

2. Call the bank and tell them you will only deal with them, and ask them to call off the debt collectors.

3. Negotiate for a full settlement amount with the bank - you will need to pay this amount in full, or have your wages garnished on a monthly basis by Insolvency until you pay off the amount.  It will be very very much less than RM200k.  Do not be overwhelmed by the amount given to you by debt collectors, as it includes 20 years of compounded interest, legal fees, search fees, etc.  When you negotiate with the bank for a settlement, give them a realistic amount, say RM15k.  Banks are usually quite sympathetic if they see that you're sincere about making payment.

4. Once you've reached an agreement with the bank on the amount, they will issue a Letter of Offer with the new amount you have to pay.  You will need to pass the letter to your OA in Insolvency.

Good luck!
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answered on Mar 1, 2018 at 14:36
by   vkpc
You still need to pay up.  Otherwise you'll remain a bankrupt all your life.

Wrong.  He is not a bankrupt and cannot be made a bankrupt because of Limitation Act.
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