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My account was deactivated and i went to JIM..im scared whats ahead and need some guidance.tq

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asked on Nov 12, 2019 at 22:35
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Hi there..i would really appreciate any help i can get here..

Here hows my story goes:

Last thursday 7 nov 19 i notice all my banks account has been deactivate when i want to withdraw money. I called the bank and the bank said sent letter on the 6 nov 19 but i have no longer stay in that address. I googled and found some previous notes that i should report to JIm immediatly which i did on d next day 8 nov 19. Got the assigned OA details and she emailed me the same day my meeting with her on 20 Nov 19.

My concern :
1. I am working now and if i dont get my account activated on time by 27 nov im afraid my employer will be curious and i cant afford to lose my job as i need it to pay these debts.

2. I dont know yet which banks filed the bancruptcy but i suspected a cc with hlb which was long over due which may be more than 50k. If i go to the hlb and discuss with them on my debts and of i can (again if i can) manage to ask my family if they can help loan me the amount,and make full settlement can i then seek for discharge or annullment?

3. I still have other active loans such as

House : due for 12 months now 
Car loan: no default
Personal loan: no default at the moment.

For my housing loan, i plan to take my account 2 from epf to make the payment which i have sufficient amount to do so.

Please please give some advise.

Thanks.
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answered on Nov 13, 2019 at 02:24
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edited Nov 13, 2019 at 02:30
by   rara_
1. I am working now and if i dont get my account activated on time by 27 nov im afraid my employer will be curious and i cant afford to lose my job as i need it to pay these debts.
The newly account for salary may not necessary be your old account that has been deactivated. It will be the bank prerogative once you get your OA approval. 

Get help or beg the lady OA to speed up the approval.

Try to request the OA to allow you to open it with the same bank you normally get your salary. Then try influence the bank to use back the old account.

 2. If i go to the hlb and discuss with them on my debts and of i can (again if i can) manage to ask my family if they can help loan me the amount,and make full settlement can i then seek for discharge or annullment?
 I am afraid its too late already. Once bankrupted you to have pay all the others creditors as well and not only the creditor that has bankrupted you.

3. I still have other active loans such as

House : due for 12 months now 
Car loan: no default
Personal loan: no default at the moment.

Eventually these 2 secured loans agreement will be terminated by the bank to abide by the Banckruptcy Act.

Consult your OA again if she could offer the best options to solve with minimum impact to you.
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answered on Nov 13, 2019 at 08:33
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Thanks rara_

2. If i go to the hlb and discuss with them on my debts and of i can (again if i can) manage to ask my family if they can help loan me the amount,and make full settlement can i then seek for discharge or annullment? 
 I am afraid its too late already. Once bankrupted you to have pay all the others creditors as well and not only the creditor that has bankrupted you.

Refer to your answer ☝🏼Meaning even if i want to make a full settlement with the bank that bancrupted me i cant be discharge?
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answered on Nov 13, 2019 at 08:35
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Also, rara_ for answer no 1. Even with the letter from mdi,the bank can still decide if they allow to use same account or not? 
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answered on Nov 13, 2019 at 14:59
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Refer to your answer ☝🏼Meaning even if i want to make a full settlement with the bank that bancrupted me i cant be discharge?

Yes, I am afraid it is, unless the bank that bankrupted you is the sole creditor registered with JIM.

Even with the letter from mdi,the bank can still decide if they allow to use same account or not? 

Letter from MDI is only the approval  for opening an  account with the bank. 
Whether you can use back the old account is very much in the hands of the bank.

I came across a bankrupt who manage to use back his old account.
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answered on Nov 13, 2019 at 19:49
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rara_ what does it means by sole creditor with JIM?can help explain further?
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answered on Nov 13, 2019 at 19:59
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In order to get a discharge and annulment at this point, you need to pay in full all debts to all creditors.
This means house loan, personal loan, car loan and credit card loans.

Even after you settle all debts in full, it will take a few more months paperwork, lawyer work and court work to get a discharge or annulment.
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answered on Nov 13, 2019 at 20:09
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William Chan what if i manage to talk to my other banks that i have active loan that i can continue to service my loan as usual because i i can say now i have enough monthly income to serve all my loans..just only a month ago after my spouse business has stabelize and with my monthyl expenses i have can serve all my loands committment with extra 2k in hand to spend? Will JIM take that into consideration later? My appointment only next week and i cant sleep well at night thinking if i cant work myself around it.
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answered on Nov 13, 2019 at 20:18
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If you read your loan agreement fine print, it says that you are automatically in "default" if you become a bankrupt.  It doesn't matter whether your payment is good or whether you are good at talking to them.

Don't withdraw from EPF at this point.  Save it for your retirement days.
Your house will be auctioned in a few months time, whether payment is good or not.

Unfortunately as current property market is very soft, your house may be sold at about half the price that you bought.
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answered on Nov 13, 2019 at 20:28
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I read somewhere that a bancruptcy can negotiate to keep their house and continue paying their loan as usual? What about that kinda case william chan? 
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answered on Nov 13, 2019 at 20:57
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If your house is fully paid up ( not charged to a bank ), then you can negotiate with JIM to keep the house.

However since your house is still under loan, JIM has no say.
Loan Bank is in control.
The most the bank will do is to pretend to close one eye, for a few months to collect some installments but will eventually lelong within 1 year.
If you try to negotiate with the bank, it would mean that they can no longer close one eye for a few months, so they must reject all installment payments from you and lelong immediately.
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