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Account at Maybank frozen

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asked on Jan 19, 2016 at 03:48
by   Jehe
Dear sir

I would like to ask for help. My account at Maybank had been frozen for some time due to me being a guarantor to a hire purchase loan with them that had turned bad. My question is does the law allow maybank to freeze the account of a guarantor. Your explanation and how to handle this is highly appreciated. Thank you.
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4 Answers

answered on Feb 12, 2016 at 05:45
by   rayna
most likely he's in the process of being bankrupted. yes, the bank can do that
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answered on Feb 12, 2016 at 05:46
by   rayna
sorry, the previous one should be "you're" instead of "he's"
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answered on Feb 12, 2016 at 15:29
by   jeff005
@ jehe

Try to remember what you have signed on the HP loan Agreement.

It should have been stated, should the loan be defaulted, the monthly instalments defaulted can be deducted from the borrower or even the guarantor MBB bank account ( If you have ) without the need to go to a court of law.

MBB is famous for this. This is "Standing Instructions" to them according to Banking Laws. NO fight or appeal.

Sorry for your predicament as a guarantor.
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answered on Feb 12, 2016 at 15:43
by   jeff005
@ Jehe

Quote :

"most likely you're in the process of being bankrupted. yes, the bank can do that"

Q's
1. Has the borrower been bought to court yet?
2. Have you been made a Judgement Debtor in a Court of Law for this defaulted loan as a guarantor?
3. Is the defaulted / total outstanding amount todate exceeding 30K?
4. If it is HP for Motor Vehicle, has the vehicle been repossessed and lelong off? What is the "shortfall" at source.?

If the answer to most of the above is NO or not sure, go check with the borrower..!!
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