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Forewarning! CIMB Selling Debts to Debts Collector Aiqon?

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asked on Jun 8, 2020 at 11:12
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edited on Apr 2, 2022 at 04:12
 


I came across this Saman Pemula today in Berita Harian (see attached). CIMB is selling their debt to Aiqon, and soon as they did with other banks debts in the past, Aiqon will dig up old debts that goes back more than 10 years. They use all kind of tactics on laymen & women like us who are not well verse on law, trying to revive old debts and circumventing the 6 years Statute of Limitations by offering payment proposals, discount etc. This is after ballooning the old debts to ridiculous amount - a RM3,000 debt in year 2000 becomes RM200k for example.

Once the unsuspecting men & women made that initial payment, the statute of limitations is circumvented by resetting the clock.  More bankruptcies after this, not good for nation economic rating.

I wish Bank Negara Malaysia clamp down on this legal but draconian, selling of debts & tactics by the banks & debt collector.
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answered on Jun 8, 2020 at 14:56
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How do you plan to fight this?
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answered on Jun 9, 2020 at 13:50
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edited May 31, 2021 at 04:11
 
I'm not sure, not well versed in law.  If this Originating Summon is published in the paper, would people who has loans with the bank, in this case CIMB Bank able to refuse/reprimand them to not sell the debts? Not sure how that works. I do not have loans with CIMB.

How can we make known to the public on the possible underhand tactics used by debt collectors for old/expired loans? I reckon probably 90% of general public doesn't know the existence of Limitation Act 2018.

Many will fall victims to them.

Or just wait for the proper summons on the loans, then fight them in court, which many here has done.
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answered on Jun 24, 2020 at 08:56
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edited May 31, 2021 at 04:12
 
Me Too.. just received a letter from CIMB stating that my Credit Card Facility has been purchased by Aiqon. What should I do?
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answered on Jun 25, 2020 at 11:04
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@ZamZam,

I suggest go to CIMB, and ask them for Letter or Notice of Assignment. Discuss with them what are your rights now etc. 

Is it an old debt credit card debt or current? 
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answered on Jun 25, 2020 at 12:41
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edited May 31, 2021 at 04:15
 
@ZamZam,

received a letter from CIMB stating that my Credit Card Facility has been purchased by Aiqon.
What you have received is a copy of the Vesting Order. Your rights is limited as a debtor to Aigon, no longer CIMB who will ask you to talk to Aigon.

Is it an old debt credit card debt or current?
All unrecoverable debts are old debts and must be proven by the banks that they have documented mode of trying to recover those debts in court before they can be "Sold". It exists in the bank books until sold.

These bad debts are mainly those defaulters who cannot be traced officially and legally registered in the bank records. Not officially updating the current address to the creditor banks is the main issue. The main purpose of selling these defunct debts is, so that the debts can be written off from the Bank's Books of Accounts and made legal claims of Bad Debts written off permanently and make claims or refunds to the TAX Department. This financial module is approved by Bank Negara Malaysia.

What should I do?
Deal with Aigon if you are financially capable to negotiate. They cannot squeeze blood out of stone.. right? Foremost, you should check how Aigon finds you whereas the bank could not. 
You may have left digital trace in your daily life.
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answered on Jun 25, 2020 at 20:12
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edited May 31, 2021 at 04:17
 
@jeff005

All unrecoverable debts are old debts and must be proven by the banks that they have documented mode of trying to recover those debts in court before they can be "Sold". It exists in the bank books  until sold.

So if the banks never actually legally tried to recover their debt via court processes in the past, but still manage to sell the debts lump sum/lock stock barrel to the debt collector, does that mean the bank now grinning ear-to-ear for being able to do so?  

You may have left digital trace in your daily life.

Many people left too much info on social media & take data privacy lightly. 

There was a massive telco data breach in 2017 and the more recent credit card data breach 2020. 

https://www.lowyat.net/2017/146339/46-2-million-mobile-phone-numbers-leaked-from-2014-data-breach/

and

https://www.soyacincau.com/2020/03/10/cybersecurity-technisanct-malaysia-singapore-philippines-credit-cards-leaked-data-breach-skg/

We should all be more careful with our data online.
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answered on Jun 25, 2020 at 20:38
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edited May 31, 2021 at 04:19
 
@Keribang (Original Questioner),

We should all be more careful with our data online. 
I'm completely "OFF THE GRID", that is why the banks and bill collectors could not trace me for the past 18 years.

Even my children's school records do not have my real address..!! This is the digital tracing I'm referring to..!!

Those bill collecting agencies only found out my address when I made withdrawals from EPF which in turn updated the address in my driving licence and new Passport.
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answered on Jun 25, 2020 at 20:50
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edited May 31, 2021 at 04:22
 
@Keribang,

does that mean the bank now grinning ear-to-ear for being able to do so?
This is the bank's backdoor legal recourse for the past 10 years. It did not occur just recently. Now only become more aggressive.. that's all.
Owe banks or other types of creditors moneys "need not pay back"?

How to take a defaulter to court when there is no accurate address updated in the bank records. "Ghost cases"?
Laws are there for a debtor to inform the creditor (whether banking or commercial dealings).
Jabatan Pendaftaran Negara (JPN) requires one to update the MyKad withing 3 months of shifting to a new dwelling place.

By the way.. its is nothing much to do (solely) with all the links you have provided above. Those are personal data leaks, under Personal Data Protection Act 2012.

The address in your monthly EPF, SOCSO contributions by the employer and annual car insurance renewal that one can be traced.
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answered on Jun 25, 2020 at 21:29
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edited May 31, 2021 at 04:24
 
@Jeff005

I'm completely "OFF THE GRID", that is why the banks and bill collectors could not trace me for the past 18 years.

Legendary! 😅

Those bill collecting agencies only found out my address when I made withdrawals from EPF which in turn updated the address in my driving licence and new Passport.

This is quite surprising to me, with the Personal Data Protection Act 2010 (PDPA) that supposedly protect our data. Meaning there's still "leakages".

How to take a defaulter to court when there is no accurate address updated in the bank records. "Ghost cases"?

But isn't this exactly what "Penyampaian Ganti" is for? As a recourse for the creditors that were not able to do "Serahan Kendiri" at the defaulted debtor's last known address? 
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answered on Jun 25, 2020 at 22:22
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edited May 31, 2021 at 04:25
 
@Keribang,

But isn't this exactly what "Penyampaian Ganti" is for?
This has nothing to do with the contents of your original post. Your content post above is about a vesting order.
Do not confuse new readers with service for bankruptcy proceedings.

Stick to the contents asked.

Do not overlap and over read..!!
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