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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 Jun 8, 2020 at 11:15
by   Keribang
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 tactics & harrassments to laymen & women like us who are not well verse on law, trying to revive old debts and circumventing the 6 years Limitation Act by offering payment proposals, discount etc. This is after ballooning the old debts to ridiculous amount - a RM3000 debt in year 2000 becomes RM 200k for example.

Once the unsuspecting men & women made that initial payment, the Limitation Act is circumvented by reseting the clock.  More bankruptcies after this, not good for nation economic rating.

I wish BNM clamp down on this draconian - legal yes but draconian, selling of debts & tactics by the banks & debt collector.
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answered on Jun 25, 2020 at 20:12
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edited Jun 25, 2020 at 20:25
by   Keribang
@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 Jun 25, 2020 at 20:38
by   jeff005
# 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 does 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 Jun 25, 2020 at 21:00
by   jeff005
Keribang   (Original Questioner)

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).
JPN requires one to update the MyKAD withing 3 months of shifting to a new dwelling place.

Btw.. its is nothing much to do (solely) with all the links you have provided above.
Those are PDPA leaks.
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 Jun 25, 2020 at 21:51
by   Keribang
@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 Jun 25, 2020 at 22:26
by   jeff005
Keribang   (Original Questioner)

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  konfuse new readers with service for bankruptcy proceedings.

Stick to the contents asked.

Do not overlap and over read..!!
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answered on Jun 27, 2020 at 18:07
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@jeff005

Noted sir. Thank you. 
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