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Settlement of a 14 year-old bank debt

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asked on Jul 4, 2020 at 21:12
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edited on Jun 5, 2021 at 21:48
 
I received a call from Aiqon company claimed that Ambank had sold off my credit card debt of 14 years to them. There was no communication between the bank & me for 14 years. The amount owed as I remembered was around RM2k & the card limit was around RM3k. Now they are asking for RM50K. I really just want to settle the amount & move on, so I negotiated with them to come up a reasonable amount. I am jobless right now & since end of last year. I would like to know what is the lowest amount I should be paying to settle off the debt & how I can negotiate with these people? How does the Limitations Act apply in my case?
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answered on Jul 6, 2020 at 17:40
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edited Jun 5, 2021 at 20:54
 
@Keribang,

Does registering with CTOS disclose my details to the creditors? I do not want to relive the nightmare of their harassment 14 years back. Sorry if my question seems ignorant. 

@jeff005,

Basically I just want POId (Proof of identity).
I wouldn't want to be talking to someone who may work for Aiqon.


I can totally understand. I had clicked & send you a message with my email. That's my actual email. But the contact number is an alternate. I too do not want to relive the harassment too. I am willing to provide other proof of identity as long as it does not reveal my current physical contacts. Thank you so much. 
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answered on Jul 6, 2020 at 20:54
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edited Jun 5, 2021 at 20:57
 
@Helpmeplease,

Not received yet.

Email me direct. My email address in my profile:
https://www.lawyerment.com/answers/users/203/jeff005
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answered on Jul 7, 2020 at 08:53
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edited Jun 5, 2021 at 21:02
 
Does registering with CTOS disclose my details to the creditors? I do not want to relive the nightmare of their harassment 14 years back. Sorry if my question seems ignorant. 

@helpmeplease,

It should not unless CTOS is also compromised. AFAIK, for any parties that want CTOS report (usually financial institutions), they must have your consent. However, the consent is actually given by us when we sign the documents at those institutions to apply for something.

That being said, no guarantees as I'm not associated with them in anyway except via their app.
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answered on Jul 7, 2020 at 10:55
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edited Jun 7, 2021 at 18:43
 
@Helpmeplease,

I still have not receive your email yet.

Does registering with CTOS disclose my details to the creditors?
Yes.. it does.. (Indirectly). This has been discussed before in this website.
Disclosure is limited to your financial status only by laws under Personal Data Protection Act 2012.

CTOS is Malaysia's leading credit reporting agency. Their subscribers include banks and thousands of businesses. 

Note: You may only be a one time business dealing whereas the major subscribers are their rice-bowl. And they are allowed to disclose any address of shareholders as per se in the records of Suruhanjaya Syarikat Malaysia (SSM) (for business purpose) for specialized enquiries (have to pay extra). In any case, they have to pay SSM for any registered searches. Those are "Public Records" with SSM.

But that doesn't mean debt collectors cannot obtain your contact number by "illegal means" thru CTOS (plus various similar types of companies) and thru "contact tracing" via service providers. Selling of specific data by in-house employees cannot be ruled out. This does not mean there is massive data breach via hacking.

Just get your number (even if not under your name) may result in spam messages to ALL handphones registered under that address in the data base of service providers. It is a form of intimidation and desecration a defaulters name. Money talks louder than civil rights.
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answered on Jul 7, 2020 at 11:11
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edited Jun 5, 2021 at 21:26
 
@jeff005,

Not received yet. Email me direct.

Sorry was dealing with Aiqon this whole morning. I have sent you an email. I am sorry my post brought back bad memories.

@Keribang,

I am pretty sure CTOS discloses the data to 3rd party. I will try to get the report maybe by walk-in or other source. Any other way to get the report? 
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answered on Jul 7, 2020 at 11:35
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edited Jun 5, 2021 at 21:27
 
@Helpmeplease,

Why the need for CTOS report only?

Your issues are:
1. Whether you have been made a Judgement Debtor before and when?
2. Whether your name/debt is in any "Vesting Order". Date of the order.
3. How did Aiqon find you?

Just walk into the nearest Court House, show your IC and check for any lawsuits against you before and you can even extract all the docs (if any).
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answered on Jul 7, 2020 at 12:40
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edited Jun 5, 2021 at 21:33
 
@Helpmeplease,

did some research online but being really clueless on legal things
Sorry if it seems that I am slow & oblivion
At that moment I was evading my responsibility & couldn't pay. Now 14 years after, I just want to settle it & move on.
Does registering with CTOS disclose my details to the creditors?

You appear to be a very smart reader and humble. Not many questioners exhibit these traits. It also means you have been reading properly with understanding and should be able to find a holistic way to end to your predicament so that you can sleep better at night.

"being really clueless on legal things" does occur when there are different answers posted online. Common ones are:

Someone posted "Can"
Someone posted "Cannot"
Another say "Maybe"

Lawyer A says to Plaintiff B "No worries sure win"
Lawyer C says to Respondent D "No worries sure win against B"
Lawyer E says 50/50..

Who then to believe? What/who is right? What/who is wrong?

You can only do your own researches and match your circumstances in order to make your own judgement on the percentage of winning or losing. Your profile indicates you can do it. Indicates also that you are a trained person in your previous job(s).

I have replied your email and have accepted your proof of identity.
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answered on Jul 7, 2020 at 14:39
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edited Jun 5, 2021 at 21:35
 
@jeff005,

You appear to be a very smart reader and humble. Not many questioners exhibit these traits. It also means you have been reading properly with understanding and should be able to find a holistic way to end to your predicament so that you can sleep better at night.

Thank you @jeff005, I do not take people's time for granted, so I'll definitely take time to understand what had been replied. Most of the cases I found online was mostly about fighting their case based on discrepancies instead of settling on a lower payment to settle. I think my confusion is at this area. My main objective is to pay at the amount I can afford & move on & how to do that. The truth is I can't afford legal fees to fight my case. In total fairness, I did owe the money & it is right to pay it off but the amount had to be fair. I need help way to negotiate or better yet achieve that.

Just walk into the nearest Court House, show your IC and check for any lawsuits on you before and you can even extract all the docs (if any).

Noted, I have to do that.
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answered on Jul 7, 2020 at 15:46
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edited Jun 7, 2021 at 18:44
 
@jeff005

Aiqon is just threatening you. You cannot be made a Judgement Debtor twice (for the same debt).

So, since the Aiqon keep calling, I gathered some info from them, they said that the judgement previously was issued by another debt collection company in 2013. It seems that the bank interest was 18% per annum that's why the amount went up to RM50k. They still insist on RM15k payment or they will proceed with NEW judgement that will bring the amount up more. Is it true that in this case that they cannot file judgment for the same debt twice? 
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answered on Jul 7, 2020 at 16:28
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edited Jun 7, 2021 at 18:45
 
@Helpmeplease

Is it true that in this case that they cannot file judgment for the same debt twice?
Can a convicted felon be charged twice for the same offence?
Can a murderer be charged twice for the same murder? Or double the charge with "interests"?

Access my Author Profile again. Read what I have posted. It can explain your case also in another manner.

the judgement previously was issued by another debt collection company in 2013
If there has been a Judgement Order before, it is likely that the bank filed for it, NOT ANOTHER DEBT COLLECTION company.

Read this doc dated in 2012



It seems that the bank interest was 18% per annum that's why the amount went up to RM50k.
So, do you agree that getting the purported Judgement Order will answer most questions? Right?

Never believe what debt collectors tell you. You have to carry out your own investigations. Do not trust anybody (including @jeff005). Use your guts for facts finding.
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