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What is a Vesting Order obtained by AIGON? Can I make a negotiated settlement (with discounts) for 8 year old Debt? Can the 6 years Limitation apply?

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asked on Sep 7, 2020 at 21:44
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edited on Sep 7, 2020 at 23:23
by   jeff005


Pic of a  VESTING ORDER  (Courtesy of @Keribang).

There are discussions under these threads :

1.  Ref :  https://www.lawyerment.com/answers/questions/13770/forewarning-cimb-selling-debts-to-debts-collector-aiqon?g=1#tab-top

2.  Ref :  https://www.lawyerment.com/answers/questions/13790/settlement-to-a-14-years-dept?g=1#tab-top

3.  Ref :  https://www.lawyerment.com/answers/questions/13839/receiving-calls-from-aiqon-capital-saying-i-owe-money

Readers may ask Qs in this thread..
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answered on Dec 26, 2020 at 19:20
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                    Discussion topic

"Would making a payment to another party reset the clock of the 6 Years Limitation Act".

https://www.lawyerment.com/answers/questions/13897/debts-collector-aiqon?g=2#tab-top
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answered on Jan 18, 2021 at 14:48
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edited Jan 18, 2021 at 15:13
by   Tanavaroot
Self deletion........... (Sorry.. WRONG THREAD)
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answered on Feb 21, 2021 at 22:37
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..
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answered on Feb 22, 2021 at 14:21
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@ Jeff

just for discussion

"Would making a payment to another party reset the clock of the 6 Years Limitation Act".

I read in this thread and other forums if we do pay anything even rm1 then it will reset the clock for the 6 years limitation act.

My question is lately most if not all the banks requires their customer to bank in the funds over the atm machines. No more bank in over the counter.

Having said that, the question is how do we prove we have not bank in anything to reset the 6 years period? I mean the bank, the debt collectors can always bank in RM 10 to the so called credit card account and then claim that we are the one who bank in and therefore the limitation period have been reset.  Cant they do that?  
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answered on Feb 22, 2021 at 16:01
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@ Vince Sum

The above statement is on  "Would making a payment to another party"  
The gist of your Q refers to payment into your own acct operated by the bank.

In any case, I have answered you in this thread.

https://www.lawyerment.com/answers/questions/13939/limtation-act-1953-and-the-tricks-banks-might-do

Please do not mix up topic contents as it confuses new readers.
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answered on Feb 26, 2021 at 09:35
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Update :

Further discussion from /with people who had received notices from Debts Buyers (BDBs) 

Ref :  https://www.lawyerment.com/answers/questions/13937/dikejar-debt-collector-untuk-tuntutan-hutang-bagi-pinjaman-pada-tahun-2006-2007?g=4#tab-top
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answered on Feb 26, 2021 at 10:48
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edited Feb 26, 2021 at 12:55
by   jeff005
@ remymikael

1.  Any payment to the debt "Penerima" of the Vested Order must be that company itself and not to any of their appointed / affiliated / other appointed bill collection companies. This is a Court Order, only pay to the "Penerima".

2.  Any "Release Letter" must be issued by the "Penerima" of the Vested Order.

3.  Any N.K. (Notis Kebankrapan) must be issued by the "Penerima" of the vested Order. All docs pertaining to the debt (including Judgement Debt) must be surrendered / transferred to the "Penerima" from the "Pemindah". This is a Court Order.

(Caveat : The above comment is written by a Q&A registered User. It represents a personal point of view and is in no way associated with others in this forum nor be regarded as legal advice)
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answered on Mar 1, 2021 at 00:15
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edited Mar 1, 2021 at 00:40
by   jeff005
Discussion :

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Malaysia's AmBank (M) Bhd. and AmBank Islamic Bhd. agreed to sell 553.9 million ringgit of bad loans to two special-purpose subsidiaries of Aiqon Capital Group Sdn. Bhd. as part of their debt recovery strategy, according to a Jan. 3 release.

AmBank (M) and AmBank Islamic are units of Malaysia-based AMMB Holdings Bhd. Under the agreement, AmBank (M) and AmBank Islamic will sell 428.1 million ringgit and 125.8 million ringgit of their nonperforming loans, respectively, to Aiqon Amanah Sdn Bhd. and Aiqon Islamic Sdn Bhd.

The NPL portfolio consists of 537,068 accounts of individuals and corporations.

The sale is expected to be completed by March 31.

AmBank (M) and AmBank Islamic will use proceeds from the sale for their general working capital purposes within one year of completion.
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sell 553.9 million ringgit 

537,068 accounts

Total debt sale RM 553.9 million, total accounts 537,068 .
RM 553,900,000 / 537,068 = RM1,031 ( average each account only RM 1,031 )

This is on records on face value, on paper.
The  "proceeds" is not stated.
The figure quoted is the NPL loans "written off".

What AIGON is paying for is not stated.
Who would pay 553 M for "bad debts"?
If the bank cannot collect on its own, can AIGON even collect 30%??

Very hard to compute and digest..

Opinions is opened to the FLOOR.. no carpet flooring pls.. make a healthy discussion

Readers are reminded that :   
Non Performing Loans are defined as loans overdue for more than 90 days

Please be receptive that some or most accts can be within the Had Masa and is recoverable via the court lawsuits.
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answered on Mar 2, 2021 at 16:35
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edited Mar 2, 2021 at 16:37
by   Tanavaroot
Hi Mr. remymikael

I am very interested in your Malaysian Vesting Order.

Please can you send me copies of ALL docs pertaining to this Vesting Order to my email acct @  >>> 

tanavaroot@gmail.com

Thank you in advance
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answered on Mar 2, 2021 at 17:09
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Hi Tanavaroot

OK.  I will send it to you 
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