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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 Mar 10, 2021 at 20:45
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Excerpts from the Internet :



A1)  Can debt collectors blacklist you? ... While it is prohibited under the National Credit Act to list a prescribed debt on your credit profile, you should also understand that it is against their practice for a collection agency to threaten you on “blacklisting” your credit profile simply to coerce you to pay. >10 Feb 2021

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A2)  Unpaid credit card debt will drop off an individual's credit report after 7 years, meaning late payments associated with the unpaid debt will no longer affect the person's credit score. ... After that, a creditor can still sue, but the case will be thrown out if you indicate that the debt is time-barred. >8 May 2020

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A3)  Debt collectors aren't allowed to harass you or your family members about outstanding debts. ... And under the Fair Debt Collection Practices Act (FDCPA), creditors aren't even supposed to talk to your relatives, friends or neighbors about your debts.

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A4)  Typically, the only way to remove a collection account from your credit reports is by disputing it. But if the collection is legitimate, even if it's paid, it'll likely only be removed once the credit bureaus are required to do so by law. >30 Nov 2020

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A5)  How much do collection agencies pay for debt?
Debt buyers often purchase these packages through a bidding process, paying on average four cents for every $1 of debt face value. 1 In other words, a debt buyer might pay $40 to purchase a delinquent account that has a balance owed of $1,000.17  > Feb 2021

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A6)  What does a debt collector have to prove in court?
If the account has been sold to another creditor, then that creditor must prove that it has the right to sue to collect the debt. ... Often such proof will be a bill of sale, an “assignment”, or a receipt between the last creditor holding the debt and the entity suing you.

For more examples :

Read here :  
https://www.freemalaysiatoday.com/category/leisure/2019/03/15/how-to-handle-calls-from-debt-collectors/



..
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answered on Mar 10, 2021 at 22:10
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Excerpts found in the Internet in Bahasa :

Untuk membolehkan institusi perbankan menguruskan kunci kira-kira masing-masing dan mengagihkan semula sumber dengan lebih fleksibel bagi memperkukuh potensi dan daya saing perniagaan mereka, Garis Panduan Penjualan/Pembelian Pinjaman Tidak Berbayar (NPL) oleh Institusi Perbankan dikeluarkan pada bulan Disember 2005.
 
Garis Panduan itu membenarkan institusi perbankan menjalankan penjualan langsung NPL kepada pihak ketiga yang layak, serta membeli NPL daripada institusi perbankan lain. Garis Panduan itu juga menetapkan syarat am, keperluan dan proses serta peranan dan tanggungjawab Lembaga Pengarah dan pengurusan kanan institusi perbankan yang ingin menjalankan penjualan atau pembelian seperti itu. Garis Panduan itu menetapkan bahawa NPL hanya boleh dijual kepada institusi perbankan domestik atau institusi perbankan asing yang diperbadankan di Malaysia, pelabur dalam negeri atau pelabur asing melalui Jentera Tujuan Khas (Special Purpose Vehicle) dengan penyertaan ekuiti asing dihadkan pada 49%. Semua NPL yang dijual kepada pihak ketiga yang layak hendaklah mengikut asas tanpa rekursa (non-recourse basis).
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answered on Mar 23, 2021 at 12:17
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edited Mar 23, 2021 at 12:19
by   Oldalantam
Jeff,

Semua NPL yang dijual kepada pihak ketiga yang layak hendaklah mengikut asas tanpa rekursa (non-recourse basis

Nonrecourse debt or a nonrecourse loan (sometimes hyphenated as non-recourse) is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender can seize and sell the collateral, but if the collateral sells for less than the debt, the lender cannot seek that deficiency balance from the borrower—its recovery is limited only to the value of the collateral. Thus, nonrecourse debt is typically limited to 50% or 60% loan-to-value ratios,[1] so that the property itself provides "overcollateralization" of the loan.
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answered on Mar 23, 2021 at 22:12
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answered on Mar 30, 2021 at 12:00
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Excerpts from the Website "WhoCallsMe".
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answered on Mar 31, 2021 at 09:18
by  
Wow.. wow.. wow..

I just found an old thread that I had actually participated 4 years ago whereby AIGON really filed for bankruptcy proceedings. I was working in Thailand at that time and was quite raw in vesting orders.

Ref : https://www.lawyerment.com/answers/questions/12120/surat-dikehendaki-menghadiri-mahkamah-bankrup?g=1#tab-top

Now things is much clearer with samples of vesting order tendered by @ Keribang and senarios posted by others currently.

All things being equal.. as I have stated under this thread, one has to be made a Judgement debtor before any bankruptcy proceedings can commence.

As the thread above @Asthon was never updated, I will dissect it again, more pressing things to do at this moment.
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answered on Mar 31, 2021 at 13:43
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edited Mar 31, 2021 at 13:46
by   jeff005
There is another old post that that I found.. @optra87 in 2016

https://www.lawyerment.com/answers/questions/11733/diskaun-membayar-hutang-awal-dan-lum-sum?g=4#tab-top

No update also as the commentators stopped advising..
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answered on Apr 2, 2021 at 21:04
by  
edited Apr 2, 2021 at 21:21
by   jeff005
Dissection of the following Debtors : 

1. @Ashton (2017)

2. @optra87 (2016)

3. @remymikael (2021)

Case Facts :

I have tried to proposed for a solution but plaintiff disagree so I only make a small payment (RM100 or RM50) monthly. (@optra87)
 
I go to Aiqon office and ask to settle about the amount too big. (@Ashthon)

I deny owing any debts and will contest any lawsuits from Aigon. (@remymikael)
 

My personal opinions :
 
4.   Contact  : Both debtor have made contact with Aigon
5.   Request for discount 

Both the debts as above (1) and (2) have actually exceeded the 6 years Limitation, that is why SCB  sold it to Aigon via a Vested Order. The very act of contact and responding of offer to repay by instalments upon given discounts (in writing) does constitute admission to the debt and have waive the personal rights to be under the protection of the Limitation Act. 

@remymikael was also given the offer of Rm50 /100 monthly repayment via personal calls of which he has rejected and with no further correspondence to/by him. He has replied in writing via email to the Head Of Bankruptcy Unit of Aigon, by the giving of address and current contact number for any lawsuits. He has collectively denied owing any debts to Aigon and will contest any lawsuit from them.
 
The following points to digest :
 
1.      Why make admission (liability) to the any debt (regardless of the amount)

2.     For a lawsuit in court, the following documents have to be tendered in Court
(i)       The signed contract /agreement of the Plaintiff and the Respondent
(ii)      Statement of Claims ( Kenyataan Tuntutan )

3.     @remymikael have not signed any contract with Aigon. The Vesting Order is NOT a signed agreement. It is merely a Bill Of Sale.

4.     By virtue of the Limitation Act 2018, once that there is a written admission to the debt, the “rights to sue” has been passed down to the debt purchaser. If there is no admission, the rights to sue by the bank has expired due to the Limitation Act.

5.    The rights to sue or no longer able to sue have been passed down via the Vesting Orders.

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answered on Apr 9, 2021 at 19:27
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edited Apr 9, 2021 at 19:28
by   Jacinto
Hi all, it took me a while before i managed to find all these good information..  but i still wish to clarify my case , hopefully you can spend some time in addressing my concern. Really appreciate it.

my elder brother owed money to the Ambank, my mother being the guarantor. my brother ran away & my mom pay RM1200 per year to Ambank since 2016. Balance of loan as of 2016 should be arounrd RM25k, after paid for 6 years, 2021 balance should be close to RM18k. 

Recently Aigon called my mom & kept request for payment one lump sum, then by instalment, similarly without any payment plan provided. Aigon provided a letter asking for payment, with my bro name & mom name & address on the letter, with Aiqon bank account as well. 

Aiqon keep calling for instalment, threatening of sueing her etc, calling cops etc..My mom felt afraid of those calls and make the RM2,000.00 payment. Until now no receipt of payment, no outstanding notice summary been provided at all, but still keep calling & whatsapps & never ending threaten.. 

so, will they able to sue my mom if she not going to take up their calls anymore? can they sue my mom is she refuse to make any more instalment as this really feel like scam... 

thank you
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answered on Apr 9, 2021 at 20:21
by  
edited Apr 9, 2021 at 20:51
by   jeff005
@ Jacinto

this really feel like scam... 

My personal definition for certain situations:
It is not a  ordinary SCAM, but 
A Legal Scam.. based on the gray areas of Debts Litigation.



It is founded on the Fear factor, Coercion, Intimidation, Harassment..
No matter how, the Bill Collectors would and could show proof from the bank to act of their behalf, sometimes even backed dated.

Nothing much was declared above on your brother's debt, now becomes your mother's debt. You have to get docs pertaining to this "loan" on
1. What type of loan is it that requires a "Guarantor".

2. Any documentations that was between your mother and the bank (must be proper signed docs).

3. The amount now will not be what was stated (not 18K), can be double.

4. How much did aiQon asked from your mother?
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