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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

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answered on Apr 9, 2021 at 21:05
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edited Apr 9, 2021 at 21:07
by   jeff005
Jacinto

 will they able to sue my mom 
Technically NO, but subject to the following
5. The type of loan, when the first default of the loan, (dd/mm/yy).

6. All letters from AMB

7. All letters or correspondences from aiQon

8. If there is a privacy issue, you may email to me to my email address <bladirunner@gmail.com> . I need them in PDF format if possible and in full page if possible (for jpeg format). 

Note.. no docs tendered to me, no further discussions from me.

Read this page on How To Deal with Bill Collectors.
https://www.lawyerment.com/answers/questions/13937/dikejar-debt-collector-untuk-tuntutan-hutang-bagi-pinjaman-pada-tahun-2006-2007
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answered on Apr 10, 2021 at 11:36
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Just when Malaysians who have emigrated to S'pore thinks they are safe from further lawsuits, just remember this Law if you have been made a Judgement Debtor or even as a Bankrupt inside Malaysia, it crosses borders :



1. Aiqon Capital Pte. Ltd. was incorporated on September 1997 to provide debt collection service.

2. Aiqon Capital Group Sdn Bhd. was incorporated on April 2010 to provide debt collection service.
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answered on Apr 12, 2021 at 16:29
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@Jeff005,

yes sir, sent it to your email

thanks
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answered on Apr 12, 2021 at 17:44
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edited Apr 12, 2021 at 18:24
by   jeff005
Jacinto

Complete Docs Received..

Read and digested it and now purging it out.

Just a short note 

Tell your mother NOT TO  pay anything anymore to any BCs (Bill Collectors).

Your brother's case is exactly the same as @remymikael  case. H/P loan on a Wira Car and a Vesting Order to your brother name only.

Both the borrower and guarantor (if any) is no longer "sueable" under the context of the Statute of Limitation Act 2018. Even if your mother has paid some amount, it does not amount to any admission to the debt.

Personally, I believe that your mother's name is listed in the H/P contract as person to contact as reference only. BCs always says it is a Guarantor signing. Cast them off the nearest penang bridge.

I will explain more later..
and in my reply email tmrw..

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answered on Apr 13, 2021 at 13:11
by  
edited Apr 13, 2021 at 13:18
by   jeff005
Jacinto

1.  What was received is just a  notification of a Vesting Order  jointly issued by AmBank Islamic and AiQon Islamic issued to your brother only.  It was send and "c.c." to your mother as per address last stated in the bank records.

2.  Your mother was never "sued" by AmBank at all, otherwise a separate vesting order under her name will be issued.

3.  As this loan acct was terminated 18 years ago, by virtue of the facts, the Wira was repossessed and lelong off. There should be a shortfall value of the auction of which the bank is compelled to file lawsuit upon last default of repayment within the 6 years period to recover the balance from both the borrower and guarantor (if any).

4.  The lack of proper docs not given to your mother indicates the lack of locus standi  to bring an action in court due to the Limitation Act 2018.

5.  The Vesting Order is a Bill Of Sale of a product, in this case, an old debt of which the "rights to sue" have expired on /with the original H/P Contract which lies with the original creditor. How to pass on the "rights to sue" when the rights no longer exist (my personal perspective).

No matter how you insist for documentations, you will not be given. The bank will  inform your mother that the debt have been sold and that she have get it from the new creditor. The NEW CREDITOR  will ask you to get from the bank. The new creditor will not give docs as it would open a Pandora's CAN of rotten worms.. as what has happened to @remymikael case of which the new creditor was trying to "sue" one Dr. Haris. But this Doctor has teeth of an aussie alligator which can bite back with razor deep counter lawsuits.

Do informed your mother to bar all those numbers which has been calling her.

Do read @remymikael  thread to see How To Deal with debts Collector.

i,m not advocating debtors to "run" away from their debts. First and foremost, the bank have many ways to recover their loans within 6 years of the first default of any repayment schedule.

If the creditor did not do so, Whose fault?  The Creditor Bank or is it my fault  again. I only commented on the aspects of lawsuits only...

Cheers.. 

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answered on Apr 19, 2021 at 08:29
by  
@jeff005

Jeff005, really appreciate for your thoughtful input, really so helpful.
i will take note of it.

Many thanks again!
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answered on Apr 19, 2021 at 10:38
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edited Apr 19, 2021 at 10:39
by   jeff005
Jacinto

Frankly..
Many thanks for your email of appreciation.

Ur welcome.

It is unethical for BCs to harass a senior citizen esp when it is not your mother's debt. The shortfall after the Auction /Lelong should be around RM4K++ (my personal estimate, that's why they ask for RM10K for settlement of the case.

Just bar any unknown numbers and never contact them ever again.

Cheers..
Rdgs..
Jeff Lee
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answered on Apr 20, 2021 at 11:00
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jeff005 is a bitter old man
His wife left him and he escaped to Thailand
He spends his days answering on lawyerment
When he has time he f.u.c..ks kathoeys like a true gent
He says he works in Thailand,
But everyone knows his true purpose is to hold little boys hands!
jeff005 edits his posts to hide his mistake
with a forked tongue as cruel as a snake
65 years old with nothing to show for it
tick-tock jeff your funeral will be a hit!
oh i almost forget nobody will attend
because you don't even have a single friend!
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answered on May 21, 2021 at 14:57
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The debts collection issues is so clear cut in Malaysia..

If the Bank and/or Bad Debts Buyers cannot collect, blacklist the debtor in CCRIS and CTOS nowadays, correct?
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answered on Oct 25, 2021 at 12:29
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New updates of the Vesting Order Topic

https://www.lawyerment.com/answers/questions/14073/can-car-repossession-be-carried-out-by-debts-purchasers-via-a-vesting-order-is?g=last#a53181

https://www.lawyerment.com/answers/questions/14055/aiqon-contacted-me-for-my-12-yo-credit-card-debts-i-want-to-pay-off-debts-but

https://www.lawyerment.com/answers/questions/14037/hutang-dengan-ambank-dah-pindah-ke-aiqon

https://www.lawyerment.com/answers/questions/13975/what-is-a-vesting-order-on-sale-of-npl-debts-perintah-letak-hak-how-to-deal
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