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Misconceptions of comments found in this forum - Clarifications Needed.

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asked on Mar 15, 2021 at 10:18
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edited on Mar 15, 2021 at 10:23
by   jeff005
Readers are prone to accept comments (to their liking) with regards to their Qs, be it is factually accurate legal facts or based on hearsays, hesays, shesays or everbody says. They can only remember what they want to hear only.

This is indeed very dangerous when inaccurate comments are passed to fellow kedai mamak borak borak sessions. I myself was a victim of such talks of innocent news spread.

My very own example :
If I go to Immigration to make a new passport, I can be arrested and send to bkcy court for bank debts or as a bankrupt or as a debt fugitive. It is not from one but from many same group of people in the teh tarik sessions.

I would try to correct any misconceptions (if possibe)



Infographic NO: 01



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7 Answers

answered on Mar 15, 2021 at 11:14
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edited Apr 17, 2022 at 00:18
 
@Jeff,

That is unfair. If the bank can freeze the accounts YET no Bankruptcy Notice or Garnishee Order then what... your money belongs to the bank indefinitely?

Surely some thing can be done.. isn't it not?
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answered on Mar 15, 2021 at 11:50
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edited Apr 17, 2022 at 00:23
 
@Vince Sum

I'm not making specific disparagement to the post you have made.

Freezing is just no transactions "in or out" only. The moneys remains inside (is still yours only) pending any justifications on appeals. Read the terms and conditions of the banks opening of any accounts (your account) before we can discuss further. 

Any bank could justify the any freezing on any infringements of banking policies. When it is based on "Substituted Service of Creditors Petition", it can also means that the address given to this bank account is not what is stated in their records. If one have an existing loan account with this bank, it is already an infringement of which the bank have to take action to their loan given out. Recovery Mode.

Under any standard operating procedure (SOP) of the bank, the bank would issue a termination of the clients loan account plus full settlement of the loan. If it is not complied to after the date given/stated within the demand letter, the bank will file for recovery and make it as a Judgement Debt.

This method is common as when that client is made a bankrupt by other banks/creditors, the bank cannot claim further interest from the borrowed loan. Have to file Proof of Debt (POD) plus write off of some interest disputable by the bankrupt in the First Creditors Meeting in Jabatan Insolvensi Malaysia (JIM). Having gotten a Judgement Debt in hands will avoid such bad situations and the bank can collect further interest legally for the next 6 years on Judgement Debt date. I have written about this Judgement Debts interests more than 2 years ago except people do not pay any attention. JIM will have to accept such Judgement Debt except in most instances they would adjust it 5 0r 6% per annum (if the debtor appeal against it in JIM creditors meetings). If one did not attend, everything is what the creditors filed as in POD.

I have always posted in this forum:

1. Attend any Court Hearings to dispute any excessive "unfair" practices by creditors.
2. Attend personally ALL bankruptcy proceedings (with or without own lawyers).
3. Report in to JIM once you discover that you have been adjudged a bankrupt.

If people do not do so, my fault also?? I have done my part to create awareness on lawsuits and its consequences of non-compliance to laws.

Are things being unfair to you only? I'm also a debt fugitive too..!!

Do you know that the bank cannot charge "late payment interests penalty" every month when your credit cards have been terminated with no further payments. Read the term carefully and dispute it during a lawsuit in court to the Judge on credit card debts.

READ ALL THE FINE PRINTS  dengan teliti ..!!

If the bank can freeze the accounts YET no Bankruptcy Notice or Garnishee Order then what... your money belong to the bank indefinitely?
After no activity or claims for a specific period (do find out yourself), the money will be remitted to Bank Negara Malaysia (BNM) under the "Unclaimed Moneys Act". Go direct to BNM to get the moneys back (if any left). The bank will notify the client before sending. If the address is changed and the notification not received, go direct  BNM to collect.

Ref: Act 370 UNCLAIMED MONEYS ACT 1965

EPF moneys also but I remember it is after 10 years after age 55 of no activity. That's why I withdraw RM500 before every Chinese New Year. Work smart.. think smart.. !!
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answered on Mar 15, 2021 at 14:43
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edited Apr 17, 2022 at 00:31
 
Jabatan Insolvensi Malaysia will have to accept such Judgement Debt except in most instances they would adjust it 5 0r 6% per annum (if the debtor appeal against it in Jabatan Insolvensi Malaysia creditors meetings).

Normally what is the excuse used to appeal or how to do it?

Do you know that the bank cannot charge "late payment interests penalty" every month when your credit cards have been terminated with no further payments. Read the term carefully and dispute it during a lawsuit in court to the Judge on credit card debts.

If this is workable - a lot of people would be spared from bankruptcy because assuming what you said is true. Normally the bank will wait for another 3 to 4 years after cancelling the credit card to take legal action. assuming 4 years - then is 48 months and penalty of RM100 per month - that will come up to RM4800 then there is the interest on this RM4800 that the bank keep adding on before filing the case....assuming it's around RM6k - lets say the bank then claim you should be adjudged a bankrupt because it's RM52K... minus the RM6K - then the amount owing to them is around RM46K. Well below the bankruptcy threshold so you are not a bankrupt even if the court wanted you to. (I am just making a simple calculation).

Please confirm if this is true... if so then everyone should make it a point to attend and to dispute the late penalty charges charged after credit card is cancelled. That might really make a difference between you are bankrupted or not - my point is this element (late payment penalty - is usually a big chunk of what the bank is claiming as you owed them).
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answered on Mar 15, 2021 at 15:42
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edited Apr 17, 2022 at 00:37
 
Please read carefully

I wrote ""late payment interests penalty" 

Your question is late penalty charges charged

Technically it is 2 different things and it depends on how the bank has put it in their terms and conditions.

And..

Please confirm if this is true....
Please read my caveat/disclaimer, my posts are personal interpretations.
I will never confirm anything that is not stated in laws.
Your remark has cautioned me not to teach you people how to fight own lawsuits (on your grounds) without understanding laws properly.. Thank you very much

Go seek actual advice from a competent lawyer... !!!

I'm not a lawyer and do not want to be or can be, being a failure at secondary school level.

And.. no more "IFs"..

-----------------------------------

As for the interest element reduction by Jabatan Insolvensi Malaysia, it is stated inside bankruptcy laws. Read the whole section of the Bankruptcy Act whether you are a bankrupt or NOT. Don't be lazy!

What you are saying, if the bank does not sue you, then there is no need to pay the old credit card debts. And if not sue to bankruptcy level, need not attend court?

Think of the RM4,800 you have self-calculated and computed. Are you paying a fixed figure or you have been paying interest on interest based added on monthly rest, and compounded daily rest interests calculations.

Also take note that different banks charges are not the same as you have stated as RM100 per month. That is why a copy of the Agreement Contract has to be filed in court for credit card debts lawsuits.

Read backwards.. there was a case that HER creditor gave her a "discount" of over RM4K without stating what the discount is for and how it was computed. However that was a co-op debts lawsuit not credit card...

And another case at Court of Appeal level, the bank admitted that they have overcharged the interests element by RM9K++. The Court of Appeal overturn the Bankruptcy Order.. because the Bankruptcy Notice was defective right from the start of the lawsuit. But the bank can re-file and make corrections to the interests charged.

Without any docs tendered (the Statement of Claims/tuntutan filed in court), I would not discuss further.

You are smart, in fact very smart, and can be a very good fighter for your own case.. but you have not attained the stage (as yet) to evaluate on events that had happened. Sorry to be so blunt and brutal .. I apologize.

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answered on Mar 16, 2021 at 22:19
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edited Mar 16, 2021 at 22:20
by   jeff005


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answered on Mar 17, 2021 at 02:00
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edited Apr 17, 2022 at 00:24
 
[ GENERAL NOTICE TO THE PUBLIC ]

To those who were under Bankruptcy Proceeding while still working overseas

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answered on Mar 17, 2021 at 22:24
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edited Apr 17, 2022 at 00:25
 
Infographic No. 02



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