Advertisement

I sinar and Debt collectors

386 Views  ⚫  Asked 1 Year Ago
asked on Mar 15, 2021 at 14:55
by  
I am not sure if others have face this. But i have received SMS suggesting that we should/can withdraw EPF to pay them and got discount etc. 

No point of guessing , is from debt collectors of course.

The question is should we do it or should we do it or should we just ignore their suggestions? especially if there are hints that you might be already covered under limitation statue. do we need to pay them or should we just leave it with EPF instead.

Which would be a better option - to withdraw - settle off the debts or just ignore assuming ( since they have not made you a JD earlier , and is out of time frame to make you one at this point of time) the pro of settling is of course you have all your debts wiped clean? but less money for retirement of course.

OR 

ignore . perhaps no legal action due to time limitation act BUT you will permanently remain blacklisted 

So any thoughts which is will a better option?
0 had this question
Me Too
0 favorites
Favorite
[ share ]
4 Answers

answered on Mar 15, 2021 at 16:53
by  
Well , if my opinion , if the amount is reasonable , than should pay the debt off to clear off the black list if you still young . 

But withdrawing EPF and paying off old debt are 2 different issue . The main issue now is those debt collectors slam a huge amount and to exploit debtor which doesn't make sense . From 4k ( original amount ) to 100k , how debtors afford to pay ? 
0 found this helpful
Helpful

answered on Mar 15, 2021 at 17:48
by  
edited Mar 15, 2021 at 18:45
by   jeff005
But withdrawing EPF and paying off old debt are 2 different issue

Words of wisdom from senior citizens.. aloha..

But I would use EPF with restraints to pay off bankrupted amount (after discounts) and have the license to go back home to sell salted ducks eggs. This can apply to senior citizens with lots of moneys inside EPF or pay up to 50% of total POD (the Targeted Contributions) as in Bkcy Laws.
0 found this helpful
Helpful

answered on Mar 19, 2021 at 09:58
by  
@ jeff 005

This can apply to senior citizens with lots of moneys inside EPF or pay up to 50% of total POD (the Targeted Contributions) as in Bkcy Laws.

Not sure if the new bankruptcy law benefit the debtors or does it benefit the creditors. what is your view?

As i read some where in this forum. under the old bankruptcy law- the creditors can oppose the discharge of bankrupt status , not sure if this still applicable under the new law?

and i heard there is supposedly auto discharge after 3 years under this new rule. is it true?
0 found this helpful
Helpful

answered on Mar 19, 2021 at 11:31
by  
edited Mar 19, 2021 at 11:43
by   jeff005
Not sure if the new bankruptcy law benefit the debtors or does it benefit the creditors. what is your view?

I have commented on the following before :
1. IA 2017 Pindaan
2. The pros and cons of the COVID BILL
3. Auto Discharge as in IA 2017 Pindaan
4. Auto discharge have been clearly expressed and explicated in one of the sections.
(Example : A bankrupt have POD Total debts of RM10,000,000 - so, after 3 years the creditors will let go?) Please read IA 2017 Pindaan  ngan Teliti

sori.. i'm  not a parrot repeatingly or a lawyer on discussions and is not a walking dictionary.
If one cannot understand my previous discussions and is caught /entangled with debts issues currently, please seek the legal advises of a competent lawyer.
1 found this helpful
Helpful


You must log in to answer this question.

Not the answer you're looking for? Browse other questions by category or search to find answers.