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CC settlement

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asked on Oct 13, 2014 at 22:01
by   khan
Hi all,
I've outstanding CC 40k..last pymt if not mistaken last 6 years..
Lately received letter from bill collector to settle this CC just 15k.
I want to settle but dont have cash.
My plan to get Personnal Loan from same bank to settle the 15k...(can pay montly)

Question;
1- How to address the suggestion? direct bank or thru bill collector.

Any suggestion?

thanks
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8 Answers

answered on Oct 13, 2014 at 22:35
by   Pied Piper
Check carefully thru your own records.

They is a slight possiblity yr debt with the bank has exceeded the 6 Years Limitation Act. which mean imply that you are already debt free now. That is why this is the first time i read on a offer with so much discount. The bank has PROBABLY sold yr debt to a debt collection agency and paying to the bank has no meaning. Pay any of these 2 party any amount would reset the 6 yr Limit Act. Which means they will chase you on the 40K.
Can you remember the last payment date before you start your default. How do you know that they are the authorised bill collector for that debt. There are tens of collection agencies nowadays. Have the bank sent you a notice SAYS that collection agency has taken over your debts.?

JEFF ANTHONY
SENIOR PARTNER
AUTHORISED COLLECTION AGENCY FOR HWA CHONG BANK BHD.
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answered on Oct 14, 2014 at 13:51
by   khan
Jeff,
thanks for your reply.
First I need to look from my statement to confirm my last payment.
If exceeded the 6 Years Limitation Act. which mean imply that already debt free, meaning i’m can’t be charge bankruptcy ?
If yes, how about bill collector ? if they still chasing me?
I’m not sure if they are authorised bill collector for that debt but I’ve received mail from bank inform that this debt will be collect thru bill collector.
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answered on Oct 14, 2014 at 16:12
by   Pied Piper
@khan

U mentioned bankruptcy.. so u r worried now. Do a repost under  "Business & Consumer Bankruptcy Law". Do not address post to my ID as above.

Read thru the last 30 days postings. The answers to your problem can be obtained there.

However, additional info from you would greatly enhance your standing..
1/Any other c.cards debts, personal loans, other loans esp housing loan.?
2/At time of default, are you still staying in the same house now.? Is it your own house.?
3/Date bank send you the notification of yr debt assigned to bill collectors.?
4/Date of offer to settle the 15K from bill collector.?
5/Have you ever received a letter of demand from the bank lawyers, if yes. date?
6/Any letter from bank lawyers to attend court proceedings? Date?

Your situation is a little different from others. More season forumers can offer sharing of experiences and and/or advices in the other section.

JEFF ANTHONY
SENIOR PARTNER
AUTHORISED COLLECTION AGENCY FOR RUNNERS INC.
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answered on Oct 14, 2014 at 16:29
by   khan
I’m not clear about this statement “exceeded the 6 Years Limitation Act. which mean imply that you are already debt free now”

What actual this means?
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answered on Oct 14, 2014 at 16:35
by   khan
1/Any other c.cards debts, personal loans, other loans esp housing loan.?
Got another c.card, 2 hire purchase

2/At time of default, are you still staying in the same house now.? Is it your own house.?
No

3/Date bank send you the notification of yr debt assigned to bill collectors.?
To be confirm (around 2012)

4/Date of offer to settle the 15K from bill collector.?
Around August 2014

5/Have you ever received a letter of demand from the bank lawyers, if yes. date?
No

6/Any letter from bank lawyers to attend court proceedings? Date?
No
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answered on Oct 14, 2014 at 21:09
by   Pied Piper
Please take serious note that I am not a lawyer nor legal advisor. Just sharing of knowlege obtained from the net.

1/ 6 Years Limitation Act, in this context for credit cards debts, refers to if a Creditor Bank did not take any Legal recourse to recover the monies from the Debtor, the bank could not take further legal action to recover the debt anymore after over 6 years period. "Debt free" does not mean no more debt only refer cannot sue you Legally. But the debt collectors can still haunt you.

2/ Since you have shifted from original address, did you inform the bank? If not, you will not know if you have "been" taken to court before and probably made a Debtor Judgement in Default. (JID)

3/ What surprises me and a lot of forumers is that if you gotten a JID, rarely the bill collector would offer such a big discount and at so "early" stages.(unless you have a housing loan with the same bank).

There is  a lot of IF's. What dont you do a repost as suggested, but read thru the past 30days postings first, then you would get a better picture and more knowledge. There are more seasoned forumers who maybe be able to share other experiences. Then you would be in a better position to decide wat'sNext.

Regarding Bill Collectors.. and WSS someone posted a similar question at the other section today. Read the replies. Your query here is more appropriate at the other section.
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answered on Oct 14, 2014 at 21:30
by   khan
Many thanks for sharing. I’ll read thru the others posting to get more picture. Your reply mostly appreciate.
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answered on Aug 3, 2015 at 05:58
by   acid
where got company wanted to buy other ppl debt.. hiyah... ??
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