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Bank demanded full settlement for 30K personal loan

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asked on Jul 24, 2015 at 19:41
by   jackal86
I made a RM30K personal loan early last year. Was paying on time when I lose my job in May. That is when I didn't pay for 4. When I started to work I continued to pay following the monthly payment.I also added the payment a bit to cover the outstanding from the previous months, to date I have an outstanding 3 months.

Ive been receiving letter from the bank demanding for full settlement since early this year. Last week I got a call from debt collector to settle the 3 month outstanding by end of this month..They told me once I settle the 3 month outstanding payment, I should write appeal letter to the bank to cancel the summon to demand for full settlement. The problem is I have not enough money to settle for 3 months. The best I can do to pay is only for 1 month 1/2. I have tried to explain my situation to the debt collector but they kept pushing me to settle for 3 months. They say no one can help on the summon but them. 

Please advise me if I continue to pay slowly every month till i settle the 3 month outstanding amount, will the bank bring me to court or fill me in for bankruptcy? Since the bank have issued letter demanding for full settlement, can I just ignore it and continue to make the monthly payment till I settle the 3 month outstanding? I have not missed a payment since started working.
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3 Answers

answered on Jul 24, 2015 at 20:21
by   jeff005
Did you receive a letter of demand from the bank or thru their lawyers? If yes, when was the letter dated?
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answered on Jul 25, 2015 at 13:33
by   Jackal
Hi thank you for the reply.

I received it from the bank early this year. They sent it to my previous office address. I've been receiving phone calls from the debt collector and ignored them. But about two weeks ago, I answered their phone and they told me to settle 3 months and to write an appeal letter to the bank. At first they gave me one week time, but when I said I can only pay end of the month. They are like "Oh!!" and told me to pay full end of the month. This kind of flexibility makes me realize that I can probably extend the full payment to another 1-2 months.
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answered on Jul 26, 2015 at 20:52
by   jeff005
@ jackal

They say no one can help on the summon but them.
The bill collectors are lying.

This kind of flexibility makes me realize that I can probably extend the full payment to another 1-2 months.
Wrong message received by you.

First have to establish the letter of demand originated from
a) The bank? (Using bank letterhead)?
b) The bank lawyers?
c) The bill collectors appointed by the bank?

Can you post/write the contents of the letter of demand (minus any names and/or IC's nos) here on this thread?
Alternatively you can jpg or PDF that letter and post it on this thread (like @ Daniel)
Or you can email to me.
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