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How much to settle?

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asked on Oct 8, 2010 at 14:14
by   eusoff chin
Please anybody that have gone through this. I have been made bankrupt for RM40K debt. I will be meeting the creditors soon. How much do you all think the creditors are willing to accept for me to appeal for discharge. Is RM20K reasonable or normally the creditors will play hardball. Please help. Thank you in advance
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8 Answers

answered on Oct 13, 2010 at 02:14
by   Pening
Hi,

No harm if you want to offer them RM40K. I'm already settle my debt RM12K out of RM26K with Ambank. At first let them give you the offer and after get the letter of offer, you can send them letter to appeal of offer. It's work for me. At first Ambank offer me at RM15K, then I'm send them letter of Appeal for RM10K. But the offer for RM12K. So I'm settle of everything and now in the process of discharged. If you need the sample letter of my appeal just tell me.

Good luck.
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answered on Oct 13, 2010 at 02:16
by   Pening
Hi,

No harm if you want to offer them RM40K. I'm already settle my debt RM12K out of RM26K with Ambank. At first let them give you the offer and after get the letter of offer, you can send them letter to appeal of offer. It's work for me. At first Ambank offer me at RM15K, then I'm send them letter of Appeal for RM10K. But the offer for RM12K. So I'm settle of everything and now in the process of discharged. If you need the sample letter of my appeal just tell me.

Good luck.
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answered on Oct 13, 2010 at 03:59
by   B369
Pening,

I need you appeal letter, would you post here?
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answered on Oct 13, 2010 at 04:15
by   B369
I have somthing to share, that the factsheet to deal with few banks.

Full and Final Settlement Offers

Full & Final Settlement offers
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answered on Oct 13, 2010 at 04:39
by   B369
hi,

I'm currently serve AKPK DMP RM1K per month, but can't serve any more. And next next year November will serve RM1500.

I would like to negotiate "full and final settlement offer" as I post the website link.

Pening, I need you appeal letter and how you start approach the bank. B'cos I need to settle my highest debt RM51k, 2nd abt RM30k, 3rd RM28k.
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answered on Oct 14, 2010 at 02:24
by   Pening
Hi,

This is the letter of appeal that I'm send to them and after that they offer me for RM12K as full settlement. But you have to follow up with them regularly.

Your Ref: 

18 August 2010

Ambank (M) Berhad
Retail Collection Centre
Level 32, Menara AmBank
No. 8, Jalan Yap Kwan Seng
50450 Kuala Lumpur
Attn:

Dear Madam,

DALAM PERKARA KEBANKARAPAN WILAYAH PERSEKUTUAN NO: 

I refer to the above matters.  Thank you for your letter dated 16 August 2010, in which you agreed to the full settlement figure of RM15,000.00 to discharge the debt.

Due to my current unfortunate circumstances and dire financial straits I am unable to make the proposed payment. The absolute limit of my capability of borrowings from my siblings and relatives is a sum of RM10,000.00.

That is the only sum I can afford. It is my intention to discharge this debt at the earliest possible opportunity, and therefore, I assure you of my integrity and commitment to pay you the said sum of RM10,000.00 (Ringgit Malaysia : Ten Thousand Only) within seven (7) days of receipt of your approval.

Your kind consideration and approval shall be much appreciated.

Thank you.

Yours faithfully,

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answered on Feb 3, 2018 at 13:09
by   Jacky
I have also just settled with AmBank last week! The longer it takes,the harder for the settlement!
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answered on Feb 7, 2018 at 20:44
by   Ravin
Jacky, 

Would you mind sharing, department consent for settlement. I have long pending dues and ready to negotiate for settlement, Thanks
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