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Debt Collection chasing me for old car loan

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asked on Oct 16, 2015 at 18:27
by   redcaffeine
I recently have started to get threatening calls from a debt collection company for CIMB(not CIMB back then), for a car loan taken in 2004. Loan was service until 2005/2006(not too sure) when I went outstation for work, several payments lapsed n car was towed away. Have not made any payment since.
Is there a expiry period for unpaid loans, as I have not had any communication with the bank since I stopped paying.
Any way I can have them stop harassing me n my guarantor? Please note that there had been no contact between the bank and me n the guarantor.
They are now threatening me n the guarantor with bankruptcy if the loan exceeds 30k after interests or inflation.
Appreciate the feedback.
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6 Answers

answered on Oct 16, 2015 at 19:33
by   vkpc
Is there a expiry period for unpaid loans, as I have not had any communication with the bank since I stopped paying.
Yes, by Limitation Act law, if the bank did not sue within 6 years from the date the car was sold, they cannot sue anymore.  ( if they try to sue, you can quote the Limitation Act and win the lawsuit )

Any way I can have them stop harassing me n my guarantor?
Can you stop an ex-gf or ex-bf from sending you letters?  Cannot right.
The best way is to hang up on them and bar their numbers.

They are now threatening me n the guarantor with bankruptcy if the loan exceeds 30k after interests or inflation.
If the threats a made via calls, sms or emails, most likely they are empty threats made by debt collectors.
Relax.
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answered on Oct 17, 2015 at 19:27
by   redcaffeine
I have another question- if I they cannot threaten me to pay and cannot sue me, are they still able to put me and my guarantor on blacklist or bankrupt list? 
Much thanks for feedback
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answered on Oct 19, 2015 at 12:14
by   redcaffeine
Is there a expiry period for unpaid loans, as I have not had any communication with the bank since I stopped paying.
Yes, by Limitation Act law, if the bank did not sue within 6 years from the date the car was sold, they cannot sue anymore. ( if they try to sue, you can quote the Limitation Act and win the lawsuit )

Referring to this, u stated if the bank did not sue within those 6 years, what if the bank did but I never responded, and no response since? I have not had myself blacklisted or declared bankrupt.

would really appreciate feedback, i'm a little nervous, but my guarantor is very unhappy
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answered on Oct 19, 2015 at 13:31
by   vkpc
if I they cannot threaten me to pay...
Anybody can threaten anybody, even if no debts.

are they still able to put me and my guarantor on blacklist or bankrupt list?
If they haven't sue, they cannot make anybody a bankrupt.

Anybody can blacklist anybody, even if no debts. 
You can also blacklist the bank by telling all your frens and relatives to boycott it.
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answered on Oct 19, 2015 at 13:34
by   vkpc
Referring to this, u stated if the bank did not sue within those 6 years, what if the bank did but I never responded, and no response since? I have not had myself blacklisted or declared bankrupt.
Try get a report from CTOS or CCRIS to see if they got sue before or not.

i'm a little nervous, but my guarantor is very unhappy
If i am your guarantor, I would also be very unhappy because you did not pay back what you promised.
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answered on Oct 19, 2015 at 14:17
by   redcaffeine
thanks vkpc, straight to the point
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