Any sample letter to write to bank on settlement of debts (loan)?

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asked on Jan 5, 2011 at 19:10
by   BlurBlur
edited on Mar 28, 2016 at 20:05
Hi there, I would like to seek advice or help from the member here.

I have called up my Official Assignee (OA) in Jabatan Insolvensi Malaysia (JIM KL) (as you guys know, is fxxking hard to get to the Person in Charge (PIC). Even general line also no body bother to answer).

I have to write in e-mail only the OA (2nd OA handle my case) called me up.

I am trying to get info on how to settle the loan debts (Owing RM40K), and I hope can get a discount as much as possible.

So I thought Official Assignee (OA) will be the right person to negotiate with the bank. But when I talked to her, she asked me go to approach the bank and negotiate with them. When the bank comes out with a figure and we mutually agree then only the bank will write in a letter to Jabatan Insolvensi Malaysia (JIM). Is this how it goes?

Anyone can help me with the letter to settle debts and of because the appeal letter later on to further mark down the debts.

I wonder if Public Finance Bhd is around since this loan was from them since 10 years ago.
Thanks and regards.
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answered on Jul 20, 2012 at 19:16
by   SEDIH
edited Mar 28, 2016 at 21:27
Hi Pening,

I hope you still here, I would like to know how many percent that we can negotiate with bank to reduce the debt? Who should I negotiate with? Can you give me some points or tips how I should go about negotiating with them? I'm really blank now...hope you can give me some help.

Thanks is advance!
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answered on Oct 25, 2012 at 21:25
by   Pening
Hi Sedih,

You can ask up to 50%. Just use my sample letter. Good luck
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answered on Nov 16, 2012 at 21:24
by   Blurrr in debts
edited Mar 28, 2016 at 21:28
Hi Pening & Forummers..

Need your advise and guidance. My situation is I am blacklisted by CIMB bank and my debt is around 17k. I want to sent appeal letter to the bank to reduce my debt.

Does anyone have the sample of appeal letter? and how many percent that we can negotiate with bank to reduce the debt?

Please guide me..
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answered on Nov 17, 2012 at 02:48
by   guarantor
edited Mar 28, 2016 at 21:31
Mr Penning, I hope you are still responding to us, the 'unfortunates'. I thought I saw you did mention 50%. I did propose that 8 years ago through my lawyer because I am just a guarantor. It was rejected and they charge me. JIM made appointment for my first meeting this December.

Should I propose lower? I think I have paid about 20% of the total amount because every time I go abroad got to pay bond. If they agree at 50% then the balance amount is small. I have been very hostile and so far I manage my way through. To be frank life have been good for me, only problem is going overseas. But to get our name clear will be better.
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answered on May 15, 2013 at 17:29
edited Mar 28, 2016 at 21:35
I've been blacklist because being a guarantor for a friend who didn't pay his personnel financing with Bank Rakyat. The officer of Bank Rakyat didn't do anything to find this SOTB to pay his debt.

In the end they send me a lawyer letter to settle this debt. I've already ask the Agensi Kaunseling dan Pengurusan Kredit (AKPK) and they have discussed with the bank. The result is I've to pay installment for the debt which is not mine. It cost me RM20K. Please anyone could give an advice. Thanks.
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answered on Jun 26, 2014 at 09:19
by   Manjo
edited Mar 28, 2016 at 21:36
Hi Pening,

Just want to let you know the sample letter you drafted for loan settlement is very helpful to me, really appreciated. Thank you.

Manjo (Kerala, India)
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answered on Jul 10, 2014 at 22:50
by   hafilah
Hi Boleh and all forumers,

Need some advice here.
I have outstanding debts with few banks. Before this I was very scared each time I got the calls from the debt collector. I changed my phone number few times. But after I found this forum I feel better. It's not that I don't want to settle my debts. But right now I don't have money. Planning to make full settlement, or at least higher monthly installment later. Every time the agent call me, I didn't pick up, because they will ask for settlement or installment.

The problem now is, I don't know where they got my information. They went to my house and call my hubby. Eventhough they spoke nicely to him, I don't like them calling my hubby. They asked me to return call. I can do that, but how to stop them from calling my hubby? Because it seems unlikely that my hubby would change his phone number.

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answered on Jul 14, 2014 at 22:59
by   Liverpool
Hi Hafilah,
Once bank passed the uncollected debt to debts collectors, they is no way you can stop them for calling you or your relatives or even your company, unless you agreed to pay and you paid for that. Debts collectors have their way to find your number or even your family or company contact no. What they can do is keep chasing by act as lawyer, court la, JIM officer la to scare you to make you pay. But they have no right to freeze your account or house, they even cannot harass you base on debt collector act. But if they keep calling you or your family member will make us frustrated. What you or your family member can do is block their number in your handphone if you not prepare to pay yet.

If they enter your house without your permission or court order, you can log a police report cc copy to Bank Negara. Anywhere, this is not the long term solution, to avoid them keep harass you, better arrange with the bank how to make the instalment payment.

One more thing, if the bank did not take any legal action against you within 6 years, the bank will lost their right to chase the money, as 6 years is the time limit for any FI to take legal action.
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answered on Nov 22, 2014 at 17:07
by   jane doe
edited Mar 28, 2016 at 21:41
I have read with much interest on all the cases here as we too encountering the sad situation. My hubby bought a house with his ex-wife and now the bank is coming to us to settle the payment. After much negotiations, from amount of RM80k, there are asking for RM53k. FYI, the house has been auctioned and the principal to be recoup is RM36k. We tried our luck to reduce the amount but bank is adamant.

My questions are;

1. Can we still appeal for a lower amount?
2. I read one of the comments that if the bank didn't take any legal actions within 6 years, then they can't bankrupt us.

Appreciate advice. Thanks in advance
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answered on Nov 23, 2014 at 15:42
by   codetyco
edited Mar 28, 2016 at 21:45
Dear Jane Doe

You asked and my questions are:

1. Can we still appeal for a lower amount
Yes, you can try to appeal with a repayment proposal that you must follow. Normally they will ask for 30% to 50% upfront payment or whatever suitable amount (try 5K) and then a monthly commitment of say RM600 and see how it goes. At least if agreeable your balance will be less than 30K and they cannot make you a Bankrupt.

2. I read one of the comments that if the bank didn't take any legal actions within 6 years, then they can't bankrupt us.
Minimum amount for Bankruptcy is RM30K. 6 years limit is for any legal action.
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