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I am a Bankrupt.... Insovency my EPF money to pay banks.

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asked on Aug 16, 2011 at 19:09
by   MDLee
I am 50.  Wanted help, to know my rights to withdraw my EPF. EPF told me to get a letter of declarations from Insovency in order for them to get my EPF withdraw process.

my problem starts here, The Insovency wants to " Interview " Fill up the forms " Q & A of my current living and wanted to take " PART " of my EPF to pay banks.

The account 2 money can't even last for 2 years for me to reach 55! Do they have "EVERY RIGHTS" to decide for us, to take our EPF life age savings ( PROTECT BY THE GOV. and EPF ) to pay banks " WITHOUT " our permitions/willingness/permmision? If we don't agree....The Insovency have any of its 'RIGHTS" not to issue the " DECLARATION LETTER" for us to apply our EPF ?

Then they are not allowing us our " ENTITLEMENT and RIGHTS of CITIZEN " to apply of our EPF....So what we can do ? Who should we refer if so to happen? Can we inform our Gov, Ministry for help as our EPF have not been protected and been guarantee.  As under Malaysia law, does not allow any " CREDITORS " to claim our EPF.....but the Insovancy claiming for them.......silently if we are force to do so.

Please HELP!!! YOUR VALUABLE ADVICES VERY MUCH APPRECIATED!!
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answered on Aug 16, 2011 at 19:15
by   vkpc
Jabatan Insolvensi cannot force you to give part of your EPF to them.
They can only ask you to agree to give it to them.

If you don't agree, they can't do anything except delay giving you the letter confirming that you are a bankrupt.
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answered on Aug 16, 2011 at 19:40
by   MDLee
Thanking you!!! I am in tears and I am a very emotional one !!! I have never expect your immediate reply!! Thank you who ever you are.....May my lord be with everyone who really in needs to be answered......

I really can't pay up the debths....I am so worried,  if they " WANTED and HAVE RIGHTS " to take from the poor us almost going to beg in streets.....but the officer told me that under Insovancy law sections bla..bla...bla.. ??? They are allow to take from us..... But I based on GOV. ASSURANCE and told them on phone that your Insovancy say this and our GOV.  ASSURED US. And even EPF Dept say " NO! no want can touch our EPF  it is our OLD AGE LIFE SAVINGS.!!! We only pay to you. Just get the letter to comfirm you are bankurpt only.....

I am so HAPPY TO HEAR FROM YOU, A VERY BIG RELIEVE ANSWER.... I will go and STAND FIRM on my EPF..... I will apply early....if they delayed me...because I already have my punishments like can't even get a job as you are age and bankrupt!!! Bankrupt are poeple have no choices to choose....no a criminal, did no wrong but due to have to move on in this streeful life..... No want wants to bankcrupt..... except GOD has mercy....

Thank you!!!
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answered on Aug 16, 2011 at 20:11
by   vkpc
Maybe you can use a certified copy of the Adjudicating Order (AO) or the Receiving Order (RO) that the creditor lawyer sent you as proof to EPF that you are a bankrupt.
If you don't have a copy, call up the bank law firm that sued you last time and ask for a copy from them.

Surely the AO or RO is sufficient confirmation to EPF that you are indeed a bankrupt.
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answered on Aug 16, 2011 at 20:51
by   MDLee
Dear Vkpc....I really don't know when I was ORDER to be BANKRUPT.... I went to AKPK for advices, The officer heard my stories and told me better to a bankrupt as I was aged and is a very huge sum to pay....Not adviceable to pay the banks as end of the day.....I don't have money for food....and I was very stress, I did not know who sued me as i have few banks come after me, I didn't attended to any courts....  I moved my house ..... i was so much of stress....until someone just told me I already a bankrupt.

The Insovency ask me to go to high court office in jala Duta, to get "  SURAT RESMI "...I think is the court order of bankruptcy status........ ask me to show the EPF at first. And I call up the EPF again, They still need the letter of decralation from Isovency to proceess.

So, I have no choice, to have the letter from Insovency as "EPF - THEIR  REQUEST"....they are the body to issue the money.... My main concern is Insovency might if they " FORCE " me to pay the banks......

I am concerned , I WANT TO KNOW MY RIGHTS to PROTECT MY EPF, and I was surprised that, why they want me to go to the high court to get the surat RESMI / Aren't they have all the court details and can comfirm striaght away our status and get the letter issue????

What your opinion VKPC ?
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answered on Aug 16, 2011 at 20:52
by   Mack
First of all do you have a bank account if yes no problem.For 50 years old you can only withdraw one third of your EPF.Go to EPF and tell them 50 years old partial withdrawal and they will bank in directly into your account and track your bank account everyday the moment money is in your bank transfer out immediately. Insolvency is not that efficient and under staff to monitor you.so many bankrupt you are only a very small one
they only monitor bigger fish.Talking through experience
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answered on Aug 16, 2011 at 21:18
by   MDLee
Dear Mack. I am a BANKRUPT> can have any A/cs...assets...etc ....I already a BANKRUPT few years ago if I am not wrong......I am a COMPLETE EMPTY PERSON....only My last breath is on my EPF.

I NEVER EXPECTED is so dificuit to apply of our own money of EPF as a BK!!! Said so EASY....We are amost a begger going to be and yet their are helping the banks to take our last supper from our bowl!!!! If I am rich, I will pay !!! but my money can't go futher to 2 years to survive!!! I was thinking that all our hard earn money EPF been protected....but now Insovency said differently....They want to "Interview" me when I go for asking for the letter....and directly told  me after their accessments of the interviews....they will decide how much they want of my EPF to pay the banks....

.Do they have "THE RIGHTS" to do all this "interviews" and get the informations and make DECISION ON MY EPF,,....without my PERMISSION??? They holding us because of the letter.

Please advice.
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answered on Aug 16, 2011 at 21:42
by   Ibrahim Ali
@ MDLee,

There are few important things to note:

(1) As u are a bankrupt, I believe all your bank accounts frozen.
U need a bank account to deposit your EPF money.

(2) If the bank where your EPF money is to be deposited and it is
also the bank you are owing debt to - be careful, the bank can
take your money to pay off the debt. There is a list of banks
under EPF panel whereby your EPF money can be deposited.

(3) Now if u want to open a bank account, you will need permission
from the Insolvency Dept to do so for EPF to bank-in the money.

(4) Now your problem is that EPF needs a letter of declaration from
the Insolvency Dept.

(5) If u have not named your beneficiary for your EPF, please do it
now. Try asking whether the withdrawal money from EPF can be issued to
your beneficiary.
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answered on Aug 16, 2011 at 21:57
by   Ibrahim Ali
The following was a post from "Worried sick" from another thread, hope this may give us more clues as to how to deal with our EPF withdrawal or is there a way to bypass it without JIM (Insolvency Dept) taking a percentage from our EPF fund (our hard-earned money which is actually for our golden age).

" Thank you for your prompt reply == my passport is due in April next year and do not intend to go back overseas/ My aim is to come home to withdraw my epf money. Another problem, JIM will hold a certain percentage (the money I owed to the banks) of my epf money -- was told (I rang up JIM) they said I will have to sign a letter to say that once l have the money from epf, I will have to pay JIM.

I also need a letter from JIM to get a letter for epf to process my application in order to get a cash warrant where I can cash out the money from the bank as my bank account has been froozen. Getting the money from epf also worries me and hope epf can allow me to get a cash warrant where I can cash the money and deposit the money into my children's accounts. Pls advise." - Worried sick.
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answered on Aug 16, 2011 at 22:12
by   MDLee
Yes!! this is what " WORRIED SICK " I am facing !!! the EPF DEPT said " No! No one will ever touch your money...we pay to you and once you got the LETTER OF DECLARATIONS we will ISSUE YOU a " MONEY ORDER" Cheque, as good as CASH to pay to your name, and you are the ONLY PERSON to receive the FULL AMOUNT!!! Bank can't take your money.

But...BUT....The Insovency want to " INTERVIEW " us and may be be agree upon to force to SIGN a letter of Promise to pay them, once we have our FULL EPF!!!! This tactics is so UNREASONABLY....Some may agreed without KNOWING our FULL CITIZEN RIGHTS>>>!!!! Lawywers Pleased help the poor here, before they take our EPF!!! for advices!!!1
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answered on Aug 16, 2011 at 22:26
by   vkpc
Go to EPF office and ask to talk to the Pengarah.
Tell them Insolvensi trying to force you to give part of your EPF money to the banks.

See whether they can accept AO or RO instead of letter from Insolvensi.
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