Aiqon Capital Debt Purchase: Is it true they bought the non-performing loan from my bank?

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asked on May 4, 2012 at 17:45
by   ex credit card user
edited on Jun 11, 2016 at 03:21
Debt purchase allows clients to sell their debt portfolios directly to Aiqon Capital, which becomes the owner of the debt portfolio and seeks to recover any outstanding monies from the defaulting customer

- from Aiqon Capital website -
I got a call from Aiqon saying that I owe them because their company bought my non-performing loan (NPL) account from SC bank. So is it true because my Standard Chartered credit card NPL account now claims by them? Anybody got same case with me? I can't afford to pay as I am only paid RM500 - RM600 per month and I don't have any fix job.
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answered on May 4, 2012 at 23:40
by   vkpc
Later if another company call and say SC also sell your same debt to them, as you going to pay both companies?
Just hang up on them.
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answered on May 7, 2012 at 16:41
by   ex credit card user
edited Jun 11, 2016 at 03:26
Okay... thank you for your advice, Mr. Vkpc.
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answered on Jun 26, 2012 at 14:42
by   HonestGuy
edited Jun 11, 2016 at 03:30
Yes, my credit card's bad debt with SC Bank has also sold to this Aiqon Direct. Last time SC Bank only asked for RM11,000 if I pay monthly and if settle it with lump sum of RM6,000 only. But now this Aiqon insisting on collecting RM28,000 if by installment and lump sum of RM20,000 to settle it. Called to Bank Negara Malaysia (BNM) and Agensi Kaunseling dan Pengurusan Kredit (AKPK) both said cannot help because Aiqon Direct is not a bank. Really don't know what to do!
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answered on Jun 26, 2012 at 15:30
by   Kenchiro
edited Jun 11, 2016 at 03:48
I believe you have seen the different debt collection method between banks and this Aiqon. If the debt of public can be sold to the third party as they like to those organization that are not monetary organisation it seems our living environment is changing and the only willingness that is making this Aiqon to buy the debt is they can make pretty huge pretty profit by charging the "high" interest to the amount that you owe, sound familiar?

I guess this is the legal "Ah Long" and worst than the illegal along, as you at least know you have debt or 'hutang' with them. And it looks like because they are non-monetary organization, the Bank Negara Malaysia and AKPK have not rights and can't touch them at all. Wow... very bad situation for a normal citizen like us!

Please, JUST IGNORE THEM. As they are trying to make money from people that are facing financial problem. This is immoral just like LIKE ROBBING A HOUSE when THE HOUSE WAS ON FIRE.

However, please seek lawyer advise.
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answered on Jun 27, 2012 at 08:55
by   HonestGuy
edited Jun 11, 2016 at 03:50
Yes. For me I just ignored them for the past one year because this Aiqon just called up and said the same thing and I never listen. SC Bank also washed hand on this matter when I sent them an email complaining about it. Actually all my other three credit card debts have been cleared by me already, only this SC Bank is the only bank does this kind of stuff only.
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answered on Aug 13, 2012 at 04:09
by   scb staff
edited Jun 11, 2016 at 05:30
I don't understand, why should we be mad at them?

You can't think properly when you yourself got debt and are not making payment. As I know, what Aiqon did is legal and approved by the Bank Negara Malaysia (BNM). They are just following what banks do, in term of interest or whatever.

They are not bank so for sure they can't give much discount as the bank because the bank has diverse businesses and can generate much more profit compared to Aiqon. If you are a business owner, you also want your company to earn much profit. You blame them? They are just running their business. In business, people can buy clothes in bulk for RM10 each and sell them at RM50 each. So, what's the matter here? What do you expect? Aiqon to give you much more discount till their company also bankrupt?

Don't say Aiqon like Ah Long or even worst... did you lend money with Ah Long? You know how much interest they charge and what have they done to you? If you said like that, please go to Ah Long and settle with Aiqon.

Bank become worst because people like you who don't know to pay back the debt. Your credit card interest charge is high? Because it is necessary to discipline the credit card holder. But you never know. You just know how to borrow money from the bank and then ask much discount. If you don't want to pay high interest, borrow it from your family or friends... not from bank. If all customers set their mind that 'every debt will get discount', it will encourage more people to get into debt and don't pay. Then when the time comes, they simply ask for discount.

Remember that giving discount is not a must once you signed up. It was not stated that they will give you discount and that you can pay whenever you want. Luckily, Aiqon still tolerates with you and offer you discount for settlement and some monthly payment.

If you did stupid thing like hanging up the phone or fight with them, you are totally wrong. Remember that your debt will keep on increasing and someday you'll be declared a bankrupt.
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answered on Sep 15, 2012 at 22:50
by   Honest Guy
edited Jun 11, 2016 at 05:36
@SCB staff

It is very annoying to compare this as selling the the a bulk of cloths worth RM10 to RM50. As Bank Negara Malaysia should control and regulate all financial institutions, not helping this kind of deal behind back door.

You want to talk about business, I teach you how to do business when you promise the buyer to sell your cloths at RM10; the buyer agreed the price already then you just can't simply increase the price of item. As in my case, the debt should be at RM11,000. The Aiqon can add 10% interest per annum on top of RM11,000 start from fresh. Not insist on RM28,000 which I didn't receive a single bank statement from 2006 until now.

I welcome that you sue me bankruptcy, please do it as fast as possible.
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answered on Sep 16, 2012 at 04:25
by   Winner
edited Jun 11, 2016 at 05:38
Aiqon is just another debt collection agency. Do you think Aiqon is a fool to purchase clean loans and do the dirty work to recover non-performing loans (NPLs)? This is just an outsource company chasing debtors of SC Bank to pay up. Do you want to fork out your own money and pay the lender then do the dirty work to collect bad debts? What are the chances of recovery? Do you want to purchase the lender's RM100,000 debt then chase for payment over the years getting back RM10,000?
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answered on Oct 30, 2012 at 01:22
by   Sterntaler
edited Jun 11, 2016 at 05:46
This Aiqon Direct really ****s. I already agreed to settle all the payment as they wanted me to but due to some reason I was late by one week in making the last payment and they fined RM100 for late payment.

RM100 penalty for just a week late payment was just too much.

They said they can't close the account and send me the release letter if I don't pay the RM100 even when I talked to them nicely... but they were rude... keep on saying that it is company policy and I have to make the payment anyway. Worst then loan shark, so I started to ignore them... but they just keep on calling everyday.
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answered on May 10, 2013 at 01:54
by   Thinker
edited Jun 11, 2016 at 05:54
Before you complain, think for yourself that you are the one who owe them something. You know the reason why the economy is going down and getting more difficult to live with? Here's why... because MORE people are getting into DEBT and not paying back to financial institutions... So what's the complication? These banks LOST monetary funds and in EXCHANGE the economy will shoulder the DEBTORS problems specially those people who're not responsible in paying back what they borrowed and just keep on hiding and running away.

Think of this.. let's say I borrow money from you and you're the one to be mad while you are the one who troubles me and owe me money. Of course I need that money so I can use it for something. That's why the money that you borrowed must be repaid with interest charge.

Don't forget... DEBTS must be paid, so the whole economy rises and runs smoothly... it's a cycle to be cared for too.
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