Second Chance Program: 1MFX Financing vs MATE. Anyone tried them?

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asked on Apr 19, 2013 at 00:43
edited on Jun 24, 2016 at 05:30
Thursday April 18, 2013

Bankruptcy on the rise, says Nazri

KUALA LUMPUR: The issue of bankruptcy is on the rise in Malaysia with around 19,000 people being declared bankrupt yearly, said Minister in the Prime Minister's Department Datuk Seri Nazri Aziz.

Nazri said the Government had launched the 1Malaysia Fix Capital Xcess (1MFX) Res-Q initiative to serve as an alternative solution for bankrupts to clear their status.

This follows Prime Minister Datuk Seri Najib Tun Razak's announcement at the 63rd Umno General Assembly that the Bankruptcy Act would be reviewed to ease the burden of young working Malaysians.

Nazri said 2011 saw 19,167 Malaysians declared bankrupt, 19,575 became bankrupt in 2012 and another 4,925 as of March, he said.

Bankrupts will be given loans through the RES-Q programme and offered solutions to route them out of bankruptcy.

Among the conditions are that applicants must be Malaysian citizens aged 18 and above, be employed and in no more than RM1mil of debt.

1Malaysia Fix Capital Xcess (1MFX) Website:
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answered on Apr 19, 2013 at 01:38
edited Jun 22, 2016 at 07:01
There might be fee charges of 3-5% of the total outstanding sum. There could be a minimum fee of RM1,000. Are we also going paying Jabatan Insolvensi Malaysia (JIM) fees of 5%+7%, about 12% - or is this a privatised JIM?
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answered on Apr 19, 2013 at 01:48
edited Jun 22, 2016 at 07:02
I will send in my enquiries to them and keep you all update...
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answered on Apr 19, 2013 at 01:52
edited Jun 22, 2016 at 07:05
Question is if they provide us a loan for settlement, will it have to go through Jabatan Insolvensi Malaysia (JIM) also? Or will it be a different entity. And after that settlement will we be able to get discharge immediately and from whom will we get it, JIM, lawyer, or 1MFX. I doubt it will be that easy but nevertheless it is an option for us. Please share your thoughts.
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answered on Apr 19, 2013 at 02:41
edited Jun 22, 2016 at 07:08
Criteria to qualify for this program?

• You are a Malaysian aged 18 and above exposed to debts and bankruptcy actions;
• Your bankruptcy status is above or below 5 years;
• Your maximum value of debts does not exceed 1 million ringgit;
• You are self-employed or employed with an income and able to service 1MFX financing prudently;
• You are agreeable to 1MFX legal arrangement with:
       - No pending warrant of arrest
       - No pending prosecution act
       - No complaint under investigation
       - No offences committed under bankruptcy act
       - Timely submission of 1MFX statement of affairs.


I just completed my application form and paid RM15 via internet despite my first appointment with Jabatan Insolvensi Malaysia (JIM) on 14 May 2013 yet to "First Creditors Meeting". Maybe I am the first to submit application.

Hope there is a plan for me before election.
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answered on Apr 19, 2013 at 03:36
edited Jun 22, 2016 at 07:11
Please keep us posted of the conditions and also the fees charged by 1MFX and what about Jabatan Insolvensi Malaysia (JIM) fees.

Have you contacted the bank for a reduction of the total outstanding sum? Try it you never know... you might get about 20% reduction maybe even more... only then contact 1MFX and JIM because ultimately the bank is the main stumbling block.

Anyway congrats on your application. May God Bless You and me and all the rest of us and solve all our financial problems.
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answered on Apr 19, 2013 at 04:26
edited Jun 22, 2016 at 07:12
Just sent mine (the enquiry form). Yet to receive the application form.
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answered on Apr 19, 2013 at 07:13
edited Jun 22, 2016 at 07:17
For those who have knowledge on law or lawyer can please share your thoughts on the following terms from the 1MFX application. As I don't really understand items 2, 5, and 6.

Does it mean they will verify with families members, spouse, etc. item 5 and to disclose to anyone on item 6?

To those have gone through JIM application form fill or first meet, is it the same as this?

1. I/We declare that the information furnished in this form are completely true and accurate and I/we have not with hold any information which may prejudice my/our financing.

2. I/We hereby authorize you or your representative to obtain information relating to this application from any source.

3. You shall reserve the right to reject my financing application at your sole discretion without any reason whatsoever.

4. I/We shall comply with the 1MFX's requirements in respect of my/our financing application and understand that the 1MFX's offer of the financing shall be subject to the 1MFX performing any necessary verification.

5. I/We confirm that 1MFX is authorised to verify and/or make any checks and/or obtain any information and/or confirmation, with or from any credit reference agencies, including but not limited to CCRIS, FIS and/or any other agencies and/or from any financial institution, on me/us and/or any other person, individual and/or entity as1MFX may deem fit, for any purposes which 1MFX deems fit.

6. I/We hereby agree and authorise 1MFX to disclose to any person(s) in or outside.

7. In accordance with 1MFX's privacy policy, your details shall remain confidential with 1MFX and will not be used for any other purposes or shared with any other 3rd party.
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answered on Apr 19, 2013 at 14:32
edited Jun 22, 2016 at 07:41

I think I have posted the main condition above. Its only stated we need to pay fee RM15.00. Of course, there will be interest if you get further loan from them.

As for JIM fee... I feel it is separate issue. If you get a copy of Bankruptcy Act from a bookstore, there is a complex calculation on JIM fee which starts from 7%, not straight 12%.

I have try to negotiate with the bank many times, 10 to 12 years ago. I was willing to pay full amount without any reduction if by installment but bank insisted one-off full payment. The impression was they don't border to negotiated or they did not have authority to negotiate and the department full time job is to insult people when they call. What an easy job! Get full time salary to insult people. At one point, when I got a fat bonus from my employer, the bank just called up and they agreed on payment of 70% interest and the balance plus interest via installment. However, when I issue two separate cheques for 2 different credit cards, the bank changed mind and requested me to bring back the cheques and consider issuing a bigger amount. However, I have a big crash with my new general manager in my company and resigned from my job. Thus, I have to keep all the money later when I become jobless.

I don't border to take their call after that. If they call up, I just went straight to the point to tell them I do not have lump sum full payment and ask them whether they able to accept installment. They get full time salary calling you but you do not have time to repeat what they said which you have heard many times. If they said they can't accept installment and want full payment. I just told them  I haven't save enough and just end the call. I also never entertain requests to go to their office as have been called many times. Even if you have issued a cheque, when you go to their office, the first few minutes will be insult or even scolding and reasoned that you have default their payment. Then, they don't care if the negotiation bear fruit or not and they can ask you to bring back your cheque after you took a day off or leave and went all the way to their office.

However, I owe 3 financial institution: Bank A, Bank B and charge card.

It is Collection Department of Bank B that's most aggressive and I dislike them. However, it is Bank A that made me a bankrupt now. I have bought William Chan's book. I might used technique of William Chan's book to continue fight my case in court if it is Bank B. However, I feel it is better to work my way out of bankruptcy like written in Jerome Tan's book if it is bank A. Jerome Tan voluntarily declared himself bankrupt to avoid those monkeys. I have check that if you voluntarily declare yourself a bankrupt, you have to pay Jabatan Insolvensi Malaysia (JIM) RM1,500 just to avoid those monkeys.

Now, I do not required to pay RM1,500 to JIM. Why not? Why still want to fight my case if it only can prolong it but cannot settle it. Jerome Tan able to discharge after 3 and half years despite paying off his debts after another 6 years.

I did some research and found that Soh Chee Wen was able to negotiate with bank to reduce his debt from RM1 million to RM100,000. This means he paid 10% only. But, he owed 7 figures to bank. Bank might not entertain us if we owe 5 figures. Furthermore, that was in 1984-85 and my case in 1997-98 during Asian financial crisis.

Another person who successfully fought bankruptcy is Tan Sri Yap Yong Seong or Duta Yap of DutaLand and Olympia. In fact, either Duta Land or Olympia still in Scheme of Arrangement with creditors. In fact, I want to contact one of Director of Duta Land Hazli bin Ibrahim. He has a consultant company, Haz-iq Capital Sdn Bhd who might advise Tan Sri Yap Yong Seong to draft all scheme of arrangement to present on "First Creditor Meeting". However, there is a blog post stating that he is powerful and have connection with police and I am a bit afraid my company would be swallowed by him.

Thus, I have no choice to try 1MFX to see whether they wiling to help to draft a scheme of arrangement of present on "First Creditor Meeting". Hope they will accept a person even before First Meeting to JIM and yet to present scheme of arrangement on "First Creditors Meeting". Jerome Tan is Singaporean. Hope a Malaysian will also be able to be discharged in less than 3 and half years.

1MFX directors are all from Cartrade Sdn Bhd.
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answered on Apr 19, 2013 at 19:29
Now have to pay double. 12% to JIM and 12% to 1MFX.
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answered on Apr 19, 2013 at 22:35
edited Jun 22, 2016 at 07:46
12%. I was told is 3% plus BLR which is about 9.3% for 7-9 years and more will require a guarantor something like but how far is true we still need confirmation from those who have applied, also not to forget the lawyer fees about RM3,000.

My personal view is even if they can negotiate the amount with the banks say to RM200,000 total we still need to serve RM3,000 monthly without fail and if that person did not earn that much will definitely not qualify.

To those have accounting knowledge or even laws, can someone please give your opinions on this. Is it a good deal?

Can I know who these Cartrade Sdn Bhd people are? Investor, financier, license money lender? Sorry, I am not familiar with corporate world. Really don't want to end up like Ah Long kind of style if default in payment as already implicated much to our families already being bankrupt.

I understand we need to get a statement of affair or account from Jabatan Insolvensi Malaysia (JIM) but the problem with my case is that the Official Assignee (OA) has not even reply my first appointment request since end January. Is it normal? How can I obtain that statement? Will they give it to me if I go up to the office and ask?
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