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Bank loan of Rm210k

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asked on Aug 26, 2014 at 18:42
by   k3ln1c
Hi there,
I would like some advised on my case. I have a total debt from 6 banks which is owing to a amount of Rm210k. When to AKPK for help but they said that my monthly salary is too low for them to take my case. They suggest that i go bankrupt. Can anyone please advised on this matter.Thanks alot.
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answered on Aug 26, 2014 at 19:16
by   vkpc
AKPK is giving you good advice.
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answered on Aug 26, 2014 at 19:22
by   bunker
Need to know your age, job, family, income, assets?
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answered on Aug 26, 2014 at 19:31
by   k3ln1c
Dear Bunker,
Im 33yrs old and married with 2 kids and working as a supervisor in a retail. I do not have any assets coz all is under my wife name.
I have just purchased William Chan book just now but would really need some advised on my case.I used to have a high salary when i was in KL but once i moved to KB my salary was peanuts. Ended up maxing out my cards for the my monthly expenses.
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answered on Aug 26, 2014 at 19:56
by   bunker
A very tough case. Bankruptcy is a very good option as advised by AKPK n vkpc. You hv the option to choose whether to sacrifice your assets if they can prevent U from bankruptcy. Still got time to think over. Average debt per bank assuming 35k will accumulate fast to over 40k.  Your debt will go higher. Your salary of a few k is not enough to put you  thru . You are still young n looking ahead you need to face bankruptcy being a very good way out.
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answered on Aug 26, 2014 at 20:04
by   k3ln1c
Dear bunker & vkpc,

if i were to declare bankruptcy? What do i have to do or just wait for it to come? and how much much i pay back to the banks every month once im a bankruptcy? Thank you very much for your time and advised on my matters.Really appreciate it alot.
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answered on Aug 26, 2014 at 20:23
by   bunker
Just let banks institute legal actions. You hv no payments. Debt collectors come calling. It may take years if banks decide on your case. Have you received any letters of demand? Did you make any repayments for past 6 months? Is your wife's asset (car,house/flat)under loan?
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answered on Aug 26, 2014 at 20:47
by   k3ln1c
Dear Bunker,
I did receive 2 letter from GOh & Partners and also numerous calls from the collection department and all i said to them is that im now in a position which i cant make any more payment and im just waiting to go to court.I did not pay 4 banks for more then 6 months. My wife assets was given to her by her mom and she does not have any loan under her name.Just received a call from HLBB and i told them that im just waiting for my court case and she replied to me that she will see that i get my court case letter. Really dont know what to expect and do now as my mind is totally blanked and hopeless.
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answered on Aug 26, 2014 at 21:10
by   bunker
Banks has only legal recourse to recover the loans. Meantime, you hv to bear with debt collectors n lawyers' letters. Are U prepared for bankruptcy? Keep money in wife's account.
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answered on Aug 26, 2014 at 23:34
by   bladerunner
Debt Amount too high compare to yr income,

Option 1.. (wait for bank to bankrupt you)

1/ Bank will issue letter of demand. Meanwhile bank will charge you 18% COMPOUND interest + late payment ($50/mth) +other charges.
2/ Next step, accumulate more and more interest
3/ File for recovery of debts, must be done before 6 yrs from date of default payment (i.e. last payment made to bank). File summons to you in court. You must attend the court mention and hearing dates (note: u dont need a lawyer). If you dont, they will get a JUDGEMENT AMOUNT IN DEFAULT + Hight interest rate. Nego for low rates, maybe 6% p/a.

Still cant get payments from you, next course of action file for bankruptcy

4/ File for bankruptcy proceedings. Note that they may not file immediately ( they have 12 years period from date of JUDGEMENT AMOUNT. Depending on when they file, the amount would be (Judgement amount + accrued interest) If they file after 7 yrs, the court will only approved accrued interest up to 6yrs only.
5/ If the bank do not file for bankruptcy after 12 years, u r debt free..

Option 2

1/ Make self application for bankruptcy. Pay RM1,500 to DGI to effect the proceedings.

PRO
lOCK ON THE BANKRUPTCY AMOUNT SO AS NOT SNOWBALL COMPOUND AND ACCRUED INTEREST, legal fees , other charges..

CONS
Pls google..

2/ After 5 yrs if you save enough, try to clear the bankruptcy status. Who knows u may strike big..
3/ Meantime, They will deduct part of your salary monthly to pay the creditors. Nego higher amount for living expenses for yrself and family and, if any, dependants also.

Do the maths yrself and decide the best course of action based on your ability. You are too young to "run"..
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answered on Aug 27, 2014 at 00:02
by   Bladerunner
Sori, typo error,

Shd be..

If they file after 7 yrs, the court will only approved Judgement amount plus accrued interest up to 6yrs only.

NOTE:- all the above information i have got and read from the net. Please do not assume that it is 100% accurate.
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