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Was in debt, sorted out with banks, now can't service anymore

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asked on Nov 3, 2014 at 04:30
by   Anonymous
Good day all expert in debt cases.

I owe 6 banks with a total of almost 300K, I stopped paying in the beginning of 2013 and by mid 2013, letter of demands started coming in, I didn't have a fixed job at that time due to medical conditions, so I just replied all the LOD with medical reports. (I was not an OKU at that point of time, but after that I applied and got the card in March 2014).

Citibank
HSBC
SCB
HLB
OCBC
UOB

Out of the 6 banks, debt collectors continue to chase except for UOB, which I owe around 45K at that point of time, UOB proceed to file a court summon, which I didn't go to court as my answer is "Yes, I cannot pay" so why waste the money of taking a cab to go to court.

Citibank also a bit weird, on 5 August 2013, I received a letter from the lawyer with the subject Court Summon No: A ... but I didn't receive any court summon, ignored, then 21 Feb 2014, suddenly there is a sealed judgement (Penghakiman Ingkar) which cost Citibank RM600, well total still < 30k, so ignored.

Then in March 2014, I found a job which requires me to travel overseas, so I started talking to them and following are the result, the reason of me doing this is clear off the small debts and delay the bigger one.

Citibank (Credit Card) - <30k, restructuring (fixed loan) done, RM800/month
This one a bit weird, on 5 August 2013, I received a letter from the lawyer with the subject Court Summon No: A ... but I didn't receive any court summon, ignored, then 21 Feb 2014, suddenly there is a sealed judgement (Penghakiman Ingkar) which cost Citibank RM600, well total still < 30k, so ignored.

HSBC (Credit card) - <30k, restructuring done, RM300/month

SCB (Credit card + Personal loan) - around 250k, cannot afford the fixed loan about so told the officer that I just pay RM100/account (I have 5 accounts) so there are money going in hence delaying any legal action

HLB (Credit card + cash on call) - called, but they never get back to me, around 60k I think 

OCBC (Personal Loan) - at least 70k now, die die also don't want to restructure, so debt collectors kept calling, I told them I can pay RM50 but they ask me to go and pay at cash deposit machine, I told them I don't drive so if you let me do online transfer then ok, no, then later machine also cannot already, have to pay at counter, again I told them, I don't drive

UOB (Credit card + cash on call) - ah, this one very aggressive, 2 LOD from 2 different law firms which then filed 2 court summons (refer above), since I need to travel, so restructuring done, RM500/month first year, RM1000 second year, RM1600 third year, I have serviced 6 months so far.

Now, the current company is closing down, earliest end of this month, so I have not made any payment yet for November 2014.

So I am wondering, if I stop payment now, are those restructuring-already-done banks going to re-start the procedure again?

My aim is still to avoid bankruptcy as I might get another job which requires me to travel.

Thanks in advance.
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answered on Nov 3, 2014 at 05:16
by   BadMaths
You are the real expert in debt cases(incuring)
Dun see how you can avoid bankruptcy. Go overseas while you can still travel and work and come back 10years later. Hope for the new laws to discharge you. Once the summons debts is out there is no stopping for next course of actions. There is no such thing as restructing just a ploy to keep the interest mounting. Unless you can afford to pay just the interest alone, still have the principal amount to settle. My guess is before latest 3 yrs from today. The first one being citi... Good luck overseas.
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answered on Nov 3, 2014 at 16:31
by   woon
Try get a boyfriend or girlfriend to help out
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answered on Nov 3, 2014 at 17:13
by   Anonymous
@BadMaths

Those already restructured, interesting has stopped, so as far as payment is concerned, I am still up to date as at last month right?

If I stop paying this month, 3 more months only considered NPL right?

You mena they don't have to re-chase again?
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answered on Nov 3, 2014 at 17:14
by   Anonymous
I think the first one should be UOB.  Last year also 2 court summons, they engaged 2 different law firms.
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answered on Nov 3, 2014 at 17:15
by   Anonymous
@woon, you have anyone to introduce or not?
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answered on Nov 3, 2014 at 18:14
by   BadMaths
DEBT INTERESTS HAS STOPPED

You have their monthly statements to back you up?? Do your maths properly. Dont make assumptions.

Debt Judgement could have already obtained without informing you. Whether consider NPL or not is inmaterial.

UOB is not a stupid bank, perhaps the most skrewd one. How can two judgement debt be awarded for the same debt? My bet will still be citi.....

If you think at today citi is still <30k, do double check. If citi ligitation dept check on your CCRIS and found that you have been making payments to other banks and not them.. Just see what one of the biggest foreign bank would do to you.. legally..??
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answered on Nov 3, 2014 at 19:27
by   vkpc
Let's say a travelling job pays RM 6k a month and a non-travelling job pays 4k a month.
So the difference is 2k each month.

How many months would it take to settle all your debts with the extra 2k per month?
When viewed in the correct perspective, you will find that being a bankrupt the is better choice.
Of course not paying your debts will not automatically make you a bankrupt either.
Maybe you will lucky?
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answered on Nov 4, 2014 at 00:42
by   Anonymous
@badmaths

Yes I received stmt every month for those restructured banks every month.
For UOB, the 2 court summons are for different accounts, I have 4 accounts with them, 3 accounts mentioned in one court summon, another one in a separate court summon.

@vkpc, I guess I have no choice but to 'wait' for them to take action.
I read from another thread that someone actually visited all banks that he or she owed money to to let them know that he or she is not trying to run away.
Should I do that also?
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answered on Nov 4, 2014 at 00:46
by   Anonymous
@badmaths

Debt Judgement could have already obtained without informing you. Whether consider NPL or not is inmaterial.
- anywhere I can check?

@vkpc, I am an OKU with tons of medical reports, are all these of any help?
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answered on Nov 4, 2014 at 20:24
by   bunker
OKU with tons of medical reports? How could you be earning n travelling overseas?

Might as well let them bankrupt U...
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