So is it really if not servicing the credit (aeon/singer etc) for more than 6 years, under the law it's consider as bad debt and hence they cannot charge you under the court even if you don't pay?

Lol

Basically yes. 6 years start to run from breach..ie from the date you are supposed to pay the last sum due.

However if in between any period during 6 years, any part payment made or admission made will revive the 6 years.

So if any psyment made ..the 6 years will reset from the date of payment

So any claim by 3rd party debt collectors say will proceed to court is no need to entertain?

usually financial institution will sell these debt to "legal ah long" anyway.
then u sum cry father cry mother when kena harassed by ah long.

I am not afraid harrassed by along...more afraid harrassed by lawyer kek

Lawyer won’t be able to harass you anyway because they know akta had masa

So, what they do? Outsource to those legal along, or credit recovery

The thing is, these bad loan already sold by bank to other 3rd party lenders/debt recovery at 80-90% discount.

If you have bad debt and these debt recovery people keep sending you messages and threaten you with court la, account will be blacklist la, people will visit you at your office la, your home la,

You actually have the advantage to negotiate with them, can ask for 80% discount of your bad loan, sometimes they agree for this.

This will help you remove your record in CCRIS and CToS. However for your information, usually more than 6 years debt no longer show in CCRIS, when ask those debt recovery is there a record in CCRIS, they will gelabah said it’s not important but it’s your duty and responsibility to pay your debt, then card tuhan, card manusia come out from their argument on why you should pay.

By the time your credit also koyak d

Yes..if it is beyond 6 years.

So what these debt collectors will try to do is to ask you to make a small payment like a super offer to settle and viola... limitation is revived....very sneaky.

Sounds like sneaky vs sneaky situation.

So no court action can be taken right?

Any court action claim by 3rd party debt recoverer can be ignored yes?

And if they WhatsApp me with those LOD demand letter I can even troll them back say I know the Akta had Masa and I don't need to pay you a single cent and there's nothing you can do about it?

What if they post it to social media and say I hutang tak bayar, can I use them for defamation?

This post has been edited by B0ss_ku: Nov 12 2023, 01:45 PM

Ignore and they won’t be stupid to use social media because it’s against the law

If it’s within 6 year can la, after 6, from threaten you they will beg you to pay

Wow didn't know this.
So I could just rake up $300k in credit card debts and ignore the pleas of banks for 6 years? Then become no need pay? Just curious.

6 years is if the creditor did not take any action or serve you any notice of claim. If they served you notices from time to time , I doubt this Limitation Act is applicable.

Ok this is in serious /k..

Any court action SHOULD NOT be ignored. The defence of limitation must be raised for it to apply, ie must be pleaded.

So if kena saman, must file Defence with limitation in order to get off.

If they post in Facebook saying you hutang..you tell me which part is not true? If it is true then there is no defamation correct? No defamation boss

Limitation runs from the date when the cause of action arises..not when notice is given.

Eg. I didn't pay my loan last month on due date. The bank issues a demand and terminate the loan today. The cause of action starts from today and will expire in 6 years.

It doesn't matter if between the 6 years the bank sends to me 100 demands as that will not postpone the limitation period

Question

1) is this akta applicable to kwsp kastam also? Like company didnt pay the sst or the kwsp..after 6 yrs hutang consider bad debt?

2) how about the rumah lelong. After 6 yrs, can still buy new house...get cashback then rumah lelong but then we can use the money from the cashback?

1. the akta is for loan n not for dont pay kastam tax n kwsp ...

2. actually theoretically can but only if those 3rd party debt collector dont kacau u la cos your bad loan record is wipe off ..
my friend owe cc debt more than 100k after 6 years also no problem then some more buy new car n take loan from the same bank, langsung tarak hal ..

what make you think the bank wont sue u bankruptcy during that 6 years?

Malaysia bankruptcy only RM100k. For small amounts they will just wreck your credit score, so you will find it difficult to apply for any additional loans.

What if the amount is below 100k threshold? Maybe after include compounding interest after 6 years still below 100k?

Useful thread and lots of good information. But to those that have it in them to borrow and skimp about for next 6 years, man what kind of losers are you people. I understand trying to play through loop holes but at least have some honor when going about in life.

Soon comes a thread how to commit murder but will be let go and declare innocent

Tell that to politicians who you voted for

Like langkah Sheraton

Or jump party

Don't blame us

Blame the lawmaker

i used to have an unactivated hsbc card back in 2010.
i only discovered it in 2020.

10 years of service tax accumulated in the card.
i refused to pay, emails shoot back and forth with hsbc.
in the end, they will waive it.
but hsbc block me from applying for credit card with them for life.

#ApaMaluBosku?

Kalau tak ada banyak pun, mesti mao ada sikit malu

Deposit Rm500K or Rm1m as fixed deposit

They will offer you for free even you don't want

done before.

500k in fd in hsbc, no cc because i have bad record in their system.

now i have prio banking with ambank and mbb

0.000000000000000001% malu.

Woot so sucks

doesnt matter. they would still sue you out of it.

But can they win the case?

why would they lose? lol

So after doing some research, not as easy as it seem. Your debt might be below RM 100k threshold, but your credit report is gone for good. You might have escaped the debt, but the CTOS record will be there for life. Even if you settle the debt in the future, it will remain there.

How bout if they ask a 3rd party (any td&h) to bank in to your account like Rm10 ? same right ?

cash deposit machine can see who bank in the money obviously not you. As long as below 100k, after 6 years they cannot enforce already. But cannot get loan anymore.

Why is there service tax on an unactivated card?

yeah they do.

the letter is still unopened... but there is already a charge on it.

But an unactivated card is not even in the system and cannot be used.

it is not even in my online banking... all the time i am using online banking, but there is no card listed there
because it is not activated..

Then what is the Akta masa is for?

so that loaner cannot pursue the debt after a significant of time passed due to lack of evidence and potentially lack of fairness etc on defaulter's side.
just like how income tax can only chase you up to 7years (iirc) of past history.

that's why before the statute of limitation reached, the loaner need to exercise their rights to sue defaulter as they deem fit

This post has been edited by accordvtec: Nov 16 2023, 07:49 PM