I believe that you're now blacklisted in CTOS (Due to default over a year), the bank has sent you numerous reminder before that. I think you gotta wait for 6 months (from the date of settlement letter), approach to your car dealer, they will tell you which bank to go for

How do you know there's 1 on your CCRIS report? You checked from BNM before or submitted loan application to bank? Basically 1 is still ok. But I do not think that 5-7 days will be captured in the CCRIS. Anyway, you should be fine...

Oh. You got ur report printed... Great. Keep it for ur self and don ever show it to others. 1 month is ok (acceptable by all of the banks) But not 2 months consecutively for 3 times. Or appeared in >3. You will be fine in any loan application. Also, try to maintain low usage of ur cc too.

Sorry... I don really get it? What do u meant? Are u trying to say if someone is blacklisted, could that "someone" be a guarantor for car loan?

Well... the bank will check your docs as well... I meant your monthly commitment and all those, if your existing commitment is too high, the bank will reject your loan too. Most of the time - these are the reasons...
a. Insufficient income / high commitment
b. Unjustified income docs
c. Bad repayment records
d. No repayment track records (normally for those fresh grads)
e. Unfavorable property (blacklisted area due to developer/flood area)
f. and etc...

You don have to go to BNM, just ask the bank officer where u applied for the PL. Easier...
Most of the time - these are the reasons...
a. Insufficient income / high commitment
b. Unjustified income docs
c. High utilization of cc (maybe u make prompt payment every month, but used up to 80% or more of ur current limit)
e. Low basic/highly depending on comm or allowances

Could be that reason... For example, the bank is calculating all of ur commitments including minimum payment of 5% of your oustanding of cc. Ie, outstanding balance of RM10k = minimum payment of RM500. So you just do a rough calculation on your nett income (after deduction of EPF, PCB and SOCSO). Of course, other expenses like car loan. I think your overall commitment is too high. Therefore, they rejected it

Well... You're fresh in borrowing, means that you don have any borrowing records at all (for the bank to justify your repayment behaviour, good, bad or prompt paymaster) Or you have lack of income docs, for example, you do not have proper payslips whereby your salary is collected in cash method (not bank-in) Or you don have EPF deduction on your earning income Or your basic is low, highly depending on commission/allowances.

Thus, requesting a guarantor to secure the loan. Blacklisted person is not eligible to be a guarantor in this case.

Hi Powerplay77,

Since you're the sole prop of the company A, your income tax declaration of 60k = RM5k average income per month. Company B does not have any tax declaration = zero income. But you can furnish your bank statement for 6 months as well (as additional comfort to the bank only). your current commitment = RM2,400 (5% minimum payment of your current CC debt). So basically, you have a nett income of RM2,600 It's enough to service the loan. But I do not know how long you asked for the repayment term and interest rate.

You said it's a second hand car. But I'm not sure is that recon or local... Recon car will normally drag longer as supporting doc from custom and puspakom is required. So few days process is normal.... TQ

Hi Powerplay77,

So your instalment is around 958 per month. It should be ok for your HP application. If you need the car urgently, just push ur car dealer (I believe the banker was introduced by the car dealer too). TQ

cc debts that you've restructured to term loan (after negotiations with bank) / AKPK with BNM will appeared as "special attention acc" in CCRIS. Whenever you apply for loan facility, you will need to explain it to the FI. Preferably after settlement of that. Normally, the bank will asked for a settlement letter of the said debt. Appeared on CTOS when a lawyer is appointed, most of the cases (by sending lawyer's reminder for whatever outstanding debt)

Hi Busted,

Where do u get ur outstanding amount of RM4.8k? How long that you have not paying the minimum payment? It's important to know that first...

Hi,

You have to at least settle 3 months minimum payment first. Normally the bank will appoint a solicitor to handle the bad debts (when the recovery dept has tried numerous attempts to collect it). Check your latest monthly statement, it will show the minimum amount payment due for 5 months. Pay it. If you keep on delay it, all the related charges for the appointment of solicitor will be solely borne by you.

It's compounding interest method, that means the snowball will grow bigger and bigger. Opt for AKPK if you really have no choice to negotiate with the bank. They will help u to contact the bank and restructure it to term loan of 3-5 years.

Oh... So that means the bank officer called ur office as well... Sigh... Call the collection dept of MBB, try to talk to the higher ranking officer, eg senior / manager. Ask them for extension or else, you have to opt for AKPK. Normally, they will tolerate cos AKPK will bargain with them for a lower rate and settlement amount. AKPK is under the control of BNM.

Try ur luck...

Sure. Even with all the added-in charges, they will still help. But you are required to go for a counseling class organised by AKPK.

It's quite true. In fact, if you do not applied AKPK. You will still get rejected if CTOS blacklisted and summon issued. Or CCRIS payment is recorded for 3 times overdue or more...

It makes no difference. As long as you have the full settlement letter from the bank (normally after one year) they will reconsider to accept your application

Hi Simon,

Need some clear explanation from your side... Total loan of RM120k (cc alone how much, HP how much, HL how much). Normally, they will give u a few options (based on your current repayment capability) Cos they wont ask you for 5k a month to settle it within a shorter time frame...

Well... Even if you make a full settlement earlier, rebate of interest is not possible. Cos AKPK is helping you to negotiate with the bank. When you opt for AKPK service, all the miscellaneous charges/interest are lump-in.

A FI (financial institution) will file a bankruptcy action when the debt is more than 30k.

Nope. You won't get blacklisted... The card cannot be used, you need to apply a new card. If you do not activate your SA for a long time, the account will be inactive. The balance in the account will go to BNM as "unclaimed monies" after 7 years of non-active status

Principal only.

Hi Bryan,

You can please try ur luck again in Jan 2014. But not now... At least a year (from date of full settlement). FYI, you might need a guarantor for that as well since you were declared as bankruptcy before. Don apply any more as all the banks will know how many times you have submitted your application since Jan 2013.