How about Hong Leong Bank? Anybody know if they will give discount upon full settlement on credit card debts ?

Dear all Sifus,

I'm trying to help one relative with his Hong Leong CC debts. Here are a bit of history how he got into this situation :

- Around 1996/97 he bought an Iswara Aeroback with loan from EON Bank. So the loan come with a CC, with credit limit RM3k.

- Used the CC for few years. After that he decided to cancel the card with some unpaid balance.

- Paid the balance on/off until his last balance is around RM1.8k.

- He contacted the staff in EON Bank telling the officer he was unable to pay the balance. Funny thing is the statement from EON Bank didn't come on regular basis & after sometimes it stopped coming altogether.

- When EON Bank was taken over by Hong Leong bank, sometimes in 2010/11 he started receiving the statements again, and that time the balance on the statement was already around RM15k.

- Last year he started receiving calls from the debt collector agents and he believed his debt is around 20k or more now.

- He is now on Socso pension around RM1.3k a month and I think it is going to be difficult for him to settle his debt in full.

My question :
1) should he go to AKPK? He is already 51y.o with low income, barely enough to cover his expenses.

2) some relative are willing to pool some RM8-10k to help him with the debt. U sifus think HLB will accept 10k to clear his debt?

3) any chance for him to negotiate for lower full settlement?

Thanks.

This post has been edited by Sim On: Jun 28 2016, 12:21 PM

Hi. If u don't mind sharing, may I know how much you owe the bank? Also what kind of installment repayment u offer to them?

Coz most of the stories I heard the bank will try their best to collect the debts themselves, rather than collect it thru AKPK. Or was I wrong?