View Single Post
Old 05-10-2018, 06:50 PM   #4892
Aion99
Member
 
Join Date: Sep 2018
Posts: 329
Will personally not recommend to ignore as this will result to more problems. Suggest you just go storm down their office and work a repayment plan with them. If they don't barge, find an organisation to negotiate on behalf.

As you owe LML is an legal contract, you cannot avoid paying up one. Eventually even at bad debt status, you still technically owe them money and they can claim it from you still within the given timeframe.

Hence, negotiating with them or get organisation to negotiate on behalf works best as they get what they want and you get what you want. (They just want their money back.)
What kind of problems will occur if we ignore the LML? Other than the loan interest and late charges continue to run? After 6 months become bad debts, not sure what will happened to the loans? Interest and late charges continue to run forever? Cannot be right?

Although they can still claim from us, but if the amount is small usually they are unlikely to engage lawyer to sue? Even if they engage lawyer to issue writ of summons, the costs for them will be high, and unlikely to get back the money? Hence not worth for them to pursue further?
Aion99 is offline