help me

[mr_bo]

i juz receive a letter from xxx bike shop stated i need to pay 20 k if not they going to proceed with legal proceeding. i really need yer advice on what should i do. the bike had been repo mid last year:cry:

[chuan.z]

Call bike shop to negotiate lump sum payment + subsequent mthly installment. 20k debt is enough to get you bankrupted. And next they'll go after your guarantor.

Bike kena repo is too late liao, not in your favour at all.

[Nick_Lee]

i think its very hard for ppl to help u other then the motorshop... i think you have to ask yourself a few questions...

 

1)why have it repo?

2)if it was repo, means u dun have $$, dun have $$ then ride a smaller ride.

3)why didn't you try to make payments after it was repo?

4)you are the one responsible for your own actions, i suggest u speak to the motorshop.

 

sorry if i sounded like a arse... but i think ppl will ask u these questions before they feel that they can help you.

[racingter]

I personally dont think that any shop who have an good reputation would do that to a fellow biker unless due to an unknown reason/agreement that you guys had made.i would suggest the same advise that others have made before me..to speak nicely to the owner of the shop,asking for leniency,Hope that they could give you another chance.

 

 

 

* Only the shop could help you with this,Nobody could. *

[IvikaRazI]

I guess same thing applies to when buying/owning cars. Some gets into trouble in the same way. Worst off it's with the banks....

 

Always get things within your means/ability. Going over your means/ability is asking for trouble.

 

Anyway good luck to TS on his case. Hope it goes well.

[hachi]

Another I dont pay see what you can do to me.....

Agreed with some of the guys, why didn't you try to make payments after it was repo?

[mr_bo]

firstly i need an advise on what should i do, ok calling dem is one of it but i want to noe how much is the lump sum payment or can i pay by installment?

[mr_bo]

i think chuan z is the best i try to call dem tomorrow

[Nick_Lee]

i think chuan z is the best i try to call dem tomorrow

 

i think his advice is the best cos he didn't shoot u down... u already know the lump sum that u have to pay. in case you are looking for the amount that you listed... its 20k.

 

lastly, how can the bike shop believe that you will pay the amount owed in installments, when u can't even keep up with the installments in the first place?

 

i hope you have the $$ to pay them back. all 20k of it.

[violord]

i think his advice is the best cos he didn't shoot u down... u already know the lump sum that u have to pay. in case you are looking for the amount that you listed... its 20k.

 

lastly, how can the bike shop believe that you will pay the amount owed in installments, when u can't even keep up with the installments in the first place?

 

i hope you have the $$ to pay them back. all 20k of it.

 

Oh come on guys... this dude is here to ask for help. I'm sure some of us have faced financial difficulties...Let's try to help and not put him down.

 

My advise is:

Bike shops need to go through processes and applications to bankrupt you. Like what Chuan Z said, talk to them and negotiate a payment plan.

They will definitely contact the guarantor and try their luck. Bear in mind that it takes time for them to recover the $20K even after bankrupting your guarantor and you. However if they think that you are unable to follow up on the negotiated plan... They won't mind going through the hassle.... At this stage, it all depends on how fast they can recover their $$$, goodwill is out.

 

Gd luck

[chuan.z]

Just stating the fact...

 

TS, hope you have contacted the shop and negotiated a payment plan. If you cannot pay up alone, approach your guarantor and see how you both can get out of this. Like it or not, as your guarantor, he/she is LEGALLY bounded to take up your bad debts (sooner or later).

 

As a last resort, the next thing they'll do is to serve out a Letter of Demand (so called lawyer letter). If you do not meet the conditions laid out in the LOD (basically, pay back everything by a certain date), they will proceed with further legal actions.

 

The Letter of Demand is a legally binding document. It is the first step of debt recovery through the litigation process. Of course, from there onwards, all the lawyer/document fees will be added on to the amount owned.

[ricv]

Just stating the fact...

 

TS, hope you have contacted the shop and negotiated a payment plan. If you cannot pay up alone, approach your guarantor and see how you both can get out of this. Like it or not, as your guarantor, he/she is LEGALLY bounded to take up your bad debts (sooner or later).

 

As a last resort, the next thing they'll do is to serve out a Letter of Demand (so called lawyer letter). If you do not meet the conditions laid out in the LOD (basically, pay back everything by a certain date), they will proceed with further legal actions.

 

The Letter of Demand is a legally binding document. It is the first step of debt recovery through the litigation process. Of course, from there onwards, all the lawyer/document fees will be added on to the amount owned.

 

A Letter of Demand is not "a legally binding document". It is merely a letter from the lawyers stating the demands of the motorshop. However, I agree that it may indicate the start of the litigation process. Some just send Letter of Demand to show that they mean business (they may not proceed with litigation if the legal costs outweigh potential claims as not all legal costs can be recovered).

[BlackBandit]

What bike is this that it adds up to 20K (with interests and costs, I presume)?

 

TS,

I suggest you take this more seriously if presumably you were not previously. Half a year is too long to ignore the repossession.

 

Like some of the bros said, you have to negotiate with the bike shop. Even if you can pay in installments, the bike company would usually expect some form of lump sump payment upfront (usually 20-50%) as a sign of your commitment given that you do not exactly have a sparkling credit history with them. My suggestion is that you go and borrow from your family members or relatives. Thereafter, service the installments regularly.

 

As long as the outstanding amount is more than 10K, they can bankrupt you. As this is not a good position to be in. Then, take this as a lesson to be more frugal with your finances. Nobody will look down on you if you ride a cheaper bike but live within your means. But everyone will frown at the situation you're in right now.