Siblings' House Auctioned Off Over Outstanding Debt of RM1,100
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A man whose house was auctioned off by a bank over a RM1,100 loan, received only RM81,223 after his former property was sold for RM106,000.
"Finally, after months of waiting we received the money, and even then it was not the RM90,000 that was initially said would be given" said Kum Yoke who told the media on Tuesday (19 September). He co-owns the house with his two sisters, one of which is Kum Loy.
Their apartment at Seksyen 4 in Kinrara, Puchong was sold in December 2016 and the unnamed lender pledged to give them RM90,000 from the sale within three months. However, payment was late by about five months as it was only made on 30 August and the amount refunded was only RM81,223, less than the promised figure by RM8,777.
According to the bank, they deducted the auction fees and other related expenses, as well as penalties from the proceeds of the sale. But it's still unclear how the deductions reached a whopping RM23,677 for a RM1,100 loan that was unpaid for three months.
Moreover, the siblings alleged that the lender repossessed their property without duly informing them, as they only knew about it after the person who bought their home appeared and ordered them to move out last December.
"They (bank) showed the Pos Laju receipt that was allegedly signed by their brother, but their brother had been out on that date and neither was it his handwriting on it" claimed Kinrara assemblyman Ng Sze Han who is helping the siblings.
He also said that there is something fishy with the receipts, "Why would the postman require that many signatures if the letter was delivered?â€
However, Ng revealed that the siblings decided not to file a case against the lender due to financial concerns and the lengthy process involved.
"The legal fees and the long wait is not something they are keen on going through as they would need to take on a bank.â€