DEBT COLLECTION IN MALAYSIA

The first thing you have to know about debt collection in Malaysia is that debt recovery should be done in a manner that is fair to the debtors and includes protection of privacy of borrowers during the debt recovery process.

Under the Limitation Act 1953, there is a time limit in which a creditor can take legal action against a debtor. It means companies must initiate legal claims within a certain time frame in order to return their money. After that time frame has passed, a borrower is no longer obliged to repay their debt. The time frame is 6 years from the date of providing the loan, after which companies can no longer take any action.

However, it is not necessary to wait for 6 years in order to return money from your counterparty. You can always apply to the lawyers of the collection agency to avoid a long trial and get back your finances as fast as possible. Nevertheless, the regulations for collections are rather strict.

Collection agencies should follow a big number of rules to act within the terms of local legislation because collection in Malaysia became a nationwide problem. Namely, they are: the promotion of high standards of professionalism in the industry, ensure that debt collectors adopt good debt collection practices and conduct, must not resort to intimidation or violence, should give their borrowers outbound written notice, should issue an authorization card, must ensure that customer information provided to debt collectors is clear and accurate, adhere to relevant information and secrecy provisions. Also, debt collectors agents are not allowed to use abusive language, to humiliate or intimidate debtors.

But where can you find such a company, which provides services of commercial debt recovery?

CIS DRS (CIS Debt Recovery Solutions) has a worldwide network of partners. It helps in recovering debts every single day. We provide services of amicable debt recovery in Asia and, especially, in Malaysia.

Our team practices amicable collection every single day for many years already, successfully returning millions on bank accounts of our clients. Our agency is working in B2B and focuses on credit management, amicable (pretrial) debt recovery, enforcement debt recovery, recognition, and fulfillment of court rulings.

We are fully aware of the restrictions for collection in Malaysia, and we are always ready to support you with the full services of debt collection. We not only send letters and make daily calls. Our company is aiming at a specific approach to each particular case.

We fully investigate the debtor, prepare credit reports, communicate with your counteragent using all possible means, making site visits, providing permanent reports on the results of our work, creating a specific unique workspace for our clients if necessary, and are always available for you at any time, convenient for you!

You may be sure that our main goal is to return your finances as fast as possible, saving your time, money, reputation, and your further relationships with the debtors. With us, you can literally relax and forget about the debt until you get a notification from your bank account about the remittance of funds on your account from your counteragent.

We are always glad to answer all your questions if you have any of them, so feel free to contact us. Please submit your claim through the form below.