Clarification on Settlement with Bank

Recently, we have receive a number of inquiries from BUTL buyers regarding the settlement with bank.
It seems there are some misunderstanding and confuse that we would like to clarify here.

There are a few situation here:
1. BUTL buyers who have been paying the loan till present
If you belongs to this category, you should not experience any issue with bank. Moreover, you could seek for principle discount or interest waive for early settlement with bank.

2. BUTL buyers who have stopped paying the loan since the court case started but the property is still belongs to you
If you are in this category, there's risk of falling into next category where your property being sold by bank.
The CIMB offer is mainly for this category. Depends on your financial condition, the offer might be different to each other.
Some people get discount on loan principle plus interest waived by paying one off payment for settlement.
Some people get less discount but divided into few payments within a date range.
Some people get interest waived only for settlement divided into a year or so.
and of course, some people get nothing at all.
Anyway, the offer is there for you to take. Please take the initiative to share your condition with bank and see how they can help.

3. BUTL buyers who have stopped paying the loan, and the property has been sold by bank as part of legal procedure on filing bankruptcy

This is the worse scenario where your property has been forced sold by bank. You may contact the bank immediately to prevent yourself from being filed bankruptcy. The potential solution is to perform settlement with them. You have lost your property, so the best way to cut off your loss is dealing with bank. Again, please take the initiative to share your condition, you might get a good deal out of it.

Meanwhile, there will be a hearing in court in the mid September 2009 regarding the possibility to stop the banks from filing BUTL buyers bankruptcy.