PDA

View Full Version : Endless Cycle of Shame?



orchipalar
15-11-2005, 11:05 PM
Err...Orchi has to mention a special thanks to PCYeoh:)...for having ONCE reminded Orchi of how we often gone thru...or gotten used to the experiences...of hearing the seemingly endless broken old tune being played by the old turntable ...caused by a broken track...on the old broken vinyl record(LP?)...:D

Ahem...is there anyone who may be willing to suggest...any better ways...to recover the debts from the IRRESPONSIBLE Malaysian Students?

1. Freeze n blacklist their passports?
2. Published their blacklisted names?
3. GET more loans to Approve MORE future grants?
4. CUT costs n DONT send them abroad...coz our Unis...are fairing better than MANY of the rest in the whole freaking world?
5. GET their parents n siblings to be GUARANTORS of the loans?
6. RESCHEDULE the loans repayment period upto 50years?
7. Proceed with the law suits n DECLARE them ALL as BANKRUPTs?

Err...what say you...fellow Malaysians?:)

LP TITLE: "Mara hires debt collectors to recover loans"

KUALA LUMPUR, Mon. - Majlis Amanah Rakyat (Mara) has sought the services of debt collecting agencies to recover study loans from recipients who graduated more than six years ago.

"We have given sufficient time but they are irresponsible and have refused to pay," Entrepreneur Development and Co-operatives Minister Datuk Mohamed Khaled Nordin said.

"We have no other option but to engage debt collecting agencies to recover our loans," he said during an Aidilfitri celebration at the Mara headquarters today.

Mohamed Khaled said Mara had been allocated RM800 million to sponsor students locally and abroad next year but it had requested another RM400 million from the Finance Ministry as the initial figure was not enough.

"We need RM1.2 billion to sponsor 20,000 new students locally and 1,000 new students overseas, not including 40,000 existing students both locally and abroad," he said.

On the medical students who refused to come back upon graduation, Mohamed Khaled said it had been Mara's policy to expose its students to working conditions overseas. - Bernama

http://www.nst.com.my/Current_News/NST/Tuesday/National/NST40777962.txt/Article/indexb_html

in
16-11-2005, 09:17 AM
They should not be able to obtain other loans eg. car loans, housing loan, credit card, etc. until it can be shown that they have been regularly paying up for their study loans.

Banks should check on their credit background first and check if they have outstanding study loans and if it is being repaid monthly. If yes, then approve their loan applications (car, housing). If they haven't been paying, then reject their applications.

kress
16-11-2005, 09:20 AM
i don't get it... why didn't the gomen ask the parents or siblings to be the guarantor BEFORE giving them the scholarship?

if the parents still don't pay then blacklist them and take back passport... you want to stay there then stay forever lor.

RJBrown
16-11-2005, 09:50 AM
Is it such a complex complicated quagmire that needs genius to decipher?
Do we need to bring out the magic potion?
Do we need to seek the knowledge of the wise old person?

Ask the Financial Institutions how they collect bad debts? (Professional)
Tips from Ah Long (as reported in national papers)? (that nasty?)
Maybe Michael Chong can be appointed Consultant!!!!!

No brainer!

Go to the AGM of the Malaysian Bar Council and set up a booth and offer to any lawyer that is willing to take the case.....whsoooouuuupppppp! All snapped up. Why? Publicity for the up-and-coming lawyers!

Then wait.............................................. .................................................. .............................. for the law (Malaysian) to take its naturallllllllllllllllllllllllllllllllllllllllllll llllllll course.

Q: Serious or Not?

pcyeoh
16-11-2005, 10:22 AM
This problem arises when many of these people treat government loans as their inheritance - in Hokkien we call it "ah kong eh lui" (grandfather's money - no need to pay back) I remember coming across a case many many years ago where the court decided against the employee's company who was suing its employee for the recovery of a car loan based on the fact that only financial institutions and other bodies such as moneylenders are licenced to offer loans. Since the company was not a financial institution, the loan offered to the employee was deemed illegal and therefore irrecoverable.

The above situation arises when such borrowers are not being monitored by Bank Negara who normally issues defaulters list to assist financial institution to gauge the credit worthiness of their applicants. What I would suggest is for the government to appoint the banks to extend the education loans and then subsidise the banks for doing so since this is what banks are good at. It can be even cheaper to do so. If it can do that for the SMEs, why not this. The borrowers will then be treated just like any borrowers and will come under the radar screen of Bank Negara as all financial institutions are obligated to supply the names of defaulters regularly to BN for distribution and you can bet that the defaulters will not be able to borrow any other loans in his life unless he settle his debts. In one's life, you need vehicle, housing or business loans or even all three. Of course there are others who need to borrow money for their haj, wedding, holidays and just reported in the papers two days ago there are still others who borrow money to celebrate festivals like open houses - gaya mesti mahu!! There is a famous Chinese saying that says, "If you do not have an anus, don't consume broklat (the famous medicine for constipation)." The same thing goes here "If you don't have the money, don't celebrate grandly."

PeterHng
16-11-2005, 10:33 AM
I agree with what PC said except thru the bank. You see, we've no real tangible record of how much loans/scholarships been given to the students on racial breakdowns. From what I read from newspaper, almost all of MARA students were bumiputras and they formed the majority of loan defaulters. I may be wrong but that's the impression I got. If they go thru banks they (Gomen) have to provide all the guidelines (direct or indirect, official or not) and that would become transparent to the world to see what's the real percentage on loan/scholarships given to any race. I'm not trying to be racial here but that's a fact of live we are living in.
I think if the Gomen wants to be serious they should nip the problem in the bud. When the students sign the loan/scholarship legal documents the Gomen can add the clause where they shall recover the loans thru direct deduction from their employers (salary), their personal accounts (without their consent, it's like NPL) etc. It looked to me like a publicity stunt at the moment, as the loans were getting too large to be ignored... my 2 sen... :mad:

orchipalar
16-11-2005, 11:02 AM
This problem arises when many of these people treat government loans as their inheritance - in Hokkien we call it "ah kong eh lui" (grandfather's money - no need to pay back) I remember coming across a case many many years ago where the court decided against the employee's company who was suing its employee for the recovery of a car loan based on the fact that only financial institutions and other bodies such as moneylenders are licenced to offer loans. Since the company was not a financial institution, the loan offered to the employee was deemed illegal and therefore irrecoverable.

The above situation arises when such borrowers are not being monitored by Bank Negara who normally issues defaulters list to assist financial institution to gauge the credit worthiness of their applicants. What I would suggest is for the government to appoint the banks to extend the education loans and then subsidise the banks for doing so since this is what banks are good at. It can be even cheaper to do so. If it can do that for the SMEs, why not this. The borrowers will then be treated just like any borrowers and will come under the radar screen of Bank Negara as all financial institutions are obligated to supply the names of defaulters regularly to BN for distribution and you can bet that the defaulters will not be able to borrow any other loans in his life unless he settle his debts. In one's life, you need vehicle, housing or business loans or even all three. Of course there are others who need to borrow money for their haj, wedding, holidays and just reported in the papers two days ago there are still others who borrow money to celebrate festivals like open houses - gaya mesti mahu!! There is a famous Chinese saying that says, "If you do not have an anus, don't consume broklat (the famous medicine for constipation)." The same thing goes here "If you don't have the money, don't celebrate grandly."
Err...dear PCYeoh:)...lets NOT FORGET...when you or Orchi or any of you here...fails in our 'obligations' to pay income tax...our beloved government would put us in jails...no?

Zimon
16-11-2005, 11:27 AM
Those who qualify for gomen loan will be issued a passport valid only for the duration of the course with a "stamp" indicating "renewable only at Malaysia Passport Office subject to...." {stating conditions}

There got to more conditions layed out before approving study loans. As it is now, it looks so simple... or do we need to learn the hard expensive way ?

CCY
16-11-2005, 11:27 AM
Err...dear PCYeoh:)...lets NOT FORGET...when you or Orchi or any of you here...fails in our 'obligations' to pay income tax...our beloved government would put us in jails...no?

I think you will not be able to fly away even if you have the wings....until you pay up....no ? .
Not heard of anyone going to jail yet for defaulting their "obligation" , I might be wrong here.

orchipalar
16-11-2005, 11:33 AM
I think you will not be able to fly away even if you have the wings....until you pay up....no ? .
Not heard of anyone going to jail yet for defaulting their "obligation" , I might be wrong here.
Err...buddy CCY:)...this has been implemented n proven to be effective...err...got dispute no fly...no pay no fly:rolleyes:

vsat
16-11-2005, 11:36 AM
I pay every month.

orchipalar
16-11-2005, 11:43 AM
"Mara hires debt collectors to recover loans"

Err...so this is allowed n approved by The Finance Ministry?...n who is the head of this ministry?

Ahem...did we miss something of importance about this...? Err...how much do the Debt Collectors...make out of any loan recovery collections...??? :confused:

Err...n who gets to appoint these debt collectors?

Would the debt collectors ever need to travel abroad to 'collect' the dues from those that never returned home after their study?...at whose expense?

Err...would the debt collectors be issued with a tag that says..."saya anti rasuah"...too?

CCY
16-11-2005, 11:43 AM
Err...buddy CCY:)...this has been implemented n proven to be effective...err...got dispute no fly...no pay no fly:rolleyes:

Why isn't these 2 effective steps taken to stem the rot. Stop them from flying n getting any more new loans....
Most will know the answers....but some, not...:eek: