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View Full Version : Debt Collection ala Malaysian Style



silver_bird
26-01-2006, 07:39 AM
NO ESCAPE FOR LOAN DEFAULTERS
Shahrum Sayuthi
http://www.nst.com.my/Current_News/nst/Wednesday/National/20060125082726/Article/index_html

KUANTAN, PAHANG, Tues.
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Some own two or more cars, yet they have not been paying the nominal monthly instalments on their low-cost housing loans.

Pleas and even threats have proved futile, and in some cases the defaulters believed they had the "political connections" to be exempted from making payments.

"Not any more," said Pahang Housing and Growth Centres Committee chairman Datuk Mohd Soffi Abdul Razak.

"We are fed up with these people and will take firm action, including foreclosure, if they remain stubborn.

"It does not matter whether they know this or that important person. We canít be soft on them anymore."

Soffi, met at the opening of applications for 2,000 low-cost housing units in Pandan 2 today, said some defaulters had been living in their low-cost houses for free for the past 10 years.

"They seem to have no shame whatsoever. Their loan payments only cost between RM50 and RM150 each month, yet they refuse to pay.

"As you may observe around the low-cost housing areas here, some house-owners can even afford renovations that make their houses look like mansions, complete with satellite dishes."

This problem prompted the Government to enlist private financial institutions to handle loan applications and payments for low-cost housing purchases in 2002.

Soffi said arrears on the low-cost housing loans currently stood at RM15.5 million.

"It is important that we collect the amount as it can be used for other low-cost housing projects."

He said the State Governmentís Housing Unit was considering hiring private debt collectors for the task.

"We are considering their services because some people can be quite hostile when we try to collect payment."
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Loan Defaulters staying for free for donkey years.
Can subscribe to Astro but cannot pay monthly loan of RM 50-00.
Has the Pahang Housing and Growth Centres Committee been serious
in collecting debt for the past 10 years ? What sort of Debt Collectors do we have in Malaysia ?

Malaysia Boleh !!!