A Tiny Slap on the Wrist
Why are the loan defaulters being treatedwith kid gloves? These people have finished their courses and some are probably doing very well in their careers. It is a shame that Malaysians have been given the message that not repaying loans is cool by the long inaction of the authorities.
The Star reported that a Special Loans Recovery Unit is going after them with the use of loan recovery agents who charge at least 25%(?) for their services.
To me a more effective way to recover these loans is to:
1. Take the money out of their EPF accounts
2. Start bankruptcy proceedings against them or their guarantors
I am sure with the 90% plus majority in Parliament, such laws can be easily passed.
posted by H J Angus @ 11:25 am
2 Comments:
Why tickle the defaulters....why bar them from going overseas? If they're to borrow the money, they've got no money of their own to go overseas...plain simple, but some ppl are being too gentle.
I'll say, do it with the full extend of the law that will put fear on loan borrowers. If we borrow from the bank...the moment we can't pay...they'll go after us with knifes and guns.
I'll say act in a firm and decisive manner. It is the tax payers money. Guess who are the majority of the loan defaulters? Some stats pls. Cheers!
Doesn't matter who these people are - they are just plain irresponsible if they can pay but just refuse to do so.
And the government should have done more to safeguard taxpayers' monies.
They should also go after these studying overseas and then refuse to come home to serve their bonds.
It is really so easy - just refuse to renew their passports but tell them to return home or else.
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