Be ready to service debts, borrowers advised
o No extension of loan moratorium: AKPK
PETALING JAYA: Do not wait until the last moment to deal with your debts after the loan moratorium is lifted by the banks, borrowers are advised.
Those who are worried about facing financial problems should contact the agency immediately, Credit Counselling and Debt Management Agency (AKPK) head of corporate communications Mohamad Khalil Jamaldin said yesterday.
“Be prepared mentally and emotionally as there will be no extension to the bank moratorium after Sept 30,” he said.
“The public must be prepared to start servicing their debts. Plan early and don’t wait until the last minute to start servicing your debts.”
Khalil also advised borrowers to find out the latest monthly instalment after the moratorium as there may be an increase in payment.
He said borrowers should review their monthly spending and fix a budget to meet their income.
Priority should be on loan repayments, rental and utility bills, Khalil added.
“They can meet their financial obligations by avoiding unnecessary expenses such as eating out or on entertainment,” he said.
“Borrowers should also be aware of their incoming and outgoing cash. This will help in dealing with unexpected expenses.
“If they have assets that can be sold to raise funds they should consider (it now) as it will take time for them to sell their assets.”
Khalil said people should also think of ways to generate new income to cover what they have lost.
They should consider upskilling or retraining as there are many free online courses to help them increase their knowhow to get better jobs, he said.
Khalil warned the public to be wary of any scam involving investment compensation, retirement funds or job recruitment.
“It is important for everyone to be aware of their financial position so they can deal with their debts or unexpected income loss.”