Feb 1 2007, 02:48 PM
QUOTE(David83 @ Feb 1 2007, 12:31 PM)
Anybody read this?
Study loan defaulters to be blacklisted
KUALA BERANG: Higher education loan defaulters can forget about seeking financing for fancy cars or dream bungalows. Their names will now come under a blacklist to be supplied to banks and credit card companies.
The first batch of 1,100 defaulters, who have yet to settle their loans with the National Higher Education Loan Fund Corporation (PTPTN) over the past 10 years, will have their names listed on the database of Credit Tip Off Service Sdn Bhd (CTOS).
The remaining 37,484 errant borrowers could face the same action if they continued to ignore the letters of demand (LOD) sent by the corporation, PTPTN chairman Datuk Razali Ismail warned.
"This (blacklist) will affect one's financial credibility and the defaulter will not be able to secure any other type of loans from local banks," he told The Star yesterday.
CTOS is a private credit reference agency that provides information to financial institutions screening their clients.
Bad loans incurred by PTPTN total more than RM800mil and the corporation hoped to recover 70% through such measures, said Razali.
"These defaulters should get their priorities right. They seem to take us for granted, believing we will not initiate any punitive action."
He noted that many defaulters were already working, with some holding professional jobs. However, they still refused to settle their loans.
Razali said the corporation had been flexible and even offered to accept repayment from as low as RM50 a month but received no response when the second round of LODs were re-issued last year.
He also noted that some defaulters were willing to pay between RM500 and RM700 monthly on their car loans but were reluctant to pay a minimal amount to settle their study loans.
"They should be able to manage their finances like professionals and not test our patience," he added.
Source: The Star Online
URL: http://thestar.com.my/news/story.asp?file=...7114&sec=nation
Nothing but Nice Study loan defaulters to be blacklisted
KUALA BERANG: Higher education loan defaulters can forget about seeking financing for fancy cars or dream bungalows. Their names will now come under a blacklist to be supplied to banks and credit card companies.
The first batch of 1,100 defaulters, who have yet to settle their loans with the National Higher Education Loan Fund Corporation (PTPTN) over the past 10 years, will have their names listed on the database of Credit Tip Off Service Sdn Bhd (CTOS).
The remaining 37,484 errant borrowers could face the same action if they continued to ignore the letters of demand (LOD) sent by the corporation, PTPTN chairman Datuk Razali Ismail warned.
"This (blacklist) will affect one's financial credibility and the defaulter will not be able to secure any other type of loans from local banks," he told The Star yesterday.
CTOS is a private credit reference agency that provides information to financial institutions screening their clients.
Bad loans incurred by PTPTN total more than RM800mil and the corporation hoped to recover 70% through such measures, said Razali.
"These defaulters should get their priorities right. They seem to take us for granted, believing we will not initiate any punitive action."
He noted that many defaulters were already working, with some holding professional jobs. However, they still refused to settle their loans.
Razali said the corporation had been flexible and even offered to accept repayment from as low as RM50 a month but received no response when the second round of LODs were re-issued last year.
He also noted that some defaulters were willing to pay between RM500 and RM700 monthly on their car loans but were reluctant to pay a minimal amount to settle their study loans.
"They should be able to manage their finances like professionals and not test our patience," he added.
Source: The Star Online
URL: http://thestar.com.my/news/story.asp?file=...7114&sec=nation
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