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 Breaking* BNM say no need to pay loans, for 6 months

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wild_card_my
post Mar 24 2020, 09:56 PM

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QUOTE(Starbucki @ Mar 24 2020, 09:48 PM)
6 months still charge interest or not?
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Yes still. interest will be accrued from what I was made to understand. While you do not need to pay them in the next 6 months, you will still end up paying them, albeit in the future

This move is made to protect people's cashflow since many are not making much, if any income

QUOTE(smallcrab @ Mar 24 2020, 09:55 PM)
ini satu lagi buta huruf
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As per my explanation above, that was actually a valid question. Just because you do not need to pay the principal and interest, doesn't mean that the bank would eat the loss. The bank would just consider this a deferred revenue for them which they will collect (likely with interest on top of it) in the future (6 months from April)



This post has been edited by wild_card_my: Mar 24 2020, 09:58 PM
wild_card_my
post Mar 24 2020, 10:00 PM

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QUOTE(Emily Ratajkowski @ Mar 24 2020, 09:58 PM)
dei... you all tak baca ke...

the bolded part say moratorium on all loan/financing repayments/payments, principal and interest
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Moratorium is just a cease of activity which can be resume, interest will be accrued, and you will have to pay them in the future. the banks will not eat this loss. You don't pay, the bank will still repossess your collaterals, or black list you, or sue you to bankruptcy, or ALL OF THE ABOVE
wild_card_my
post Mar 24 2020, 10:05 PM

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QUOTE(koja6049 @ Mar 24 2020, 10:01 PM)
interest on top of interest, thanks but no thanks biggrin.gif
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Just likely. Dont take my words as gospel.

But if it is a deferment without interests on the accrued interest, please take this everyone. This is a gift. Use the money to buy these banks' shares laugh.gif
wild_card_my
post Mar 24 2020, 10:11 PM

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QUOTE(BluePants @ Mar 24 2020, 10:08 PM)
Loyar buruk... that's wrong info.
Cannot trust your financial advise anymore...
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As mentioned above, we are just discussing here. Official calculation will be determined by the respective banks. Not like I need someone like you to trust me. I can afford to choose my customers and I wouldn't want be responsible to a brick
wild_card_my
post Mar 24 2020, 10:13 PM

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QUOTE(uamcy @ Mar 24 2020, 10:09 PM)
Yea, dont think it will be accrued.
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I think it will. Banks will not eat up the losses as they still need to lay their depositors (fd) and other borrowers
wild_card_my
post Mar 24 2020, 10:20 PM

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QUOTE(RO Player @ Mar 24 2020, 10:17 PM)
https://www.thestar.com.my/business/busines...-for-six-months
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Based on the leak, at 13% rate. You can already do this anytime
wild_card_my
post Mar 24 2020, 10:33 PM

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QUOTE(boyslikeboys @ Mar 24 2020, 10:19 PM)
Hello -  grant an automatic moratorium on all loan/financing repayments/payments, principal and interest
It says principal and interest
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Moratorium on the repayment (of principal and interest). No mention on the moratorium on the accrual (of interest)

Hello. You guys need to get your accounting and financing vocabs up to pace. I don't mean to say "i do this for a living so I must be right" but you need to equip yourself with the right knowledge before engaging in a discussion. Otherwise the discussion will end up being nothing more than a screaming match (to see who can write more)

And if you don't have the capacity to understand the subject matter, it is not wrong to just ask or simply listen/read, instead of replying for the sake of it. Please jangan jadi bodoh sombong. Be humble a bit la.
wild_card_my
post Mar 24 2020, 10:38 PM

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No mention of non-accrual of interests. Only moratorium on the installment payment. i would love to be proven wrong, and I can accept new facts, as long as they are presented in good light

This post has been edited by wild_card_my: Mar 24 2020, 10:39 PM
wild_card_my
post Mar 24 2020, 10:40 PM

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QUOTE(boyslikeboys @ Mar 24 2020, 10:38 PM)
Wow just wow. Delusional at its finest.

Btw I do this for a living too? You’re just an insurance agent it seems so hows accounting your day to day language? Debit credit?

What a joke
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hey bro, I am happy to be proven wrong, and I am open to accept new information as long as they are backed with facts presented in good light.
wild_card_my
post Mar 24 2020, 10:43 PM

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QUOTE(boyslikeboys @ Mar 24 2020, 10:42 PM)
Before u start barking you are from accounting and finance background , I simply shared that there was no mention of any accrued interest etc. It was blanket all payments and interest and you went on being full retard.
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Ok lah everyone here went full retard.
wild_card_my
post Mar 25 2020, 12:26 AM

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QUOTE(Liamness @ Mar 25 2020, 12:01 AM)
You are wrong.. let's take car finance for instance..

Your payment schedule and interest is already locked. I.e. the interest is a fixed amount. Even if you paid off earlier, you will still be charged the same amount of interest as somebody who settled your car loan at the end of tenure.
So your theory of accrued interest during moratorium is impossible for car loans at least..
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Car loans are simple interest, but there are still ways to penalize borrowers that default their payments. The banks can always accumulate the non-payment and apply interest on them (i.e. interest on the interest). This is easy, usually used for defaulters.

Also you are the one who is wrong about the interest calculation for early settlement. There is this thing called rebate. Whatever interest payable that has not been paid would be rebated upon early settlement. There are calculators to calculate actual outstanding of your hire purchase, find it

As for reducing balance more commonly used for mortgages, asbf, it is also easy to accrue the interest. Interest for these loans are charged on a daily basis, just accumulate the interest accrued each day for the number of days until you make a loan repayment (which reduces your loan balance)

Any of these ways are possible but we don't know yet what the banks will decide. I doubt they will agree to absorb the cost though, the money they lend to their customers are borrowed too and they are charged interest on these funds as well
wild_card_my
post Mar 25 2020, 12:07 PM

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QUOTE(Liamness @ Mar 25 2020, 01:04 AM)
Sigh.. A rebate is a rebate.

That is totally different from saying that the hire purchase interest will increase or reduce due to the suspension of loan payments..

You cant suddenly accrue more intetest on your car loan. It's not possible when your payment schedule and interest is fixed from start to finish.. now, at the end of the tenure, the bank may give you a discount for early settlement or a penalty for being late. But again, that is totally different from scenario like this where you are lawfully allowed to suspend your loan for 6 months.  Your payment schedule and interest is still fixed.. the only thing that has changed is the end date. That's all..

And your example of accrued interest still doesnt work for car or even personal loans where the interest isn't based on days but rather on your payment schedule. I.e. 60 monthly payments of X amount until the end of Y date.. the interest has already been precalculated and built in..

Hence, the banks cannot charge you interest whilst your loan ia being suspended. It's pretty clear to me on this rule. And my example of how would you charge interest on predetermined or fixed loans such as hire purchase is one of the compelling reasons why the banks won't charge interest on any loan suspension. Including your house loan. They have got to be fair and apply all equal rules across the board.. so if they can't do it for one type of loan, means they should be consisrent and not apply additional interest across the board..

At least that's my logic to this.
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Your logic doesn't apply. i don't want to say it, but it turns out that I am right and you are wrong. Now please respect each other, we are just discussing. I am not asking for your apology, but stoip being such a tightass about this whole thing.

Source: https://www.bnm.gov.my/documents/2020/FAQs_...%20Measures.pdf

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wild_card_my
post Mar 25 2020, 12:57 PM

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QUOTE(SuperGampang @ Mar 25 2020, 12:55 PM)
Arrears tu maksudnya apa?
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Lambat bayar.. if the last time you paid the loan was december 2019, by now you should have "3 months in arrears"
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