Consumers Association of Penang

Giving voice to the little people...since 1970

How hire-purchase amendments protect consumers

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The Ministry of Domestic Trade, Cooperatives and Consumer Affairs should continue to protect consumers by strictly enforcing the Hire-Purchase Act 1967 (HPA) and the recent amendments which came into effect on 15 June 2011.

Those in the motor business are complaining that their sales are down by 20-30% and they attribute it to the amendments though they also acknowledge that the amendments do protect consumers.

Mortgagees Overinsuring for Fire Insurance of Mortgaged Properties

Banks are exploiting mortgagors by taking out fire insurance on the mortgaged properties to cover the full amount of the loan which in almost all cases will be about 90% of the market value of the properties.

Market value is the combination of the cost of the land and of the building on it. Fire insurance does not cover land, but only the cost of re-building the building(s) on it.

Is Our Cyber Security Non-Existent?

The issue of the Latin American gang that hacked into some of Malaysia’s ATM’s (automated teller machines) and absconded with a little over RM 3 million is both frightening and eye-opening. It should be an indication to us that our cyber security is grossly lacking and perhaps our money and personal information are not as safe as we once thought them to be.

Abolish the Service Charge

The Consumers Association of Penang is surprised not only by the fact that our government has given in to pressure so easily and allowed the service charge to remain, but also at the reason given as to why the charge is necessary. The statement made by the secretary-general of the Domestic Trade, Cooperatives and Consumerism, Datuk Seri Alias Ahmad, is that “the basic wages in some hotels is RM350.00” and that “potential employees will shy away from working in the industry if the take home pay is too low”.


BNM MADE A U-TURN ON NO FAULT LIABILITY SCHEME

Do consumers have to pay more for their motor insurance than what they are paying now when detariffication of motor insurance starts on 1 July?  At least this is what the Consumers’ Association of Penang (CAP) understands because the General Insurance Association of Malaysia (PIAM)’s reply to its FAQ question “What % increase can I expect (CAP’s emphasis) on my motor premium” is:

“It will differ from insurer to insurer. Consumers should shop around for the motor insurance that meets their needs.”