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Category: Financial Literacy EN

Legislate credit reference agencies

Once again we urge the government to legislate credit reference agencies (CRAs) - companies that provide credit information on individual borrowers. We had in December 1999 asked that CRAs be licensed, controlled and regulated. One of the disadvantage of non-regulation is that non-financial institutions are using CRAs as a means to collect their payments and in the process jeopardize the...
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Call for a consumer credit act

It is confusing to have different laws dealing with different types of consumer credit. Depending on the type of credit facility, it could be under the Pawnbrokers Act, or the Money Lending Act or the Banking and Financial Institutions Act or even the Hire-Purchase Act. With the uncertain economic times, it is best that consumers avoid signing up for any new credit facilities. They should not be...
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Pay only RM250 for lost or stolen card transactions

Cardholders have the right to know that whenever their lost or stolen credit cards are used by others they should (in most cases) not have to pay more than RM250. Yet oftentimes they end up paying much more. This is because Bank Negara has not informed cardholders that they do not have to pay more than RM250 for fraudulent transactions carried out using their lost or stolen cards, when they had...
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Banks overcharge by ignoring credit card guideline

This Guideline limits the liability of a cardholder to RM250 for unauthorised use of lost or stolen cards under certain conditions. For many cardholders their liability for the unauthorised use of their lost or stolen credit cards should not be more than RM250. Yet they end up paying much more than that because they are unaware of their rights under the Credit Card Guideline (the Guideline). The...
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No-fault insurance long overdue

CAP congratulates the Attorney-General Tan Sri Abdul Gani Patail for proposing that the no-fault liability scheme be implemented. Such a scheme is long overdue. We had as far back as the late 1970s and in the early 1990s, called for the introduction of some kind of no-fault motor insurance to benefit consumers. The idea behind no-fault insurance is to get accident victims compensated as quickly...
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ah-long

Getting a grip of the loan shark problems

We are all aware of the havoc Ah Longs have wrecked in the lives of the families where one of its member was unfortunate enough to have borrowed money from the Ah Longs. How many more suicides, how many borrowers have to be disowned by their families before government takes the Ah Long problem seriously? We cannot take the attitude that these people should have known better than to borrow from...
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The twin problem of loan sharks and gambling

For the compulsive gambler, gambling is an addiction and when he has a craving for it, nothing else matters.  The gambler is so consumed by his addiction t that he cannot break from it though he knows that he is hurting his family. When his money runs out he takes loans from the Ah Longs to feed his addiction. That is why even when the family has paid thousands of ringgit to get the Ah...
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Victims of the Ah Long scourge

It is nothing new to read in the papers about a house been splashed with red paint by Ah Longs or a parent tearfully and publicly disowning a son in the hope that the Ah Longs will leave the rest of the family alone. Now and then an Ah Long victim may take his own life as  it is the only way to escape.   Case I A farm manager drank weed killer after incurring a RM90,000 gaming loss as...
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Before the debt trap gets deeper…

You do not find yourself up to your neck in debts overnight. These things take time. There are signs to watch out for.  If you are experiencing any of the following symptoms below, you’ re over-extending yourself financially. It is time to do something about it.    You consistently postpone paying your bills or pay bills on rotational basis.  You begin to hear from your...
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