Proper planning necessary before applying for financial loan

by BERNAMA / graphic by TMR

Besides seeking the assistance of the Department of Insolvency and the Credit Counselling and Debt Management Agency, Malaysians facing bankruptcy action can also refer to the Malaysian Association of Borrowers and Consumers Solution (4PM) to solve their financial problems.

4PM president Rosland Mohd Arif said the association could provide counselling advice to borrowers, as well as negotiate with their money lenders, on the payment to resolve the debt.

Describing as “worrying” — bankruptcy cases involving hire purchase, credit cards, personal loan and housing loan among Malaysians, he said 4PM had managed to help solve the problems facing a number of borrowers involved.

Referring to the statistics by the Department of Insolvency, he said 294,000 Malaysians were declared bankrupts last year for failing to settle their loans and this showed there was no planning by the borrowers before applying for the loans, he said, adding that 70% of those led for bankruptcy were between the age of 35 and 45 and they made up between 18,000 and 20,000 people who were declared bankrupt in a year.

4PM, established in July 2013, is a non-governmental organisation that helps borrowers facing bankruptcy action or financial problems to resolve their problems.

Those in need of 4PM’s assistance can contact Rosland at 019-253 1000, or hotline at 1-700-818-707. They can also come to 4PM office at Suite 8.01, Level 8, Menara Binjai, No 2 Jalan Binjai, Kuala Lumpur, or No 2.92, Level 1, Wisma Central, Jalan Ampang, Kuala Lumpur. — Bernama