The remaining moratorium or loan repayment period to help individuals, small and medium-sized enterprises facing financial constraints following the outbreak of the COVID-19 is only about three months away.
However, are borrowers ready to face the post moratorium financial challenges after Sept 30 when they have to pay back their debts as usual, or are hoping that the financial institutions will further extend the moratorium?
Credit Counselling and Debt Management Agency (AKPK) general manager (Operations Division), Nor Fazleen Zakaria said, borrowers need to understand that the moratorium is only given by the government as a 'breathing space' in light of the unprecedented situation, following the implementation of the Movement Control Order (MCO).
With the moratorium to expire soon, she said borrowers need to start planning their finances as early as from now.
"No need to wait until last minute, even though the instalment repayments will only resume in October. By planning early means that they need to look at their finances, whether they will be able to recommence their repayments in October after the moratorium ends," she said when contacted by Bernama.
For borrowers who feel they are unable to pay their monthly instalments, she said, the first thing they need to do is to consult with their respective financial Institutions on the possibility of rescheduling or restructuring the loan repayments.
"Financial institutions as lenders, they want their borrowers to pay back the loans but if the borrowers are unable to pay, they need to contact their financial institutions and tell them their problems.
“As a responsible borrower, you can seek advice from the respective financial institutions as they can look into considering to reschedule or restructure your loans," she said.
However, consumers can also seek advice from AKPK through its holistic Debt Management Programme (DMP) which aims to assist borrowers to regain control of their finances.
"Through AKPK’s DMP, our counselors will work with you to develop a personalised debt repayment plan in consultation with your financial Institutions. Our DMP services are offered free for individuals.
"Remember to contact the financial institutions for information on the latest monthly installments to be paid after the moratorium expires. There may be a change in monthly loan repayments," she said.
Nor Fazleen also said, reviewing the post moratorium monthly budget is important to ensure borrowers are able to repay the debt after the moratorium expires.
Borrowers should prioritise important expenses such as debt payments, bills and rental payment, and to avoid unnecessary expenses, she added.
On March 25, Prime Minister, Tan Sri Muhyiddin Yassin announced a six-month moratorium, conversion of credit card balance to term loans and restructuring of corporate loans in an initiative estimated to be worth at least RM100 billion.
AKPK is an agency wholly owned by Bank Negara Malaysia set up in April 2006 to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit facilities.
Since its inception in 2006 until May 2020, over one million individuals have attended AKPK’s counselling services and from that, approx 330,000 participants have enrolled into AKPK's DMP.
Nor Fazleen said, 27,091 debt cases had exited from the DMP, with total outstanding of RM1,184.4 million.
Those interested to know the latest tips on prudent financial management and learning online financial management can visit the website power.akpk.org.my or AKPK’s official Facebook page, Twitter and Instagram.
Bernama
Sun Jul 12 2020
If the borrowers are unable to pay, they need to contact their financial institutions and tell them their problems.
Berita tempatan pilihan sepanjang hari ini
Berikut adalah berita yang paling menjadi tumpuan sepanjang Jumaat, 26 April 2024.
Berita antarabangsa pilihan sepanjang hari ini
Antara pelbagai berita luar negara yang disiarkan di Astro AWANI, berikut adalah yang paling menjadi tumpuan sepanjang hari ini.
Imigresen Perak gempur 9 premis, tahan 38 pendatang tanpa izin
Jabatan Imigresen Malaysia (JIM) Perak menahan 38 warga asing dalam serbuan ke atas sembilan premis perniagaan di sekitar daerah Kinta dan Batang Padang semalam.
Jangan kecam, politikkan penganjuran Jejak Harmoni - Aaron
Kementerian Perpaduan Negara (KPN) berharap penganjuran program Jejak Harmoni yang menyantuni pemimpin agama dan penganut di rumah-rumah ibadat di negara ini tidak dikecam atau dipolitikkan.
Agenda pemantapan tatakelola, integriti jadi asas utama SPRM
SPRM akan memastikan agenda pemantapan tatakelola serta penginstitusian integriti menjadi asas utama selain siasatan kes jenayah rasuah yang menjadi tugas agensi itu.
Bursa Malaysia ditutup tinggi susulan sentimen positif pasaran serantau
Pada 5 petang, FTSE Bursa Malaysia KLCI (FBM KLCI) meningkat 5.91 mata kepada 1,575.16 daripada paras penutup 1,569.25 pada Khamis.
Pasukan sorak Malaysia raih tempat ketiga di Florida
Pasukan sorak Team Malaysia Youth All Girls meraih tempat ketiga divisyen Youth All-Girl Median di International Cheer Union World Junior Cheerleading Championship.
Freedom Flotilla to Gaza: Sekumpulan pakar PBB gesa laluan selamat bagi misi penghantaran bantuan
Sekumpulan pakar dari Pertubuhan Bangsa-Bangsa Bersatu (PBB) menggesa agar laluan selamat bagi misi Break The Siege Freedom Flotilla to Gaza pada Jumaat.
Sabah FC berdepan tunggakan sebulan gaji pemain - Pengarah
Sabah FC kini hanya berdepan tunggakan gaji pemain untuk satu bulan setelah usaha dilakukan secara tuntas untuk menyelesaikan masalah pembayaran tunggakan sejak tahun lepas.
Tumpuan Jumaat - 26 April 2024
Ikuti rangkuman berita utama yang menjadi tumpuan di Astro AWANI.
AI mampu sediakan pendidikan sesuai keperluan individu - Mahasiswa
Teknologi Kecerdasan Buatan (AI) mampu menyediakan pendidikan yang disesuaikan dengan keperluan individu.
Sedia dasar yang jelas, hala tuju ekonomi dan kekal persekitaran mesra perniagaan - IECM
Katanya, kestabilan politik pembolehubah yang sangat penting dalam membina laluan yang koheren dan berterusan bagi pembangunan mampan.
Data peribadi kira-kira 20 pelanggan didedahkan di laman web gelap - AKPK
AKPK turut menjangkakan penjenayah tersebut akan mendedahkan lebih banyak maklumat termasuk nama serta nombor MyKad terbabit.
Program literasi kewangan AKPK perlu mesra pengguna internet - BowerGroupAsia
Strategi tersebut mampu mendekati lebih ramai anak muda yang merupakan golongan majoriti diisytiharkan bankrap di Malaysia.
Beberapa sistem operasi AKPK dinyahaktif buat sementara waktu bagi cegah risiko selanjutnya
Baru-baru ini, pelayan AKPK yang mengandungi data pelanggan mungkin telah diakses secara haram.
CGC jalin kerjasama dengan AKPK tingkatkan literasi kewangan PMKS
Kerjasama itu membolehkan CGC merujuk pelanggan PMKS ke kursus e-pembelajaran, bengkel dan webinar AKPK mengenai topik yang berkaitan dengan literasi kewangan dan pengurusan kewangan.
Urus: Peminjam lain tidak boleh ambil kesempatan, bank dijangka berdepan impak minimum
Urus : Peminjam lain tidak boleh ambil kesempatan, bank dijangka berdepan impak minimum | Dagang News
PERMAI: Moratorium, pengurangan bayaran balik diteruskan sepanjang PKP
Bantuan moratorium dan pengurangan bayaran balik pinjaman akan terus disediakan sepanjang tempoh pelaksanaan Perintah Kawalan Pergerakan (PKP), kata Perdana Menteri Tan Sri Muhyiddin Yassin.
BNM, industri perbankan tambah baik pelaksanaan bantuan bayaran balik pinjaman bersasar
Bank Negara Malaysia (BNM) berkata pihaknya telah bekerjasama dengan industri perbankan untuk menambah baik pelaksanaan bantuan bayaran balik pinjaman bersasar.
Bantuan bersasar kekalkan daya tahan sektor perbankan - BNM
Pelbagai langkah termasuk Kemudahan Bantuan Khas (SRF) berjumlah RM10 bilion telah diperkenalkan untuk menyediakan bantuan sementara kepada perniagaan.