Posted on July 9, 2009 by sandwall
Thursday July 9, 2009
By AU YEONG HOW
The public can access information on 3,000 authorised moneylenders nationwide through E-Maps:
Electronic Money Lender and Pawnbroker System, a government portal to assist borrowers. If you need to borrow money urgently, do not take a loan from unlicensed moneylenders or Ah Long. Instead get the service from any licensed moneylender. The Housing and Local Government Ministry Secretary-General Datuk Ahmad Kabit said people can get loans from about 3,000 authorised moneylenders nationwide.
Ahmad Kabit: This will invariably prevent the Ah Long menace and educate our society and prevent people from borrowing from unscrupulous individuals. He said to facilitate the public to check on these licensed moneylenders, the ministry has a portal called E-Maps: Electronic Money Lender and Pawnbroker System to assist borrowers.
Filed under: News June 2009 | Tagged: consumer malaysia, moneylender | 8 Comments »
Posted on June 23, 2009 by sandwall
The Star online
Tuesday June 23, 2009
By CHEN PELF YEEN, MALACCA:
A 23-year-old victim of an on-line phishing scam wants the authorities to investigate a website similar to that of a reputable local bank who duped unsuspecting account holders. University graduate Tey Hock Lin, from Batu Berendam said he lost RM5,000 to the scam after transferring money to a third party.
Victim of scam: Tey showing the email sent to him. “I received an email from a sender whose name and website interface was very similar to that of a famous local bank. “The email requested me to update my account due to inactivity on May 12. “Soon after, I keyed in my username and password and received a SMS with a transaction authorisation code number which was required to confirm the procedure on-line,” he said at a press conference here.
Filed under: ▀ News on Scams 2009 | Tagged: consumer malaysia, consumer scams | 5 Comments »
Posted on June 9, 2009 by sandwall
The STAR online
Tuesday June 9, 2009
KuAlA LUMPUR: At least 66 people paid the price for their ignorance when they were cheated of their money after making Internet purchases of skincare products from someone named “Big Pussycat.” The victims made online transfers amounting to RM73,445.10 for the products which came under names such as “My Beauty” and “My Sherman Beauty” that had been advertised on “Big Pussycat’s.” website.
Filed under: ▀ News on Scams 2009 | Tagged: consumer malaysia, cosmetics | Leave a comment »
Posted on May 28, 2009 by sandwall
The STAR online
Thursday May 28, 2009
By GLADYS TAY
JOHOR BARU: Vehicle owners wanting to change cars must make sure the documents for the transfer of ownership are in order before surrendering their used cars.
Consumer claims tribunal president Rungit Singh said that car owners should not be in a hurry to sell their vehicles to use the money as down payment for a new car.
“Make sure the vehicle owner’s name is changed to the buyer’s. Also, inform your bank about the car’s disposal and clear all debts before purchasing a new car,” he said.
Filed under: ♦ News May 2009 | Tagged: consumer malaysia, sell car | Leave a comment »
Posted on May 27, 2009 by sandwall
Wednesday May 27, 2009
The STAR online
Plain Speaking – A Column by Yap Leng Kuen
Under new system, rates may be set based on portfolios of loans and creditworthiness CONSUMERS may not be getting flat rates on their loans once a new pricing approach called risk-based pricing takes place. Under this new system, different interest rates may be set not just based on different portfolios of loans but also different types of customers.
The more creditworthy consumers who show, among other things, that they can repay promptly and do not over-borrow, will likely obtain better interest rates. This also depends on the banks they use, as banks with more efficient capital and risk management will be able to give lower rates.
Filed under: ♦ News May 2009 | Tagged: bank loans, consumer malaysia | Leave a comment »
Posted on May 9, 2009 by sandwall
Saturday May 9, 2009
A QUESTION OF BUSINESS
By P. GUNASEGARAM
Banking products are never easy to understand but clearly stating their effective interest rates will go a long way to helping customers make their choice.
IT is unfortunate, for the customer that is, that old, archaic banking practices such as hire purchase continue to be foisted on them.
They are a problem because hire purchase companies, most of whom are now banks, still quote a flat rate.
That means the rate is quoted on a principal that does not decline with payment. While on paper the rate looks low, the effective interest rate is actually high, sometimes as much as two times depending on the tenure of the facility.
Thus, many unsophisticated consumers are seduced into buying all manner of consumer goods from cars downwards because they think they are paying low interest rates when effective interest rates are much higher.
For illustration, a flat rate of 10% with tenure of five years works out to an effective over 17%, quite a difference!
Filed under: ♦ News May 2009 | Tagged: consumer malaysia, hire purchase | 1 Comment »
Posted on May 8, 2009 by sandwall
Friday May 8, 2009
By DALJIT DHESI PETALING JAYA:
The “archaic” Hire Purchase Act is in urgent need of review, especially more so in the current tough economic environment, say consumer groups and economists. Many view the legislation, which is over 40 years old, as among others, imposing additional burden on consumers and defeating the Government’s initiatives in stimulating the ailing domestic economy. Consumers Association of Penang (CAP) president S.M. Mohamed Idris said amendments to the Act were urgently needed as current quoted rates did not reflect real or effective interest rates. S.M. Mohamed Idris … The current quoted interest rate gives the wrong impression.
“Bank Negara should make a ruling that all interest rates quoted for loans should be the effective rates as they reflect the true cost of borrowings,” he told StarBiz.
Filed under: ♦ News May 2009 | Tagged: consumer malaysia, hire purchase | 3 Comments »