SUPP Official Website SUPP PUBLIC COMPLAINTS BUREAU PRESS RELEASE

SUPP PUBLIC COMPLAINTS BUREAU PRESS RELEASE

SUPP Public Complaints Bureau (SPCB) Chief Wilfred Yap was recently approached by a father seeking assistance as he felt harassed, threatened and scared due to a loan taken by the son from a loan shark.  The father have already lodged a police report on the matter.

Loan sharks or “Along” are illegal money lenders that usually target the desperate and the poor. Alongs are experts in tempting the desperate and poor into a sense of security by being friendly and helpful at first, offering monetary assistance when the financially desperate cannot get help from Banks due to poor credit or lack of collateral.

The best advice from SPCB Chief Wilfred Yap is PREVENTION. The  money borrowed from Alongs will come at a very high price, not to mention risk. Borrowers may think that it won’t be so bad if only a small sum is borrowed and that they should be able to make repayments, but  it does not work that way due to the exorbitant and ridiculously high interest rates and numerous hidden costs.

When the borrower give them reasons to believe he cannot pay, these Alongs will pressure the borrower into taking another loan from another loan shark to fully repay the first loan. However, don’t be fooled as that is exactly how the Alongs lure the borrower into getting entangled in a larger debt, with even higher interest.

When the  borrower is unable to pay his debt with Along, it is not uncommon for them to resort to threats and harassment. What is worse, the Along won’t think twice about involving the borrower’s family members in their coercion to force the borrower or their family members to make payments.

SUPP Public Complaints Bureau would like to advice people with financial problems that the best way to avoid problems with Alongs is NOT TO TAKE A LOAN FROM LOAN SHARKS under any circumstances for a short term solution to financial problems.

WhatsApp Image 2019-08-06 at 17.39.30Anyone who have debt servicing problems with financial institutions to go to Agensi Kaunseling dan Pengurusan Kredit (AKPK) for assistance as it is free of charge, legal and staffed with experienced  officers who will act on their problem. AKPK was set up by our Government under Bank Negara’s umbrella to help people in debt or facing financial problems.   The office of AKPK in Kuching is situated in Bangunan Bank Negara Malaysia, Jalan Satok, 93720 Kuching and their telephone contact is 082-414910.

December 2019
M T W T F S S
« Nov    
 1
2345678
9101112131415
16171819202122
23242526272829
3031  

SUPP News Mobile App

SUPP News Mobile App

Research & Resource Centre Library Database Search

Research & Resource Centre Library Database Search

Download Form(s)

Download Form(s)

Banners

Banners

SUPP News Portal

SUPP News Portal

SUPP Youth Education Bureau Facebook

SUPP Youth Education Bureau Facebook