1 Sep - 2 min read
The Democratic Action Party (DAP) has set up a website called Aduan Moratorium today, aimed at helping Malaysians who face difficulties in extending their loan moratorium when the ongoing relief expires at the end of this month.
“This campaign seeks to gather those who are facing problems in applying for moratorium extension or assistance from the banks. The feedback received will be analysed and thereafter collectively presented to the federal government and Bank Negara Malaysia for further action,” said the party in the website.
Users who do lodge a complaint on the website will be required to provide their personal information, details of their loans, as well as difficulties faced when applying for their moratorium extensions. They can also attach relevant supporting documents for verification purposes. Additionally, the website is available in four languages for users’ convenience, namely Bahasa Malaysia, English, Mandarin, and Tamil.
Meanwhile, the secretary-general of DAP Lim Guan Eng said that many borrowers have had their extension applications rejected thus far. “Hence, we hope this portal will help them as there are 7.7 million Malaysians who have loans and over 3,000 small and medium enterprises that are affected by the pandemic and in need of financial aid,” he said.
Guan Eng further said that while banks may have recorded a loss of RM6.4 billion between April to September due to the ongoing automatic moratorium, the measure has benefitted about 8 million Malaysians. The automatic moratorium itself is valued at RM74.3 billion.
Prior to this, Guan Eng had also called for the injection of another RM45 billion into the economy to ensure that Malaysia does not fall into further recession, especially now that the recovery movement control order (RMCO) has been extended to 31 December. He said that this extra fund will aid 32 million Malaysians.
The current six-month automatic moratorium had commenced in April, intended to help individuals and SMEs cope with the financial impact caused by the Covid-19 pandemic and the movement control order (MCO). Despite calls from various parties for the automatic moratorium to be extended when it ends, the government subsequently announced that the banks would be offering varied targeted-approach assistance schemes instead.
You can head on over to DAP’s Aduan Moratorium to find out more or to make a submission.
(Source: Malay Mail)
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world