Wednesday, June 28, 2006

Mara Plays Hardball; Debt Collection Agencies To Recover Loans

Majlis Amanah Rakyat (Mara) has appointed 13 debt collection agencies to recover more than RM500 million in non-performing loans (NPLs). Beginning next month, debt-collection agents will be going after the loan defaulters who include graduates, entrepreneurs and tenants of Mara properties.

The collection agencies are Sahariah and Ass Sdn Bhd, Noble Landmark Sdn Bhd, Tetuan Amirul and Cooperation, Julitas Management, Q Matik Sdn Bhd, Ekspress Solution Sdn Bhd, Intellitec Asso Sdn Bhd, Pasadana Sdn Bhd, Priority Sdn Bhd, Seroja Anggerik Development, Yaacob Management and Consultancy Sdn Bhd, BJ Management and Services and Yayasan Pelajaran MARA.

By using this method, Mara hopes to recover at least RM20 million from its NPLs this year. Mara Director-General Datuk Zamani Mohd Nor said Mara was forced to use the services of debt management and collection agencies because the previous collection methods failed to produce the desired result.

Previously, Mara had even published the names of its loan defaulters in an attempt to force them to pay up. However, the method failed.

Meanwhile, Zamani said Mara's collection agents would carry authorisation cards to prevent borrowers from being cheated by bogus agents. "Payments by cheque must also be made to Mara only," he said.

Zamani also said that the agents, who will be paid 12 per cent commission from their collection, would not use "rough tactics" in carrying out their duties.

The trouble with some of these defaulters is their attitude. They firstly feel that they have a God-given right to obtain loans and scholarships without much effort. Secondly in their convoluted mind they think they can get away with it, if only they keep quiet and don't think about it. Thirdly they are under the erroneous impression that Mara has an unlimited amount of money to give away and whether they repay or not they will always be flush with funds.

And please people, don't think just because it is Mara loans we are talking about, that all the defaulters are Malays. On the contrary there are sizeable number of Chinese, Indians and others. You see, greed and irresponsibility knows no ethnicity.

Every one of those defaulters is a culprit and a criminal. They are a disgrace to the nation and their bloody faces should be put up in the print media like cowboy-style wanted posters. If they still refuse to pay, send out the car repossessor types. They should be taught such a lesson that they will never attempt to cheat their benefactors again when it is time for their children to obtain loans.


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7:35 PM GMT+8  

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