I have a property, which is a landed house which I rented it out as I wasn't staying in it. The tenants had been with me for the past 8 years and I must say they are pretty okay with payment except for the mess (due to lack of hygiene) and upkeeping of the property. They recently moved out and I had removed almost 2 years' worth of mails from the big letter box. I sorted the letters out and passed them to the tenants. They told me to throw away most of it and keep just the bills (i.e. Water, electricity, sewerage).
After a long time of sorting the letters out, there is one particular ones which caught my attention - there one from Ambank. There are a few left behind as they vacated the house (some letters were opened). As much as I was astonished with the letter, I was also afraid that debt recovery agents might come and harass my new tenants. Oh come on, my tenant drives a HRV, Civic etc.. They were a few of them staying there but the one renting from me (main tenant) drives a 2-year old Honda Civic.
The outstanding amount is a amazing figure of RM38k! How can a person just don't bother to pay back the amount that is chalking up 18% p.a. interests? I believed that it must have started with a smaller amount as I have seen this kind of letters at my house for awhile now. I asked my ex-tenant (now he has moved out) and he said it doesn't matter, just throw the letters away. I do hope that he gets this sorted out soon.
So for the rest of us, if any of you were to run into troubles like this, do get yourself some counselling at AKPK (https://www.akpk.org.my/). Remember, the rule is to pay off the outstanding with the highest interests rate first (i.e. credit cards, personal loans), followed by the lower interests rate loans. Believe me, banks don't want anyone of us to default on payment. If you can't pay, please talk to the bank or AKPK (as a mediator between you and the bank) so that a solution can be found. I understand that they will work out a repayment plan up to a 10-year duration so that the installment amount is more affordable and interests rate is not as absurd.
