Can't get a loan moratorium extension? DAP wants to help

DAP has launched a website to collect complaints from those who failed to obtain extensions on their loan repayment moratoriums from banks.

Known as Aduan Moratorium, the data collected from the website would be analysed and used as a basis for an appeal to Putrajaya for help.

At the launch of the website today, DAP secretary-general Lim Guan Eng said Kota Melaka MP Khoo Poay Tiong would be in charge of the project.

Lim today repeated his suggestion to Putrajaya for an additional six months extension to the current six-month loan moratorium which will expire by end-September.

He warned that there are dire consequences for the economy and the welfare of ordinary Malaysians if Putrajaya failed to do so, citing Finance Minister Tengku Zafrul Abdul Aziz (photo) who told Parliament that only seven percent out of 7.7 million borrowers do not need a moratorium extension.

Echoing Lim, Khoo said it was not practical to ask more than seven million people to appeal to the banks for further extension.

Furthermore, Khoo claimed that he received several complaints from borrowers who had their moratorium extension appeals rejected.

He then accused banks of making decisions with profit in mind, and therefore there was a high chance for a moratorium extension application to be rejected.

"Does the finance minister want to protect the people or the banks?" asked Khoo.

Previously, Putrajaya had hammered out another deal with the banks to provide targeted assistance to borrowers affected by the Covid-19 pandemic.

This includes a loan moratorium extension of three months until end-December for those who are furloughed or recently lost their jobs.

Banks are also encouraged to reduce the repayment amount for individuals or companies in tandem with their reduced income. - Mkini