This is interesting. We know about the harsh tactics employed by debt collectors to get debtors to pay up. It can range from incessant trauma creating phone calls to compel repayment or verbal abuse including physical handling of debtors to force them to hand over a vehicle for re-posssession.Apparently, there are procedures to be followed in collecting debts; and ethics too!
According to a Deputy Minister in the Finance Ministry, Chor Chee Heung debt collectors appointed by financial institutions cannot use violence and harass loan takers.
He said this was included in the debt collection fair practice guideline and should be followed by the appointed debt collectors.
He said,"Financial institutions can use the service of debt collectors but they must follow the regulations in the guideline approved by Bank Negara Malaysia.”
Other than forbidding violence and harassment, debt collectors should be ethical and were not allowed to call loan takers more than three times weekly. This is truly laughable!
The guidelines have been introduced by Bank Negara Malaysia to strengthen the protection and professionalism structure of debt collection.”
Chor said loan takers unhappy with the action of debt collectors appointed could complain to the financial institutions.
“As for those unhappy with the financial institutions, they can report the matter to Bank Negara Malaysia,” he added.
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