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PARLIAMENT | Debt collection agencies appointed by the National Higher Education Fund Corporation (PTPTN) must not act like loan sharks when recovering debts from defaulting borrowers and instead be negotiators, said Higher Education Minister Zambry Abdul Kadir.
Zambry said he has also instructed that reports of any agency resorting to such tactics be submitted directly to him.
“When appointing these...
PARLIAMENT | Debt collection agencies appointed by the National Higher Education Fund Corporation (PTPTN) must not act like loan sharks when recovering debts from defaulting borrowers and instead be negotiators, said Higher Education Minister Zambry Abdul Kadir.
Zambry said he has also instructed that reports of any agency resorting to such tactics be submitted directly to him.
“When appointing these debt collection agencies or debt management consultants, we ensure that they do not act like loan sharks.
“Therefore, if there are reports regarding loan shark-style tactics, we will take swift action,” he said during his winding-up speech on Supply Bill 2027 in Parliament today.
Zambry clarified that collection agencies only target chronic defaulters who have failed to make any payment, and that previous measures targeted only those who have not paid for over 10 years.
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He said these agencies should negotiate with borrowers to understand their financial standing and subsequently agree on a repayment plan.
“We consistently provide space for borrowers to come forward and discuss their situation, as we understand their economic circumstances.
“That is PTPTN’s approach, as our intention is not to oppress them,” he added.
He stressed that his ministry is paying close attention to the matter to avoid victimising PTPTN borrowers.