finance
Banks to ease financial burden of customers
Finally, some good news.
(Taken from TheStar Online by By LESTER KONG)
PETALING JAYA: Finance companies are resorting to restructuring car loan repayments to help ease the burden of customers with heavy financial commitments.
At least three major banks will announce their hire-purchase loan restructuring plans soon.
A senior manager of a prominent local bank with a substantial volume of hire-purchase customers said that given the current economic scenario, where prices of fuel and food had increased, many customers would be burdened by the high repayment plans that they had signed previously.
Finance companies could not rule out that some customers might find it difficult to service their monthly installments, he said.
“We expect that for next year there will be more repossession orders given, but it won’t be a drastic increase,” he said, adding that his company issued a monthly average of 2,500 repossession orders.
Most banks and finance companies will try to assist any customer whom they feel could fail to meet their monthly installments.
The move is expected to bring cheer to thousands of hire-purchase customers, especially those paying high monthly installments for their car loans.
By LESTER KONG
Complete news at:
http://thestar.com.my/news/story.asp?file=/2008/8/6/nation/21894016&sec=nation
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