Minister Noh Omar.can take his detractors down with Khalid Ibrahim help this is Selangor politics
Minister Noh Omar does not have enough experience in his DNA to manage Urban Wellbeing Housing and Local Government Ministry this gives the impression of being either he is a fool or a zombie; and since his track record proves that he is not silly, then he is under clear instructions like Sunway Group, EcoWorld, Mah Sing and Glomac, to act like a robot with Khalid Ibrahim help ensures was that atmospherics were under control in ministry Who says no one listens to Najib? The animals do. Ever since the Prime Minister of Malaysia ordered Malaysian to release their animal instincts,Minister Noh Omar have started a carnival on the cabinet
the Prime Minister is going to make a statement on this, which was the Opposition’s demand, and which he was obliged to do as prime minister at this relevant time, why Minister Noh Omar never discussed by the Cabinet not make this statement on the very A minister's proposal for housing developers to offer unsecured home loans at interest rates comparable to credit cards was never discussed by the Cabinet,This was not discussed in the Cabinet
Minister Noh Omar.can take his detractors down with Khalid Ibrahim help this is Selangor politics
but Abdul Khalid Ibrahim is making himself a fool The Urban Wellbeing, Housing and Local Government Ministry developerslicenced developers lends money without the necessary permission from the Financial Conduct Authority. can use Loan Shark will resort to the most extreme methods to enforce their debts. They will often add random amounts to the loan and charge astronomical rates of interest- we have seen rates as high as 131,000%. Loan sharks rarely offer paperwork so their customers are completely in the dark as to what they owe. By preying on some of the most disadvantaged people in our communities and leaving them penniless,
Former Selangor menteri besar Abdul Khalid Ibrahim finds the people being too eager to paint negative the proposal to allow developers to offer housing loans to buyers, legalisating developers to use Loan sharks to take advantage of the most vulnerable people in our communities.They charge sky high rates of interest along with penalties and increased charges for late payments. Once they have trapped their victims in a spiral of debt they will resort to any methods to reclaim their cash. This could mean threats, violence or
worse. arguing that the proposal provides a solution to buyers unable to borrow from banks.Noh Omar revealed last week that his ministry has issued money-lending licences to selected developers to give an option to buyers to finance their property purchases through the developers, if not through the usual bank loans.
"I think the proposal received too negative a response from all quarters," Khalid said in a Facebook posting, commenting on the proposal by Urban Wellbeing, Housing and Local Government Minister Noh Omar.
"While I don't think the minister has studied the implications of his proposal, we must admit that it would present a solution to the difficulty of buyers to get loans from banks and finance companies," Minister Noh Omar threw his support behind to “ legalized loan sharks.” Minister Noh Omar is creating licenced loan sharks
Loan sharks take advantage of the most vulnerable people in our communities.They charge sky high rates of interest along with penalties and increased chargesfor late payments. Once they have trapped their victims in a spiral of debt they will resort to any methods to reclaim their cash. This could mean threats, violence oworse.A Loan Shark is someone who lends money as a business without the necessary permission from the Financial Conduct Authority. As they are operating illegally theycan and will resort to the most extreme methods to enforce their debts. They will often add random amounts to the loan and charge astronomical rates of interest- we have seen rates as high as 131,000%. Loan sharks rarely offer paperwork so their customers are completely in the dark as to what they owe. By preying on some of the most disadvantaged people in our communities and leaving them penniless,
How to service 18 percent loans?
Meanwhile, Johari asked how buyers who failed to secure a housing loan from the banks at a six percent interest, would be able to service a loan with a higher interest of 18 percent.
"It doesn't make sense. To me, it doesn't sound logical.
"You must tell the public so that they will not be trapped into simply borrowing without knowing their ability to pay... it is very important," he said.
The minister also denied that the problem stemmed from the banks' refusal to provide loans.
"This is not an issue of Bank Negara Malaysia (BNM) not doing their job. All banks want to give loans and it is their job to give loans.
"They (the applicants) do not have enough income to buy the house as the house price is a mismatch to their income," he said.
Johari said moneylenders also face higher risks, for unlike banks, they cannot collect deposits to buffer their capital to ensure the continuity of loans.
"You must remember the difference between bank licence and money lending licence, the latter cannot collect deposits.
"You have to use your own money. You lend money at your own risk.
A Victim’s Story
Loan sharks will trap people in a spiral of debt, and resort to the most extreme
bully tactics to enforce repayment. Anne from Manchester learnt this the
hard way, when she fell into an illegal money lenders trap:
It was coming up to Christmas, and Anne was worrying about affording presents for
her two young children.
Spotting an advert in her local paper for unsecured loans, she decided to call the
number.
A man answered, and told her he would be able to lend her £150, but it would
need to be secured on something. He came to her home and took her passport,
explaining that this would be returned once she had repaid in full. He explained
that she would need to repay £15 each week plus an extra £10 a week in interest.
She knew this was steep but she was desperate and believed she would be able
to pay back within a few months with her wages from working in a shop.
In the January, Anne fell ill and was unable to work. As a result of this she
defaulted on a couple of payments. She was resting at home with her six year
old daughter, when the loan shark barged in with two other men, demanding to
know why she hadn’t paid. They pulled electrical items out of her living room,
claiming the loan was secured against these.
Anne was terrified. “There was nowhere to go” she said “I wasn’t even safe in my
own house. I was screaming, crying, pleading with him not take my stuff. To think,
that my little girl had to see that.”
A few days later she received a note from the loan shark through her door, to tell her
that an extra £100 had been added to the debt for the ‘bailiff’ visit. From that point
onwards, she paid the loan shark religiously retaining the post office slips as proof of
payment. However the loan shark still appeared at her door, alleging she’d missed
payments. He would turn up late at night and on one occasion Anne had to hide, as he
tried to climb in through her kitchen window. For every visit he would add an extra
charge of £80 to £100.
This continued for 5 years, with Anne paying back around £5000 on the loan of £150.
The England Illegal Money Lending Team caught the loan shark, and discovered
Anne was not alone in her experience. The loan shark had around 900 ‘customers’
who he was harassing for payments, he believed to be due. He was given a lengthy
custodial sentence and stripped of £270,000, money he had made illegally.
Anne said “It was such a weight off my shoulders. It had got to the point where my
nerves were shot and I was too frightened to answer the door. I’d realised he was
never ever going to go away. If he hadn’t been arrested I’d probably still be paying him
now”
"Banks are properly licensed by Bank Negara, with proper capital put in place by all the bank operators, wherereas moneylending is not under the supervision of Bank Negara or the Finance Ministry. It is under the Local Government Ministry," Johari said.
Noh Omar revealed last week that his ministry has issued money-lending licences to selected developers to give an option to buyers to finance their property purchases through the developers, if not through the usual bank loans.
The move has earned him brickbats from both sides of the aisle, with criticisms rained down on the plan, which is set to be presented to the cabinet for approval today
Minister Noh Omar does not have enough experience in his DNA to manage Urban Wellbeing Housing and Local Government Ministry this gives the impression of being either he is a fool or a zombie; and since his track record proves that he is not silly, then he is under clear instructions like Sunway Group, EcoWorld, Mah Sing and Glomac, to act like a robot with Khalid Ibrahim help ensures was that atmospherics were under control in ministry Who says no one listens to Najib? The animals do. Ever since the Prime Minister of Malaysia ordered Malaysian to release their animal instincts,Minister Noh Omar have started a carnival on the cabinet
the Prime Minister is going to make a statement on this, which was the Opposition’s demand, and which he was obliged to do as prime minister at this relevant time, why Minister Noh Omar never discussed by the Cabinet not make this statement on the very A minister's proposal for housing developers to offer unsecured home loans at interest rates comparable to credit cards was never discussed by the Cabinet,This was not discussed in the Cabinet
Minister Noh Omar.can take his detractors down with Khalid Ibrahim help this is Selangor politics
but Abdul Khalid Ibrahim is making himself a fool The Urban Wellbeing, Housing and Local Government Ministry developerslicenced developers lends money without the necessary permission from the Financial Conduct Authority. can use Loan Shark will resort to the most extreme methods to enforce their debts. They will often add random amounts to the loan and charge astronomical rates of interest- we have seen rates as high as 131,000%. Loan sharks rarely offer paperwork so their customers are completely in the dark as to what they owe. By preying on some of the most disadvantaged people in our communities and leaving them penniless,
Former Selangor menteri besar Abdul Khalid Ibrahim finds the people being too eager to paint negative the proposal to allow developers to offer housing loans to buyers, legalisating developers to use Loan sharks to take advantage of the most vulnerable people in our communities.They charge sky high rates of interest along with penalties and increased charges for late payments. Once they have trapped their victims in a spiral of debt they will resort to any methods to reclaim their cash. This could mean threats, violence or
worse. arguing that the proposal provides a solution to buyers unable to borrow from banks.Noh Omar revealed last week that his ministry has issued money-lending licences to selected developers to give an option to buyers to finance their property purchases through the developers, if not through the usual bank loans.
"I think the proposal received too negative a response from all quarters," Khalid said in a Facebook posting, commenting on the proposal by Urban Wellbeing, Housing and Local Government Minister Noh Omar.
"While I don't think the minister has studied the implications of his proposal, we must admit that it would present a solution to the difficulty of buyers to get loans from banks and finance companies," Minister Noh Omar threw his support behind to “ legalized loan sharks.” Minister Noh Omar is creating licenced loan sharks
Loan sharks take advantage of the most vulnerable people in our communities.They charge sky high rates of interest along with penalties and increased chargesfor late payments. Once they have trapped their victims in a spiral of debt they will resort to any methods to reclaim their cash. This could mean threats, violence oworse.A Loan Shark is someone who lends money as a business without the necessary permission from the Financial Conduct Authority. As they are operating illegally theycan and will resort to the most extreme methods to enforce their debts. They will often add random amounts to the loan and charge astronomical rates of interest- we have seen rates as high as 131,000%. Loan sharks rarely offer paperwork so their customers are completely in the dark as to what they owe. By preying on some of the most disadvantaged people in our communities and leaving them penniless,
Meanwhile, Johari asked how buyers who failed to secure a housing loan from the banks at a six percent interest, would be able to service a loan with a higher interest of 18 percent.
"It doesn't make sense. To me, it doesn't sound logical.
"You must tell the public so that they will not be trapped into simply borrowing without knowing their ability to pay... it is very important," he said.
The minister also denied that the problem stemmed from the banks' refusal to provide loans.
"This is not an issue of Bank Negara Malaysia (BNM) not doing their job. All banks want to give loans and it is their job to give loans.
"They (the applicants) do not have enough income to buy the house as the house price is a mismatch to their income," he said.
Johari said moneylenders also face higher risks, for unlike banks, they cannot collect deposits to buffer their capital to ensure the continuity of loans.
"You must remember the difference between bank licence and money lending licence, the latter cannot collect deposits.
"You have to use your own money. You lend money at your own risk.
A Victim’s Story
Loan sharks will trap people in a spiral of debt, and resort to the most extreme
bully tactics to enforce repayment. Anne from Manchester learnt this the
hard way, when she fell into an illegal money lenders trap:
It was coming up to Christmas, and Anne was worrying about affording presents for
her two young children.
Spotting an advert in her local paper for unsecured loans, she decided to call the
number.
A man answered, and told her he would be able to lend her £150, but it would
need to be secured on something. He came to her home and took her passport,
explaining that this would be returned once she had repaid in full. He explained
that she would need to repay £15 each week plus an extra £10 a week in interest.
She knew this was steep but she was desperate and believed she would be able
to pay back within a few months with her wages from working in a shop.
In the January, Anne fell ill and was unable to work. As a result of this she
defaulted on a couple of payments. She was resting at home with her six year
old daughter, when the loan shark barged in with two other men, demanding to
know why she hadn’t paid. They pulled electrical items out of her living room,
claiming the loan was secured against these.
Anne was terrified. “There was nowhere to go” she said “I wasn’t even safe in my
own house. I was screaming, crying, pleading with him not take my stuff. To think,
that my little girl had to see that.”
A few days later she received a note from the loan shark through her door, to tell her
that an extra £100 had been added to the debt for the ‘bailiff’ visit. From that point
onwards, she paid the loan shark religiously retaining the post office slips as proof of
payment. However the loan shark still appeared at her door, alleging she’d missed
payments. He would turn up late at night and on one occasion Anne had to hide, as he
tried to climb in through her kitchen window. For every visit he would add an extra
charge of £80 to £100.
This continued for 5 years, with Anne paying back around £5000 on the loan of £150.
The England Illegal Money Lending Team caught the loan shark, and discovered
Anne was not alone in her experience. The loan shark had around 900 ‘customers’
who he was harassing for payments, he believed to be due. He was given a lengthy
custodial sentence and stripped of £270,000, money he had made illegally.
Anne said “It was such a weight off my shoulders. It had got to the point where my
nerves were shot and I was too frightened to answer the door. I’d realised he was
never ever going to go away. If he hadn’t been arrested I’d probably still be paying him
now”
"Banks are properly licensed by Bank Negara, with proper capital put in place by all the bank operators, wherereas moneylending is not under the supervision of Bank Negara or the Finance Ministry. It is under the Local Government Ministry," Johari said.
Noh Omar revealed last week that his ministry has issued money-lending licences to selected developers to give an option to buyers to finance their property purchases through the developers, if not through the usual bank loans.
The move has earned him brickbats from both sides of the aisle, with criticisms rained down on the plan, which is set to be presented to the cabinet for approval today
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