PETALING JAYA: In extending a helping hand to spouses, relatives or friends in need of money, they willingly and trustingly sign up as guarantors.
However, many of these guarantors later end up in a tight situation when the loans are not repaid, leading to some even being declared bankrupt or, worse, a few developing suicidal tendencies.
On an average, in a week, we get about 10 people walking in to see us. They are guarantors seeking help, said Consumer and Borrower Settlement Association of Malaysia president Rosland Mohd Arif.
Some guarantors, said Rosland, were not even aware of the actual amount they supposedly owed.
They just keep on paying for years because some of these loans were sold to debt collectors, but nothing is ever give…
Read the full article at: https://www.thestar.com.my/news/nation/2023/05/01/many-guarantors-are-falling-into-debt-when-loans-are-not-repaid