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Published by Afterschool.my on Sep 26, 2016, 03:58 pm
PTPTN's deputy chief executive officer Mastura Mohd Khalid said those blacklisted will be deemed "bad paymasters" and their credit rating will be severely affected. Moreover, those blacklisted will be denied services from financial institutions and other credit services. Typically, borrowers are expected to start paying their PTPTN loans within 6 months after graduation. Failure to adhere to this rule will cause borrowers' names to be added to CCRIS's list.
PTPTN was founded in 1997 and since then the corporation has been funding education in the form of loans provided to cost of study at different levels, from diploma education all the way to PhD level. According to a report published by The Star, there are 2.49 million borrowers as of July of 2016.
CCRIS isn't specifically after PTPTN borrowers; it serves as credit record keeper of various types of borrowers like credit card owners, mortgage, vehicle loan and other financial commitments. These credit records are monitored and assessed by other financial institutions under the legal precedence allowed by law and administered by Bank Negara Malaysia’s Credit Bureau.
This is not a form of punishment, according to Mastura. As for those who have their names listed but are actively repaying their PTPTN loans, their record will be clean and shouldn’t be worried as long as they continue to fulfil their part of the commitment.
“CCRIS is a database used by financial institutions to evaluate those who apply for loans. If they are good paymasters, then their loan applications will be approved,” she told The Star.
The effect will extend beyond the denial of financial services. The Immigration Department will not allow blacklisted individuals from travelling outside the country. Additionally, the Immigration will not permit the issuing of new travel documents or the renewal of existing documents. At least 111,000 borrowers have been barred from travelling outside of the country due to failure to pay.
More borrowers have taken responsibility and come forth to negotiate their repayment terms since PTPTN started utilising the services of CCRIS in 2015 and settle their outstanding payments. PTPTN has also advised individuals who do not receive sufficient monthly pay to seek PTPTN’s assistance and restructure the terms of payment.
Last month, chairman of the fund, Datuk Shamsul Anuar Nasarah said that full loans will no longer be granted to certain students due to poor rate of payment. PTPTN has recovered only RM8 billion as of this year out of RM56.4 billion released since 1997.
Back in April, Shamsul said most of names added to the blacklist are considered to be hardcore borrowers who might already be blacklisted by major financial institution in the country.
There are 1.3 million blacklisted individuals as of September 2016. To check PTPTN black list, visit (This link)
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