Browsing: Debt Management

How To Check if You Are Blacklisted by PTPTN?

Are you a PTPTN borrower? Have you graduated? If your answer is ‘Yes’ for both questions, my next question would be ‘Have you start paying your PTPTN study loan?’ I hope your answer is ‘Yes’ too. Else, you might get blacklisted by PTPTN. And if you get blacklisted by PTPTN, your name will be under Travel Blacklist too, which means that you are not allowed to travel outside of Malaysia. 

Imagine you and your family had been preparing for the dream winter vacation in Hokkaido, Japan. While at the International Departure immigration clearing gate, you steadily handed in your NRIC and passport but then you received the shock of your life when the officer tells you that your name is blacklisted and you are not allowed to leave the country. You got angry, frustrated, ashamed, devastated.. You can have all the feeling but it is useless because you will need to make arrangement to settle your PTPTN study loan.

To avoid this from happening, you must check with  PTPTN if you are under PTPTN blacklist. There are 4 ways to check if you are under PTPTN blacklist:

Just enter your 12 digit NRIC numbers (without dash). If you see the status is ‘Tiada Halangan’ (No restriction), it means you are not barred from leaving the country. 

3) Call PTPTN Careline at 03-21933000 (operation hour: Mon-Sun, 8am-10pm)

4) Visit to your nearest PTPTN office or Immigration Department office. Also notice that there is PTPTN office at KLIA2 (operation hour: Mon-Sun, 24hours). 

If you suspect your name is under PTPTN blacklist, I suggest it is best to call PTPTN Careline or walk in to your nearest PTPTN office. Of course, the best would be start paying your PTPTN study loan. If you are not able to do so, talk and find a solution with PTPTN officer. Be a responsible rakyat!

photo credit: quinn.anya Student debt ruined me! via photopin (license)

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How To Check Your PTPTN Statement or PTPTN Balance?

I started to pay to study loan from Perbadanan Tabung Tinggi Pendidikan Nasional (PTPTN) since I received the first letter from PTPTN to inform me to start paying my study loan (about fews months after my graduation). I was considered lucky as I got employed right after I graduated. So, there’s no problem for me to start my PTPTN loan repayment.
Along the way, I lost track of my PTPTN loan repayment records. At the same time, I also need to check whether my loan repayment was updated according or if there’s any payment missed out. After done some reading and searching on PTPTN main website, I later found out that I can easily check my PTPTN statement from PTPTN epay (This is for Pinjaman Pendidikan Konventional (3%) only). You will need to key-in your IC number (12 digits without space, eg: 800412135522) and your study loan number (Nombor Pinjaman). If you forgot your study loan number, you may call, email or SMS PTPTN and the details is on the PTPTN epay website. Once log in, you will be able to see the complete statement of PTPTN loan repayment records. You will also be able to see the balance left.
For those who opted for the Ujrah (1%), you may check the PTPTN statement here. Honestly, I have never log in to the Ujrah statement. In case you’ve successfully log in, perhaps can share your experience here.

Update 3 Nov 2017:
1) You may download the complete instruction on how to to check your PTPTN statement for Pinjaman Pendidikan Konventional (3%) or Ujrah (1%) here.
2) You may call PTPTN Hotline at 03-20804455 or you may use ‘Aduan Online‘ to get your pin number. Else, you may use the SMS service (Type PTPTN NOPIN[JARAK]NOKP and send to 33199. The SMS charge is RM0.50/SMS and the service is available 24/7.

photo credit: LendingMemo via photopin cc

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How To Check for Bankruptcy Status in Malaysia

Recently had helped a friend to check  on some information on bankruptcy status in Malaysia. In Malaysia, when a person is declared bankrupt, he will not be allowed to travel outside of Malaysia (unless with permission from Direct General of Insolvency). So, one of the way to check on bankruptcy status in Malaysia will be through Malaysia Immigration Department.
You can click the link here from Immigration Department Malaysia. You will need the identification card (IC) number of that person. If a person is not allowed to travel to outside of Malaysia, there might be a possibility that he’s in bankruptcy list. Bear in mind, there could be other reason as well such as blacklisted for not paying PTPTN study loan and etc.
But of course, the best way would be check through Malaysia Department of Insolvency (MdI). Through MdI, one can get a complete details of the bankruptcy info. You can get more info on MdI website here.
Hope the above helps.

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The Power Of CTOS

On last Friday, a customer (Mr Bad Debt) who owed us about RM2K since 2005 suddenly called in an said that he would like to settle the outstanding. I was quite surprised as I never encounter before, where a customer who owed us for quite some time suddenly would call in and wish to settle all outstanding. For most bad debt cases, our Credit Control Department had to engage external collector and demand those payment from the bad paymasters. It’s really not easy to get back those long outstanding amount.
3 days after that, a guy from a local financial institution called and said that he wished to know whether Mr Bad Debt had settled his long outstanding or not. After a short conversation, I learned that Mr Bad Debt wish to engage with financial services provided by the financial institution, but later his application was pending due to his company name and his name is in CTOS system. In case you have no idea what is CTOS, it is short form for Credit Tip Off Service Sdn Bhd. It is a lead information system in Malaysia where clients can gather information about their customers or potential customers. Usually financial institution would very much in need of this services before they decide whether they should or should not provide credit facilities to their customers. In most cases, if the applicant or customer name appears in CTOS and still has unsettled debt, they will not get the credit facilities. Who would take the risk, right?
Personally I think CTOS is a useful system where clients can check the financial status and other financial information of a potential customer before they decide whether they should provide credit facilities to the potential customer. It is hard to prevent bad debts from happening in an organization. So, if the potential customer had a sign of bad debts, it is better to check in details before let him sign on the dotted lines.
No wonder Mr Bad Debt so keen to settle his long outstanding.

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My Spending Urge Habit

I noticed that I had this urge to splurge when I made a huge purchase for a particular month. For example, I bought a digital camera with RM1k. Then, during the same month, I made another purchase of RM500 gold necklace. Usually, I can control my spending habits. But, once I made a huge purchase for a particular month, it seems like I open the door to huge purchases and it is rather hard to control my urge to spend. Is this normal? Do you have the same spending urge like me?
It is SALE season now. Everywhere, there is huge Discounts, some up to 70%. I must control myself. Else, it will be painful when I see the $$$ being transferred to my credit card accounts.

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Bad Debts – How To Avoid Them?

In recent bad and tight economy situation, I won’t be surprised if more and more wage earners are not able to support their current life style with limited monthly income. No matter how hard and difficult your situation is, never allow yourself to fall into bad debts.  
I listed below 4 ways to avoid from falling into bad debts:
1) Review Your Current Life Style
If your can’t change the figure of your income, then you will have to change your current life style. Unless you can bring in more money, the easier way is to change your life style to the standard which can be supported by your current income. I know it’s not easy, but always think far ahead. By  changing your lifestyle, you wont need to borrow any extra cash from anyone (Credit card, banks, loan shark, money lender, relatives & friends). It’s much smarter to live on what you have rather than to live on tomorrow’s money.
2) Plan Your Spending
Budgeting is the right word. I believe there are a lot of people out there who does not favour this word –  budgeting. But, in good financial practise, no one can run away from budgeting. Through budgeting, you will have a clear picture of your spending pattern and where your $$$ goes. Most importantly, it will avoid you to spend more than what you have. A lot of us have a visual budgeting (budgeting in our head). The best way would be put down your budget in black&white. You can either write it down in your spending book or list down in a simple spreadsheet. Do stick to your budget because it’s meaningless if you have a budget but never bother to take it seriously.
3) Replace Credit Cards With Debit Cards
Yes, change from ‘cr’ to ‘d’ cards. If you’re someone with weak financial will and hard to avoid temptations, you will be thankful for this smart move. The debit card function is almost similar with credit cards. The main difference is that there’s a limit for your spending and most importantly, debit cards will definitely not bring debts to you. 
4) Avoid Taking Bad Loans
What I meant by bad loans are those loan which does not bring benefits to you such as huge car loan and personal loan or bank over draft. It sounds easy to apply and to get approval for these bad loans. But, when come to payment, it will bring you sleepless nights. If you must take a loan, then make sure you the payment is within your budget and remember to make the payment on time.
If you have any other ways to avoid bad debts, do share with me. Let’s learn to stay away from bad debts. 

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