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'Fair Debt Collection Practises Act'

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asked on Jul 23, 2010 at 19:32
by   Jae Thu
Hi,
1)I have been harassed by a debt collection company, via phone calls, for an overdue credit card charges of RM7000 (inclusive of interest charges of RM2000)
I would like to know if Malaysia has something similar to US' 'Fair Debt Collection Practises Act'.
If yes, where can I find it to futher understand my rights in dealing with the debt collection companies that most of the times does not make much sense and disturbing me during office hours.

2)If Malaysia does not have 'Fair Debt Collection Practises Act':
a)Do I have the right to ask the debt collection company to stop calling us during working hours?
b)Can I choose to deal with them in writings (email/snail mail/fax) and not via phone?

3)It is being claimed by the bank and the debt collection agency that the bank will not deal with the
consumer (debtor) like myself as the case has been fully transfered for the agency to handle.
a)Do I still have the right to insist in dealing directly with the bank to make installment payment to b)settle?
b)If yes to the above, what is the best way? In writting?

Thank you.
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1 Answers

answered on Jun 26, 2012 at 20:04
by   Anonymous
Malaysia has a Fair Debt Collection Practices guidelines issued by Bank Negara Malaysia. While the Bank recognises that effective recovery of debts by financial service providers is an important element of good credit credit risk management, the recovery should be conducted in a manner that is fair to borrowers, including the protection of the borrowers' privacy during the recovery process.

Ensure the debt collectors adopt good debt collection practices and conduct:
- Must not resort to intimidation or violence
- Should give their borrowers written notice
- Should issue an authorisation card
- Adhere to relevant information and secrecy provisions

You can visit the following thread for more info too:
http://www.lawyerment.com.my/boards/article-Malaysia_Business_Consumer_Bankruptcy_Law-102.htm
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