What happen if debts cannot be repaid

What can happen if debts cannot be paid?

If you do not pay your debt, the creditor will probably provide this information to a credit bureau. For example: in hire-purchase, the finance company will report to the Association of Finance Companies, Malaysia, or with CTOS or appears in our CREDIT WATCH.

The credit bureau will then include the information in its credit record, which may damage your credit history.

In some cases, the creditor may also garnish your bank accounts or collect direct from your customers. In addition, if you intend to buy any other goods on hire-purchase or using loans from the finance companies or banks, your application may be rejected.

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