BNM measures to give 6 months moratorium

Discussion in 'General Talk' started by Izso, Mar 26, 2020.

  1. Izso

    Izso Boooooossst
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    Let's focus purely on the hire purchase clause.

    6 months no need to pay car loan! Is that a good or bad thing since no interest impact either.

    Discuss?
     
  2. gunnerzz

    gunnerzz 5 Year | Silver

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    If u are in financial difficulty during this 'viral' period, its a good thing. U also win if u plant to sell your car as no need to waste 6 month installment. Sell it at the last month of the morotarium.

    If u can serve your loan/financing as usual then its a terrible way to spend 6 month as
    U still have to serve the 6 month, at an extended period of the overall tenure.
     
  3. Izso

    Izso Boooooossst
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    assuming you can find a buyer....
     
  4. vr2turbo

    vr2turbo 5 Year | Silver
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    If you are financial sound, continue paying. Those who are not so good off, also have to be careful as they might spend the money elsewhere then find it hard to continues installments later.......lol
     
  5. ixeo

    ixeo Senior Member
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    My question that nobody can answer. Is, will there be additional interest accrued? Unlike other loans, the interest for HP is already calculated upfront.

    For housing loan I understand.
     
  6. vr2turbo

    vr2turbo 5 Year | Silver
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    Every day different version coming out. Certain banks now announce no compound interest.....
     
  7. ixeo

    ixeo Senior Member
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    Confirmed. Hire purchase loans won’t incur additional interest. So take it! Only those by banks eligible.
     
  8. sweelt

    sweelt Well-Known Member

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    wish got hidden stash of money in shoe box....hahaha
    "IF" have 6 mth of payment ready, then continue as usual.
    i opt for automatic moratorium to cushion uncertain 6 mth. Family is more important than try to be hero continue serving loan because the risk of salary cut or jobless since economy badly affected by covid19.
    Some may not agree.
     
  9. 6UE5t

    6UE5t Senior Member
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    Question, will the subsequent payments get higher due to reduced installment frequency, or the term period also gets extended hence just continue the same installment amount?
     
  10. minibeany

    minibeany Member

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    continue for another 6 months. no higher payment or compound interest.

    If you want to continue paying, you need to contact your bank, fill in form and opt-out.

    To me, 6 months extension is not too long. But during this critical 6 months no cash in hand will be a bigger problem. A big storm is coming ahead.

    Still don't know what the company financial and cash flow situation. If you're on IT line you will see a higher demand on IT peripherals because everything will switch to online mode and WFH. If you're in tourism and hospitality then a big problem. Last month globally already seeing 70% dropped. Cruise company almost gone.
     
    #10 minibeany, Mar 28, 2020
    Last edited: Mar 28, 2020
    6UE5t and sweelt like this.
  11. 6UE5t

    6UE5t Senior Member
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    Then it's good, should just take it.

    Yeah, just glad to still have a job.
     
  12. vr2turbo

    vr2turbo 5 Year | Silver
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    Yah, like airlines too.......
     
  13. minibeany

    minibeany Member

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    Petrol price dropped seems good right... but it has big impact... refineries is continue to operate... oil mining cannot stop once started... this has created more supply than demand... soon, we will see layoff by oil industries. This industry is known as bigger spender in anything... there will chain effect.
     
  14. minibeany

    minibeany Member

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    check your bank
     

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  15. Izso

    Izso Boooooossst
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    knn.. my bank is the one bank thats a dick. Ok gonna keep repaying then. I don't want to add on the misery
     
  16. marsha1l_v6

    marsha1l_v6 5 Year | Silver

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    nice, huge chunk blh simpan...i didnt know each bank has different way for this moratorium...
     
  17. vr2turbo

    vr2turbo 5 Year | Silver
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    Refinance, change bank.......lol
     
  18. minibeany

    minibeany Member

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    must be those rich people bank... so they didn't you have any problem... LoL.... just kidding... :tee:
     
  19. sweelt

    sweelt Well-Known Member

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    Nice. Thanks for sharing.
     
  20. sweelt

    sweelt Well-Known Member

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    Hope he see the table properly. If yes, he own by rich people bank... lol
     

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