BNM measures to give 6 months moratorium

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Izso

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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?
 

gunnerzz

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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.
 

Izso

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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.
assuming you can find a buyer....
 

vr2turbo

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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
 

ixeo

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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.
 

vr2turbo

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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.
Every day different version coming out. Certain banks now announce no compound interest.....
 

ixeo

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

sweelt

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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
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.
 

6UE5t

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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?
 

minibeany

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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?
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.
 
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6UE5t

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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.
Then it's good, should just take it.

Yeah, just glad to still have a job.
 

vr2turbo

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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.
Yah, like airlines too.......
 

minibeany

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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.
 

Izso

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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