Buyers of auctioned properties cry foul
Greater transparency at auctions is needed to protect buyers of properties where no titles have been issued. This is because the auctioning of properties without titles (for example flats and apartments) is not regulated by any statutory provisions. Buyers are bound by the contract called the Proclamation of Sale. (PoS).
Compensation based on market value not insured value
General insurance companies should insure motor vehicles based on the agreed value. Many policyholders are already under the wrong impression that they own an agreed value motor policy.
They are unaware that in Malaysia, motor insurance policies are indemnity policies. This means that if the car is written off as a total loss, the amount compensated by the insurance company will only be its market value, which is often much lower than the insured value.
Stricter control over co-operatives needed
The Consumers Association of Penang disagrees with those who recently voiced their opinion that the amendments to the Co-operatives Act 1993 will kill the co-operative movement.
Many of our local co-operatives do not operate in the spirit in which co-operatives are founded - which is mutual help to improve the social and economic well being of its members.
Bank charges – stop the extortion racket
Bank charges have become purely a money making scheme for the banks. This is the only logical conclusion since the fees bear no resemblance to the actual cost borne by the banks.
It is time the authorities put a stop to excessive bank charges. (We estimate that banks earned in excess of RM1 billion in 2004 from banking fees and charges.)
Unfair banking charges are many and vary from bank to bank. However looking at some of the fees connected with housing loans is sufficed to show how unreasonable the fees are.
Concurrent actions to recover loans are unfair
The practice of using concurrent actions to recover loans by banks should be disallowed by Bank Negara. This practice is unfair for it unnecessarily increases the debt of the borrower.
In housing loan agreements, there is a clause which gives the banks the right to recover the debt by filing foreclosure proceedings to auction the property and also a civil suit all at the same time.
