VIPs Blacklisted for not paying study loans

It is a good move of the government to bar these defaulters from travelling abroad. Of all people these Vips should undesrtand that they are depriving deserving students from obtaining the study loans. This is big money,people owing RM400 million!

VIPs blacklisted for not paying study loans
By KAREN CHAPMAN

PETALING JAYA: They are known as Yang Berhormat and Yang Berbahagia (YBs) but now some of them have earned the not-so-pleasant status of Yang Berhutang (debtor).

These YBs (the prefix used for elected representatives and those who carry honorary titles like Datuk) are not the only public figures on the list of National Higher Education Fund Corporation loan defaulters.

Professionals and celebrities are also among the 26,000-odd people who owe a whopping RM400mil.

The corporation’s chief executive, Yunos Abd Ghani, said the defaulters included those who studied medicine, law and business.

He said the corporation had to resort to barring the defaulters from leaving the country because they had been ignoring repeated reminders to repay their loans for more than five years.

Of the 26,627 names submitted to the Immigration Department since the corporation started recommending the travel restriction in August last year, 4% or 1,018 had settled their loans amounting to more than RM20mil, he said.

“This (overseas travel ban) has been an effective method as they have no other alternative but to settle what they owe,” he told The Star.

“We don’t apply double standards in implementing the action,” he said, adding that borrowers could check if they were barred from travelling overseas via the corporation and Immigration Department websites.

When asked what excuses the borrowers gave for not settling their debts on completion of their studies, Yunos said they often claimed they did not receive the corporation’s notices.

“Change of address is a favourite excuse despite their legal obligation to update their latest addresses with the corporation,” he said.

Yunos said barring defaulters from going overseas was a last resort.

Since the corporation began operations in 1997, he said it had disbursed RM18bil in loans.

In general, Yunos said that 76% of borrowers start repaying their loans as soon as they finished their studies.

Source: The star on line

Don't Put Off Making a Will

If you don’t have a legal will, take heed – without your will, there is no guarantee your loved ones will be provided for when you die. In fact, your treasured possessions could become government property. Here are some tips to get started:

Do your homework Research the estimated value of your belongings and assets. You may be surprised at how much you are worth.

Seek expert advice While do-it-yourself kits are readily available, it is worth enlisting a solicitor to draft your will and ensure it is legally valid.

Keep it updated Any major life event, such as marriage or the birth of grandchildren, should prompt you to change your will. Make sure you include the phrase “I revoke all previous wills” in the new version.

Store in a safe place You won’t be around to find your safely stowed-away documents. Let loved ones know where to find your will, or give it to your solicitor for safekeeping.

Think beyond the grave Many people nominate a charitable cause as a beneficiary. Contact your favourite charity to find out more about their recommendations for bequeathing funds.

Source:Reader Digest

Gold Vs Dollar

Gold above USD1,000

The gold contract for December delivery climbed to $1,004.70 on the Comex division of the New York Mercantile Exchange, according to Bloomberg. Gold for immediate delivery also breached the $1,000 mark, climbing to $1,002.73 an ounce.

The metal, which has gained 14pc so far this year and is on course for its ninth straight year of gains, is often bought by investors as hedge against the threat of inflation as well as a weaker dollar.

Gold futures reached a record $1,033.90 an ounce in March last year as the world grappled with the economic fallout from the global banking crisis.

"The reasons to own gold as an investment case make sense," Greg Gibbs, a strategist at the Royal Bank of Scotland, told Bloomberg. "It is a hedge against policy makers losing control of fiscal and quantitative monetary policies."

The latest figures show that investors are buying more gold. 222.4 tons of bullion were snapped up in the second quarter, 46pc higher than the same period in 2008, according to the World Gold Council.

"Capital Protected"

On 9th September 2009, Monetary Authority of Singapore(MAS) banned the use of the phrase "capital protected" for structured investment. It is a good move, and Malaysia should do the same because many investors are confused between "capital protected" and "capital guaranteed". In Capital protected, the investment is not necessary protected in the sense that investor may not get back 100% of their investment at maturity, whereas in "capital guaranteed", investors will at least get back 100% of initial investment at maturity.

How to be Good with Your Money

How to be Good with Money
by Susannah Hickling February 2009


Most of us probably resolve to be more sensible with money in these times. We're going to live frugally, save regularly and not go into the red. But, mysteriously, within a few months we seem to have run up a credit card debt and blown our savings on a holiday. The truth is that you don't need cast-iron discipline or the wisdom of Warren Buffett. Here are some easy steps to get you from profligate to prudent this year - while still enjoying life.



• Find out if your books balance. Get out all your bank statements and work out how much you've earned - include benefits and interest on savings - and how much you've spent over the past year.

• Bank online and check your balance twice a week. This will give you a clear idea of what's going in and coming out.

• Junk useless direct debits. Don't just go on paying for that life cover you don't need.

• Build up a rainy-day fund. Set up a monthly direct debit to put money aside in a high-interest account.

• Organise all your payments. Have your direct debits going out just after your salary is paid in. The rest is yours - to transfer into a savings account paying a better rate of interest than your current account. Transfer back as and when you need extra cash.

• Buy now, pay at once. If you can't afford something one month, wait until the next.

• Use your credit card sparingly. Pull out the plastic when you absolutely have to have that half-price dress in the sales. But always pay it off before it incurs any interest.

• Always shop around when contracts - like your internet and mobile phone service provider - come up for renewal. Don't forget to ring your existing provider to see if it can offer you something better.

• Buy treats with reward points schemes. Use all those points you've accumulated on your various cards to give yourself a treat. Spoil yourself - after all, you deserve it.

Source: Reader Digest