A Malaysian man, Mr Low, faced financial turmoil after acting as guarantor for a friend’s loan. When the friend passed away, Mr Low was left with an outstanding debt of RM10,800. Seeking to settle, he was shocked when the moneylender attempted to inflate the amount to over RM40,000 and allegedly pressured him during negotiations.
Moneylender Tried to Raise RM10k Debt to RM40k
The lender even demanded his elderly mother’s MyKad details as “collateral.” With help from Michael Kong, aide to MP Chong Chieng Jen, Mr Low eventually resolved the debt at the original amount. The case highlights the risks of becoming a guarantor and predatory tactics by moneylenders.
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