THE Association of Banks in Malaysia (ABM) would like to advise bank customers to initiate contact with their respective banks promptly when genuinely faced with difficulties in repaying their loans.
Bank customers should commence communication with their respective banks to discuss repayment options and arrangements such as debt restructuring and/or refinancing. Financial institutions also play an important role by contacting borrowers promptly upon detecting signs of repayment difficulties so that alternative repayment options can be explored.