KUALA LUMPUR: A 48-year-old salesman pledged his car as collateral for a RM3,000 loan from an Ah Long, who took the car after he failed to repay the loan in time in October, 2006. The salesman's is now upside down.
Last September, he was shocked when the bank informed him that, since he had stopped paying the loan instalments since October 2006, it had auctioned it off – and that he still needed to pay the bank RM18,000 or risk being sued. He is paying that in instalments.
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