PTPTN (Perbadanan Tabung Pinjaman Tinggi Nasional) has taken its first step in recuperating an unpaid education loan amounting to almost RM900 millions by suing the first batch of loan defaulters, reported The Star. A file is to be suited in the court which involves 111 blacklisted borrowers.
If the 111 involved fail to settle the amount of loan borrowed, arrest warrant can be released and they may face the consequences of being jailed, declared bankcrupt and confiscation of belongings and assets.
Prior to this about 1000 borrowers were blacklisted due to their failure to comply paying back the loan. They were part of over 35 thousands borrowers who failed to initiate contact PTPTN after completing their studies since 1999.
The body has released final warnings to the incumbents, with the total unpaid loan since 1999 amounting to RM867 millions. Those who are blacklisted by PTPTN would also not be able to get loans from any other financial institution.