Allow use of EPF savings to settle debts
11/03/2007 The Star
By EPF HOPEFUL, Penang.

I AGREE with the suggestion by 'EPF member' on the use of EPF savings to settle debts (The Star, March 6).

I have been a bad debtor for the past six years and have been trying my utmost to settle my borrowings from credit cards and personal loans, which I got entangled in during my early years of starting a family.

Even selling my apartment last year wasn’t good enough to settle all my debts as I could not fetch a high price for my unit.

My failure to maintain a good credit record with the banks was the cost of medical bills I had to fork out for my parents as well as financial mismanagement during my early days, when I was not wise enough.

Every month is a case of trying to make sure I have enough money to cover expenses plus to put food on the table for my family and repaying loans.

Please allow me to use my EPF savings to settle my debts so that I can start living again.

It is a win-win situation to all parties, banks will have fewer bad debts, the Government will see fewer people getting involved with loan sharks and contributors will be able to look forward for a better future with our family.