Many of us, when sign the Loan Agreement, the "Licensed Loan Shark" will ask us to buy a MRTA (Mortgage reducing term insurance).
More then often, we switch the loan to other loan account, and the other "licensed loan shark" will ask you to buy another MRTA.
What happen if you got 2 MRTA? Nothing.... you just pay for nothing.... the original "licensed Loan Shark" doesn't benefit from your MRTA and they have no obligation to refund your MRTA.
You have to ASK! you have to search High & Low for the original MRTA copy! and CANCEL IT and ask for refund!
This usually amount to a few Thousands ringgit. You are paying the few thousand ringgit EXTRA! that serve no purpose!
Remember to claim it back!
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