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Old 30-04-2017, 10:39 AM   #17
Junior Member
Join Date: Apr 2017
Posts: 3
Just to share my experience - My dad used to owe money from both legal and illegal moneylenders.

Legal ones are the worst because they can openly shout outside your house and make a scene. They are very smart in their tactic to taunt you. For example, they will spit at you. When you got worked up and attempt to retaliate, they will start filming you to portray you as "aggressive". Thus, they have a good story to tell police and media that this family is so aggressive which is why they have to be "fierce". Police can only "ask" them to leave. In other countries, there is a law to stipulate timing where you are not allowed to solicit payment from debtors to avoid causing nuisance. However, in good old Singapore, there is no such law .

Illegal moneylender on the other hand, are people who will not be satisfy with a 1 time payment. They will compound and inflate the interest payable.
The people who harassed you are not the actual loanshark. They are often fellow debtors who cant pay up and forced to be runners to avoid embarrassment. The sim cards used by them are usually prepaid cards purchased from foreign workers who have left spore. Similarly, the bank accounts are also debtors or scapegoats who are paid to open accounts for them. Thus, it is very difficult to trace the mastermind. The downside is they are scared of police and thus, having cctv helps to make them "panic" and minimise damages to your property.
Were you guys threatened?
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