Hi! This is my first post. I owe 5 loan sharks and now am stuck coz I can't keep up with the repayments. The biggest I owe is $3k from one of them. Since I'm stuck & unable to repay, they asked me to open up an account or work for them which I definitely not going to do. I'm afraid they will come to my house and my family doesn't know about it. Please advise if I should go report police quickly as now that I refuse to "work" for them or open a new bank account, they have started to scream profanities and threatens to burn my house etc. I screwed up and loan from them and now really regret it. Please share your advise on my next steps.
Since I just recently got into this mess myself, let me help you.
1) Make a police report about their harassment and threatening messages, prepare all the dates, ah long names, contact numbers, bank accounts used to transfer to and from and amounts transferred. BE TRUTHFUL to the police. Even though they can't help 24/7 guard your house, you need to report to be as truthful as possible. Your employer may request for a copy of this report.
2) The ah longs WILL call your NOK and office after they know you are running their loan, so INFORM your NOK and office before that happens. If you have no time or can't muster up the courage to talk face to face yet, send out a WhatsApp message and say you'll explain it to them in person after you've made the police report. DO NOT skip this step, they need to know or else they will chua sai and do stupid things like transferring money to your ah longs to help you clear your loan (and then the cycle will never stop because the ah longs will latch onto you harder)
3) BRACE for the bombardment of calls, WhatsApp that will be coming your way. Block the ah longs WhatsApp, block their calls and inform your NOK to do the same. Inform your office to ignore or screen all calls that are for you.
4) Put a copy of the police report outside your house and install a CCTV camera if it makes you feel safe.
5) If your neighbours come asking about it, be truthful and let them know the situation. You need them on your side to be vigilant and help you call the police if they see suspicious characters loitering at your corridor.
6) Hope for the best and do expect to be splashed / locked a few times before they give up.