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Old 05-10-2018, 06:57 PM   #4893
lapcheongsap
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Join Date: Sep 2016
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What kind of problems will occur if we ignore the LML? Other than the loan interest and late charges continue to run? After 6 months become bad debts, not sure what will happened to the loans? Interest and late charges continue to run forever? Cannot be right?

Although they can still claim from us, but if the amount is small usually they are unlikely to engage lawyer to sue? Even if they engage lawyer to issue writ of summons, the costs for them will be high, and unlikely to get back the money? Hence not worth for them to pursue further?
As far as I know, it will stop rolling once it's at bad debts. However, it doesn't deter them to get a lawyer to write writ of summons. To be frank with you, there are many smaller firms willing to help them write at a lower cost to assist them in recovering the money. Else, if everyone rides on the mindset of not returning LML upon borrowing, there should already be lesser LML in the market now, but the business is still blooming.
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