View Single Post
Old 06-10-2018, 12:37 PM   #4906
Aion99
Member
 
Join Date: Sep 2018
Posts: 193
No lah lml wants minimal leceh stuff.. They would prefer you go debt counselling volunteer for those loan maybe below 5k..they would profit more.. For an info even if lml close shop or decided not to renew business they can still continue to collect from debtors for the next 7 years..
Not very understand this part "closed shop still can collect for 7 years?" Any further readings to support this?

The issue is how long can they continue to charge for the 4% additional late interest charges and $60 late fees per month. If monthly normal 4% + additional late interest of 4% + $60, easily within 12 months the oustanding amount will be doubled.

If after 120 days, never paid a single cent, they have to classified the loan as bad debt, then all of the interest and fees counting will be stopped, isn't this option is much better?
Compare to counselling which could easily need to pay double over 12 months?

Last edited by Aion99; 06-10-2018 at 12:39 PM..
Aion99 is offline