HWZ Forums

Login Register FAQ Mark Forums Read

Loan Shark Harassment and how to stop it

Like Tree149Likes
Closed Thread
 
LinkBack Thread Tools
Old 12-07-2018, 11:26 PM   #1921
Junior Member
 
Join Date: Jul 2018
Posts: 69
How much yr total loan...pay how long liao
Total 6 loans from 5 AL. Total Clear Amount is close to $8k. Paid almost $3k in different deferments and I finally realised all is link to the same bank accounts.
25chic is offline  
Old 13-07-2018, 12:13 AM   #1922
Junior Member
 
Join Date: Jul 2018
Posts: 87
Any idea what time do they strike usually?
I think these AL are now bz looking for runners to do their dirty jobs.
Snaptwist05 is offline  
Old 13-07-2018, 12:27 AM   #1923
Member
 
Join Date: Jul 2018
Posts: 169
Guys what you mean by defer payment ? How will it caused the loan to snowball
It goes like this. Initially, the loan is say 1000, 1400 to clear and 400 as defer payment. In the perfect world, if you have 1400, you can make a clear payment to them and they will consider the loan settled. So you borrow 1000 you pay 1400. If you didn't do anything with the money, your cost will be 400 as interest.

Defer payment means either 1) you cannot pay the 1400 to clear, so you pay 400 to pay the 1400 at the next payment date (1 week, 5 days, whatever), or 2) you can pay the 1400, but they give tons of excuses why you can't pay that 1400 today (no account, worker sick, worker go back Malaysia etc), so you have to pay 400 to pay 1400 at the next payment date. Still with me?

How the loan snowballs, is by multiple deferred payments, your cost will go up significantly. Imagine you defer 3-4 times like what some of us did. 400 x 4 is 1600. On top of that, you still need to pay 1400 to clear the loan. So you will pay 1600+1400 = 3000 to clear a 1000 loan. Your cost is almost 2000 in interest just to clear that loan. And that 3-4 times defer can go by very quickly. Those 7 day loan one just defer a month and magically the amount explodes. Those 5 day one lagi worst.

This effect is magnified when the loan amount is small, because most WAAL (WhatsApp ah long) charge very high interest in small loans. $350 loan clear $550 defer $200. Defer 2 times and he already earns back the base just on interest alone. You get my point?


I think they short of acct to let ppl loan or return?
Will the police inform bank to stop the account if its being reported?
I am not sure if police informs the bank and the bank freezes accounts just based on that, because it is unclear if it is a debtor or runner or ah long account that they are freezing. if they freeze every account that has been reported, that's a lot of legit debtors whose accounts will be frozen. I believe they will only freeze if the police has given clear evidence that the account is primarily been used for ah long. Again, all speculation.
khunjuno is offline  
Old 13-07-2018, 12:43 AM   #1924
Junior Member
 
Join Date: Jul 2018
Posts: 3
Hi, I've read from the first page till the latest and realised that a lot people been unwillingly involved in this. I gained much more confidence after reading, thanks everyone.

I've borrowed from 2 AL with Malaysia accent but not yet returned the full principle amount.
Will they be more aggresive since they didn't recover the principle amount? Or regardless of anything they will still be aggressive?

What's the worst encounter anyone faced with AL from WhatsApp with Malaysia accent?

I've lodged a police report, should I install a CCTV outside my house just in case? Or those installed at the stairway and lift works?
Lifemistake is offline  
Old 13-07-2018, 12:45 AM   #1925
Member
 
Join Date: May 2018
Posts: 362
It goes like this. Initially, the loan is say 1000, 1400 to clear and 400 as defer payment. In the perfect world, if you have 1400, you can make a clear payment to them and they will consider the loan settled. So you borrow 1000 you pay 1400. If you didn't do anything with the money, your cost will be 400 as interest.

Defer payment means either 1) you cannot pay the 1400 to clear, so you pay 400 to pay the 1400 at the next payment date (1 week, 5 days, whatever), or 2) you can pay the 1400, but they give tons of excuses why you can't pay that 1400 today (no account, worker sick, worker go back Malaysia etc), so you have to pay 400 to pay 1400 at the next payment date. Still with me?

How the loan snowballs, is by multiple deferred payments, your cost will go up significantly. Imagine you defer 3-4 times like what some of us did. 400 x 4 is 1600. On top of that, you still need to pay 1400 to clear the loan. So you will pay 1600+1400 = 3000 to clear a 1000 loan. Your cost is almost 2000 in interest just to clear that loan. And that 3-4 times defer can go by very quickly. Those 7 day loan one just defer a month and magically the amount explodes. Those 5 day one lagi worst.

This effect is magnified when the loan amount is small, because most WAAL (WhatsApp ah long) charge very high interest in small loans. $350 loan clear $550 defer $200. Defer 2 times and he already earns back the base just on interest alone. You get my point?




I am not sure if police informs the bank and the bank freezes accounts just based on that, because it is unclear if it is a debtor or runner or ah long account that they are freezing. if they freeze every account that has been reported, that's a lot of legit debtors whose accounts will be frozen. I believe they will only freeze if the police has given clear evidence that the account is primarily been used for ah long. Again, all speculation.
No, police have no jurisdiction on individual bank accounts. If like that they will be very busy and our banks will be unreliable. Banks also have obligation to protect customer data. Ah longs know this, that's why they make the runners open bank account. Having said that, NOBODY knows exactly how banks work and how their procedures are, so feel free to invent stories to protect yourself if you have to. They're doing it already, close bank account la, bank account jam la. Smoke screens.
Sharuu is offline  
Old 13-07-2018, 12:46 AM   #1926
Member
 
Join Date: May 2018
Posts: 362
Hi, I've read from the first page till the latest and realised that a lot people been unwillingly involved in this. I gained much more confidence after reading, thanks everyone.

I've borrowed from 2 AL with Malaysia accent but not yet returned the full principle amount.
Will they be more aggresive since they didn't recover the principle amount? Or regardless of anything they will still be aggressive?

What's the worst encounter anyone faced with AL from WhatsApp with Malaysia accent?

I've lodged a police report, should I install a CCTV outside my house just in case? Or those installed at the stairway and lift works?
STOP FUNDING CRIMINALS. DON'T PAY ANYTHING.
Sharuu is offline  
Old 13-07-2018, 01:10 AM   #1927
Member
 
Join Date: Jul 2018
Posts: 169
Hi, I've read from the first page till the latest and realised that a lot people been unwillingly involved in this. I gained much more confidence after reading, thanks everyone.

I've borrowed from 2 AL with Malaysia accent but not yet returned the full principle amount.
Will they be more aggresive since they didn't recover the principle amount? Or regardless of anything they will still be aggressive?

What's the worst encounter anyone faced with AL from WhatsApp with Malaysia accent?

I've lodged a police report, should I install a CCTV outside my house just in case? Or those installed at the stairway and lift works?
Regardless of anything, they will be aggressive. Just block and ignore them. Change number if you have to, it only costs $30+.

Since you already lodge a police report, don't pay already lah. Install CCTV if you want, paste report outside if you want. If they want to come, they will come regardless of what you have outside your house.

Just remember: Don't pay anything, if they harass, find your resolve to NOT PAY ANYTHING ANYMORE.
khunjuno is offline  
Old 13-07-2018, 01:15 AM   #1928
Member
 
Join Date: Jul 2018
Posts: 169
No, police have no jurisdiction on individual bank accounts. If like that they will be very busy and our banks will be unreliable. Banks also have obligation to protect customer data. Ah longs know this, that's why they make the runners open bank account. Having said that, NOBODY knows exactly how banks work and how their procedures are, so feel free to invent stories to protect yourself if you have to. They're doing it already, close bank account la, bank account jam la. Smoke screens.

That's what I think too. Apart from court orders, I've never seen bank accounts being frozen. Doubt they'll just any old how freeze bank accounts because a police report says so. lol
khunjuno is offline  
Old 13-07-2018, 01:34 AM   #1929
Member
 
Join Date: May 2018
Posts: 362
That's what I think too. Apart from court orders, I've never seen bank accounts being frozen. Doubt they'll just any old how freeze bank accounts because a police report says so. lol
They say bank freeze, you also say freeze la. Make up fake receipts and when they say never receive the money, say frozen. When they show you receipt if you borrow, say never receive and then give your friend's bank account and ask them send again. You have photo editor at your disposal. If can filter celfie, sure can create fake receipts. Who gonna know also. Only the bank. And they sure AF won't tell anyone anything. So go crazy!
Sharuu is offline  
Old 13-07-2018, 05:37 AM   #1930
Junior Member
 
Join Date: Jul 2018
Posts: 2
will they also go condo to do harassment?
phoenix0821 is offline  
Old 13-07-2018, 07:23 AM   #1931
Arch-Supremacy Member
 
Join Date: Nov 2015
Posts: 14,266
will they also go condo to do harassment?
The best is dont borrow. Live within ur means.
qhong61 is online now  
Old 13-07-2018, 07:23 AM   #1932
Junior Member
 
Join Date: Jul 2018
Posts: 39
will they also go condo to do harassment?
condo has security guard, I don't think they can enter easily but that is just how I think it will be. In reality I am not sure.
ppclip is offline  
Old 13-07-2018, 08:45 AM   #1933
Senior Member
 
Join Date: Apr 2018
Posts: 729
condo has security guard, I don't think they can enter easily but that is just how I think it will be. In reality I am not sure.
They can mail poster to embarrassed u
Jjlin1205 is offline  
Old 13-07-2018, 08:48 AM   #1934
Senior Member
 
Join Date: Apr 2018
Posts: 729
The best is dont borrow. Live within ur means.
Yes...like me I got stable job but got addicted to gambling after big win...lose tons of money then chase lose borrow from almost all the banks before new ruling bank, license and Al..my fiance left me coz of my habit. any gambler here.i only.gambler will borrow from Al coz they have this thinking that win Liao can return in one shot..
Jjlin1205 is offline  
Old 13-07-2018, 08:50 AM   #1935
Senior Member
 
Join Date: Apr 2018
Posts: 729
Hi, I've read from the first page till the latest and realised that a lot people been unwillingly involved in this. I gained much more confidence after reading, thanks everyone.

I've borrowed from 2 AL with Malaysia accent but not yet returned the full principle amount.
Will they be more aggresive since they didn't recover the principle amount? Or regardless of anything they will still be aggressive?

What's the worst encounter anyone faced with AL from WhatsApp with Malaysia accent?

I've lodged a police report, should I install a CCTV outside my house just in case? Or those installed at the stairway and lift works?
Ignore there msg..don't see or else u be frightened or go YouTube view all those video photo and message that al post after awhile u be numb
Jjlin1205 is offline  
Closed Thread
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On