HWZ Forums

Login Register FAQ Mark Forums Read

Loan Shark Harassment and how to stop it

Like Tree124Likes
Reply
 
LinkBack Thread Tools
Old 05-10-2018, 06:32 PM   #4891
Junior Member
 
lapcheongsap's Avatar
 
Join Date: Sep 2016
Posts: 75
For those who lost their jobs due to debt collectors from LML, what if you continue unable to pay, have you tried ignoring their debt colelctors?

For example, blocked their numbers? Since you have already lost your jobs, can they continue to send debt collectors to your house everyday? Everytime you will just refuse to meet with the debt collectors? Maybe after a few days, they will not bother you anymore?
LML you cannot just block and ignore even if you lost your job due to them. As debt collectors harassing people in office is technically not illegal but it falls inbetween a grey area. But like how everyone said earlier, please report them to ROM.

Will personally not recommend to ignore as this will result to more problems. Suggest you just go storm down their office and work a repayment plan with them. If they don't barge, find an organisation to negotiate on behalf.

As you owe LML is an legal contract, you cannot avoid paying up one. Eventually even at bad debt status, you still technically owe them money and they can claim it from you still within the given timeframe.

Hence, negotiating with them or get organisation to negotiate on behalf works best as they get what they want and you get what you want. (They just want their money back.)

For UML aspects, I think I need not explain further. Just don't pay.
lapcheongsap is offline   Reply With Quote
Old 05-10-2018, 06:50 PM   #4892
Member
 
Join Date: Sep 2018
Posts: 142
Will personally not recommend to ignore as this will result to more problems. Suggest you just go storm down their office and work a repayment plan with them. If they don't barge, find an organisation to negotiate on behalf.

As you owe LML is an legal contract, you cannot avoid paying up one. Eventually even at bad debt status, you still technically owe them money and they can claim it from you still within the given timeframe.

Hence, negotiating with them or get organisation to negotiate on behalf works best as they get what they want and you get what you want. (They just want their money back.)
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?
Aion99 is offline   Reply With Quote
Old 05-10-2018, 06:57 PM   #4893
Junior Member
 
lapcheongsap's Avatar
 
Join Date: Sep 2016
Posts: 75
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.
lapcheongsap is offline   Reply With Quote
Old 05-10-2018, 08:18 PM   #4894
Member
 
Join Date: Sep 2018
Posts: 142
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.
Business is blooming because there are many people (maybe be more than 1 millions?) who are unable to borrow from banks. Even if they issued writ of summons etc, if the person has no house no asset, no money in banks, nothing to sell, what can they do? Waste lawyer fees?
Aion99 is offline   Reply With Quote
Old 05-10-2018, 08:43 PM   #4895
Member
 
Join Date: Sep 2018
Posts: 228
The best bet is to change mobile number?
Theywill attack on nok and workplace
Fear Less is offline   Reply With Quote
Old 05-10-2018, 09:07 PM   #4896
Supremacy Member
 
Join Date: Jun 2016
Posts: 6,113
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?
For your info.

Any lawyer fees will be bored by you as billed to your account.

Worst case scenario is that they can apply Court to seize.. and in the long run you may be made bankrupt.

Although the cost may be small in the very beginning it will definitely increase as time goes on and continue to grow larger.

In the end your debt will grow in multiply times and become a major issue to you.
eric3743 is offline   Reply With Quote
Old 05-10-2018, 09:40 PM   #4897
Member
 
Join Date: Sep 2018
Posts: 142
For your info.

Any lawyer fees will be bored by you as billed to your account.

Worst case scenario is that they can apply Court to seize.. and in the long run you may be made bankrupt.

.
I think they are unlikely go to courts, as it may attract unnecessary attention to their dirty books and risking their licence. If there's nothing to seize, apply Court order also no point right? And it may take years for the amt to reach 15k so tat bankruptcy process started to apply? ?
Aion99 is offline   Reply With Quote
Old 05-10-2018, 10:31 PM   #4898
Member
 
Join Date: Sep 2018
Posts: 163
Please do. U will go thru it. There r job waiting outside. Some free lance like delivery can consider while hunting for full time ones.

I do get my own renovation job n off perk I do delivery with my car... still ok to pass by.
Im gonna start working for redmart tomorrow for now . Hopefully I can clear my outstanding debt in a year if nothing goes wrong ..
Thistimedieliao is offline   Reply With Quote
Old 05-10-2018, 10:32 PM   #4899
Member
 
Join Date: Sep 2018
Posts: 163
What the name of yr lml.we go post bad review on them.fker
Cash check at amk ! Really damn ****er .. I went to bgss and even they say that now they made me lose my job still dare to ask for money ..
Thistimedieliao is offline   Reply With Quote
Old 05-10-2018, 11:08 PM   #4900
Member
 
Join Date: Sep 2018
Posts: 453
Good to hear that.

Im gonna start working for redmart tomorrow for now . Hopefully I can clear my outstanding debt in a year if nothing goes wrong ..
chulu2810 is offline   Reply With Quote
Old 05-10-2018, 11:33 PM   #4901
Junior Member
 
Join Date: Sep 2018
Posts: 38
may i know why i have report to facebook about a post for more than 3 weeks but still not taken down? what should i do?
rigrig is offline   Reply With Quote
Old 05-10-2018, 11:57 PM   #4902
Member
 
Join Date: Sep 2018
Posts: 453
Normal they replied like mine they reply if post r remove or not against their rules.


may i know why i have report to facebook about a post for more than 3 weeks but still not taken down? what should i do?
chulu2810 is offline   Reply With Quote
Old 06-10-2018, 01:08 AM   #4903
Junior Member
 
Join Date: Sep 2018
Posts: 38
Normal they replied like mine they reply if post r remove or not against their rules.
don't get it? sorry
rigrig is offline   Reply With Quote
Old 06-10-2018, 09:40 AM   #4904
Junior Member
 
Join Date: Jun 2018
Posts: 65
For your info.

Any lawyer fees will be bored by you as billed to your account.

Worst case scenario is that they can apply Court to seize.. and in the long run you may be made bankrupt.

Although the cost may be small in the very beginning it will definitely increase as time goes on and continue to grow larger.

In the end your debt will grow in multiply times and become a major issue to you.
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..
Zane601000 is offline   Reply With Quote
Old 06-10-2018, 10:04 AM   #4905
Junior Member
 
Join Date: Jun 2018
Posts: 65
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..
With debt counselling volunteers lml can charge 99% of your loan.. If u loan $400.. Instead of paying $420.. They have the right to take from you $800..
Zane601000 is offline   Reply With Quote
Reply
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