HWZ Forums

Login Register FAQ Mark Forums Read

Loan Shark Harassment and how to stop it

Like Tree149Likes
Closed Thread
 
LinkBack Thread Tools
Old 06-10-2018, 12:37 PM   #4906
Member
 
Join Date: Sep 2018
Posts: 188
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  
Old 06-10-2018, 01:21 PM   #4907
Junior Member
 
Join Date: Jun 2018
Posts: 65
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?
Even bad debt they can still collect.. This is to protect the lml interest..usually they'll go for what your capital loan is with them with interest or not I'm not sure.. But they have 7 years to close all accounts.. Take ppl who r on bankrupt n under DRS.. That's y the 7 years
Zane601000 is offline  
Old 06-10-2018, 02:08 PM   #4908
Supremacy Member
 
Join Date: Sep 2009
Posts: 8,597
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?

why do u wanna risk something like that..

bad debts doesn't mean they will write it off and u need not repay
mahjong saint is offline  
Old 06-10-2018, 06:23 PM   #4909
Senior Member
 
Join Date: Apr 2018
Posts: 729
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 ..
Go post review
Jjlin1205 is offline  
Old 07-10-2018, 04:26 PM   #4910
Junior Member
 
Join Date: Jun 2018
Posts: 53
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?
Whatever situation or duration, total intetest late fees etc etc, i.e. total cost is cap at 100% of principle sum.

https://www.straitstimes.com/business/banking/new-curbs-on-moneylending-fees-interest-begin-today
Ray1969 is offline  
Old 07-10-2018, 09:14 PM   #4911
Member
 
Join Date: Sep 2018
Posts: 163
Bros and sis , so far any harassment done to you guys ? My AL been super quiet .. have a feeling gonna come soon
Thistimedieliao is offline  
Old 07-10-2018, 10:31 PM   #4912
Member
 
Join Date: Sep 2018
Posts: 453
Mine quiet long long aft I block them.
U install cctv?

Bros and sis , so far any harassment done to you guys ? My AL been super quiet .. have a feeling gonna come soon
chulu2810 is offline  
Old 08-10-2018, 01:39 AM   #4913
Member
 
Join Date: Sep 2018
Posts: 300
Mine quiet long long aft I block them.
U install cctv?
How Long...? Recently I just got forced transferred my last LS....I reported to the police already....Stopped replying, paying closed bank account....at first thought can end of nicely cos the amount quite small...but in the end want pattern then I also pattern lo....thinking if I shld change my number again....
Plzhalp is offline  
Old 08-10-2018, 11:09 AM   #4914
Junior Member
 
Join Date: Oct 2018
Posts: 6
Bros and sis , so far any harassment done to you guys ? My AL been super quiet .. have a feeling gonna come soon
Hi All, this is the first time in my life I borrowed to LS as in the beginning I thought that it was licensed moneylender as when I made enquiry they told me that it's licensed moneylender but now they improving the service whereby you can submit all your documents online. It has been few months I payment to them no issue, but as time goes by I need to loan more as I don't have money anymore to pay, after that this person told me that he can loan out up to 6k for me so that I can pay all my debt to other LS and I just stick to 1, in the end he cheated me he transferred money to my account without my consent 700 and the next day he msg me that he transferred the money already but that one is for trial loan first, I told him that I don't want that amount Im didn't request for that and why u transferred the money without my consent, so I want to return it and he gave me the account number and I transferred back to him, after few minutes he told me that he wants another 2k as I broke the contract which is i Never had agreement for this. And started to threaten me and called my husband and my home number, my husband got a shock and I kena big time, and he direct me to make police report and we went together and made report, and he started to send us the burning house video and all those scary threaten and also threaten me will make me lose my job, now I don't know what to do, as all the 5 LS that I borrowed started to call me ask for money, but I don't have money anymore and my bank account is now under police investigation. Please kindly advise me what I should do now?

Thank you
Stupidme! is offline  
Old 08-10-2018, 11:21 AM   #4915
Master Member
 
Join Date: Aug 2018
Posts: 3,158
First of all, you need to close your bank account. Stop paying those AL cos it will never end. Also, go and install cctv.

A few runners were being caught after they got captured by the cctv recordings. For now, just brace yourself for the harassments. No need to bother to pay them a single cent.

Hi All, this is the first time in my life I borrowed to LS as in the beginning I thought that it was licensed moneylender as when I made enquiry they told me that it's licensed moneylender but now they improving the service whereby you can submit all your documents online. It has been few months I payment to them no issue, but as time goes by I need to loan more as I don't have money anymore to pay, after that this person told me that he can loan out up to 6k for me so that I can pay all my debt to other LS and I just stick to 1, in the end he cheated me he transferred money to my account without my consent 700 and the next day he msg me that he transferred the money already but that one is for trial loan first, I told him that I don't want that amount Im didn't request for that and why u transferred the money without my consent, so I want to return it and he gave me the account number and I transferred back to him, after few minutes he told me that he wants another 2k as I broke the contract which is i Never had agreement for this. And started to threaten me and called my husband and my home number, my husband got a shock and I kena big time, and he direct me to make police report and we went together and made report, and he started to send us the burning house video and all those scary threaten and also threaten me will make me lose my job, now I don't know what to do, as all the 5 LS that I borrowed started to call me ask for money, but I don't have money anymore and my bank account is now under police investigation. Please kindly advise me what I should do now?

Thank you
Legionchaos likes this.
JamieJimmyNg is offline  
Old 08-10-2018, 11:25 AM   #4916
Junior Member
 
Join Date: Oct 2018
Posts: 6
First of all, you need to close your bank account. Stop paying those AL cos it will never end. Also, go and install cctv.

A few runners were being caught after they got captured by the cctv recordings. For now, just brace yourself for the harassments. No need to bother to pay them a single cent.
OK, I will do that but I'm worried about my job, how should I inform my boss as the LS I'm very sure that they will call to my office sooner or later can you advise me
Stupidme! is offline  
Old 08-10-2018, 11:39 AM   #4917
Senior Member
 
Join Date: Apr 2018
Posts: 729
Hi All, this is the first time in my life I borrowed to LS as in the beginning I thought that it was licensed moneylender as when I made enquiry they told me that it's licensed moneylender but now they improving the service whereby you can submit all your documents online. It has been few months I payment to them no issue, but as time goes by I need to loan more as I don't have money anymore to pay, after that this person told me that he can loan out up to 6k for me so that I can pay all my debt to other LS and I just stick to 1, in the end he cheated me he transferred money to my account without my consent 700 and the next day he msg me that he transferred the money already but that one is for trial loan first, I told him that I don't want that amount Im didn't request for that and why u transferred the money without my consent, so I want to return it and he gave me the account number and I transferred back to him, after few minutes he told me that he wants another 2k as I broke the contract which is i Never had agreement for this. And started to threaten me and called my husband and my home number, my husband got a shock and I kena big time, and he direct me to make police report and we went together and made report, and he started to send us the burning house video and all those scary threaten and also threaten me will make me lose my job, now I don't know what to do, as all the 5 LS that I borrowed started to call me ask for money, but I don't have money anymore and my bank account is now under police investigation. Please kindly advise me what I should do now?

Thank you
Just wait for them to come..they come harass u then police got job to do..no need scare those video.treat as netflix lo..install a CCTV to capture those fker face if they come harass
Jjlin1205 is offline  
Old 08-10-2018, 11:40 AM   #4918
Junior Member
 
Join Date: Sep 2018
Posts: 78
First of all, you need to close your bank account. Stop paying those AL cos it will never end. Also, go and install cctv.

A few runners were being caught after they got captured by the cctv recordings. For now, just brace yourself for the harassments. No need to bother to pay them a single cent.
Do not pay criminals and report to police now install CCTV and re start your life and co operate with the police . Stop all payments that's the only way to break their business . Even the runners are debtors and these debtors nowadays also think twice before harrasing you .also STOP Legal money lenders also !

Start enjoying your life and save money for your own self and families . Here we all stop paying and co operate with the police .
Legionchaos likes this.
lonewolf909 is offline  
Old 08-10-2018, 12:10 PM   #4919
Master Member
 
Join Date: Aug 2018
Posts: 3,158
Isn’t it what I advised her as well? Duh

Do not pay criminals and report to police now install CCTV and re start your life and co operate with the police . Stop all payments that's the only way to break their business . Even the runners are debtors and these debtors nowadays also think twice before harrasing you .also STOP Legal money lenders also !

Start enjoying your life and save money for your own self and families . Here we all stop paying and co operate with the police .
JamieJimmyNg is offline  
Old 08-10-2018, 12:11 PM   #4920
Master Member
 
Join Date: Aug 2018
Posts: 3,158
This is the part you need to prepare yourself and explain to your boss. Cos those AL will keep calling non stop. That’s what they are good at. See if your boss is able to understand to this situation.

OK, I will do that but I'm worried about my job, how should I inform my boss as the LS I'm very sure that they will call to my office sooner or later can you advise me
JamieJimmyNg 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