[Aion99]

Zane601000 wrote:

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?

[Zane601000]

Aion99 wrote:

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

[mahjong saint]

Aion99 wrote:

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

[Jjlin1205]

Thistimedieliao wrote:

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

[Ray1969]

Aion99 wrote:

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

[Thistimedieliao]

Bros and sis , so far any harassment done to you guys ? My AL been super quiet .. have a feeling gonna come soon

[chulu2810]

Mine quiet long long aft I block them.
U install cctv?

Thistimedieliao wrote:

Bros and sis , so far any harassment done to you guys ? My AL been super quiet .. have a feeling gonna come soon

[Plzhalp]

chulu2810 wrote:

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....

[Stupidme!]

Thistimedieliao wrote:

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

[JamieJimmyNg]

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.

Stupidme! wrote:

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!]

JamieJimmyNg wrote:

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

[Jjlin1205]

Stupidme! wrote:

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

[lonewolf909]

JamieJimmyNg wrote:

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 .

[JamieJimmyNg]

Isn’t it what I advised her as well? Duh

lonewolf909 wrote:

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]

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.

Stupidme! wrote:

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