Loan Shark Harassment and how to stop it

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Jjlin1205

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I went face to face with LML but they dont want to give instalment. I paid what they asked for yet they handover to Debt Collector. I didn't ask for lower instalments, they just pushed everything to Debt Collector. I talked to Debt Collector, offered to go down to their office yet then amount reduced but still must make another payment before can do instalment.

I'm not running. And yes, LML is worst.

I don't think u clear the loan.payday loan is to be repay during yr next payday..but u mention u pay but not clear
 

Stress

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To be frank licensed money lender don't even dream of running away coz they have black n white... they have the right to stand infront of ur house ur workplace wherever they like they can do. they can appear infront of u. unlike ahlong... theirs is u owe them u pay them back on what u agree on... if really u can't... alot of loans to pay bank la LML la, go n apply for DRS. debt repayment scheme.. they will include all legal moneylender and bank loans into one lum sum amount n u have to start paying the instalment plan. if u keep on dragging, ur interest fees snow ball.. u more jialat... if u want to ask for lower payment fees, pay some amount n then do the talking with them..
 

Stress

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so actually if u paid ur monthly instalment y they still handover ur case to debt collector.. i wonder.. :spin:

I went face to face with LML but they dont want to give instalment. I paid what they asked for yet they handover to Debt Collector. I didn't ask for lower instalments, they just pushed everything to Debt Collector. I talked to Debt Collector, offered to go down to their office yet then amount reduced but still must make another payment before can do instalment.

I'm not running. And yes, LML is worst.
 

Harri83

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I went face to face with LML but they dont want to give instalment. I paid what they asked for yet they handover to Debt Collector. I didn't ask for lower instalments, they just pushed everything to Debt Collector. I talked to Debt Collector, offered to go down to their office yet then amount reduced but still must make another payment before can do instalment.

I'm not running. And yes, LML is worst.

If you pay accordingly to the agreed amount and time period, I find it very weird leh.
It is because LML need to give percentage of the collected amount to the Debt Collector.
No point for the LML to lose the money unless they are facing a very bad debtor.
 

Zaini338B

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Can't DRS is very expensive you use 3rd party will cost you 3k+ and you do everything on your own still cost you 2k+. Have to wait 4months then they proceed. Not worth better use that money to lower your moneylender debt.
 

Zaini338B

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To be frank licensed money lender don't even dream of running away coz they have black n white... they have the right to stand infront of ur house ur workplace wherever they like they can do. they can appear infront of u. unlike ahlong... theirs is u owe them u pay them back on what u agree on... if really u can't... alot of loans to pay bank la LML la, go n apply for DRS. debt repayment scheme.. they will include all legal moneylender and bank loans into one lum sum amount n u have to start paying the instalment plan. if u keep on dragging, ur interest fees snow ball.. u more jialat... if u want to ask for lower payment fees, pay some amount n then do the talking with them..

Bro its expensive to use DRS. 3rd party help you will cost 3k+. if you do on your own will cost you 2k+. You have to wait for 4 months before court proceed your DRS. That 4 months waiting and you are still not protected by court order. Rather use that money to pay LML than the hectic of going up and down court. At the end of the day no matter how kwai lan the debt collector they still have to follow the regulations. Debt collector also cannot suka2 enforce anything they like as if there's no law.
 

Ray1969

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Can't DRS is very expensive you use 3rd party will cost you 3k+ and you do everything on your own still cost you 2k+. Have to wait 4months then they proceed. Not worth better use that money to lower your moneylender debt.

What do you mean DRS is expensive? I had my DRS for LML from social service organization for free, and it is instant.
 

Zaini338B

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Handphone bills you default you don't pay you'll still get letter of demand that is a standard.
 

Ray1969

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To be frank licensed money lender don't even dream of running away coz they have black n white... they have the right to stand infront of ur house ur workplace wherever they like they can do. they can appear infront of u. unlike ahlong... theirs is u owe them u pay them back on what u agree on... if really u can't... alot of loans to pay bank la LML la, go n apply for DRS. debt repayment scheme.. they will include all legal moneylender and bank loans into one lum sum amount n u have to start paying the instalment plan. if u keep on dragging, ur interest fees snow ball.. u more jialat... if u want to ask for lower payment fees, pay some amount n then do the talking with them..

Not all the LML will calmly negotiate with you. I personally experienced it. Just give you an example, one of the LML sounded like ah long when i tried to talk to him, hoping he can spare me few days to raise payment. He threatened to get debts collector to come my place and office. I have to make $420 for my 3k loan in order for him to give me additional 3 days. This $420 is just for late fee late interest and interest. Finally my counsellor called him, and immediately he obliged to let me pay by installment. My repayment is $360 x 10 monthly installment to close the loan.
 

Migraine22

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This one probably is Debt Management Programme is it? CCS?

I enquired about this DRS before.. have to pay fee of 2700 for the legal proceed to do the process... an takes quite sometimes... and loan must be more than 15k if im not wrong... all debts except UML...
 

Ray1969

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I enquired about this DRS before.. have to pay fee of 2700 for the legal proceed to do the process... an takes quite sometimes... and loan must be more than 15k if im not wrong... all debts except UML...

CCS DRS is also free. Which organization you go to that charge you 2.7k? Most likely it is a private company providing such service.
 

Migraine22

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CCS DRS is also free. Which organization you go to that charge you 2.7k? Most likely it is a private company providing such service.
i went to amp... my colleague recommended me to talked to her consultant..
 

Harri83

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I enquired about this DRS before.. have to pay fee of 2700 for the legal proceed to do the process... an takes quite sometimes... and loan must be more than 15k if im not wrong... all debts except UML...

Bro its expensive to use DRS. 3rd party help you will cost 3k+. if you do on your own will cost you 2k+. You have to wait for 4 months before court proceed your DRS. That 4 months waiting and you are still not protected by court order. Rather use that money to pay LML than the hectic of going up and down court. At the end of the day no matter how kwai lan the debt collector they still have to follow the regulations. Debt collector also cannot suka2 enforce anything they like as if there's no law.

What you guys talked is different from the others who say is free.
Different approach.
 

Ray1969

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Translation: Water is wet. Water is not pizza. They are different things.
"When you pour water in a cup, it becomes the cup. When you pour water in a bottle, it becomes the bottle. When you pour water in a teapot, it becomes the teapot. Water can drip and it can crash."---- Bruce Lee
 

khunjuno

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"When you pour water in a cup, it becomes the cup. When you pour water in a bottle, it becomes the bottle. When you pour water in a teapot, it becomes the teapot. Water can drip and it can crash."---- Bruce Lee

Be water my friend.
 

kleong

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For lml, can go to silver lining for help. They will help you nego with them for a monthly repayment schedule. But be prepare that the lml will slap the max permitted amount of late charges. Iirc, it is 50% of the principle amount. Also, they are not obliged to agree with the payment schedule but will usually agree to it since they know this is the fastest way they can their money back vs the legal route.
 

cw3007

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DCP - debt consolidation plan offer by ABS. Debt size minimunm 12xmonthly salary. Paid in 5-10 yrs.

DCP is a solution offered by ABS but in terms of application, debtors may approach the participated banks directly. But the DCP framework is set by ABS.

DMP - debt repaymemt plan offer by CCS. Debt size minimum 10k no cap. Paid in 5-10 yrs.

DRS - consider similar bankruptcy procedure but your name will not in public unlike BK. A lot of social welfare organisation offer this service. Debt size minimum 15k max 100k. CCS dont offer i think. Because CCS work for the bank!!! They try to cut yr expenses to fit u into DMP.

Paid OA -$1850
Court hearings charge less than$200.
If u need assistance in filing u engage those organisation to help u. Some charge less some charge more. DRS is the worst because u cant file bankruptcy and yr debt repayment is higher than bankruptcy

BK - your debt is above 100k and u do not want DPM but u not eligible for DRS also u can apply BK and 100% approval most of the time.
Paid OA -$1850
Court hearings charge less than$200.
If u need assistance in filing u engage those organisation to help u. Some charge less some charge more.
 
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