Loan Shark Harassment and how to stop it

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Zane601000

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No use one... that will probably drive them to become UML

Like one guy said before, LML and UML are likely connected
Bo Bian we just want them to play fair.. default r bound to happen if lml have more than 100 ppl default n these ppl have to feedback ROM about their complaints.. ROM will definitely have to do something so that defaulters n lml have to agree.. Losing job due to collectors I think it's abit too much for $400+ loan..Up to them if they want to b UML.. LML license are getting more n more difficult.
 

chulu2810

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Don mentioned. All best to u. Brighter path is ahead.

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.
 

Aion99

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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?
 

lapcheongsap

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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.
 

Aion99

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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?
 

lapcheongsap

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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.
 

Aion99

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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?
 

eric3743

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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.
 

Aion99

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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? ?
 
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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 ..
 
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