Loansharks
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read in the chinese morning yesterday that a loanshark runner was sentenced to 21 months in jail and 10 strokes of the cane for locking up the gate and spraying black paint on the door of the debt owner.
Do you think think this punishment is too harsh? i mean, yes what the loanshark runner did was wrong, but does it justify the 10 strokes of the cane? surely locking him up is more reasonable right?
somemore we must not forget that borrowing money from loansharks itself is wrong, we mustn't let the people think that now that the police is taking a stricter stand against loansharks means that they can safely borrow money form them. afterall, one don't has to return the loansharks' money now that the police will catch them if they come harass them. -
I hear these runners earn a lot of money, they work something like 7:30pm to 9:30pm everyday and get paid abt 1.7k per mth just to collect and deposit money.
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\Originally posted by KumSioJui:I hear these runners earn a lot of money, they work something like 7:30pm to 9:30pm everyday and get paid abt 1.7k per mth just to collect and deposit money.
I earn more money from buying globalvoice at 5 cents and selling them for 15 cents.
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you really think so ? ... if this is the case, loansharks will have been stamped out of business long ago, eh ? .... cos every debtor will just pick up the phone and call the police, eh ......Originally posted by Gordonator:read in the chinese morning yesterday that a loanshark runner was sentenced to 21 months in jail and 10 strokes of the cane for locking up the gate and spraying black paint on the door of the debt owner.
Do you think think this punishment is too harsh? i mean, yes what the loanshark runner did was wrong, but does it justify the 10 strokes of the cane? surely locking him up is more reasonable right?
somemore we must not forget that borrowing money from loansharks itself is wrong, we mustn't let the people think that now that the police is taking a stricter stand against loansharks means that they can safely borrow money form them. afterall, one don't has to return the loansharks' money now that the police will catch them if they come harass them.
the loan sharks aren't idiots ... and they are not solo operators, they are a gang, a syndicate, a chap gets captured, rest assured his kakis will still be out there, with vengence on their minds, and debtors know that too ....
best way to stamp them out ... don't borrow money from them ! ... that means being careful with your money, resist the temptations of the gambling dens etc ... -
actually you are right, these loansharks aren't idiots. The real mastermind nobody knows, he/she could be an accountant, business person or even civil servant like maybe a teacher but somebody with a high disposable income, and they have a few teams running all over the island, each of these team dunno the existence of other teams like terrorist cells, and nothing can be linked back to the big boss.Originally posted by Fatum:you really think so ? ... if this is the case, loansharks will have been stamped out of business long ago, eh ? .... cos every debtor will just pick up the phone and call the police, eh ......
the loan sharks aren't idiots ... and they are not solo operators, they are a gang, a syndicate, a chap gets captured, rest assured his kakis will still be out there, with vengence on their minds, and debtors know that too ....
best way to stamp them out ... don't borrow money from them ! ... that means being careful with your money, resist the temptations of the gambling dens etc ...
They are run high tech operations with electronic databases shared among all the teams, if you borrow from 1 loanshark team and dun pay and try to borrow from another who happen to have your record in their database they will know and you're finished.
Also these days they are more careful, too many people borrow money dun want to pay and report police, I heard that now won't lend more than $500 to any new customers. As to not borrow money, is very hard to stamp them out, not all borrowers get a loan becuz of gambling debts, some people borrow becuz they need a loan to tide over their business which a bank may not lend if they deem the business to be a startup or credit risk, some becuz of emergency medical problems. So is very hard.
The government I feel can come up with a kind of poor people's fund that can extend small loans like a few hundred dollars 2k at very low interest or zero interest like what they do in bangladesh. -
actually, a lower income's emergency fund is a very good idea ! ... just don't depend on the goverment to initiate it ... cos it's not a good business proposition ....Originally posted by KumSioJui:actually you are right, these loansharks aren't idiots. The real mastermind nobody knows, he/she could be an accountant, business person or even civil servant like maybe a teacher but somebody with a high disposable income, and they have a few teams running all over the island, each of these team dunno the existence of other teams like terrorist cells, and nothing can be linked back to the big boss.
They are run high tech operations with electronic databases shared among all the teams, if you borrow from 1 loanshark team and dun pay and try to borrow from another who happen to have your record in their database they will know and you're finished.
Also these days they are more careful, too many people borrow money dun want to pay and report police, I heard that now won't lend more than $500 to any new customers. As to not borrow money, is very hard to stamp them out, not all borrowers get a loan becuz of gambling debts, some people borrow becuz they need a loan to tide over their business which a bank may not lend if they deem the business to be a startup or credit risk, some becuz of emergency medical problems. So is very hard.
The government I feel can come up with a kind of poor people's fund that can extend small loans like a few hundred dollars 2k at very low interest or zero interest like what they do in bangladesh.
but if a group of better off and concerned citizens come together and set something up .... there can be conditions attached, say, with social workers reviewing the cases, for medical emergencies, small business debts etc .... and no loans for gambling debts ! ...
though my impression is that gambling debts make up the bulk of the loanshark's business ... confirmed by social worker friends of mine ... some people just can't resist temptations ... and people end up having to sell off their houses and such to pay off loan shark debts .... I have a friend, a young poly grad, who owed more than $100k because of (illegal) bets ... a super expensive lesson ... this is where the police comes in ... why is it that all these gambling syndicates can still operate with impunity all over ... it seems to me that every other person I know has access to these illegal syndicates ... why is that so ? ...
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if you depend on better off citizens to initiate, there could be a danger that some of these citizens could under the guise of doing community development really start loandsharking, moneylending can be a really lucrative, just to give you an idea, for a 50k investment, the money lender can easily recoup this investment in say 6mths even if he had a few bad borrowers.Originally posted by Fatum:actually, a lower income's emergency fund is a very good idea ! ... just don't depend on the goverment to initiate it ... cos it's not a good business proposition ....
but if a group of better off and concerned citizens come together and set something up .... there can be conditions attached, say, with social workers reviewing the cases, for medical emergencies, small business debts etc .... and no loans for gambling debts ! ...
though my impression is that gambling debts make up the bulk of the loanshark's business ... confirmed by social worker friends of mine ... some people just can't resist temptations ... and people end up having to sell off their houses and such to pay off loan shark debts .... I have a friend, a young poly grad, who owed more than $100k because of (illegal) bets ... a super expensive lesson ... this is where the police comes in ... why is it that all these gambling syndicates can still operate with impunity all over ... it seems to me that every other person I know has access to these illegal syndicates ... why is that so ? ...
I feel you want to do such things there should be some form of safeguards in place to prevent possibility of abuse hence the government or law enforcement agencies can play a small part also.
They can Restrict the amt of money that any person can borrow,
Set an age/qualification level restriction for borrowers, like lets say minors cannot borrow, those with degree or more than A level cannot borrow. etc ... but maybe single parents or widow/widowers with more than 1 dependant to support can borrow. So that it will really only help those who need it. -
I don't see why are people so scared of loansharks. For those that borrow, yes, you aided a crminal organisation, please bear the consequence. For those being terrorized because the previous owners of the house borrowed money, or due to a loanshark error, why can't they take concrete actions to stop these loansharks from harassing them? Why is there a need to fear if you didn't borrow money from them?
In this age of video cameras and electronic survellenace, you can record evidence of loansharks vandalising or threatening you and go to the police. If tammy can use a mobile to take videos, I dun see why can't you.
Also, if the rest of their kakis continue to harass you, I believe that you are able to either bring enough of them to juctice via the police, until its no longer economically viable to harass you anymore. After all, loansharks in singapore do not harm or hurt others. If they do, just kill them. No one will miss them. -
I clicked on this thread thinking that it was about banks, credit card companies and our post office.
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Loan sharks aren't idiots, that guy was just plain suay.
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The punishment is harsh. I believe that the punishment is given in due to the opening of the casino. The gov want to show that they take a tough stand against all the boons that will come with the casino.
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my cousin is an ah long(no pun intended)
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Perhaps the law should also be applied to those who serve the 'legalised' runners employed by the 'legalise' loan sharks - such as the banks ?
Are the banks not acting like loan sharks too - lending money during the good days, but forcing the return of those money during the bad rainy days ?
Interest on savings earn a meagre interest rate, but interest on loan amounts are based on rates that exceed the interests paid to savings by more then fifty times over.
The banks are in the habit of increasing or extending loan amounts on incremental basis - according to collateral securities placed, but will insist on the recall of loans in the shortest of period that result in the borrower defaulting and losing the collateral.
Is it untrue that the Banks are not 'legalised loan sharks' and their debt collectors being 'legalised runners' and both deserve to be similarly treated as the illegals ? -
i dun think the punishment is harsh, afterall the law did stated that vandalism will be paid by caning.Originally posted by Gordonator:read in the chinese morning yesterday that a loanshark runner was sentenced to 21 months in jail and 10 strokes of the cane for locking up the gate and spraying black paint on the door of the debt owner.
Do you think think this punishment is too harsh? i mean, yes what the loanshark runner did was wrong, but does it justify the 10 strokes of the cane? surely locking him up is more reasonable right?
somemore we must not forget that borrowing money from loansharks itself is wrong, we mustn't let the people think that now that the police is taking a stricter stand against loansharks means that they can safely borrow money form them. afterall, one don't has to return the loansharks' money now that the police will catch them if they come harass them.
borrowing money from loanshark is wrong?? but i dun think bankers will loan out money dat easily and they declared u bandrupt if u failed to repay. whereas loansharks only beat u up.. only think dat the way they charged interest rate is too high. -
If these loansharks did not act in a barbaric way, none of these would have happened.
Just too farking bad.One loanshark down is one loanshark down, he won't be missed.Not after what they have done.
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[b]Originally posted by SilverPal:I don't see why are people so scared of loansharks. For those that borrow, yes, you aided a crminal organisation, please bear the consequence. For those being terrorized because the previous owners of the house borrowed money, or due to a loanshark error, why can't they take concrete actions to stop these loansharks from harassing them? Why is there a need to fear if you didn't borrow money from them?
In this age of video cameras and electronic survellenace, you can record evidence of loansharks vandalising or threatening you and go to the police. If tammy can use a mobile to take videos, I dun see why can't you.
Also, if the rest of their kakis continue to harass you, I believe that you are able to either bring enough of them to juctice via the police, until its no longer economically viable to harass you anymore. After all, loansharks in singapore do not harm or hurt others. If they do, just kill them. No one will miss them.
My relative 's new neighbours from China happens to be the innocent ones who is suay to buy from this gambler who pretends that he is a familyman selling his flat and relocating..
Loan sharks spray colourful paints, chained his door, broke his windows, and my relative believe they are from different groups. Police was called, they come ,they see, and go off,seems like nothing can be done.
The new neighbour posted HDB sales notices on their flat to prove their innocence, even goes to the extents of giving the address of our gambler.
things seems to cool down but you dont' know when they will be back..
Meantime , our gambler is still borrowing from loan sharks and repeating his tricks...... -
I'm sorry to hear that. That gambler is rather immoral, for want of a better word. Well, at least the victims managed to get rid of the loan sharks after sometime, although I do not doubt the amount of effort, distress caused and costs in damages.Originally posted by wtbwts:[b]
My relative 's new neighbours from China happens to be the innocent ones who is suay to buy from this gambler who pretends that he is a familyman selling his flat and relocating..
Loan sharks spray colourful paints, chained his door, broke his windows, and my relative believe they are from different groups. Police was called, they come ,they see, and go off,seems like nothing can be done.
The new neighbour posted HDB sales notices on their flat to prove their innocence, even goes to the extents of giving the address of our gambler.
things seems to cool down but you dont' know when they will be back..
Meantime , our gambler is still borrowing from loan sharks and repeating his tricks......
What I really do not understand is, why are innocent people so afraid of these loan shark runners? They are just small fries with no gang clout. Use a cyber camera to record them breaking the law, frighten them off, splash paint on them, beat them up, etc... There is no lack of damage one can do to them, legal or otherwise.
You guys should read the thread on gangsters in chit chat. You'd have a really good laugh at these rubbish. Maybe its time to clear the trash from our home.