Loan shark help please..
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Hi.
I have been borrowing money from loan shark since nov last year. I have been paying them promptly and when i finally settled my debts, they say they didnt receive it. Yesterday they called my house and demand 2k to be transferred to their account within 20 mins. Then on the way to transferring them, they increase it to 3k and after i pay them 3k, they wanted 5k.
Can you tell me what should i do? The loan shark received my money they will harass me awhile and they will stop will they? Please help me i am at my witt's end. My families are very troubled because of me and i feel so useless. I definitely know i m in the wrong and wont do it again.
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bo mata
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u nid more $? i can help...
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Community Involvement - What You Can Do To Fight Loansharking Activities : http://www.spf.gov.sg/ahlong/community_uml.htm
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National Crime Prevention Council (NCPC)X Ah Long Hotline 1800 - 924 5664If you have information about illegal money lenders, call the X Ah Long Hotline. All calls are private and comfidential. Your details will not be asked or recorded in this hotline.Website: http://www.ncpc.gov.sg
National Council on Problem Gambling (NCPG) Helpline 1800 - 666 8668If you experience difficulty in controlling your gambling, you may have a gambling addiction, which could lead to serious personal, financial and family issues. Before it becomes a problem, know where to draw the line. Help is available.Website: http://www.ncpg.org.sg -
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What is Unlicensed Moneylending?
Moneylending in Singapore
Under the Moneylenders Act 2010 (Revised Edition), Chapter 188, anyone who wishes to operate a moneylending business is required to apply for a Moneylender’s Licence from the Registrar of Moneylenders. Licensed Moneylenders are required by law to abide to the provisions under the Moneylenders Act and its Rules. For more information on Moneylending in Singapore and how one can apply for a Moneylender’s licence, the public can visit the Insolvency & Public Trustee’s Office (IPTO) website at the following link.
Verifying whether a moneylender is legal
To verify whether a moneylender is licensed, the public may access the IPTO website at the following link to check against an updated list of licensed moneylenders maintained by the Registry of Moneylenders.
What are loansharks?
Loansharks are unlicensed moneylenders, who illegally give out loans when not licensed to do so by the Registry of Moneylenders. Loansharks often lend money at unfair terms, such as at exorbitant rates of interest as high as 20% and 1018% per annum, frequently to people who are desperate for money and unable to get loans from legitimate sources.
Because they operate outside the law, loansharks resort to unscrupulous and often violent harassment acts to ensure repayment from their debtors. These include splashing paint on the front doors’ of debtors and innocent bystanders; scrawling graffiti detailing debtors’ personal details on walls; sending “Hell Notes” to frighten debtors; locking the front doors of debtors’ units; damaging cars belonging to debtors and innocent residents; and even setting fire to the front doors’ of debtors.
Loansharks are also known to outsource their illegal business by employing the vulnerable for their operations. These may include forcing debtors who are unable to repay their loans to conduct acts of harassment on other debtors; offering youths quick cash in return of committing acts of harassment; and offering money to people who open bank accounts to facilitate in their illegal money transfers.
What constitutes loansharking activities
Those who may dabble in loansharking activities of any nature are warned, as Police take a serious view on such offences.
Anyone who contributes or facilitates a loansharking operation will not escape the law. Persons carrying out any of the following acts are deemed to have participated in loansharking activities:
Carrying out acts of loanshark harassment (eg. splashing paint, scribbling on walls, setting fire; locking gates; sending hell notes);
debt collection;
providing funds or allowing premises to be used for loansharking business;
providing or selling prepaid SIM cards to loansharks;
opening bank accounts to facilitate fund transfers of loansharking syndicates;
promoting or advertising loansharking activities;
giving instructions to carry out harassment;
provide transport for runners; or
acting as a lookout or verifying harassment on behalf of the loansharks.
Punishments
Assisting loansharks:
First-time offenders – fine between $30,000 and $300,000, jail up to four years, liable to six strokes of the cane
Repeat offenders – fine between $50,000 and $500,000, jail up to five years, liable to 12 strokes of the cane
Conducting acts of harassment:
First-time offenders – fine between $5,000 and $50,000, jail up to five years, liable to six strokes of the cane
Repeat offenders – fine between $6,000 and $60,000, jail up to nine years, liable to 12 strokes of the cane
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Stay vigilant, report loansharking activities
The public can help the Police with their vigilance and immediate reporting of suspicious persons and loanshark harassment activities in their neighbourhoods. Police seek the public’s assistance to provide detailed descriptions of such persons and to work with the Police to solve the case. The public should however avoid doing anything which would put them in harm’s way.
To provide Police information on loansharking activities, members of the public can call the Police Hotline at 1800-255-0000 or to dial ‘999’ if urgent assistance is required.
Alternatively, persons who may not want to approach the Police directly may call the National Crime Prevention Council’s (NCPC) ‘X Ah Long’ Hotline at 1800-924-5664 (1800-X-AH-LONG) (9am to 5pm from Mondays to Friday) to provide the information which will be channelled to Police to assist us with our investigations. All information will be kept strictly confidential.
Victims of loansharking activities
Victims of loanshark harassment are advised to lodge a Police report at the nearest Neighbourhood Police Centre or to dial ‘999’ if urgent assistance is required. Police will investigate into all reports of loanshark harassment. They can also consider installing CCTVs at their residence to deter harassment and to provide Police with footage capture to assist with our investigations.
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MoneySENSE - A National Financial Education Programme
MoneySENSE is a national financial education programme launched by Mr. Lee Hsien Loong, then Deputy Prime Minister and Chairman of the MAS on 16 October 2003. MoneySENSE brings together industry and public sector initiatives to enhance the basic financial literacy of consumers.
The MoneySENSE programme covers 3 tiers of financial literacy:- Tier I - Basic Money Management - which covers skills in budgeting and saving, and provides tips on the responsible use of credit;
- Tier II - Financial Planning - to equip Singaporeans with the skills and knowledge to plan for their long-term financial needs; and
- Tier III - Investment
Know-How - which imparts knowledge about the different
investment products and skills for investing.
MoneySENSE is a national financial education programme launched by Mr. Lee Hsien Loong, then Deputy Prime Minister and Chairman of the MAS on 16 October 2003. MoneySENSE brings together industry and public sector initiatives to enhance the basic financial literacy of consumers.
Since its launch in October 2003, MoneySENSE has published over 253 educational articles in the media, organised talks, seminars and workshops that have attracted over 93,000 participants as well as issued 29 consumer guides with a total circulation exceeding 2.2 million.
MoneySENSE has also disseminated financial tips and messages in interesting ways such as a series of games at the inaugural MoneySENSE 2006 Roadshow which attracted over 89,000 visitors, organised a MoneySENSE-CPF inter-polytechnic financial education outreach that saw over 33,000 visitors, and subsequent roadshows at the Institute of Technical Education and various locations. In addition, MoneySENSE commissioned TV shows “Dollar and Sense” and “Mind Your Money” which saw over 1.1 million viewers, and various radio programmes with total listenership exceeding 1 million.
The MoneySENSE programme covers 3 tiers of financial literacy:
- Tier I - Basic Money Management - which covers skills in budgeting and saving, and provides tips on the responsible use of credit;
- Tier II - Financial Planning - to equip Singaporeans with the skills and knowledge to plan for their long-term financial needs; and
- Tier III - Investment Know-How - which imparts knowledge about the different investment products and skills for investing.
MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee (FESC). The FESC provides strategic direction and oversees financial education programmes in Singapore. It comprises representatives from the Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People's Association.
The FESC works closely with the MoneySENSE Industry Working Group (MIWG) to implement MoneySENSE programmes. The MIWG comprises the Association of Banks in Singapore, the Association of Financial Advisers (Singapore), the Consumers Association of Singapore, the Financial Planning Association of Singapore, the General Insurance Association of Singapore, the Insurance and Financial Practitioners Association of Singapore, the Investment Management Association of Singapore, the Life Insurance Association of Singapore and Singapore Exchange Ltd. -
anyone got duped by those mass send sms loan services?
i actuallly believed that this company is licensed so i asked for them to let me know the company details (he say email me later, but gave some excuse to drag and did not) , later took up a loan of $1500 with them and agreed interest at $400, total repayment is $1900 split into 5 installments. This guy by name of Alan, transferred me on sunday, but i been calling him to ask for the email details, 3 days later i feel uncomfortable about this whole thing , so i called again to say i want to clear everything and he said to transfer him the $1900 in 30mins, which i managed to do so, and he's attitude changed, became like a typical loan shark, he called to say he recieved but now he is not happy and wanted me to resume the 5 installments again on this sunday., or else i wait for him to come harass my home. and told me to go to the police because he is not scared.
straight after this, i lodged a police report and provided the police his details.
hoping that i dun get any harassment this sunday.
anyone is in the same situation?
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Originally posted by Red5xx:
u nid more $? i can help...
your moonlight job ?
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Good leg,
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the police said to not pay up the extortion amount..anyone can offer some advise?
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u want us to advise the police?
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as in, anyone can offer me any advise?
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ask police come ur house wait for him/them to come loh
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yea, the police asked me to inform them if this sunday they sms to say they coming and extort payment, and the police will have plain clothes to ambush.
actually, im just thinking, will they really come? or is to scare me only, by saying that, because the total amount and interest is already paid up..
i have also close my account & change my singpass password too.
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we will know on sunday
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did anyone experience this same situation before also?
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no
cos we not stupid
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now i really feel stupid , brought myself into such a situation...in believing so easily.
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the old one said singaporean daft, here is another one proven.
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Stay vigilant, report loansharking activities
The public can help the Police with their vigilance and immediate reporting of suspicious persons and loanshark harassment activities in their neighbourhoods. Police seek the public’s assistance to provide detailed descriptions of such persons and to work with the Police to solve the case. The public should however avoid doing anything which would put them in harm’s way.
To provide Police information on loansharking activities, members of the public can call the Police Hotline at 1800-255-0000 or to dial ‘999’ if urgent assistance is required.
Alternatively, persons who may not want to approach the Police directly may call the National Crime Prevention Council’s (NCPC) ‘X Ah Long’ Hotline at 1800-924-5664 (1800-X-AH-LONG) (9am to 5pm from Mondays to Friday) to provide the information which will be channelled to Police to assist us with our investigations. All information will be kept strictly confidential.
Victims of loansharking activities
Victims of loanshark harassment are advised to lodge a Police report at the nearest Neighbourhood Police Centre or to dial ‘999’ if urgent assistance is required. Police will investigate into all reports of loanshark harassment. They can also consider installing CCTVs at their residence to deter harassment and to provide Police with footage capture to assist with our investigations.