Mr Yan borrow from Ah Long cannot pay, now act like victim and saint....

[Rogue Trader]

Harassed by 30 loansharks day and night

Shin Min Daily News - 32 mins ago

<cite style="display: block; font-style: normal; font-size: 10px; margin-top: 4px; margin-right: 0px; margin-bottom: 4px; margin-left: 0px; ">A door vandalised by loansharks (left, File Photo), an SMS that Mr Yan received from loansharks (right).</cite>
A man started out by borrowing $2,000 from one loanshark early last year, only to end up owing $60,000 to more than 30 loansharks now.

Mr Yan, 31, stays in Sengkang and is a manager of a nightspot. He initially borrowed $2,000 from a loanshark and started borrowing from other loansharks to pay off his original loan.

In merely a year, his chain of borrowing left him owing more than 30 loansharks a total of $60,000.

At one point, Mr Yan was even forced to pay up more than $10,000 a week, and the first thing on his mind every day was how to raise that money.

Different loansharks now badger him every day, sending him threats and various text messages.

"I can receive more than 20 SMSes a day from loansharks, threatening to burn down my house.

They also threaten to harm my neighbours, and force me to become a runner for them. I'm on the verge of breaking down from their harassment," said Mr Yan.

Worried that loansharks may harm him and his neighbours, he has already sought help from the police.

Somehow, the loansharks have somehow managed to acquire the names of his neighbours and have listed every one of them as Mr Yan's guarantors.

A neighbour has already fallen victim to the harassment, with paint splashed on the door of his unit.

Guilt ridden, Mr Yan approached the neighbour to personally apologise and has helped to repaint the vandalised door.


Source: Shin Min Daily News, 13 March 2012.

 

[drifter]

this kind of ppl think borrow money dont need to pay interest and play " football " . serve him right .

 

[mollusk]

Pity his neighbors .

 

[drifter]

Pity his neighbors .

yes..ah long very smart now ....know how to play mind game ...attack the neighbors .

 

[Rogue Trader]

Is it possible to borrow $2k from 1 ah long and then snowball to $60k from 30 ah longs??? Either the guy is lying or he is damn stupid.

 

[zhihau]

A man started out by borrowing $2,000 from one loanshark early last year, only to end up owing $60,000 to more than 30 loansharks now.

borrowing from ah long to return money to ah long. what was he thinking? lower interest rates?

 

[Rogue Trader]

borrowing from ah long to return money to ah long. what was he thinking? lower interest rates?

I believe it's called "refinancing" LOL!

 

[zhihau]

Is it possible to borrow $2k from 1 ah long and then snowball to $60k from 30 ah longs??? Either the guy is lying or he is damn stupid.

hmm...
assuming principle amount is SGD$2,000.00, weekly interest is SGD$400,00, further assuming he was given SGD$1,600.00 upon approval, and that he didn't make any repayment to the ah long at all, the total amount he has to pay inclusive of the principle sum plus interest can hit close to SGD$60,000.00 in just 12 weeks

 

[drifter]

if that guy swee swee pay up from the first ah long after borrowing ...things wont turn out so ugly . i have friends who borrow from ah long for their biz ....when time to pay up they pay up ...nothing happen . now they are debts free .

 

[Rogue Trader]

if that guy swee swee pay up from the first ah long after borrowing ...things wont turn out so ugly . i have friends who borrow from ah long for their biz ....when time to pay up they pay up ...nothing happen . now they are debts free .

That's why I say the guy is either dishonest or stupid.

The Ah Longs are also one kind. I'm sure out of the 30 creditors, they must be somehow connected. So why would they be willing to lend to high risk debt defaulters??

 

[drifter]

That's why I say the guy is either dishonest or stupid.

The Ah Longs are also one kind. I'm sure out of the 30 creditors, they must be somehow connected. So why would they be willing to lend to high risk debt defaulters??

maybe they are connected but then again is ah long really that stupid knowing he cant pay and borrowing him more money ?

 

[Jah_rastafar_I]

yes..ah long very smart now ....know how to play mind game ...attack the neighbors .

is it like the army when someone fucks up they punish the other platoon members too and call the person that fucked up as saboing the entire platoon? Like in the movie full metal jacket he punished the entire platoon when gomer pyle screwed up.

 

[drifter]

is it like the army when someone fucks up they punish the other platoon members too and call the person that fucked up as saboing the entire platoon? Like in the movie full metal jacket he punished the entire platoon when gomer pyle screwed up.

whahahahaha...funny post .thankyou . because all men must go NS mah ..so learn something during the 2 years service ...

 

[Jah_rastafar_I]

whahahahaha...funny post .thankyou . because all men must go NS mah ..so learn something during the 2 years service ...

The sergents during bmt loved to play mind games when 1 of the recruits was slower than the rest they would call them saboing the platoon so as to make the other recruits fuck him up too. In a real war they cannot have 1 member of the team/platoon etc fuck it up but then again that's just bmt not special forces. All armies in the world more or less are the same and there's always gomer pyle in every recruit platoon everywhere.

 

[toolanliao]

I believe it's called "refinancing" LOL!

later, he will borrow from one and pay all the others. that is call 'debt consolidation'.

 

[drifter]

The sergents during bmt loved to play mind games when 1 of the recruits was slower than the rest they would call them saboing the platoon so as to make the other recruits fuck him up too. In a real war they cannot have 1 member of the team/platoon etc fuck it up but then again that's just bmt not special forces. All armies in the world more or less are the same and there's always gomer pyle in every recruit platoon everywhere.

maybe soon ah long will come up with the idea to make those ppl sign a 2 years contracts of interest

 

[Narong Wongwan]

hmm...
assuming principle amount is SGD$2,000.00, weekly interest is SGD$400,00, further assuming he was given SGD$1,600.00 upon approval, and that he didn't make any repayment to the ah long at all, the total amount he has to pay inclusive of the principle sum plus interest can hit close to SGD$60,000.00 in just 12 weeks

No such thing la monthly interests technically 400 but on weekly installments.
Debtor got no chance to accumulate so much from one stall, it's other 'stalls' that came onboard to open new account for debtor.

 

[zhihau]

No such thing la monthly interests technically 400 but on weekly installments.

ooo... thanks for the corrections, bro, always under the impression that it was 20% weekly.

and me think me failed maths already :o:o:o need at least 20 cycles of non-repayment then can accumulate SGD$63.8K of debt. my bad, really.

 

[Narong Wongwan]

ooo... thanks for the corrections, bro, always under the impression that it was 20% weekly.

and me think me failed maths already :o:o:o need at least 20 cycles of non-repayment then can accumulate SGD$63.8K of debt. my bad, really.

Sinkie ah long dun operate like HK ah long where debt can snowball and interests charge on interests.

Typical sinkie ah long loan lets say 1k loan you get 800 upfront and over next 5 weeks you pay 200 per installment.
Simple enough 20% interests.
Only get interesting when you are late or miss the weekly payments.
It's 200 per week 'interests' if you cannot make payment on time. Technically debt won't snowball, it's just that you seemed never be able to finish paying off the 1k loan that's all.
That's when other stalls enter the picture and the more stalls you loan from the more your debts ballon.

 

[zhihau]

Sinkie ah long dun operate like HK ah long where debt can snowball and interests charge on interests.

maybe that's why me fail maths, cannot be ah long :o:o:o