Property Caveat

[YellowRibbon]

Need some advice

I signed up a loan last month with some legal money lenders. But they make me signed a document, which allow them to lodge a caveat on my property. I loan 3k (take back 2.1k) but the black and white put 15k.

I intend to pay them back the 3k next month. Will they honour their words and let me settle the loan ?

Will they insist that i pay them back 15k ?

Will they refuse to lift the caveat even though i have settled my loan ?

 

[hotbot]

I loan 3k (take back 2.1k) but the black and white put 15k.

i think your ah long spoil market!!!

Need some advice

I signed up a loan last month with some legal money lenders. But they make me signed a document, which allow them to lodge a caveat on my property. I loan 3k (take back 2.1k) but the black and white put 15k.

I intend to pay them back the 3k next month. Will they honour their words and let me settle the loan ?

Will they insist that i pay them back 15k ?

Will they refuse to lift the caveat even though i have settled my loan ?

 

[kulgai]

Need some advice

I signed up a loan last month with some legal money lenders. But they make me signed a document, which allow them to lodge a caveat on my property. I loan 3k (take back 2.1k) but the black and white put 15k.
I intend to pay them back the 3k next month. Will they honour their words and let me settle the loan ?
Will they insist that i pay them back 15k ?
Will they refuse to lift the caveat even though i have settled my loan ?

Effectively, you borrowed $2.1k with a rediculously exhorbitant interest amt of $900. That's reaaly dumb.
Next, you allowed them to pen $15k when you only borrowed $3k. How much dumber can you get?
Finally, you allowed them to lodge a caveat on yr property. Just what were you thinking? You're beyond me.

 

[Narong Wongwan]

This pattern already deemed illegal some time back.
Did the money lender also act as your property agent to sell your flat?
If so then prepare to let them whack alot of hidden fees you end up paying much more than 3k plus interests.
But having said that money lenders however bold would not dare to take 15k from a 3k loan unless you default.
The 15k probably just 'insurance' for them.

Need some advice

I signed up a loan last month with some legal money lenders. But they make me signed a document, which allow them to lodge a caveat on my property. I loan 3k (take back 2.1k) but the black and white put 15k.

I intend to pay them back the 3k next month. Will they honour their words and let me settle the loan ?

Will they insist that i pay them back 15k ?

Will they refuse to lift the caveat even though i have settled my loan ?

 

[Khun Ying Pojaman]

Did you happen to sign anything before a lawyer ?

 

[YellowRibbon]

This pattern already deemed illegal some time back.
Did the money lender also act as your property agent to sell your flat?
If so then prepare to let them whack alot of hidden fees you end up paying much more than 3k plus interests.
But having said that money lenders however bold would not dare to take 15k from a 3k loan unless you default.
The 15k probably just 'insurance' for them.

He was recommended by a close friend who once took the same loan from him. He paid off everything and nothing happen to him afterwards. This friend also act as my gurantor.

Like to find out from any bros here who took up this kind of loan.

 

[Khun Ying Pojaman]

This pattern already deemed illegal some time back.
Did the money lender also act as your property agent to sell your flat?
If so then prepare to let them whack alot of hidden fees you end up paying much more than 3k plus interests.
But having said that money lenders however bold would not dare to take 15k from a 3k loan unless you default.
The 15k probably just 'insurance' for them.

The 15K on record is an attempt to circumvent the illegal moneylending laws, it seems. On paper, it's a 15k loan without interest.

 

[YellowRibbon]

The 15K on record is an attempt to circumvent the illegal moneylending laws, it seems. On paper, it's a 15k loan without interest.

Why is it 15k ?

 

[YellowRibbon]

Why is it 15k ?

 

[soIsee]

Need some advice

I signed up a loan last month with some legal money lenders. But they make me signed a document, which allow them to lodge a caveat on my property. I loan 3k (take back 2.1k) but the black and white put 15k.

I intend to pay them back the 3k next month. Will they honour their words and let me settle the loan ?

Will they insist that i pay them back 15k ?

Will they refuse to lift the caveat even though i have settled my loan ?

If you're such a moron even a Geyland Ah Long would be much better.

Go jump into Bedok Reservoir and end your misery instead of bringing it here!

 

[Alamaking]

If you're such a moron even a Geyland Ah Long would be much better.

Go jump into Bedok Reservoir and end your misery instead of bringing it here!

Why you so mean 1?

 

[Narong Wongwan]

The 15K on record is an attempt to circumvent the illegal moneylending laws, it seems. On paper, it's a 15k loan without interest.

Now laws relaxed for moneylenders to charge any amount of interests and fees as long as borrowers is willing.
This caveat thingy trick already made illegal....the moneylender got no way to enforce.

 

[Khun Ying Pojaman]

Now laws relaxed for moneylenders to charge any amount of interests and fees as long as borrowers is willing.
This caveat thingy trick already made illegal....the moneylender got no way to enforce.

Oh yes, TS said "legal moneylenders". I kept thinking there were "illegal" moneylenders.

As far as Caveat is concerned, it's a mere notice. It doesn't confer upon the Caveator any rights. The rights are encapsulated in the Grounds of Claims in the Caveat which, in the TS' case, is the Loan Agreement itself. The purpose of the Caveat is mainly to prevent the Borrower from dissipating his most valuable asset without notice to the Lender. The Caveat is not a mortgage.

 

[Confuseous]

Need some advice

I signed up a loan last month with some legal money lenders. But they make me signed a document, which allow them to lodge a caveat on my property. I loan 3k (take back 2.1k) but the black and white put 15k.

I intend to pay them back the 3k next month. Will they honour their words and let me settle the loan ?

Will they insist that i pay them back 15k ?

Will they refuse to lift the caveat even though i have settled my loan ?

The caveat for the "property" as in your home? You kidding me, right?