Licence to harass?
October 22, 2013 - 1:07am
By: Rennie Whang
TNP PHOTO: GAVIN FOO
A company he started in India failed and Mr Bhai (not his real name), 40, found himself $120,000 in debt with four banks.
In June last year, the IT officer decided to borrow money from a licensed moneylender. By the end of the year, he owed about $20,000 to 15 licensed moneylenders.
As he could not repay some of these loans on time, they sent debt collectors to his home and workplace. They even sent letters of demand to his employers, landing him in trouble with them.
Mr Bhai is one of the borrowers who have been harassed by licensed moneylenders.
In the first six months of this year, five moneylenders had their licences suspended and another revoked after they were found to have breached the rules.
Read the full report in The New Paper on Tuesday (Oct 22).
