Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $ P $

[sengkang]

During recent feedback sessions with Hougang residents, Shin Leong noted that loan sharks (Ah Long)’s runners have started to venture beyond traditional harassment methods of borrowers’ households. The traditional harassment methodologies included the writing of ‘O $ P $’ (Owe Money Pay Money) words on walls, staircases to shame borrowers who did not pay up and coupled with paint splashing on borrowers’ households’ doors. Typically a color coding system to mark the number of times they have splashed the borrowers’ households’ doors. For example: black (first warning), red (second warning), yellow (third warning) and green (fourth warning). Different loan-shark operators are known to use different color coding. Loan-shark runners are also known to practice the principle of ‘认地址,不认人’ (only recognize the address & not the person). However of late, they seem to have ventured beyond harassing borrowers’ households by splashing paint on borrowers’ neighbors’ households too. Earlier this year, Parliament passed the ‘Moneylenders (Amendment) Bill which is meant to crack down on loan shark syndicates. This amended bill has toughened the penalties for loan sharking activities. On the ground, the ‘O $ P $’ is still a big problem. 24/7 policing is not quite possible. Security cameras can only do that much, now with runners wearing caps, looking down as they go about with their illegal activities. One Hougang constituent shared with Shin Leong that some loan sharks have legalize operations via the formation of monies lending companies. According to another *article I read, many of these runners are themselves borrowers who became participants of loan sharking activities. This means we have to consider both supply & demand sides of the ‘O $ P $’ issue. Shin Leong is seeking creative ideas, opinions and suggestions on how to solve the ‘O $ P $’ issue. This issue is a community issue and hence requires collective community efforts. Kindly share your ideas here or email him at [email protected]. Thank you.

 

[vamjok]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

cannot beat them, join them. setup an official notice board for these ah long

 

[sengkang]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

Singapore sees (some) sense over loan shark problem

By Ben Bland Jan 17, 2010 5:46PM UTC
0 Comments and 0 Reactions

Despite having floated the idea of making it a criminal offence to borrow from a loan shark, the Singapore government has finally seen sense and accepted that such a move would drive the problem deeper underground.
Although Singapore trumpets its low-crime status, the city-state has been plagued by a surge in loan shark-related violence and harassment since the credit crisis made it even harder for people to get access to finance.
On Tuesday, the government finally unveiled the details of its long-awaited Moneylenders (Amendment) Bill, which is designed to crack down hard on loan shark syndicates. The new law will toughen the penalties for those carrying out loan sharking as well as creating new offences for those who assist the gangs and bringing in measures designed to target the gang leaders by freezing their assets.
These supply-side measures are all well and good but the government still doesn’t appear to understand that it is demand that is driving the loan sharks.
When I went out into the heartlands of Singapore last year to investigate the problem, I spoke to a number of social workers who assist those who cannot repay loan shark debts. Their key message was two-fold:
1. Many loan sharks are not violent thugs so much as ordinary businessmen whose trade happens to be illegal.
2. Although some loan shark debtors are gambling addicts who are deliberately targeted by unscrupulous Ah Longs – as they are known – most borrowers are willing participants, whether they need the money for necessities such as food/rent/mortgage payments or for a new business venture.
In others words, there is a genuine demand among Singapore’s less well-off citizens for access to small amounts of credit that is not currently being filled by banks or other bona fide lenders.
But, in an eight-page speech delivered to Parliament on Tuesday, Ho Peng Kee, senior minister of state for law and home affairs, dedicated just two paragraphs to the question of demand
While Ho said the government empathised “with those who face an unplanned, temporary and short-term financial squeeze,” he stressed that the government was not going to do anything to help them, other than telling them not to borrow from Ah Longs.
“I urge people with a genuine financial need not to be tempted to take what they perceive as the easy way out by borrowing from loan sharks. Instead, they should tap other channels – community-based ones, commercially-driven ones as well as grassroots-related ones – for help. Family members, relatives and friends can also lend a helping hand to help these unfortunate ones tide over their temporary financial squeeze.”
In other words: on yer bike.
There was an interesting piece in last week’s Time magazine about how Grameen Bank, the Bangladeshi microfinance pioneer, was looking to expand in America.
Hard-up Singaporeans could also do with a bit of microfinance it seems. It might even help to promote entrepreneurship at a time when productivity has been falling in Singapore.
When I was in Bangladesh last year, I met a number of people working in microfinance who told me that the industry had reached saturation point – that there was too much cash floating around and not enough decent people to lend it to.
Maybe they should look to Singapore, so long as the government, which has shown a reluctance to open up the domestic banking sector to foreign companies, lets them.

 

[No_Collar]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

All thanks to the two casinos and the influx of foreign talents robbing local citizens of their job.... and the list goes on....

 

[Rogue Trader]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

Yes. Nip the problem at the bud. Close down the 2 casinos.

 

[drifter]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

i wont be surprise that singapore goverement set up money lending business .they also want a piece of the pie ...ah long no business liao ...remember 4D ? remember underground casino ?

 

[cooleo]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

So we give him ideas and he gets the credit and fat pay cheque?

 

[IR123]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

If you owe money it is only right that you pay money. To help those in such situations add to the injustice already present in this world.

What causes these people to owe?

Bad habits is one of the causes. Bad luck is another. Bad governance is a third.

Until YSL categorizes the problems, it is just not possible to offer any solution. Not to do that and to ask for creative solutions has the effect of helping people cheat their creditors. That, no one should do.

 

[scroobal]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

This problem began in 1986 and it has only got worse. Now that harsh laws have been implemented all that the govt has to do is tell the Commissioner of Police that his year end bonus is tied to this enforcement and it is will disappear within months. If they clean an absolutely filthy river like Kallang, this is a small problem. Instead the Police will be chasing some netizen over silly posts.

 

[GoldenDragon]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

Problems with ah longs will never ever be eradicated. Ditto gambling, prostitution and secret societies. One can only contain and suppress them.

Legalising the ah longs, now known as licensed moneylenders, free to charge ah long rates like 15% monthly interests with 'chop head' and other misc fees doesn't solve anything. It merely exacerbates an existing social problem. To the govt, they think problem solved. To those in-the-know, it is worse now.

Frankly, I don't think the two casinos should shoulder the blame. You need money before you gamble. The real problem lies with on-line gambling (horses, soccer) whereby credit is given. You bet and bet, lose and lose and a big headache confronts you on Mondays when accounts are settled. Ah longs provide an immediate way out. Problems come later.

For the genuine cases, when banks doesn't want to do business, the govt should step in to assist. I am no genius but I am sure a committee of civil servants can offer some sound solutions to this problem. Legalising the ah longs and permitting them to charge 10-15% interest CANNOT be the panacea.

 

[wikiphile]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

For the genuine cases, when banks doesn't want to do business, the govt should step in to assist. I am no genius but I am sure a committee of civil servants can offer some sound solutions to this problem. Legalising the ah longs and permitting them to charge 10-15% interest CANNOT be the panacea.

Bro, you are giving civil servants way too much credit, the ones with bold initiatives and ideas gets marked and gunned down for daring to speak up. The ones on top are sycophantic ones who usually tread the waters very carefully and speak not to offend.

 

[sleaguepunter]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

not all the runners are borrower themselves. Many legal moneylenders debt collecters come in company polo tee to debtor's home.

Once two ang gong xiaos in money lender company polo tee knock on my door at night, looking to collect instalment. At first a bit worry that some farker use my home address in his/her own application. I told the two ang gong xiaos the person they looking for do not stay in my flat, while they keep insisting that what their form it the correct address. i ask to look at the document and found out it my upstair neighbour, the two ang gong xiaos got off the lift at the wrong floor. At least they have good sense to apologies for their mistake.

 

[Received_by_Kings]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

There should be a new national education program with the key words "money isn't everything".

The men, women and children on the street need to be reminded that casinos were built to revitalize and galvanize the economy through profiting from foreign visitors, that the $100 entry-fee discouragement per person was implemented for a reason.

Convicted loansharks and runners should also be allowed as members of the public of equal standing to attend free or CPF/Medisave-deductible upgrading courses at community clubs as well as moral education ones on why what they are doing is wrong and why they were punished.

Yam Ah Mee could also use his personal appeal to both sexes of all ages to come out to the podiums of these institutions and then to the Speaker's Corner to say a few words to calm all those overly-tense and fiscally-oriented dumb animals down.

 

[Received_by_Kings]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

i ask to look at the document and found out it my upstair neighbour, the two ang gong xiaos got off the lift at the wrong floor. At least they have good sense to apologies for their mistake.

I am quite touched to hear that these ex-hoodlums are quite civilized after all.

 

[Received_by_Kings]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

i ask to look at the document and found out it my upstair neighbour, the two ang gong xiaos got off the lift at the wrong floor. At least they have good sense to apologies for their mistake.

I nearly shed a couple of imaginary tears as I went through this line for a second time. It is really heartening to know that there is still humanity and sincerity in the world before us.

 

[ballsathome]

Re: Yaw Shin Leong Seeking creative ideas, opinions and suggestions to solve the ‘O $

"SamuelShitSkin! Stop rubbing your dick against my ass!"​