recently my father's bro borrowed a sum of money from a total of 10++ loan sharks.. the amount is not ridiculously high. My family is stable enough to pay this amount but we don't know how to go about paying.
the bro revealed my fathers number to the loan shark runner.. what if we repay each one of them individually but they still come and harass and ask for us to pay even more? I researched and there were cases like this,, people fully repaid yet still harassed. If the bro only borrowed from 1 loan shark then it would be easier to solve but now it's 10++ so we don't know what to do..
we went to the police but they said they can't help unless the loan sharks splash paint/endanger our lives. I know the more we delay the worse it will get. currently the only harassment is through message and phone calls. I don't want it to worsen whereby they splash paint etc :( can anyone please help? advise is greatly appreciated from anyone who experienced this before..
I'm only a child but I feel so helpless and I want to help my parents.. Should I tell my teacher? My school counsellor? I'm afraid that my parents will be so stressed out and do unimaginable things..
update: borrower himself is unsure of how much money he borrowed and returned. his IQ is abit low.. mum is very emotionally traumatised.. don't know what to do at all since the amount of money borrowed can never be confirmed..
X Ah Long hotline - 1800-924-5664
Dealing with loansharks
The best advice to deal with loansharks is to not deal with them at all.
Never borrow from loansharks; any short term solution this seems to provide will be overshadowed by the unceasing harassments for payments, even after the full sum is paid;
Never be a guarantor to any illegal loans;
Do not lend your NRIC to another person;
Do not gamble excessively & seek help if you are a compulsive gambler;
The public is advised to urge their friends and relatives not to borrow from illegal lenders but seek help through legal means of financial assistance such as credit counselling helplines and financial management professionals.
Borrowing from loansharks will result in dire consequences, some of which may include:
Family/loved-ones suffering from the trauma and embarrassment caused by loanshark harassment;
Never be a guarantor to any illegal loans; Indiscriminate borrowing and subsequent harassment may affect ties between family/love-ones;
Innocent neighbours bearing the brunt of harassment;
High exorbitant interest rates charged by the loansharks cause debtors to further spiral into debt and thus there is no way out for them, with many turning to a life of crime by working for the loansharks;
Members of the public who require help on gambling addiction and financial counselling may call the following agencies for assistance:
Credit Counselling Singapore at 1800-225 5227 (9am to 6pm from Mondays to Friday) or
email [email protected]
National Council on Problem Gambling (NCPG) at 1800-6-668-668 or
visit the website (www.ncpg.org.sg)
National Addictions Management Service (NAMS), Institute of
Mental Health (IMH) at their All Addictions Helpline: 6 - RECOVER (6732
6837) (Mon - Fri, 8.30am - 6.00pm) or
visit the website www.nams.org.sg
Tanjong Pagar Family Service Centre (FSC) (designated centre for
family and debt counselling services for problem gamblers and their
loved ones) at contact no: 6593 6489.
To contact a FSC, call the ComCare Hotline at 1800-222-0000
Members of the public who are going through a difficult time and require counselling may call the following agency for assistance:
The Samaritans of Singapore at 1800-221-4444 (24 Hours Daily)
You are over thinking this.
Leave this to adults to deal with.
You only need to learn the lesson that nothing good will come out of associating with shady characters including family or relatives.
Your worrying will not help the situation. Not one bit.
this was my experience.