'Professional finance firm' run by loan sharks
Man harassed, flat vandalised after $1,000 quick loan from Internet moneylender
By Zaihan Mohamed Yusof
September 11, 2010
He thought he had borrowed money from a legitimate finance company.
But when he defaulted on one of his payments, a note was left on the gate demanding that John, who did not wish to give his real name, call his creditor.
The words "O$P$" and a phone number were scrawled in red on a nearby wall.
According to John, it was the second time he had borrowed money from the finance company and they had "seemed professional".
He had found the company online in May this year, and had borrowed $700 the first time. In June, he took out another loan, this time for $1,000. Like before, he was told that loan would be approved within the hour and that he was not required to sign any documents or be present at their office.
As agreed, he made weekly payments of $200, but defaulted on the fourth payment. That was when he began getting threats from an employee of the company, who said he would "splash paint on my house, break my office's glass and send people to bash me up if I did not pay the money".
Afraid his family would find out, John paid the company $1,000 in the hope the harassment would stop.
Instead of letting the matter rest, Mario contacted John and said the $1,000 he had paid would be considered as a "disappearance penalty". He must now pay another $1,000 in five $200 instalments.
John has made a police report. The police said investigations are ongoing.
Man harassed, flat vandalised after $1,000 quick loan from Internet moneylender
By Zaihan Mohamed Yusof
September 11, 2010
He thought he had borrowed money from a legitimate finance company.
But when he defaulted on one of his payments, a note was left on the gate demanding that John, who did not wish to give his real name, call his creditor.
The words "O$P$" and a phone number were scrawled in red on a nearby wall.
According to John, it was the second time he had borrowed money from the finance company and they had "seemed professional".
He had found the company online in May this year, and had borrowed $700 the first time. In June, he took out another loan, this time for $1,000. Like before, he was told that loan would be approved within the hour and that he was not required to sign any documents or be present at their office.
As agreed, he made weekly payments of $200, but defaulted on the fourth payment. That was when he began getting threats from an employee of the company, who said he would "splash paint on my house, break my office's glass and send people to bash me up if I did not pay the money".
Afraid his family would find out, John paid the company $1,000 in the hope the harassment would stop.
Instead of letting the matter rest, Mario contacted John and said the $1,000 he had paid would be considered as a "disappearance penalty". He must now pay another $1,000 in five $200 instalments.
John has made a police report. The police said investigations are ongoing.
