A credit counselling company, Debt Relief MLaw Singapore, posted a video detailing the various types of harassment that debtors have been receiving from debt collectors from Licensed Moneylending firms.
They documented the debt collectors using criminal intimidation and threatening behaviour to harass the debtors.
They captioned their video:
“When managing the various types of harassment by Licensed Moneylending firms (LML) and their team of debt collectors for our clients, we keep a tidy record of evidences provided to us by clients upon our advice.
Their creditors are then prompted to contact our office, and any violation of laws or infringement of rights will be pursued against by us aggressively.
However, with the limited but messy statistical data on these firms, tougher regulations remain a work in progress where the unsavoury business practices of these LML and their team of debt collectors are still rampant today. Hence, we advise borrowers to approach them with CAUTION and most importantly, to KNOW YOUR RIGHTS when faced with a sticky situation.
With the approval from all 3 debtors, we have released the following audio recordings extracted from their phone conversations with the LML and their debt collectors. Through this video, we wish to create public awareness on this issue for people out there who are going through bad times and suffering in silence, to help them breathe again”