Anonymous
For licensed moneylenders on Seedin, what happens when a borrower defaults on the loan?
What's the procedure when this happens? are there repercussions to the moneylender?
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Cedric Jamie Soh
22 Apr 2020
Director at Seniorcare.com.sg
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Probably not just for moneylenders on Seedin, but for all moneylenders in Singapore
Legal letters
Actions from debt collectors - they are legal but their actions border on the grey.... they can make extremely loud noise, cause embarrassment to you at work place or your home but as long as no violent actions or threats are involved, they are legally fine. See, thats the trick, they want to stay legal but make it really bad for you. ;)
When 1/2 failed, court requests to seal your possessions.