For licensed moneylenders on Seedin, what happens when a borrower defaults on the loan? - Seedly
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Anonymous

Asked on 19 Feb 2020

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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Answers (1)

Probably not just for moneylenders on Seedin, but for all moneylenders in Singapore

  1. Legal letters

  2. 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. ;)

  3. When 1/2 failed, court requests to seal your possessions.

1

Ching Huay Yong

Ching Huay Yong

11 Sep 2020

Can you clarify. Who need to act to recover? Seedin or individual contributor?

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

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