Loan Shark Flats

[kovankitty 0]

Hi

I'm new here. Raised this topic of loan shark flats as I understand it is a very real concern among resale flat buyers.

I'm also looking for resale flats and I really hope I won't be so unlucky to end up buying one loan shark-infested flat.

Do u think HDB can help to mitigate by having sellers show documentation proof that their ICs (as well as those adults living in

that particular flat) have been changed and that the change is a perm one using laser print? The cost of changing to a new IC can be borne by the buyers. Well at least for me, I don't mind to pay for them if I know such measures could help give me

some peace of mind instead of getting 'surprises' 3 months down the road with new paint jobs on my door.

Appreciate everyone's feedback and tips. Please feel free to discuss in here for everyone's knowledge. Thanks!

[merryman 0]

Hi

I'm new here. Raised this topic of loan shark flats as I understand it is a very real concern among resale flat buyers.

I'm also looking for resale flats and I really hope I won't be so unlucky to end up buying one loan shark-infested flat.

Do u think HDB can help to mitigate by having sellers show documentation proof that their ICs (as well as those adults living in

that particular flat) have been changed and that the change is a perm one using laser print? The cost of changing to a new IC can be borne by the buyers. Well at least for me, I don't mind to pay for them if I know such measures could help give me

some peace of mind instead of getting 'surprises' 3 months down the road with new paint jobs on my door.

Appreciate everyone's feedback and tips. Please feel free to discuss in here for everyone's knowledge. Thanks!

It will be nice for HDB to do that but they haven't been that helpful in this area... and what you're saying is only for new borrowers... you never know if the person borrow from the loan sharks one day before he change the ic and then after the hand over, the loan sharks start to chase for money...

[kovankitty 0]

It will be nice for HDB to do that but they haven't been that helpful in this area... and what you're saying is only for new borrowers... you never know if the person borrow from the loan sharks one day before he change the ic and then after the hand over, the loan sharks start to chase for money...

Yes that is true. But if we could now have the new addy of the seller, we could direct the loan sharks to the correct location. Some may think this is unethical, but to me it is even more unethical for people to borrow from loan sharks one day and move out of the place the next day just so that other innocent people who move in could pick up the pieces for him. One 'good' deed deserves another...

[merryman 0]

Yes that is true. But if we could now have the new addy of the seller, we could direct the loan sharks to the correct location. Some may think this is unethical, but to me it is even more unethical for people to borrow from loan sharks one day and move out of the place the next day just so that other innocent people who move in could pick up the pieces for him. One 'good' deed deserves another...

if you know where the new owners are and if they go away to malaysia or something that you don't know? and which loan shark will hear from you or read from your wall? I think they will just splash/paint and go...

I'm hoping I won't see fresh paint near my resale apt too

[just4this 0]

I'm hoping I won't see fresh paint near my resale apt too

i am also getting a resales n this is also one of my concern. IF there is really loan shark splashing on my new unit, i will definitely paste notice big big on the lift n outside my house, direct the loan shark either to the prevous owner or the property, nego with the loan shark to help track the prevous owner. AND i also sponsor a BIG cann of paint for them to the previous owner.

[kovankitty 0]

if you know where the new owners are and if they go away to malaysia or something that you don't know? and which loan shark will hear from you or read from your wall? I think they will just splash/paint and go...

I'm hoping I won't see fresh paint near my resale apt too

Whether they will listen and go find the previous owner at his new addy, I don't know. But at least I know I'm doing something to help myself, rather than sit back and watch my door become multi-coloured or wait for the police to do something (which I don't know how prompt they can be on such matters)

[pinkpetter 0]

Sigh... what if the owners borrowed sometime ago, then continue paying for a few months after they move... then... stop.. sigh.

Sometimes it's really luck. I've heard of cases where they give the new address but the loansharks still come back.

[Pinklady 0]

Hello KovanKitty, i can seriously tell you all the above that you have mentioned is of no use. Becos i was once a victim of this too. Cannot contact the previous owners at all, he NEVER CHanged his adds. Called the police so many times, they splash paint over the wrought iron gate, plants, next door neighbours, locked up the door etc...So many times. We pasted the notices outside the door. I asked my brother to call the Loanshark number, ALL NO use. Paste paper saying we are not the one owning money, tell them also no use.

Until finally 1 clever CID managed to stop all this, i think he caught the runners or something like that, we are not sure. becoz CID also never really gave us the full story. anyway, a few mths later, it was peaceful. after that it came back again. Called police many times again. then i asked the housing agent to give a call to the owner's brother and keep on disturbing him throught phone calls. Finally it stopped and it have been peaceful for quite long liao.

Below are a few useful tips of a tell-tale sign of a RESALE Flat kena visited by Loansharks

1) Dry paint near the surroundings of the door and entrance

2) Look for paint near the neighbours, like for example, next door, same level, the upper and lower floors directly.

3) Interview the neighbours, but dun trust them 100%

4) Insist and check with HDB when purchasing the flat and submitting documents, that the seller have changed his adds, and that it is correct (also not a fool-proof method)

[charemme 0]

I got paint splashing at my unit before, 8 mths after i move in. the unit number written on the wall, is wrong. wrong block,wrong floor, wrong unit #.

luckily it happen only for once.. and since then it stop.

I heard from a friend... even if you direct them to previous owner also no use.. if no payment was made.

they will still continue to harass you..

[just4this 0]

I heard from a friend... even if you direct them to previous owner also no use.. if no payment was made.

they will still continue to harass you..

Then no choice, must stay up late to ambush the runner liao...

[pinkpetter 0]

Charemme.. think it's not wrong... is that they want to scare the neighbours also.

There was one low-rise flat I went to see when I was searching for my place... the one who owe money had TWO cctv cameras outside their flat.. so the runners were scared of going there... in the end the runners splashed ALL THE NEIGHBOURS and created trouble for all the neighbours except for the real borrowers. HORRIBLE....

Runners are only runners... mostly young boys. Even if catch one... the loanshark will send another one. haiz

[kovankitty 0]

Hello KovanKitty, i can seriously tell you all the above that you have mentioned is of no use. Becos i was once a victim of this too. Cannot contact the previous owners at all, he NEVER CHanged his adds. Called the police so many times, they splash paint over the wrought iron gate, plants, next door neighbours, locked up the door etc...So many times. We pasted the notices outside the door. I asked my brother to call the Loanshark number, ALL NO use. Paste paper saying we are not the one owning money, tell them also no use.

Until finally 1 clever CID managed to stop all this, i think he caught the runners or something like that, we are not sure. becoz CID also never really gave us the full story. anyway, a few mths later, it was peaceful. after that it came back again. Called police many times again. then i asked the housing agent to give a call to the owner's brother and keep on disturbing him throught phone calls. Finally it stopped and it have been peaceful for quite long liao.

Below are a few useful tips of a tell-tale sign of a RESALE Flat kena visited by Loansharks

1) Dry paint near the surroundings of the door and entrance

2) Look for paint near the neighbours, like for example, next door, same level, the upper and lower floors directly.

3) Interview the neighbours, but dun trust them 100%

4) Insist and check with HDB when purchasing the flat and submitting documents, that the seller have changed his adds, and that it is correct (also not a fool-proof method)

I empathise with ur situation.

This is so unfair to us buyers - we spend so much time and effort looking for what-we-thought-would-be our ideal home, spend $$$ on doing up the place and to think what we get back in return is a coat of new paint and relentless harrassment few months after moving in.

[charemme 0]

I agree on the part, to scare neigbours so the debtors are more pressurised to pay.

because the neighbour can scold the borrowers 24hrs.. its even more effective than harrassing direct borrower.

Im also in credit control , i know the physchological theory behind.

But even splash wrong block.. that bugger also wont know

how to have impact ley?

We put up webcam everynight for 4 mths to monitor, hoping to catch some action live..

but the runner never came back

[just4this 0]

Charemme.. think it's not wrong... is that they want to scare the neighbours also.

There was one low-rise flat I went to see when I was searching for my place... the one who owe money had TWO cctv cameras outside their flat.. so the runners were scared of going there... in the end the runners splashed ALL THE NEIGHBOURS and created trouble for all the neighbours except for the real borrowers. HORRIBLE....

Runners are only runners... mostly young boys. Even if catch one... the loanshark will send another one. haiz

Ya, young boys/girls..but they will lead the police to the "da ge" and Da da ge" the loan shark will also worried when the police get involved especially if their runners are caught..

[pinkpetter 0]

Ya, young boys/girls..but they will lead the police to the "da ge" and Da da ge" the loan shark will also worried when the police get involved especially if their runners are caught..

*hopefully* But ... well.. it's the owners who borrow that are at fault ba. To let innocent people receive such treatment in their place.