There is no free lunch in this world.
If I were your friend, I would probably have confirmed with the ah long on which date need to settle. At least to the very minute.

Then get him to WhatsApp or write in contract exactly the time and date needs to settle. In fact better do audio recording at that time. Also bank account to pay to. Then just show him the day, make the bank transaction. Send him WhatsApp receipt then just block him. If still make trouble go and complain to whatever authority with the evidence. if any tricks also complain to authority. I am sure authority see this type of unreasonable ah long also will take action.

But if do this, guarantee Ah Long will not agree one.

Even one time, I took bonus from online gambling site. Told cs clearly that I need 2 weeks to finish that bonus, and write on WhatsApp that will take 2 week. She "refused" . So later when she suddenly said 1 week.after giving me bonus i screwed her big time. But I already have evidence that she "promised" me 2, weeks. Would never have took the bonus if no clear evidence.

You see, if got actual black and white cannot do anything. You see, like ppl say no free lunch in this world but if there is make sure you have black and white and protect yourself. Your friend obviously not so smart.

This post has been edited by BrookLes: Aug 9 2023, 08:31 PM

Hi TS, when you reach to ah long, it's impossible to borrow RM3000 and pay back RM3000. Atleast RM3300 (10%) and above for the interest only, not including late payment FYI

You are back!

Your friend tipu one. If he borrow 3k. Ahlong only give him 1.5k confirmed.

Beneficial thread. Thank you ts for taking time to type it out. I think the offer was legit. You borrow 3k, you pay 3k before time is up. I think they think, out of 10, 9 would fail.

Maybe it was a bad month for the loan sharks where a lot of people could pay on time, so they bend the rules. But for first month, isn't it minus 1 for 30 days? You start on 8th, a month would be on 7th the following month, right?

Lesson for me is, you always need something written down and always exhaust all your options before going for loan sharks. You never know what kind of sharks you're going to get.

I was a secondary victim to ah long / loan shark a few years ago - I'm pretty sure I told this story a few times so yeah I'll spare the details on who/why... Just gonna disclose the amounts and their operations.

The loan sharks we dealt with? They do things legally, I kid you not. The lawyers representing them has an office in Subang and we've been up there with our own lawyer to protect ourselves.

The transaction was RM 320k.
The collateral was a house with about double that amount. SPA was signed between the borrower and the loan shark, basically the borrower "sold" the house for 320k, but in reality, I've never seen the money and based on the borrower's own words, only about 200k reached the borrower; the rest was processing fee and interest. Basically to get out of this mess, we had to formulate an undertaking letter to cancel the existing SPA, "buy" the house from the borrower so that amount disbursed by bank to the borrower can then be used to repay the loan sharks.

Initially, I helped to pay the interest. Here the interesting part, no pun intended the interest was 8%... PER MONTH. I remember the painful moments I tearfully clicked the buttons to approve the bank transactions to their shell company accounts (I don't remember the names but they were nothing like "LOAN SHARK SDN BHD"). At that time, I believed that if I just live frugally, keep saving up for rainy days, then I would be fine. My 2 years of savings since starting out in the workforce instantly dried up to pay 2 rounds of RM 25,600. By the 3rd month, we negotiated to lower the interest to 6%... Per month. I paid 19,200 once and from there on, I pushed back on paying further interest because I completely went dry in my accounts. I remember telling the borrower to figure shit out on their own and funny how the borrower was still high on their fucking ego, saying "yeah I can deal with my own shit," yeah right, why else I can tell this story . Eventually, we negotiated to pause the payment without compounding to principal, in return we promise we wouldn't run (after all, we wanted to save the collateral).

The legal documentation had a lot of ping pong/rounds of reviews, added with time taken to find a bank and eventually get loan approval, the whole ordeal took almost 2 years. In the end, the amount disbursed by bank to borrower clear the debt to loan shark + interests accumulated, I remember the amount was so much, we asked to negotiate to waive interest on good faith... At that time, I was so angry inside because this is so unfair, but I kept my mouth shut because I know anger has no place to someone who's at the mercy of loan sharks. I let the others do the talking... We settled with half the amount, like 100k++.

Everything has black and white legal documents signed by both parties. This "interest payment" is worded something like... "payment to Mr X out of goodwill or compensation for cancelling the SPA..." There is absolutely nothing remotely close to "loan shark" on paper. I still remember that day, the taikor came to sign lol. He's exactly that stereotype in your mind: bald Chinese uncle wearing white singlet, big build, visible intimidating tattoos befitting a typical TVB/HK triad. Before this, we only dealt with the asshole lawyer who was always condescending and ruthless, and the loan shark representative/mule was a friendly, normal looking uncle - I remember him saying, "I'm just making a living here..." (唔打工啫...) ...when we asked for negotiations. Everyone there in the law firm is gloomy. Clerks were unfriendly and doesn't show any courtesy at all. I remember seeing families with young children sitting on the side just waiting, looking around... At that time I thought, yeah all of these people fucked up just like this borrower I know.. but now, I think it's normal to not be happy in a law firm in general, because you almost never look for a lawyer for something happy lol.

My take?
1. Same as TS.
2. Educate yourself financially not to become one who blindly chases money, but become one who has the freedom to be generous to self and people around them.
3. Golden rule about money: if something is too good to be true, it's always untrue.

Tell him to withdraw from credit card lo

My uncle is pesara tentera

Got monthly pension about rm1300 monthly

Gatal tangan go to ahlong borrow 4k ringgit

Bank card ahlong keep

Total payment is 8k

He said that is first and last he do. Imagine 8 months suffering for a week of joy. Lol

I'm sure ts doesn't know the full story. Friend hush hush but wants help.

Very rare for even fam members or relatives not to help, he surely has messed up a lot even before this happened.

Also to the rest who is financially ok. Never be a white knight. People will beg you as if you're their only hope. Truth is. Once money reaches their hand. They'll forget about your kindness and good deeds. You end up having to beg them.


Aka don't fight other people's battle, kindness doesn't work that way

Guard your money well. In general it also means be wise in your spending so you don't need to deal with ah long one day.

This post has been edited by gashout: Aug 10 2023, 04:29 AM

Yeah. Been back for 1 month. Was super busy during COVID and it was also that time that we started our long talked about move Down Under.

Came back to update the forum on the Porsches I said I wanted to buy previously and also to write a Review about how they drive… and decided to stay a while.

Good to see you too bro.

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Have to ask what time zone....n human nature to wait till last min....really...

I got relative borrowed rm5k 10 years ago...now still friends but never mention about loan...as though never happen...

as someone whose family member borrow ah long before, i agree with TS message.

but i confirm TS friend also not telling the whole truth.

Only thing to take note: in the history of ah long, ah long never ever gave interest free borrowing before. Not even to "entice" or "trap" people.

Hell, ah long dont even offer interest free to their LOYAL/RETURN customers (who borrow and pay back on time multiple times in the past)

Their "kindest" or most "merciful" act they can do is like maybe cut down the interest rate or months. e.g you late 3 months payment so got 3 months interest, but they allow to cut 1 month interest...

This post has been edited by Optizorb: Aug 10 2023, 06:14 AM

You can sell those item yourself, probably profit +10% - 20% after you give him rm3k

Not sure why you are not willing to do so, since you can have his stuff as collateral anyway (or just sell it and tell him anything more than 3k it’s yours)

Still, you’re a good friend to help him sell all his item …

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To be fair, I don't think TS was trying to profit from his friend's misfortune...

This. Is. Gold.

Truer words have never been spoken.

That's why I help him selling off his computer and gadget, I can give him the RM3000 but since he cannot guarantee me to pay it by this month, so I won't risk it because I need that money to buy car.

Yes. You did the right thing in how you helped him. Well done 🙂