There are now a number of registered moneylenders, with genuine office addresses, and others who provide only phone contact information.
Due to some financial constraints, I borrowed from a couple of them and was fortunate to deal with one firm that truly displayed professionalism. In due course, I completed my payments.
However, the second entity, with a registered office, was the exact opposite. They came across as uncouth and utterly lacking in professionalism.
The first time I was late in payment, I was harassed with loan-shark-like behaviour. The person resorted to scolding, shouting and threats.
The second time, I informed them of an impending late payment and enquired about the late payment cost. To sum up, after an exchange of phone calls, the contact person threatened to send someone to either my office or home to demand full payment.
It makes me wonder if some loan sharks have decided to operate legally while keeping to their old method of operations. They have certainly tainted the image of genuine moneylenders.
How can borrowers be protected from becoming victims and which authority can we turn to for redress?
ORIGINAL SOURCE
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