What are the repercussions of not repaying loan sharks?

[dogg]

I ask because I know of two persons in my area who committed suicide due to gambling debts. Both apparently owing money to loan sharks.

[Dizzy28]

[L'Audi]

Not sure if serious question.

[cherrypopper]

They did the right thing ..

[dogg]

Its a serious question.
Couldn't they negotiate a settlement? A longer time to pay?
Wouldn't it benefit the loan shark to have the debtors alive to increase their chances of being repaid?
I'm naive with these things.

Not sure if serious question.

[L'Audi]

I'm going to go on a limb here - but I assume the consequences would be dire (the details of which, both your neighbours knew) should the agreement be breached.

[cherrypopper]

Most loan sharks pockets are deep anyways so an unpaid debt is nothing in comparison to Makin a statement by calling a shot. ..

Keeps the other customers on their toes and payments on time. .

[rspann]

I dont know why they are called loan sharks, people know what they are before they borrow but after when they cant pay they talk like if the lender is a criminal. Pay back the money and you have no problem. When I lend I secure the loan with a mortgage on their property, if you have no property, I not lending.

[baigan]

I dont know why they are called loan sharks, people know what they are before they borrow but after when they cant pay they talk like if the lender is a criminal. Pay back the money and you have no problem. When I lend I secure the loan with a mortgage on their property, if you have no property, I not lending.

X2

[Cantmis]

Rip dog

[DVSTT]

Why are your neighbours borrowing money to gamble in the first place?

[cornfused]

1. Any extension of time is met with compounded costs . $1 today would be close to the order of $1.50 next week or more , most probably much more .

2. Even if an extension of time is given it is alleged that some level of softening up would take place . After all an extension would not want to be seen as a partial get away free card , if ever there were to be one .

3. It can escalate into asset seizure and it is alleged that no law enforcement can assist .

I am not a money lender , nor have borrowed money from any money lender . These persons make a living off of those with poor financial controls . I know of persons who thought they could fleece these people , only to come home to an empty house or sometimes a pile of rubble where there was a house . It can get more extreme that the average person would think .

Bottom line , these are lenders of last resort and they know this , be warned .

[shotta 20]

Opie , stop hiding behing the pretext of your 'Neighbour'.

Anyways, are you gonna make it #3 from your village ???

[DTAC]

Its a serious question.
Couldn't they negotiate a settlement? A longer time to pay?
Wouldn't it benefit the loan shark to have the debtors alive to increase their chances of being repaid?
I'm naive with these things.

Not sure if serious question.

Nope. Better to send a message to others to pay up or else rather than have people think they can get away with owning.

...apparently

[hustla_ambition101]

Money lenders smiling as back pay paying. Different lenders different consequences but why borrow if you know you not going to pay back. Money lenders don't move like the banks.....they deal with the borrower in their own ways

[MaxPower]

They coming for you OP..

[mark2.0]

Op dey say yuh owing

[88sins]

There is a saying op
"If you play with my money, I will play with your life"
Doh feel ppl does say it cuz it does sound kewl.

Play ghost with a man money and he could make a real ghost outta you depending on if is enough to motivate them to deal with yuh.
Best case scenario yuh go get a professional tune up. And it wont be d kind to increase yuh performance.

[Miktay]

Hospital

[j.o.e]

RIP OP

[Chimera]

Op even if yuh kill yuhself, yuh family guh still hadda pay

[gastly369]

Cut out yuh piggyleeks

[mark2.0]

If yuh gul nice dey would take she for a delay in payment.

[Les Bain]

Yeah everybody circumstances different but you don't fool around when borrowing money. You especially don't fool around when borrowing from unofficial lenders.

[88sins]

doesn't matter if yuh borrow from an "official" lender or not. it have quite a few licensed usurers out here that just as bad if not worse than the illegal ones.

A licensed usurer could deal with you just as badly as an unlicensed one, & on top of d serious beating they might be inclined to arrange for yuh to receive, depending on their contract they would be able to levy on any assets you own or are in your possession as payment of the debt. I know one person that lost a house that way & another that lost a vehicle, they both borrowed & tried to duck, not realizing they signed a contract that stated interest will continue to accrue for the duration of time the debt remains outstanding. they had to pay interest on interest & it just kept compounding.
Sad part is tho, the guy that lost the vehicle was still owing after he lost it.

[Les Bain]

doesn't matter if yuh borrow from an "official" lender or not.

Yeah, doh matter. Should have clarified that.
It sucks for people who genuinely encounter unexpected situations that interfere with loan repayments, but the payment duckers deserve what they get.

[dogg]

Well it seems no one here really knows how the money lenders "deal" with delinquent debtors.

Maybe the suicides had nothing to do with the money lenders and the guys were just frustrated with their gambling issues.

I'll investigate and update with info.

[randolphinshan]

Op are you some kinda kant ?

You or your neighbors borrow money, they simply have to pay it back... story done.

[L'Audi]

So OP... How much exactly did you borrow?

[dogg]

So OP... How much exactly did you borrow?

threefiddy