How do you deal with a loan shark?

Report Them To The Authorities

If you feel you or anybody you know has worked with a loan shark, you can call the X-Ah Long hotline at 1800-924-5664. Alternatively, you can file a complaint with the Registry of Moneylenders at 1800-2255-529.

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Then, can I sue loan shark?

Under the law, if you discovered you paid more than 15% interest on any loan, you could sue the bank to collect a refund of the interest you paid. You would be allowed to sue the bank for all the interest and fees it had charged you, not just the overcharge.

Likewise, people ask, can you call the police on loan sharks? Firstly, loan sharks often have ties to organized crime or other gang type activity. If you turn one in to the police, you might be answering to some very angry friends of theirs. At that point, paying the debt will be the least of your concerns. In addition, loaning money isn’t illegal.

In this way, do you have to pay a loan shark back?

You don’t have to pay the money back.

If the money was lent illegally, the loan shark has no legal right to collect it and they can’t take you to court to get it back. Don’t stop paying a loan shark if you’re worried about your safety.

How do I report a loan shark?

Report Them To The Police

You can also call 1800-924-5664 for direct contact with the X-Ah Long service. If you have any doubt that they are loan sharks, or that they start bothering you, don’t hesitate to check with the police.

How do I report illegal money lenders in South Africa?

For more information, contact the FSCA on 0800 202 087 / 0800 110 433 or visit its website at . Tips to spot an illegal money lender: They lack an NCR licence. They require items of security such as your identity document, bank card or driver’s licence.

What happens to unpaid online loans?

When you fail to pay your EMI on the online loan, the lender will send you an intimation about the amount due to be paid. You can then repay the loan with a penalty as prescribed by the lender. … Failing to pay continuously for more than 6 months will make the lender to write off your account.

What happens when you don’t pay a loan shark?

They’ll immediately withdraw the money from your bank account if you’ve given them access as part of the loan agreement. If the debits don’t go through, they may break the charge into smaller chunks in an attempt to extract whatever money is in your account. Each failed attempt can trigger a bank fee against you.

Where do I report illegal loan sharks?

Loan sharks prey on desperate people and their activities must be reported. If you wish to lodge a complaint, you need to complete Form 29. This is available on the website You can also get one by emailing [email protected] or by calling 011 554 2700.

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