07 Feb '12, 12am

Loan sharks' new tactic: Owe money? Sell house, hand over COV (via ST iPhone App)

Loan sharks' new tactic: Owe money? Sell house, hand over COV (via ST iPhone App)

-- PHOTO ILLUSTRATION: LIM YONG By Elizabeth Soh Loan sharks have found a new way to get some debtors to pay up: demand that they sell their Housing Board flats and hand over the cash over valuation (COV) quantum. Illegal moneylenders recruit real estate agents, some of whom are debtors themselves, to carry out the sales. In return, the agents get commissions of up to 8 per cent, compared with the usual 1 per cent to 5 per cent. One debtor, engineer David Liew, 37, was involved in such a sale. He owed about $200,000, which he had borrowed to settle gambling debts in 2008. After three years of struggling to pay off only the interest and being harassed by loan sharks, he decided to sell his four-room HDB flat in Bedok - which cost him $350,000 five years ago. Please enable JavaScript to view the comments powered by Disqus. blog comments powered by Disqus

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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