Tuesday , December 19 2017

Loan Shark Threatening for more payment

I am an expatriate Indian living in Kuwait for the past 12 years. Due to some unfortunate incidents in my life I was forced to borrow KD 1,200 from someone by signing an I.O.U in 2013 and from that day onwards I have been paying KD 110 as interest every month until the beginning of this year through ATM and by cash in hand.

Now my situation is bad and I am unable to pay the interest. Now he is threatening that he needs KD 4,000, otherwise he will file a case. I am really suffering a lot with his phone calls every day. I told him I will pay his money but I need some time… but the payment will not be KD 4,000, only KD 1,500.

Please what to do if he files a case … I am worried.

Name withheld
Answer: Please remember that these loan sharks are illegal in Kuwait but yet they are plying a flourishing trade because of people like you who won’t take a stand. And once the ‘victims” get deep into the situation they end up not only being blackmailed into paying much more than they borrowed, they are also unable to pay the original amount.

Now these people make you sign an I.O.U. and also take your bank ATM card. Every month they draw the interest and give the rest of the amount to you. But then a time comes when they get more greedy and the result is before you.

Some of these loan sharks also keep the victims passports so that they don’t leave the country as there have been many who have done so.

The best way out of the whole situation is file a case against these loan sharks at a police station. They will have to produce the I.O.U. that you signed. Now unless a larger amount has been filled in, you can’t be asked to pay more than you borrowed.

Legally these people can’t even charge you interest…in fact they don’t even admit they are doing so. They only say that you have borrowed money from you. And you are not returning it. But all the police has to do is check the cameras of banks on the dates the ATM was used to withdraw the money and they will find that it was not you who was withdrawing the money.

They are some clever loan sharks who just accompany you to the bank and don’t approach the ATMs but then these people can be placed by the cameras outside the banks.

If you can get witnesses who can testify that these people loan money or that you have been paying them interest, you will have a case but then you have to be very careful because some of them are tied in to some “influential people”… but it is all up to you if you want to take a stand.

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