Instead of pouring paint or hanging a pig’s head at the door, a local money lender recently turned to a more innovative way of getting its debtors to return money owed.
Prior to approving their loans, borrowers need to make a video of themselves holding their identity cards, and shouting their own names out aloud, as well as the amount of money borrowed and the date the debt was due.
Once a borrower fails to return the money owed on time, the video recording will then be uploaded onto YouTube, together with details of the borrower’s address and next-of-kin.
It was gathered that the first video of a defaulting borrower was uploaded about 11 months ago, with another 27 videos of different debt defaulters being uploaded over the next 8 months.
Reporters who investigated found that all the individuals in the videos mentioned the same money lender. However, attempts by reporters to contact the money lender were not successful.
According to lawyer Steven Lam, it is in violation of the Protection from Harassment Act (POHA) for money lenders to upload videos containing details of their borrowers for the purpose of chasing them for money. He adds that by doing so, these money lenders risk losing their money lending license.