extracted from ST forum.
Punish those who borrow from loansharks? That's being merciless to
people in desperate need of money
I refer to a recent letter in the Online Forum page suggesting that
people who borrow from illegal moneylenders should be jailed and
caned.
I am a healthcare professional with a successful practice and I
have no shame in telling everyone that I am where I am today
because of so-called illegal money.
In 1984 I returned home after seven years of travelling and
studying, having gone to India, Europe, England and the United
States. I came back armed with a professional diploma in osteopathy
plus diplomas and certificates in other branches of natural health.
I came home with practically no money.
I could not find employment as an osteopath because at that time,
there was no such profession in Singapore. I had to start my own
practice or find another job and let my professional qualifications
go to waste.
How could I start a small clinic without any money?
My bank would not lend me a cent even though I had an account with
it for about 10 years, and I used to have a lot of money in that
account.
Before I left Singapore, I was earning a high salary as a medical
sales representative and in my early 20s, I already owned a house,
a car and a credit card. All that was depleted as I invested in my
own education.
My family, though not poor, was not particularly well-off. My
mother helped me by raising $15,000 through an illegal tontine. If
not for that, she might have resorted to an illegal
moneylender.
Should my mother or I be jailed and caned for borrowing money
illegally?
For someone like me in 1984 with no money, no collateral, no track
record, the only people who were willing and able to help, sadly,
were those involved in illegal lending activities.
It is true that loansharks charge exorbitant interest and that they
sometimes resort to nasty debt collection tactics. Those who deface
public property or use threats and violence should be dealt with by
the law.
But to suggest that borrowers be punished is merciless and totally
lacking in compassion. People borrow from illegal moneylenders only
because they are in extremely desperate circumstances.
If we cut off yet another route out of their desperation, we are in
effect telling them to steal and rob instead.
Dr David Tio
