Euroreans 1st Gear December 14, 2014 Share December 14, 2014 Dear forumers, thanks for taking time to read my story. hope you can provide me with some solutions and advice on how 2 handle my debtor. what happen was a friend that i've known for 5 years approach me asking for a loan of 10k to help him with his investment. he assured me that once his loan from the bank was approved he will return me the money which he said was about 2 weeks. in addition, he showed me prove that he was also selling his HDB by showing me his post in Propertyguru, saying that he will have the money in no time. being naive, i borrow him the 10k with a IOU stating that he will return me the money as soon as his bank loan is approved. 2 weeks passed and i had yet to hear from him. so i called him up and he start giving alot of excuses saying that the renovation loan was delayed as the banker need to visit his premises to ensure that the renovation was done etc. however, i found out who the banker was through my own means and after talking to the banker. i realised that his loan has been disbursed to him! to make things worse, i contacted his property agent and ask how is his property doing. to my dismay, the property agent said the owner rejected an offer of 330k! ( his price to sell is 340k). now it has been about 4 months since i borrowed him the money but he has yet to return me a single cent. i have considered getting a debt collector to collect back the money but i understand that it is not a guaranteed procedure. the debt collectors will only go up and ask for the money the debtor until he give up.i have also approached lawyer but the fee is 4k to sue him to court. i am at my wits end as i do not know what to do. i have the IOU with his signature. after discussing with lawyers he said my case is 90% win(provided the guy dun declare bankrupt). this has been a traumatic an painful learning experience not to trust people too much.... Appreciate if some brothers give me advice? am open to any low cost methods to collect back my money! thanks in advance!!! ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Vid Hypersonic December 14, 2014 Share December 14, 2014 Dear forumers, thanks for taking time to read my story. hope you can provide me with some solutions and advice on how 2 handle my debtor. what happen was a friend that i've known for 5 years approach me asking for a loan of 10k to help him with his investment. he assured me that once his loan from the bank was approved he will return me the money which he said was about 2 weeks. in addition, he showed me prove that he was also selling his HDB by showing me his post in Propertyguru, saying that he will have the money in no time. being naive, i borrow him the 10k with a IOU stating that he will return me the money as soon as his bank loan is approved. 2 weeks passed and i had yet to hear from him. so i called him up and he start giving alot of excuses saying that the renovation loan was delayed as the banker need to visit his premises to ensure that the renovation was done etc. however, i found out who the banker was through my own means and after talking to the banker. i realised that his loan has been disbursed to him! to make things worse, i contacted his property agent and ask how is his property doing. to my dismay, the property agent said the owner rejected an offer of 330k! ( his price to sell is 340k). now it has been about 4 months since i borrowed him the money but he has yet to return me a single cent. i have considered getting a debt collector to collect back the money but i understand that it is not a guaranteed procedure. the debt collectors will only go up and ask for the money the debtor until he give up.i have also approached lawyer but the fee is 4k to sue him to court. i am at my wits end as i do not know what to do. i have the IOU with his signature. after discussing with lawyers he said my case is 90% win(provided the guy dun declare bankrupt). this has been a traumatic an painful learning experience not to trust people too much.... Appreciate if some brothers give me advice? am open to any low cost methods to collect back my money! thanks in advance!!! From what you have written, that guy has money. Just that he doesn't want to return to you. Don't worry about bankrupt or something because he has a loan with bank. If so easy declare bankrupt, he will have problems worth much more than the $10k with the bank. He will lose the house and car and everything. I'm sure he wouldn't want that. My advise, JUST DO IT. Send him a lawyer letter if he still doesn't respond to you. This type of friend can say bye bye. 1 Link to post Share on other sites More sharing options...
F355 Turbocharged December 14, 2014 Share December 14, 2014 The fact that there is an IOU written means you two are not very good friends to begin with. He has no intention of returning you the money , the relationship is already soured no matter what happens next , I say go ahead with the debt collector service or lawsuit. At least get back something. Else forget about the whole thing since the friendship is only worth 10k to him. Take it as 10k lesson learnt. 2 Link to post Share on other sites More sharing options...
Hamburger Hypersonic December 14, 2014 Share December 14, 2014 (edited) dont mind, its lend him and not borrow him. He borrowed from you and you lend him the money. anyway, with an iou you may make a police report. its legal binding document. But there goes your friendship. Edited December 14, 2014 by Hamburger 3 Link to post Share on other sites More sharing options...
Fcw75 Hypersonic December 14, 2014 Share December 14, 2014 In his friend's mind, there's no friendship to begin with. 4 Link to post Share on other sites More sharing options...
Kusje Supersonic December 14, 2014 Share December 14, 2014 Dear forumers, thanks for taking time to read my story. hope you can provide me with some solutions and advice on how 2 handle my debtor. what happen was a friend that i've known for 5 years approach me asking for a loan of 10k to help him with his investment. he assured me that once his loan from the bank was approved he will return me the money which he said was about 2 weeks. in addition, he showed me prove that he was also selling his HDB by showing me his post in Propertyguru, saying that he will have the money in no time. being naive, i borrow him the 10k with a IOU stating that he will return me the money as soon as his bank loan is approved. 2 weeks passed and i had yet to hear from him. so i called him up and he start giving alot of excuses saying that the renovation loan was delayed as the banker need to visit his premises to ensure that the renovation was done etc. however, i found out who the banker was through my own means and after talking to the banker. i realised that his loan has been disbursed to him! to make things worse, i contacted his property agent and ask how is his property doing. to my dismay, the property agent said the owner rejected an offer of 330k! ( his price to sell is 340k). now it has been about 4 months since i borrowed him the money but he has yet to return me a single cent. i have considered getting a debt collector to collect back the money but i understand that it is not a guaranteed procedure. the debt collectors will only go up and ask for the money the debtor until he give up.i have also approached lawyer but the fee is 4k to sue him to court. i am at my wits end as i do not know what to do. i have the IOU with his signature. after discussing with lawyers he said my case is 90% win(provided the guy dun declare bankrupt). this has been a traumatic an painful learning experience not to trust people too much.... Appreciate if some brothers give me advice? am open to any low cost methods to collect back my money! thanks in advance!!! Disregarding your foolishness in lending him the money, have you spoken to him regarding the return of your money with all the "evidence" you have gathered? Before wasting your money on a lawyer, I suggest you talk to him and tell him you are going to sue him before actually suing him. The fact that there is an IOU written means you two are not very good friends to begin with. He has no intention of returning you the money , the relationship is already soured no matter what happens next , I say go ahead with the debt collector service or lawsuit. At least get back something. Else forget about the whole thing since the friendship is only worth 10k to him. Take it as 10k lesson learnt. No way. 10k or 1k, it is a matter of principle. I say sue the bugger. 1 Link to post Share on other sites More sharing options...
Hamburger Hypersonic December 14, 2014 Share December 14, 2014 Disregarding your foolishness in lending him the money, have you spoken to him regarding the return of your money with all the "evidence" you have gathered? Before wasting your money on a lawyer, I suggest you talk to him and tell him you are going to sue him before actually suing him. No way. 10k or 1k, it is a matter of principle. I say sue the bugger. thats why i recommend poh mata, its free... Link to post Share on other sites More sharing options...
Kusje Supersonic December 14, 2014 Share December 14, 2014 dont mind, its lend him and not borrow him. He borrowed from you and you lend him the money. anyway, with an iou you may make a police report. its legal binding document. But there goes your friendship. The friendship was already gone when this guy refused to pay back the money. Honestly, would you remain friends with a person like that? By the way, you can make a police report about anything but the police won't be able to help you unless there is a criminal offense committed (like fraud). In this case, not paying your debt isn't a criminal offense otherwise why would people be hiring debt collectors when the police could do it for free? 1 Link to post Share on other sites More sharing options...
Vid Hypersonic December 14, 2014 Share December 14, 2014 thats why i recommend poh mata, its free... This type of thing mata bo hiew one. They will only record statement and tell you to settle by civil case 1 Link to post Share on other sites More sharing options...
Euroreans 1st Gear December 14, 2014 Author Share December 14, 2014 cannot make police report... checked with police before already. they said its a civil case i have to get a lawyer to do it. 1 Link to post Share on other sites More sharing options...
Kusje Supersonic December 14, 2014 Share December 14, 2014 This type of thing mata bo hiew one. They will only record statement and tell you to settle by civil case Which is the right way. Why should our tax money be used to resolve such problems between individuals? If it is a case of fraud or coercion then different story. Link to post Share on other sites More sharing options...
Vid Hypersonic December 14, 2014 Share December 14, 2014 Which is the right way. Why should our tax money be used to resolve such problems between individuals? If it is a case of fraud or coercion then different story. Can still poh mata to record incident. If that guy use the same trick on a few people, then different story. Link to post Share on other sites More sharing options...
Vid Hypersonic December 14, 2014 Share December 14, 2014 cannot make police report... checked with police before already. they said its a civil case i have to get a lawyer to do it. Then go legal route lor. No need to give face one. Just that you will unlikely get back full sum already. 1 Link to post Share on other sites More sharing options...
Gitanic 6th Gear December 14, 2014 Share December 14, 2014 you can ask him sleep with you to compensate for the 10 k lost Link to post Share on other sites More sharing options...
Zxcvb Turbocharged December 14, 2014 Share December 14, 2014 Empathise with TS. I only lend my friends few hundred dollars. Thousands of dollars will be for immediate family. Sometimes it's heart-wrenching to save and save, only to lend to ppl who don't deserve it. 2 Link to post Share on other sites More sharing options...
Ktglfc Hypersonic December 14, 2014 Share December 14, 2014 The moment the $ left you to lend to friends, be prepared that you will never be able to get back... This is lesson no. 1. $10k is a huge amt, at least to me.. Maybe you may want to pester him to return.. Else, if he don't , forget abt the friendship... Proceed to be offensive. Shame him if he is on your FB friend.. Let the whole world knows. If shaming doesn't work, go to debt collector to assist. Lastly, go to lawyer to sue him for the money. You may need to pay more, but ultimately, you still gain from getting back your money and knowing how "friend" your friend is... I wish you good luck... And thank God, you know how "good" this friendship is 1 Link to post Share on other sites More sharing options...
Fcw75 Hypersonic December 14, 2014 Share December 14, 2014 $10k to me is quite a lot of money too. Link to post Share on other sites More sharing options...
Volvobrick Supersonic December 14, 2014 Share December 14, 2014 Lesson learnt is to lend "friwns" the amount you are prepared to say goodbye forever. Consider it a bonus if the sum is ever returned.... ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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