Karu 6th Gear February 15, 2011 Author Share February 15, 2011 Go to your office toilet cubicle and scribble on the wall, "I need $XXX urgently, willing to get down on my knees for a quick fxxk, my account number XXX-XXX-XXX-X, yours truly ________(colleague's name & number)". That's a good one... ↡ Advertisement Link to post Share on other sites More sharing options...
Karu 6th Gear February 15, 2011 Author Share February 15, 2011 I've been thinking about it. If a friend ask for a large amount i.e in the thousands of loan. Asking me to trust him that he will return the money. What if I ask him to acknowledge an IOU for twice the loan amount. Eg if loan amount is $6000, then he signs an IOU for $12000. Asking him in return to trust me with the same amount of money. If he swee swee return the $6000, then I will tear up the IOU. If not, I can try to recover it legally with the IOU the whoel 12k. Are IOUs legally binding?? Link to post Share on other sites More sharing options...
Beehive3783 Turbocharged February 15, 2011 Share February 15, 2011 I've been thinking about it. If a friend ask for a large amount i.e in the thousands of loan. Asking me to trust him that he will return the money. What if I ask him to acknowledge an IOU for twice the loan amount. Eg if loan amount is $6000, then he signs an IOU for $12000. Asking him in return to trust me with the same amount of money. If he swee swee return the $6000, then I will tear up the IOU. If not, I can try to recover it legally with the IOU the whoel 12k. The question here is, will the legal fees be more than $6000? And if you win the case, will the debtor be able to pay up the legal fees that you incurred while recovering debts from him? Link to post Share on other sites More sharing options...
Whathefish 5th Gear February 15, 2011 Share February 15, 2011 Are IOUs legally binding?? DUn think so right? need lawyer to draft and witness maybe... Some time 2-3 hundred is ok...but hate it when...they need to borrow $$ keep calling u...once $$ on their hands liao...disappear lor...even on the promised date....no sms no call no nothing...KNN...feel so betrayed... Link to post Share on other sites More sharing options...
RadX Moderator February 15, 2011 Share February 15, 2011 DUn think so right? need lawyer to draft and witness maybe... Some time 2-3 hundred is ok...but hate it when...they need to borrow $ keep calling u...once $ on their hands liao...disappear lor...even on the promised date....no sms no call no nothing...KNN...feel so betrayed... that is why...friends who want to borrow are no longer friends.... 2 things cannot get along...friends and money Link to post Share on other sites More sharing options...
The_Bear Turbocharged February 15, 2011 Share February 15, 2011 Are IOUs legally binding?? INSIST ON IOUS WHEN YOU LEND MONEY TO FRIENDS The Sunday Times Link to post Share on other sites More sharing options...
Karu 6th Gear February 15, 2011 Author Share February 15, 2011 A fren of mine got sms from 'fren' to borrow money saying family got no money to buy dinner. He replied asking them to meet him at kopi tiam, he'll chop 1 chicken & treat whole family!!! He got no reply from his fren thereafter... Link to post Share on other sites More sharing options...
Gearoil 1st Gear February 15, 2011 Share February 15, 2011 The thing is these are the people I hardly mixed with. They are people from work place & have no personal dealings with. That is where you fail to see and under-the-stand....my padawan. It's your personality that acts as a magnet for such ppl. Why did a Black person gets elected to be the US president...becos he was black and they wanted a different colored person to sit in the Oval office? 90% of the time, you are not really aware, that by behaving in a certain way...you eithier get an advantage or be taken advantaged. Seems like you can't even distinguished the difference. Must be a new gen Sinkie. Link to post Share on other sites More sharing options...
Watwheels Supersonic February 15, 2011 Share February 15, 2011 Are IOUs legally binding?? Seriously, just say no. Not very difficult, save the hassle. Send him/her the sms. Link to post Share on other sites More sharing options...
Jman888 Moderator February 15, 2011 Share February 15, 2011 Well, I guess at least you have evidence that you lent the money to him. even if you win in court, whether he is able to pay you is another story Link to post Share on other sites More sharing options...
The_Bear Turbocharged February 15, 2011 Share February 15, 2011 even if you win in court, whether he is able to pay you is another story yah, most of the time cannot. Link to post Share on other sites More sharing options...
Karu 6th Gear February 15, 2011 Author Share February 15, 2011 This is useful information. IOU only valid for 6years from the date of promised repayment... Link to post Share on other sites More sharing options...
Mcf777 Turbocharged February 15, 2011 Share February 15, 2011 if chio bu, chin chai la if the amount is within your reach. Link to post Share on other sites More sharing options...
Karu 6th Gear February 15, 2011 Author Share February 15, 2011 Sure or not? No strings attached? If so, then u'll be a huge carrot!! I guess that's another weapon the chio bus like to use... Especially those FTs. Link to post Share on other sites More sharing options...
Mazdaowner Moderator February 15, 2011 Share February 15, 2011 I no money, so I no friends. that is why...friends who want to borrow are no longer friends.... 2 things cannot get along...friends and money Link to post Share on other sites More sharing options...
Whathefish 5th Gear February 15, 2011 Share February 15, 2011 that is why...friends who want to borrow are no longer friends.... 2 things cannot get along...friends and money Wife told me just few hundred...never mind...but i TL becoz kana treat like carrot... at least have the courtesy to sms or call n said still tight cannot repay....knn.. i told myself no more...:P Link to post Share on other sites More sharing options...
Vextan 1st Gear February 15, 2011 Share February 15, 2011 (edited) i lent my friend who was in dire straits recently almost 2k, and frankly, i dont expect to get it back. if he returns i will be happy, if he doesnt so be it. when i decided to help someone who deserves my help, this is the mentality i adopted, else i wouldnt lend. why ? because i know it is dificult to get a loan back, given the person's situation. but if i really wanted to help that person, i dont think of getting the money back. Edited February 15, 2011 by Vextan Link to post Share on other sites More sharing options...
Jman888 Moderator February 15, 2011 Share February 15, 2011 that is why...friends who want to borrow are no longer friends.... 2 things cannot get along...friends and money i owe bank alot money, that's why i duwan to friend them anymore, can? ↡ Advertisement Link to post Share on other sites More sharing options...
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