Tired of chasing debtor! seeking advice

[Galantspeedz]

This is a real life experience .... a old relative came to borrow about 50k from my dad ...that was back in 1980s and 50k was damn big then. The old lady threaten to commit suicide if she cannot get the money for her sons business.

 

At the end, she paid about 10k and the rest is history. When my dad was sick and has to stop working, I brought him to the old lady house and ask for the $$$. And her son turn against me for bringing my dad to ask for the debt.

 

The old lady and my dad have since passed away .... and I am not on talking terms to that family since the day I brought my dad to the house to ask for the money.

 

My dad wanted to buy a car, i stopped him as I was in army then and did not see the need of buying the car. They wanted to pay for me to go overseas for my degree and I did not want to use the $$$.

 

My mom is the problem ... too kind hearted ... still lending money to my relatives and they have never pay her back. Nowadays I freezed her accounts .... only leave a few Ks for her.

 

These people are just too much ....

 

the money is yours or your mom's?

 

 

 

Another case was a army buddy asked for 1k loan, wc I lent. But paid me back only a year later, n 'twas when I was invited to his housewarming n subsequently I Suan him have money for Reno n bb no money to return me. His reply - oh, Ive forgotten. After that case, i Siam fr him far.

 

 

 

why have to siam him? cannot be friend anymore?

[Civic6228]

 

the money is yours or your mom's?

 

Ours .....

 

why have to siam him? cannot be friend anymore?

 

[Donut]

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!!!

 

my golden rule is when you want to lend money to someone, see it as good as gone.. Don't expect payback.

 

If you can't accept this fact, then don't lend money in the first place.

 

now u got IOU, but are you prepared to take legal action? no right? its too troublesome and costly. $10k debt is not worth getting lawyer. the legal fee will be already $5k, unless the court can make him pay for it.

 

So back to my golden rule again......

 

[Matoonia]

Give loans to friends is always very sensitive. I have good friends who draw the line very clearly, and I wish I can do that too.

 

I personally find it hard to refuse, esp when I have the means to lend. Kenna burnt many times. So nowadays I just "push" everything to wife, telling my friends all my $ with wifey. I go ask her see can if I can take out to lend you $ or not, then they will politely tell me no need for that. For people who are soft hearted can try this method

[RadX]

 

my golden rule is when you want to lend money to someone, see it as good as gone.. Don't expect payback.

 

If you can't accept this fact, then don't lend money in the first place.

 

now u got IOU, but are you prepared to take legal action? no right? its too troublesome and costly. $10k debt is not worth getting lawyer. the legal fee will be already $5k, unless the court can make him pay for it.

 

So back to my golden rule again......

 

 

 

can lend me $$$...??

[GLZT]

 

If she had told me that then, I wouldn't mind. I only needed the laptop for work type stuff, and it wasn't like I had to use it all the time over the weekend.

 

Next time need loan money I'll go find you liao, just offer such arrangements too.. =D Hahaha..

 

 

What about an M3 or M3 convertible? Camry or M3 worse debtor? =D

 

Or don't say M3, how about 335 vs 520, which one is worse debtor?

 

I'm sure everyone knows that when he meant entry lvl, he meant low spec. No one refers entry level to those high spec smaller class unless they are really elite. Don't need to spell out everything right?

[Baal]

 

 

can lend me $$$...??

Can easily afford. The provision shop near my place selling...

 

how many million u want? Min quantum is by million....

 

My lesson was $1k. Got back $200....

[Ender]

Idealism and naiviety or stupidity. I tot I could save him from a vicious cycle of prison-freedom-loanshark- prison.

 

Shows how stupid I was then. Now i wisen up but I am not sure if it is a good thing also.

You are good man...

[Ktglfc]

I think the maximum that i will lend friend or even relatives will be almost $2k...

Can't lend much more as still have a family to feed leh..

 

I will only lend bigger amount or even treat it as a gift... when sponsoring my kids for education :))

[Donut]

 

 

can lend me $$$...??

i want your ride as collateral

 

for you, bro, anything i lend

[Ronnieseah]

I'm sure everyone knows that when he meant entry lvl, he meant low spec. No one refers entry level to those high spec smaller class unless they are really elite. Don't need to spell out everything right?

no matter what spec, if anyone take loan to buy luxury goods, mean he cant afford.

[Mr_b20]

1. Kneel down in front of him cry and beg for your money back.
2. Get someone to film it down
3. Get SMRT feedback to help you make video go viral.
4. After that someone set up crowd-funding for you, maybe even get back $50,000

[Mockngbrd]

kns nobuddy want to lend me money for cheekon rice... can only eat $2 type. u all lousy frens.






btw, best way to run away from lending $$$? ask them back for loan when they ask you lo. Or easier if they really wan, ask them go Courts, want to loan $2k? OK, lend them $2k, bring them go buy something worth $3k, make them sign 24 months installment plan. You take the goods.

Edited December 16, 2014 by Mockngbrd

[Galantspeedz]

i want your ride as collateral

 

for you, bro, anything i lend

 

even your backside?

[Civic6228]

no matter what spec, if anyone take loan to buy luxury goods, mean he cant afford.

 

Car is not luxury goods lah ... many people in MCF say that a car is a need. How can a need be a luxury item ?

 

no matter what spec, if anyone take loan to buy luxury goods, mean he cant afford.

 

Car is not luxury goods lah ... many people in MCF say that a car is a need. How can a need be a luxury item ?

 

[Ahseng]

if he say poor until no money eat, just buy chye png for him, heck you can even throw in dessert if he looks really pitiful.

 

Just, Don't. Pass. Them. Cash.

[So_nice]

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.

Dun anyhow advise bro. Poh mata for wat? It has got nothing to do with the state police. Either TS get debt collector or just sue him. Everyone expect state police to collect back ur bad debts tio jia liat liao.

 

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.

I would haf praise u 110 pts if I can. Tat is the right advice.

[RH1667]

kns nobuddy want to lend me money for cheekon rice... can only eat $2 type. u all lousy frens.

 

 

 

 

 

Is that BREAST meat in your " Chee-ko" rice? ha ha ha