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From Facebook https://www.msn.com/en-sg/news/singapore/friends-like-these-man-at-a-loss-after-pal-refuses-to-pay-sdollar176k-damages-following-car-accident/ar-AAHA7P6?ocid=spartandhp&fbclid=IwAR0bJtAeizlUU4T47eypa1jM89VAXbI3Pm0euCnf5emaTlEpOThVByZcXZ0 Hi all, this is going to be a long read but please take the time to read thru. So the story is that on the 25th June my dear friend Szeto St wants to borrow my car from me to use it on the 27th. As I was overseas at the point of time I agreed to lend it to him, it was not the first time I have lend it to him so I entrusted him with my car. On the 28th morning 8am he gave me a missed call, so when I call him back he told me that he got into an accident with my car then he said that the one driving was his friend. I entrusted my car to him and yet he asked his friend (Dominic) whom I don't even know who he is to drive my car back on that day, I was still very nice at that point of time I said wait till I reach sg then we settle. So I came back on the 29th I meet them on the 30th, they didn't have a solution for me. So we briefly spoke how we should settle it as the car was total loss, so dom suggest to give him more time. And so on the 2th July, we both agreed that he will pay me $17600 as my losses under the condition that I scrap my car. And he requested to give him a month for him to find the money, so me being nice I agreed to it. Once we sign the agreement I proceed to tow my car to the scrap yard and handle all the paperworks and send him documents from lta that I have scraped my car once I received it which was on the 8th July. And so I continue to wait for the 2nd aug to come, on the 30th July I texted Dom to ask on the 2nd aug what time should I meet him and he asked me to wait. So I texted szeto about this he told me not to worry why I scared, and I obliged and waited. So on the 2nd aug the worst nightmare happens, I texted him in the afternoon and Dom said he will let me know by 7pm. 7pm I called him and he simply told me this "我没有钱，你要我怎样。你去small claim 我咯" one simple reply and he expect to get away with the shit he create? Long story short, two days later he say he will only pay me 11k but thru installment of $500 every month. Which I believe nobody will accept. So now I'm stuck, both szeto and dom is not going to pay me any money. I believe that at the end of the day, the responsibility's szeto. Out of goodwill I lent him my car and he choose to ask his friend to drive. 好心被雷劈 Please help me to share this post and make the two of them famous, much appreciated.

This may well become an ultimate apps for the loanshark .. https://sg.finance.yahoo.com/news/app-app-lets-borrow-lend-063352031.html When it comes to borrowing or lending money to friends, a common and loudly resounding advice is this: “Don’t do it!” The fastest way to lose a friend is to lend him money. Asking your friend to pay you back too soon makes you a cheapskate (and loanshark) and asking too late risks your friend forgetting about the loan entirely. There is also the possibility that your so-called-friend never intended to pay you back. Either way, it won’t end well. There is even an idiom to summarize this occurrence, “Lend your money and lose your friend”. ulcan Post talked to David Sin, founder of DVG Web Sdn. Bhd. and the brains behind Frenloan, an app that will help you not lose your friend-in-need, even though the thing your friend needs is money. According to its FAQ section, Frenloan is a mobile app created to certify a loan to both lender and borrower. Lend Your Money, Lose Your Friend? “Growing up, I have asked and been asked to either lend or borrow small loans from buddies. Some helped, some didn’t. This social borrowing affects almost all of us,” David answered to the question of what prompted him to develop Frenloan. “When the sum gets bigger we stop lending for the fear we won’t get our money back. Even today I keep hearing of stories of friends ending relationships because one party didn’t want to lend money. This sort of spark off an idea. If we can remove this barrier, people will be more willing to help out. David continued, “Right now, a handshake is all that is given by the borrower. In the event, he decides not to return the money, there is very little recourse to get the money back. Usually it’s the relationship that is the only guarantor to friendly loans.” “So what if we could help generate a digital pdf that has all the details of the friendly loan for both parties to have? This would certainly help friends in real need of money get help from their friends. Friends would be less reluctant to lend since there will be some sort of written understanding between him and his friend.” “For now, I’m working with VLT labs to experiment on this idea. On development, I’m outsourcing the development work to a close associate. Hopefully with traction, I can bring in more talents,” he shared. So far it seems that the Frenloan app has gotten a good start, being awarded a grant by MaGIC and built by the ALPS programme which is run by VLT labs. There are only three people directly involved in Frenloan as of the time of this article. David has high expectations about the app, though he admitted that they are still trying to sort out any teething problems with it. “Right now, we’re starting with basic features like tracking, reminding and generating a digital PDF on the loan. Down the road, we’re hoping to have printable PDF copies.” He hopes that the app can enable people with financial problems to get help from their close friends and family without getting themselves with serious debt issues and losing the loved ones in the process. How You Get Your Money Back The process of getting a loan is simple with the app. All you need to do is enter your phone number, your friend’s email and the amount you’d like to borrow. The pay-back-by date is also a must-enter in order to ensure that you don’t go back on your word and pay your friend the money (or vice versa). The request comes with a Loan Certification, using Frenloan to certify the loan so both parties will have a digital version with the borrower and lender, total amount due and date to be paid in full by. When the date arrives, the tracking feature will alert the borrower so that they honor their word and cough up the cash. Frenloan is currently a free app. We would like to remind our readers that there is no way for Frenloan to help with disputes between parties since it’s a computer generated service. As is with everything that has to do with money, thread carefully. Personally, I think this is a great idea for small cash amounts. In Malaysia it is a common scene for large groups to split the bill while dining together. This app could play a large role in keeping track of who owes who how much. However, when it comes to numbers with a few more zeroes at the back, it’s best to not go down that route.

Wud u lend money to friend whom not in touch for years and suddenly ask u for a loan?

Hi fellw bros, Will u actually lend ur ride to someone close but wif full knowing abt habits driving habits, eg, nv slow down when a hump is infront...Late nite driving till u got to wait till wee hours b4 he return car ect.... share ur views...

U lend ur friend ur car he drive accident insurance cover???

2 nights ago. I was coming down from Simei MSCP. Saw this long queue of cars in front. Waited for a few minutes and the queue didn't move. Went to the first car in the queue that was stuck before the car park gantry. Found out from the lady in the car that their cash card couldn't be used. Her mum was trying to borrow from other drivers but no one budged. I passed them mine and they managed to get out immediately. And the parking fee was only 45 cts. I'm just puzzled why would the few drivers immediately behind this car preferred to get stuck than taking the risk of lending the cash card. What would you do?