I borrowed money to my friend about two years ago. The amount was 20K+ and I also had the very simple IOU with me.
He did make monthly repayment during this years and now he only owes me 5K exactly.
But later, he started acting like a fool everytime I asked about paying me back. Can someone give me advise please ? I just want to have all my money back. As I am foreigner, I'm not sure how I can claim for the remaining amount.
ok lah 5k for a friendship and a lesson.....
5K is still too much for me wah
Besides, he's not my close friend that's why I was wondering if there's any way i can just warn him . . .
the moment u lent the money to ur fwen, u shd be mentally prepared not to get it back
this is just how it works
nobardie cares abt the frenship shit anymore
there is really nothing you can do to get your money back, legally!
learn from the daiyilong.... but don't do the illegal things. How much you can learn with 5k also depends on the process you take to recover the money. otherwise, just acknowledge that you paid 5K for a lousy money friendship in which you are the stupid loser.
must at least sign a iou. if not they will deny borrowing money from you
i do have an iou. i wont do any illegal. in fact, i was wondering anythign i can do legally with the iou :D.
tks for the advice anyway. i guess i should let it go , lesson learnt
wa, so lich.
must sue to get back?
Small claims tribunal can help you here I believe. Anyways 5K is not a small amount,see a lawyer if small claims can't help you.
Good that you have the IOU(legal validity may be contested) warning for others who lent the money to 'friends'.
y dun you loan me 10K? you will get back 11K. Guaranteed!
Maybe you ask him to pay in smaller installments? and try to use a more kelian tone
Less than $10k loan, can go small claim Tribunals (think this is within one year) or ask debt collector.
Less than $60k, see this http://cjc.org.sg/images/brochures/PJP_PrimaryJusticProject.pdf
cheaper than getting a lawyer directly...
Above $60k, go CrimsonLogic and fill up Requisition Form or get a lawyer to sue...
Is there a reason he stopped paying you back? Worse comes to worst, you can take him to court
Ask him return u lesser installment, better lesser than none
See your MP!
Friendship and money, oil and water.
Not close friend why you lend money to him?
Aiyah really is talk $ hurt friendship sia.
Maybe you want to meet him and talk face-to-face nicley? And show him the IOU? Liddat u better bring a neutral 3rd party along (preferably a mutual friend) to calm things down if it ever gets agitated (Aiyah Money talk everytime end up fight one so better prepare for it)
He won't pay the remaining $5,000 one lah ... Unless you promise to lend him more money . You had an IOU , but he can easily claim he paid you off in full during those instalment payments and turn the situation to your disbenefit .
20k and not even close friends? I don't really know how to persuade him to pay. But it's a lesson for you. My way of lending money to someone is lend what you're willing to give. If he pays back means you can probably trust him but if he dosent pay it's ok because you're willing to give and you get to know they type of person he is..so it's a win2 situation. But 20k is too much even 10k is too much to give for an average income.
i once lent 500 dollars to a friend
disappeared for life.
Damn lot of scary people in sgforums.