Cheater
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A friend of mine borrowed $10K for his bussiness. Since I knew him for more then 7years agreed to borrow him the money. now its been over 15months and he is is not settleing the money. I have a written note from him that he have borrowed the money. So wat can i do to get the money back.plz advice
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10K is alot. Ask him to pay bit by bit by installment.
And even as friends, no matter how long u noe that person, u can never put 100% trust.
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u paid 10k for a lesson
if u ever get it back, good for u
if not, dun ever lend money to fren, even if u know him for 200 yrs -
Have you checked to see whether he can scrapped together some instalments to you, or he is living the high life using your money?
Chances are, you cannot expect the money to get back to you.
If it does, either later or in installments. The good for both of you.
If he doesnt, running off with your money. You need to spend more money with a lawyer to write him some decent letter of demands and maybe bankrupt the fella.
Then garnish his properties, his belongings, his bank accounts & possibly his future earnings.
But take note, all these work maybe bring you back 60 percent of your total loan, cos the other 40 percent is those you cannot get back, or that the lawyer charges for the fees.
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Sad to say .
Even gd frens oso hard to trust $ with.
Personally loan a fren $400 , took 4years to demand back .
Tactics from sweet talking to hurling insults even to his parents.
I have no idea y good frens would rather save $ then save a friendship of trust .
Anyw gd luck to u , at least u have a written note. Worse come worst u shld be able to get it back thru legal means
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money is money. . .
never expect the money back when u lend out. .
if the person returns it to u, den its a bonus.
well, that's what my dad say. -
rule of thumb is.. lend without expecting return.
means, lend the amt u are comfortable of losing.
nothing more than that.
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not everyone who borrows money is like that though
if it was me i would return it ASAP because i hate to feel indebted to anyone so i try not to even borrow in the first place.
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Originally posted by dumbdumb!:
rule of thumb is.. lend without expecting return.
means, lend the amt u are comfortable of losing.
nothing more than that.
haha exaactly waht i meant. . .
and i think its kinda inappropiate to label him a cheater bah. . .
u got your own risk. . . -
there are many cases where friends borrow money and then run away coz they know that they cannot pay up.
in this case it is quite impossible to get back the money.
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full story lah...
he refuse to pay or cant cough up the $$$?
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Go and talk to him face to face about it. I think you should know him better before you decided to loan him money. If you need money badly this moment, you should ask him out and come to a WIN-WIN situation between both of you.
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he might not be out of the red yet?
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sad to say
u will never get it back
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You're that rich to loan such a huge amount of money to a friend and still survive?
as long you're not into any debts or suffering from any financial difficulties, i would suggest you place the matter one side.
Insisting on the payment may cause the relationship to sour.
I would suggest you continue to go out with him.. Talk to him more about his business rather than the loan. Be nice to him. Whenever he talks about borrowing more money, change the topic. Sometimes, all he needs is a guilt trip. Constantly being nice to him without money involved is a more powerful reminder than asking him to repay back the loan.
Since this year is into recession. Don't expect a full lump sum of payment back to you. You could always compromise with him. Instead of paying the whole payment, which he absolutely cannot, ask him to pay in installments instead.. For starters, $500 per month for about 20 months.. He most probably can afford it, since he has a business. And since you're his friend, you won't insist on the interest. Thats your part of the bargain.
Let me summarise this option again.
His side of the compromise, agreement to pay back the sum in installments of $500 per month for 20 months. Your side of the compromise, because of friendship, you will not charge him the usual bank interest rate of 1.5%(some random figure) per month. And will not go to the police to settle it.
Whichever advice or option you take, i wish you all the best. Good luck bro.
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Originally posted by Hillerz19:
A friend of mine borrowed $10K for his bussiness. Since I knew him for more then 7years agreed to borrow him the money. now its been over 15months and he is is not settleing the money. I have a written note from him that he have borrowed the money. So wat can i do to get the money back.plz advice
Assuming your "written note" comes in the form of a IOU, you're better off trying your luck with debt collectors (the legal ones).Forget about the legal route unless that document comes in the form of a contract - the opportunity and transaction costs involved for you to go down this route over an IOU for the amount in question is simply not worth the hassle (especially if your "friend" belongs to the category who would most probably deny ever having borrowed the money or challenge the authenticity of the note, which only you would know since you're his "friend").
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Originally posted by Hillerz19:
A friend of mine borrowed $10K for his bussiness. Since I knew him for more then 7years agreed to borrow him the money. now its been over 15months and he is is not settleing the money. I have a written note from him that he have borrowed the money. So wat can i do to get the money back.plz advice
Think you will find it hard to get back the money.Lesson learn - before lending, you need to have him present to you a proper feasible plan of repayment, you should have review what his business is, and what type of profit it can generate - to see if he can even generate the profit to repay you.
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money is the root of all evil....nw times are bad...and if people need money from you...and you lend it to them...you're their sui quan sui dao de atm...
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Originally posted by Hillerz19:
A friend of mine borrowed $10K for his bussiness. Since I knew him for more then 7years agreed to borrow him the money. now its been over 15months and he is is not settleing the money. I have a written note from him that he have borrowed the money. So wat can i do to get the money back.plz advice
But is he avoiding you? If he isn't, it's rather unfair for you to brand him a cheater isnt it?
Have a good chat with him regarding the loan. In view of the current econmic climate, it would be hard for him to return the money to you as a lump sum. Try to work out the repaying of the loan possibly through installments with him.
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did u write a statement for him to sign when u hand him over to money?
if not i don't think you will ever get back the money
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Looks like you lost $10,000 and a friend. If never lend, you still have the $10,000 but lost the friend. Which one is better?
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reminds me of my mentor.............slowly gain my trust by asking for 10 bucks, 20 bucks..and payback is usually next day...progressively.....to hundreds...payback also next day or a couple days later..........i trusted cos mentor mah....tutored me and taught me so much that i felt so indebted.......so, last loan 3k...............suppose to pay in 2 weeks........became 2 years.........a nitemare........and subsequently, i learnt fm my other frends....all are victims....one fella was most unlucky...........7k.............almost all could not recover...as he went mia eventually.....i was lucky...count my lucky stars....so, moral of story..........never lend....