Lending a friend money

[皮卡丘皮卡丘]

so, i lent my friend some money through phone calls and whats-app agreements. it was agreed that he would pay a certain interest rate for the loan, however none of this was written in contract nor signed. the money was sent thru bank transfers and i have past whats apps and phone conversations to confirm that he is aware of the interest level and acknowledges the debt.

however, should things turn sour and he decided to deny and default on the debt, am i protected by the law? and is there any chances that i will get my money back?

TIA

 

[yukari_san3]

key question: how much?

 

[皮卡丘皮卡丘]

principal amount is 1.5k

 

[rollanddie]

1.5k for a friend lost and a lesson learnt! Quite an exp lesson!

 

[皮卡丘皮卡丘]

1.5k for a friend lost and a lesson learnt! Quite an exp lesson!

ya man but should things turn sour, am i protected?

 

[rollanddie]

ya man but should things turn sour, am i protected?

Not quite sure about that.

1.5k is not a relatively big sum n to me you are quite an a-hole to collect interest from your friend

 

[cheong79]

I got one philosophy, if i allow myself to lend/borrow/loan monies to a friend. I'll treat it as money donated, if he/she don't return.

Limit: Few hundreds ok....

讲 monies 伤 感情。Usually I'll reject straight.

 

[皮卡丘皮卡丘]

Not quite sure about that.

1.5k is not a relatively big sum n to me you are quite an a-hole to collect interest from your friend

well, if u know what he use the money for, u probably wun think so..

 

[rollanddie]

I got one philosophy, if i allow myself to lend/borrow/loan monies to a friend. I'll treat it as money donated, if he/she don't return.

Limit: Few hundreds ok....

讲 monies 伤 感情。Usually I'll reject straight.

Same here! If he doesn't return, it's ok but no more next time

 

[alexchia01]

well, if u know what he use the money for, u probably wun think so..

What did he use the money for?

 

[henrylbh]

Too late to say but still may say.

Money is the root of evil.

Lend what you can afford to lose, including friendship.

Lender must be prepared to become beggar.

A fool and his money are soon parted.

 

[klavier]

ya man but should things turn sour, am i protected?

how do u think u will be protected? by the law?
in case he does not return, u will not pursue this sum of money as the legal fees will cost much more than 1.5k...

 

[Shiny Things]

however, should things turn sour and he decided to deny and default on the debt, am i protected by the law? and is there any chances that i will get my money back?

TIA

Not really, no.

If you wanted to be protected by the law, you should've had an attorney draw up a formal loan document. If you go to court with what you've got, it's going to be miserable and expensive and you're going to blow up the friendship.

 

[henrylbh]

Oral contract does carry weight. But what can he do about that? Sue and lose even more?

 

[danong]

A real friend won't borrow $.自己解决!

 

[Shion]

Best is don't lend money especially if it is a big amount.

We will feel paiseh to keep on chasing back the money. Some people don't have credibility at all as well.

Some more usually is no agreement.

Don't think TS you would want to fight and get back your money, right? The legal costs...

 

[Knight_Rider]

so, i lent my friend some money through phone calls and whats-app agreements. it was agreed that he would pay a certain interest rate for the loan, however none of this was written in contract nor signed. the money was sent thru bank transfers and i have past whats apps and phone conversations to confirm that he is aware of the interest level and acknowledges the debt.

however, should things turn sour and he decided to deny and default on the debt, am i protected by the law? and is there any chances that i will get my money back?

TIA

Singapore Debt Collection Service - SINGAPORE DEBT COLLECTION SERVICE

 

[havetheveryfun]

if you really want to lend a friend money.. you should not even bother about getting any interest or even the money back ..

and like what others have said.. it is important to find out what the friend needs that money for.. and why he is not able to fork out that amount himself.. if you don't even know why he needs the money for .. that is a big no no

 

[Xcert]

well, if u know what he use the money for, u probably wun think so..

Enlighten us?