Advice needed on debt recovery.

[khunPer]

»Has anyone dealt with such an issue before?«

Reading OP and answers with great interest. I have a similar experience with a long time friend, and about same level of debt. A friend-to-friend loan – not business – so he could start up a restaurant here in Thailand, offered to pay me same interest as I loosed from my deposit; didn’t work that well for him and he perhaps didn’t care enough for it (worked to little, relaxed too much); however paid back as agreed for a while; then less, but still paid some now-and-then; then had to close and give up the restaurant, saying that it would be cheaper for him to do so and just pay my money back; after that money flow stopped completely, now for several years – even he has job and at least some income, just like saying »I won’t pay«.

Court is not really a possibility, because if there is no values or property to take, then a court case will only be additional loos of fees and expenses for lawyer…

One problem is “friend”, so cannot go hard or sell debt, and if the is no money or values, then what...?

Another problem is the disappointment, the feelings, because the friend knew very well that I had saved the money for my living expenses later and therefore need them back – yes, I can survive, but about 900k balance plus 7-8 years interest loss is also some kind of money…

Okay, he has promised, that if he one day becomes rich, he will think of me…!

Understand OP’s frustration very well, but what can one do…?

Write off the loss and move on…?

[Pattszero]

»Has anyone dealt with such an issue before?«

Reading OP and answers with great interest. I have a similar experience with a long time friend, and about same level of debt. A friend-to-friend loan – not business – so he could start up a restaurant here in Thailand, offered to pay me same interest as I loosed from my deposit; didn’t work that well for him and he perhaps didn’t care enough for it (worked to little, relaxed too much); however paid back as agreed for a while; then less, but still paid some now-and-then; then had to close and give up the restaurant, saying that it would be cheaper for him to do so and just pay my money back; after that money flow stopped completely, now for several years – even he has job and at least some income, just like saying »I won’t pay«.

Court is not really a possibility, because if there is no values or property to take, then a court case will only be additional loos of fees and expenses for lawyer…

One problem is “friend”, so cannot go hard or sell debt, and if the is no money or values, then what...?

Another problem is the disappointment, the feelings, because the friend knew very well that I had saved the money for my living expenses later and therefore need them back – yes, I can survive, but about 900k balance plus 7-8 years interest loss is also some kind of money…

Okay, he has promised, that if he one day becomes rich, he will think of me…!

Understand OP’s frustration very well, but what can one do…?

Write off the loss and move on…?

Ask him to give you ten thousand baht for your birthday and Christmas every year. If he won't do that, he's no friend of yours.

[Fairynuff]

Friends don't lend friends money......if they want to remain friends. Here there's no such thing as a loan between friends...it's a gift.

[soalbundy]

It makes my blood boil when i hear of all the injustice,especially being ripped of by someone you trusted but you have to let logic come to the fore. Resorting to violence can give you short term satisfaction followed by a long jail sentence,is it worth it? However giving over the debt to a Russian debt collector seems viable to me,if violence is used i can't see how you could be blamed,its a straightforward business transaction,you merely sold the debt.

I don't subscribe to never lending money ( reasonable amounts,never over 10,000 Baht ) i myself have had to run around farangs looking for an 8,000 Baht loan because my wife needed medical treatment and my account in farangland was overdrawn,but i made sure it was paid back after 7 days when my pension came through and a beer on top as a thank you. It all depends on the circumstances,if the money is for a party or a business venture then the answer is no.

[MonkeyLoo]

Friends don't lend friends money......if they want to remain friends. Here there's no such thing as a loan between friends...it's a gift.

Its not a gift when as in this case we agreed that if the venture didnt work then he would still be liable to repay.

This guy left under cover of darkness, literaly. Left and also stole items on his way. Clearly pre planned. So is no friend of mine.

He deserves all he gets.

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[dotpoom]

Some good advice on here about the legal way to go and sometimes it is good to remember to count your blessings that it was he that needed to rob you and not visa versa.

[louse1953]

Sydney

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Get Sharkey!

[choochoo]

It makes my blood boil when i hear of all the injustice,especially being ripped of by someone you trusted but you have to let logic come to the fore. Resorting to violence can give you short term satisfaction followed by a long jail sentence,is it worth it? However giving over the debt to a Russian debt collector seems viable to me,if violence is used i can't see how you could be blamed,its a straightforward business transaction,you merely sold the debt.

I don't subscribe to never lending money ( reasonable amounts,never over 10,000 Baht ) i myself have had to run around farangs looking for an 8,000 Baht loan because my wife needed medical treatment and my account in farangland was overdrawn,but i made sure it was paid back after 7 days when my pension came through and a beer on top as a thank you. It all depends on the circumstances,if the money is for a party or a business venture then the answer is no.

my blood dont boil. The rule is dont lend money to those who ask. Think about it-asking itself implies bad thing to come.

Are there really people who loan to people for thai restaurants......................lol?

[opalred]

you lucky i was building large boat in oz with pommie partner 68ft to sail world it sleep 14 people 3 toilets etc

i left money to finish boat as came to thailand after awhile couldnt contact him he died his daughter came out from uk

she knew it was partnership and had papers on boat which she destroyed

put boat up for sale sold cheap when came back boat gone she gone 600000$ lost cant find her no papers happy hunting

[MonkeyLoo]

you lucky i was building large boat in oz with pommie partner 68ft to sail world it sleep 14 people 3 toilets etc

i left money to finish boat as came to thailand after awhile couldnt contact him he died his daughter came out from uk

she knew it was partnership and had papers on boat which she destroyed

put boat up for sale sold cheap when came back boat gone she gone 600000$ lost cant find her no papers happy hunting

Thats a huge loss. Sorry to hear about that.

Some seriously dishonest people around.

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[GOLDBUGGY]

The quickest way to lose a Friend is to lend him money!

If he is a close Friend or Family, lend it with the intention that you will never get it back.

If he is not a close Friend don't lend it to him.

Without solid proof of this loan, or collateral to back it up, your chances of ever getting your money back is about Zero! So move on and mark it up as a Future Lesson Learned.

[MonkeyLoo]

The quickest way to lose a Friend is to lend him money!

If he is a close Friend or Family, lend it with the intention that you will never get it back.

If he is not a close Friend don't lend it to him.

Without solid proof of this loan, or collateral to back it up, your chances of ever getting your money back is about Zero! So move on and mark it up as a Future Lesson Learned.

Ive got details of the transfer and details from the debtor of specifically what the funds were used for, all detailed in email along with repayment plans and Monthly statements continuing also after payments have stopped.

Not that any of the above is any use without a formal written agreement signed by both parties.

But even then i doubt this guy would pay.

Sometimes it takes an event to find out who your friends really are.

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Edited July 12, 2014 by MonkeyLoo

[MonkeyLoo]

Just an update for those interested. The guy apparently had an accident and has started paying!?

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[Beetlejuice]

as we have no signed agreement i dont think that is possible?

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You maybe able to get this guy into an Australian court on the grounds that you 2 geniuses had a verbal loan agreement, but even if you did catch up with your so-called friend, the money has probably long gone by now and as they say; you can`t extract blood out of a stone.

The only other chance you may have of getting all or some of your money back if the guy has any assets, such as a property back in Oz land. If not than I`m afraid it`s a hopeless case and if you decide to try and take matters into your own hands, than you do so at your own risk and discretion. Either way you are backing a loser.

Edited August 29, 2014 by Beetlejuice

[MonkeyLoo]

as we have no signed agreement i dont think that is possible?

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You maybe able to get this guy into an Australian court on the grounds that you 2 geniuses had a verbal loan agreement, but even if you did catch up with your so-called friend, the money has probably long gone by now and as they say; you can`t extract blood out of a stone.

The only other chance you may have of getting all or some of your money back if the guy has any assets, such as a property back in Oz land. If not than I`m afraid it`s a hopeless case and if you decide to try and take matters into your own hands, than you do so at your own risk and discretion. Either way you are backing a loser.

He has no assets, just his health. No family even.

Hes paying now so lets see how long it lasts.

Its not really about money anymore

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[hellohello123]

Just an update for those interested. The guy apparently had an accident and has started paying!?

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<deleted> awesome,

these are stories I love hearing,

what sort of accident was it?

btw. was it a thai guy or aussie?

[MonkeyLoo]

Just an update for those interested. The guy apparently had an accident and has started paying!?

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awesome,

these are stories I love hearing,

what sort of accident was it?

btw. was it a thai guy or aussie?

Hes an Aussie, cant really say on here what happend.

Karma isnt always instant but hes feeling it now ;-)

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[Upset]

Staying here in Thailand for the last 22 years, I always try to keep a low profile and keep only to myself and my immediate thai family and a few good friends. Buts its so irritating that there is often, just because you seem to be doing ok, many people coming to ask for loans, be it small or big amounts. I alwasy politely refuse and keep away from these people. I am a self made guy and have never borrowed from anyone or any banks and even in my worst situations, I have never asked for help (except from God) and I simply hate people who disturb other people with request for help or loans.