Lending money to a friend..how to keep a proof
Lending money to a friend..how to keep a proof
Hi,
If a friend wants to borrow some money from me, Is the bank transfer proof enough or should I have a written agreement that he borrowed the money from me. Its not a very big amount but still want to know what is the normal practice here
If a friend wants to borrow some money from me, Is the bank transfer proof enough or should I have a written agreement that he borrowed the money from me. Its not a very big amount but still want to know what is the normal practice here
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Re: Lending money to a friend..how to keep a proof
Just a bank transfer out does not include the other party acknowledging the dept. Depending on the amount I would make the counter party acknowledge the debt (by for example moving one cent back and ack in the message). This only matters for going to court and the other party disputing the dept. You are unlikely to do this for small amounts, hence no need.biz_it wrote: If a friend wants to borrow some money from me, Is the bank transfer proof enough or should I have a written agreement that he borrowed the money from me. Its not a very big amount but still want to know what is the normal practice here
Re: Lending money to a friend..how to keep a proof
If you want to be sure, written agreement, and also eventually written acknowledgment the debt has been paid back (if there is first one, the second is equally important).
Smaller sums with somebody I'd trust, I would not bother.
Smaller sums with somebody I'd trust, I would not bother.
Re: Lending money to a friend..how to keep a proof
Smaller sums with somebody I don't trust, I would not lend.Rip wrote:If you want to be sure, written agreement, and also eventually written acknowledgment the debt has been paid back (if there is first one, the second is equally important).
Smaller sums with somebody I'd trust, I would not bother.
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Re: Lending money to a friend..how to keep a proof
On the other hand, it can be a very expedite and cheap way to get rid of themUpphew wrote:Smaller sums with somebody I don't trust, I would not lend.Rip wrote:If you want to be sure, written agreement, and also eventually written acknowledgment the debt has been paid back (if there is first one, the second is equally important).
Smaller sums with somebody I'd trust, I would not bother.
Re: Lending money to a friend..how to keep a proof
!ajdias wrote:On the other hand, it can be a very expedite and cheap way to get rid of themUpphew wrote:Smaller sums with somebody I don't trust, I would not lend.Rip wrote:If you want to be sure, written agreement, and also eventually written acknowledgment the debt has been paid back (if there is first one, the second is equally important).
Smaller sums with somebody I'd trust, I would not bother.
Excellent point!
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Re: Lending money to a friend..how to keep a proof
If he or she is your real friend,why would you need proof?just my opinion
Re: Lending money to a friend..how to keep a proof
Yeah (though I agree, Ajdias makes a point too ). I meant both conditions should be fulfilled. (Somewhere around 10 000 I'd probably draft a A4 even with a sibling (we are in good terms). It would just seem proper.)Upphew wrote: Smaller sums with somebody I don't trust, I would not lend.
Re: Lending money to a friend..how to keep a proof
The tax department does need proof in some cases Even if you lend money to friends in smaller amount and eventually it sums up to 4000 euros, you will have to pay tax on them when you get them back...unless you have a proof that it was a loan you lended to a friend. Otherwise that is considered a giftvedrancek wrote:If he or she is your real friend,why would you need proof?just my opinion
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Re: Lending money to a friend..how to keep a proof
re: getting paid back. Even if you trust your friend, it will make your life easier to ask your friend by when he or she will pay back and how.
Agreeing on a specific date will avoid many of those "just one more week or month" and will force the person to plan in advance.
Agreeing on a specific date will avoid many of those "just one more week or month" and will force the person to plan in advance.
Re: Lending money to a friend..how to keep a proof
Agreed. Puts the mind at peace and does not harm to do it anywayajdias wrote:re: getting paid back. Even if you trust your friend, it will make your life easier to ask your friend by when he or she will pay back and how.
Agreeing on a specific date will avoid many of those "just one more week or month" and will force the person to plan in advance.
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Re: Lending money to a friend..how to keep a proof
I've got another question about a debt: what are the ways to force the borrower to pay back? (legal of course)
I've got a written proof of the debt: a promissory note signed by me and the borrower. If the borrower doesn't pay back after the date stated in the note what would be the best course of action (talking is not an option, two months of polite talking got me nowhere so far, though, I'd still like to resolve the conflict in most peaceful manner): contact some debt collection agency or police or whom?
Thanks in advance!
I've got a written proof of the debt: a promissory note signed by me and the borrower. If the borrower doesn't pay back after the date stated in the note what would be the best course of action (talking is not an option, two months of polite talking got me nowhere so far, though, I'd still like to resolve the conflict in most peaceful manner): contact some debt collection agency or police or whom?
Thanks in advance!
Re: Lending money to a friend..how to keep a proof
I guess you should start to write him a letter (bill) in which you summon him to pay up within 14 days because the mutual agreed pay back term has passed. State in this same letter that if no full payment of the debt is received within those 14 days, you will send him (or her) a last request to pay within 3 days, before you will turn the debt collection over to a debt collector, state also that all cost for debt collection will be for his account to bare.legolas wrote:I've got another question about a debt: what are the ways to force the borrower to pay back? (legal of course)
I've got a written proof of the debt: a promissory note signed by me and the borrower. If the borrower doesn't pay back after the date stated in the note what would be the best course of action (talking is not an option, two months of polite talking got me nowhere so far, though, I'd still like to resolve the conflict in most peaceful manner): contact some debt collection agency or police or whom?
Thanks in advance!
Further state that you will charge legal interest of 7% on yearly basis, from that day, besides administration costs (postal costs)
Send this letter by registered mail which only he can collect (no one else can sign for it, even not with a power of attorney). Save the receipt from the postal office, and when he has collected the letter from the post office, print out the tracking results from the webpage where it states he has picked it up.
When he does not pick it up, drop it in his postbox yourself while video taping you putting the letter in his postbox (of his door!!!!not the outside one).
No you have served him with a notice to pay and after this time is passed you can hand over the proof and all copies of the contract to the debt collector agency (interim justitia for example).
Now wait and see..
At least that is what I would try
Otherwise you maybe can tell him that your friends from your motor club are happy to help you out and pick up the cash for you at his place because you are so busy, they will come by his place next week
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Re: Lending money to a friend..how to keep a proof
Thanks @Piet for such a detailed reply! I haven't got his home address and if he decides not to tell it to me, is there a way to find it out knowing his social security code e.g.?
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Re: Lending money to a friend..how to keep a proof
Using registered mail for payment notice is waste of money. It's not required.Piet wrote: I guess you should start to write him a letter (bill) in which you summon him to pay up within 14 days because the mutual agreed pay back term has passed. State in this same letter that if no full payment of the debt is received within those 14 days, you will send him (or her) a last request to pay within 3 days, before you will turn the debt collection over to a debt collector, state also that all cost for debt collection will be for his account to bare.
Further state that you will charge legal interest of 7% on yearly basis, from that day, besides administration costs (postal costs)
Send this letter by registered mail which only he can collect (no one else can sign for it, even not with a power of attorney). Save the receipt from the postal office, and when he has collected the letter from the post office, print out the tracking results from the webpage where it states he has picked it up.
When he does not pick it up, drop it in his postbox yourself while video taping you putting the letter in his postbox (of his door!!!!not the outside one).
No you have served him with a notice to pay and after this time is passed you can hand over the proof and all copies of the contract to the debt collector agency (interim justitia for example).
http://vrk.fi/en/address-servicelegolas wrote:Thanks @Piet for such a detailed reply! I haven't got his home address and if he decides not to tell it to me, is there a way to find it out knowing his social security code e.g.?
There is only one way to force it. You take the issue to court and with the decision you can have enforcement collect the money for you.legolas wrote:I've got another question about a debt: what are the ways to force the borrower to pay back? (legal of course)!
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