Please log in to reply 6 replies to this topic

[octabrain]

Hi there,

a friend of mine, who happens to be from Lao and who I don't know for a long time, asked me to borrow money(1000$) from me. So, I'd like to lend the money to her, but not without a loan agreement, signed by both of us. What do I have to keep in mind, when writing this loan agreement so that it will be valid in Laos and I can use it to get my money back for sure? I don't want to get an unpleasant surprise, if I really have to go some court, probably in Laos, to sue for the debt. How about putting security interests or mortgages in the agreement? Would this be of any use? What do I have to keep in mind, when doing this? Do I need to get all this notarised?
Anybody has experience with this or can point me in the direction of people, who have? I'm very inexperienced with things like this, so any help would be appreciated.

Bengt

[MJo]

One advice, don't do it.

I would assume cost of recovering your money far exceeds the 1k loan amount in case she wont pay you back not to mention all the time and hassle it takes.
Also possible that setting up those contracts cost you a thousand and there is no guarantee the contracts will see you getting it back.

Only if she can provide some collateral like gold, jewelry really worth of 1k and easily convertible to cash but then again if she had it she would simply just cash it herself hence no need for a loan.

[Thanyaburi Mac]

octabrain, on 2009-11-05 15:44:29, said:

Hi there,

a friend of mine, who happens to be from Lao and who I don't know for a long time, asked me to borrow money(1000$) from me. So, I'd like to lend the money to her, but not without a loan agreement, signed by both of us. What do I have to keep in mind, when writing this loan agreement so that it will be valid in Laos and I can use it to get my money back for sure? I don't want to get an unpleasant surprise, if I really have to go some court, probably in Laos, to sue for the debt. How about putting security interests or mortgages in the agreement? Would this be of any use? What do I have to keep in mind, when doing this? Do I need to get all this notarised?
Anybody has experience with this or can point me in the direction of people, who have? I'm very inexperienced with things like this, so any help would be appreciated.

Bengt

It'd be about as valid as one done with a Thai here in Thailand for that relatively "small" amount of money.  Only "loan" it if you can afford not to have it paid back.

Mac

[KhunDave]

[/quote]
It'd be about as valid as one done with a Thai here in Thailand for that relatively "small" amount of money. Only "loan" it if you can afford not to have it paid back.

Mac
[/quote]

Amen to that. Only gamble with money you are prepared to lose entirely.

Edited by KhunDave, 2009-11-05 18:51:37.

[Focus]

The above two posts seem to sum it up-- only loan, or invest, as much money as you are prepared to lose.

I cannot think of anyway you can guarentee return of your money.

Good luck.

Focus

[RubbaJohnny]

If the person is credit worthy where areher contacts or local Bank?
Who has acontract with a friend?
If not its a loseer give if your too rich but don't rely on a return

[octabrain]

Alright, thanks for your advice guys. I will heed it.

Bengt