What will you do if you are in my situation?

@bulastika (5967)
Philippines
December 23, 2009 3:30am CST
Hi guys! I have a lending business and a friend of mine ask me if he can borrow money. I don't have problem lending him some money. We discuss that the interest is 6% in 45 days. That what we agreed on. Its almost three months and he return the money without interest.. Yeah he return the money all right but how about the interest? .. Problem is that I also borrowed that money in the bank. And now I'm paying the interest. .. Its like I'm going to explode.
1 person likes this
16 responses
@sid556 (30987)
• United States
23 Dec 09
Hi bulastika, He is your friend, right? In that case then you should just tell him that he still owes the interest on it. He may have forgotten or something. He won't know unless you tell him. If he is a friend then I'm sure he would not want you to be paying his debt. If you don't talk to him then you are going to feel resentful and he won't even know why. If it were my friend that's what I'd do.
@bulastika (5967)
• Philippines
24 Dec 09
I keep reminding him for the last two months already. But he just ignoring it.
1 person likes this
@sid556 (30987)
• United States
24 Dec 09
Oh that's horrible. He isn't being a very good friend now is he?
@bulastika (5967)
• Philippines
24 Dec 09
You tell me..lolz I don't consider him a friend anymore. Its more on a foe now. And I just want to finish this holidays before I will engage in any activities.
• United States
23 Dec 09
Maybe you have his address, try to visit his him and bring your dogs. He might hide, so visit his work place. Let this experience will make you cautious in the future. Never lend to anyone who has no capacity to pay and next time, ask for a collateral, guarantor or some witness. But maybe lending is not an easy job. You might end up losing your money.
@bulastika (5967)
• Philippines
24 Dec 09
Yeah your right..lolz.. I know his place..But if I do that often visiting him..I spend more and I incur more expenses. In the end even I get the interest the expenses is more than the interest that I will receive. And what if he still don't pay?
• United States
24 Dec 09
You will never know until you try. Use the power of positive thinking. lol
@bulastika (5967)
• Philippines
24 Dec 09
I do..I done it for two months..Nothing happens..Only more expenses on my part.
• United States
23 Dec 09
Communication is the key. Talk to your friend and tell him he has to pay interest. If he still isnt doing anything and isnt responding to you. Tell you might cal a lawyer because (if you have written contract) then you cant lose. If you dont have written contract then you have to tell him straight out if he is actually your friend. I know it sounds cheesy but I was in the same situation. Well it wasnt me but it was my parents. And it turned out that it was family against family. Sometimes even if they are family, you cant let them take advantage of you. Take control. Literally track him down. Dont beat him but at least talk to him to see whats up and ask him why he hasnt paid interest yet. Hope that helped! =]
@bulastika (5967)
• Philippines
24 Dec 09
Then it adds more expenses to my part. Look for him. Spend money just to find him. No body has been put to prison because of debt. Its the law of business lending is business its part of the business that some clients doesn't pay.. Sue them? And what the case? .. Talking. I'm done talking. .. Beat him up? Its a little brute but That the worse option I have. I'm not a beating type of person. But theirs always an exception.
• United States
24 Dec 09
Did he completely move to a different place and change his number? IF he did then it may be bad news for you unless you bump into him again and then grab him, tie him up, and beat him up until he comes up with the money. Haha But if worse comes to worst, if you DO have to pay everything. Maybe you have to evaluate your friendship. I remember I was in a situation where I thought I trusted y friend but it turns out they never got my back to begin with. Sometime they are just your friends but not your true friends. Maybe at the end of this situation...you can learn from it and you wont get those ungrateful "friends" =[ Im sorry for whats happening. But I hope you have a Merry Christmas and a Happy New Years! =] THINK POSITIVE!
@bulastika (5967)
• Philippines
26 Dec 09
He still around..But I consider him not as a friend any more.. Beat him up? Its a good idea but I'm not the type of person. I rather give him a peace of mind that forever he can cherries...lolz
@Wizzywig (7858)
23 Dec 09
I would tell him what his remaining balance was and ask him to pay it within a given period of time. He should not abuse your friendship by expecting favouritism if he has agreed the terms of the loan with you. Next time, let him borrow from the bank himself.
@bulastika (5967)
• Philippines
24 Dec 09
And what if he don't want to pay what then? In the first place if he really want to pay he will that already.
@waryur (31)
• Philippines
5 Jan 10
Then, it's about time that you have to confront him. No more friend status this time. Remind him that Business is Business! Have you scene some episodes from The Sopranos LOLZ... Ypu can get idea fron there bro. Lol bro kidding! Just confront him and told him that you got some interest to pay from the bank.
@bulastika (5967)
• Philippines
10 Jan 10
Thanks..Yeah.. Your right. But theirs nothing I can do about it. I have other personal problem to solve to. And having a fight with another is not yet in my menu. Maybe after I solve the most important problem then I will comeback and confront him. But for now. I need to face some more important one.
@elmiko (6635)
• United States
23 Dec 09
was it a singed agreement thats valid. if so you could take him to court.
@elmiko (6635)
• United States
23 Dec 09
sorry i meant signed agreement.
@bulastika (5967)
• Philippines
24 Dec 09
Yeah their is..And what? spend more money? waste my time going to court? As the law dictates. (As if I know the law) lending is business and non-paying clients are considered losses of business.. Actually nobody can be put to jail because of debt.
@cybersoft01 (1287)
• India
24 Dec 09
If I were in such a situation I would simply forget the money and put the loss incurred in the bad debt account. And I would not call him my friend any more because if does not comply with my requests and has no concern with my problems then I would simply ditch him.
@bulastika (5967)
• Philippines
26 Dec 09
Thanks I already did that..And I'm still planning more than that. And I hope I can pull it through.
@acer5540 (354)
• China
24 Dec 09
If your relationship is good enough and this friend is worthwhile contact,forget the interest.If it is a common friend, just told him the money you borrowed him is from the bank ,the interest is 6%.If he don't want to give you the interest, you can take a legal action.
@bulastika (5967)
• Philippines
24 Dec 09
Thanks..legal action..another time consuming effort. Also I need to spend money for lawyers etc.. And worse theirs no case against debt.
@artistry (4153)
• United States
24 Dec 09
..Hi bulastika, First point, no more lending to him he blew it. He didn't even say when he would pay the interest I am assuming. Next point I would write out a contract with the agreed upon interest now becoming the principal, for a stated time period, notarize it or whatever you do to make it legal, let your lawyer review it and sign as a witness and mail it to your friend with a cover letter, under registered mail. If no response after the timer period, I would then write him with the threat of small claims court. Good luck. Calm down, keep your blood pressure under control, at least he paid the loan back, he could have stuck you for that as well.
@bulastika (5967)
• Philippines
24 Dec 09
I done that..What the use of it.. Bring it to court? then what? Spend another money for lawyers etc.? And spend my time attending?
• India
24 Dec 09
he is ur frnd and hence i dont see a prb to open talk with him. just sapeak up ur prb and ask him his. i am sure if he is a good frnd then he will understand ur prb and in this manner u can test ur frndship
@bulastika (5967)
• Philippines
24 Dec 09
Thanks.. Welcome to mylot.. Please read the mylot rules thank you. Please check the spelling carefully and please use english and please no texting in mylot please. thanks..
@Helenhe (19)
• China
24 Dec 09
Hi, bluastika, surly you want to earn money from your friends because the interest in bank never been high-up to 6% in 45 days. It seems you are helping your frend, actually you are not a realy friend to him. For me, the best way to solve this problem is: tell him the truth that you borrowed the money from bank and what is the real interest. If i was your friend , i will moved by your integrity and pay the interest immediately. Merry Christmas!
@bulastika (5967)
• Philippines
24 Dec 09
Then please read my topic again. I said I have a lending business. Do you know what lending business means? How can I earn if I don't put extra interest on it? .. Second I don't say that 6% in 45 days is the bank interest..That is my interest. .. Who say I want to help my friend? Please read my post again.. I'm on lending business.. .. Why will I tell him the real interest of the bank? .. What kind of lending business am I running? Did you read my post? ... He has none of does.
@drakesuyat (1063)
• Philippines
24 Dec 09
if he paid you the amount he borrowed and then never told about the remaining balance he should pay, i think you should tell him that you guys have something that both agreed upon and better inform him as well of your situation with the bank or youll be the one to suffer. so he'll know that he still has a responsibility. its either he forgot about it or simply neglecting it. merry christmas bulastika!
@bulastika (5967)
• Philippines
24 Dec 09
I already do that for two months..Nothing happens. I already inform him that before I even give him the money.
@pengbubu (1015)
• China
24 Dec 09
Yes, my opinion is tell him the truth no matter how much the interest is. He deserves to know the fact. For me, if the interest money is affordable and I will not ask him for the money, but if the money is too many, then I need to tell him I am the one paying interest. Hope you can solve it without hurting your friendship.
@bulastika (5967)
• Philippines
24 Dec 09
From the start to until now I keep explaining it to him. But if falls in a deaf ears.. Its no use now.
@jilshi (271)
• Malaysia
23 Dec 09
i think you should confront your friend and explained to him that you got to pay for bank interest. first of all, why you borrow money from bank to lend to your friend? did your friend forgot about the agreement for 6%? Maybe you should remind him.
@bulastika (5967)
• Philippines
24 Dec 09
I done that for two months.. But its like I'm talking to the air.
@maria1081 (1252)
• Philippines
23 Dec 09
If I was in your situation I would also feel awkward and uncomfortable. Not only lending money with friends but also with relatives has the same issues. But if you said from the very start that you are lending money with interest then that should be followed. I would also like to start lending money business with interest next year. And I plan to make written conditions for security purposes.
@bulastika (5967)
• Philippines
24 Dec 09
ha!ha!ha!..What security purposes? If that person don't want to pay you can't force him. That's the law. I have contract. But what do you want me to do? go to court? Its another expense. In the end I'm still the one who loss money.
@atebuds (187)
• Philippines
23 Dec 09
Did your friend say that he was not going to pay for the interest at all? Maybe he just needs a little more time to gather the amount so that he can pay you. Anyway, I know how you feel. I know you're just trying to help him as a friend, he should have been more responsible. Especially that you also borrowed the money from a bank so you can help him. Maybe you should talk to him again, and tell him that you are now the one paying for the interest, which should not be the case because of your agreement. I hope everything turns out well..
@bulastika (5967)
• Philippines
24 Dec 09
No comment..No answer..Nothing.. I'm done talking. I already explained it to him a thousand times. .. Nothing will turn well. I already make up my mind.
@srganesh (6344)
• India
23 Dec 09
Why didn't you claim it when he returned the borrowed money?What made you hesitate in asking him?It is why they say borrowing within friends should not be done.And we should not confuse business with friendship.Now,if his friendship is more worthy,forget the interest or ask him the interest strictly.