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Help - What Should I do ?

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asked on Jan 29, 2012 at 00:22
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Hi,

I have borrow money to my friend for RM 20k and he agree to pay me interest of 3% per month if the payment is not settle in full. 1st & 2nd month, he paid me interest of  RM 600, afterthat, he refused to paid me until now i not received any payment from him  for 3 months already. For your information, I have ask him to sign a payment voucher to me when i borrow that RM 20k for him.

What should i do now ? Can i appointed a lawyer to get back my money as he have sign a payment voucher to me as evidence?

Is that payment voucher sign can be an evidence for recovery my money when it put to court ?

Hope you can advise me.
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answered on Feb 1, 2012 at 20:37
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u should have sign an agreement wt ur fren to avoid this kind of problem. payment voucher i snot enough to fight ur case. how do u want to prov ur fren has borrowed u RM20K?
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answered on Feb 2, 2012 at 01:04
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Dear natalie,

I only have payment voucher sign by him, and in the particular coloum in put a word "LOAN", can this enough be and envidence when put in court ?

Thanks
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answered on Feb 2, 2012 at 01:09
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Dear natalie,

Beside the signed payment voucher, i also kept a copy of Bank in slip that i have bank in the RM 20k to him, can this be and evidence ?

Please advise me if there is other way to prove it ?
Thanks
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answered on Feb 3, 2012 at 01:36
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Because the loan contains interest, legally you are considered an Unlicensed Money Lender. (loan shark)
Under the Money Lenders Act, the court cannot help you recover this loan.

If you sue, your lawsuit will be thrown out.
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answered on Feb 3, 2012 at 02:08
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Dear vkpc,

Thank for your reply.

For your information, that payment voucher sign i only put a wording "Loan" and no % interest stated in the payment voucher signed, the interest payment just in verbal, can i still have the opportunity to get back my money ?

Thanks
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answered on Feb 3, 2012 at 02:23
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Hope you  can help me because i may in trouble if i can't get my money, please advice me what should i do?

Thanks
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answered on Feb 3, 2012 at 13:21
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Even though the interest is not written down, it is still his word against your word.
It is not difficult for him to show to the court that the loan is with interest or the payments are for interest,
for example if you send him an email or sms asking for more than what you loaned him.

Your chances of recovery is by legal means is extremely slim.
You only hope now rests on his good nature to return the loan.
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answered on Feb 3, 2012 at 15:07
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Dear vkpc,

Thank for your reply.

Anyway thank you very much. Hope i can get back my money.

Thanks
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answered on Feb 4, 2012 at 22:25
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Hi yoyo, if u hv bnkin slip, his signature n vouher u can try to proceed wt demand 1st.
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answered on Feb 5, 2012 at 19:37
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Dear Natalie,

Thank you for your reply.

I need to know that the letter of demand can i do it myself or have to ask a lawyer to do it on my behalf ?

After sending the letter of demand, then what should i do ?

Thank you.
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