At first, the good intentions, the desire to help, are always good and you will end up borrowing money http://www.loanbridge.ca/… In those moments, most people do not think about the possible consequences and the difficulties that they might experience, but it is even harder when there is not a written agreement between the two parties.
When the borrower does not return the money, and even claims that the arrangement was different – sometimes it is impossible to get the money back.
Then it usually occurs the following:
“We have a verbal agreement on a loan, I have a witness … or acquaintance claims that the deal was different”.
Can you get your money back with the help of the court?
The most common answer to this question is: Well, how could you give money to someone without a written document? You had to make a contract.
This is the wrong answer at this point. Here’s the right answer:
Write a complaint to the prospect but only after you hired a lawyer. In this situation, you will need legal help.
It is very important to note where the event took place and collect all the evidence for your claims. After several court appearances (hearings), and making statements the judge gives judgment. What you need to do is make sure you submit all the paperwork and evidence that you have in order to get the money back.
If you get into a conflict the opposing party will be obliged to repay the loan with interest, and will also be obliged to reimburse you for expenses you have faced in respect of fees for lawyers, court fees. So, is it wise to take the case to court? Of course, it is. There is no other way to get your money back if the borrower refuses to give you the money back.
So, the most important facts about oral agreements are the ability to prove that the individual borrowed money from you.
When you give money as a loan it is important to have a written loan agreement or at least take receipt of debt from the debtors.
If you have an exclusively verbal agreement without any other written traces, it is best to have one or two witnesses, so that they can have credibility in what they are saying. This means that all the facts and circumstances of your loan and procedures will fit with their statements. The ideal situation would be to be present at the time of the agreement and transfer of the money. The advice is to bear in mind the fact that whatever we do there is someone who is able to see and hear, and testify about it.
Next time you want to help a friend, make sure you think about it twice. You may want to help, but there is always a risk that you will not get the money back. Even if you borrow the money to friends, we do not know their current financial situation.