- Thread starter Joe Boots
- Start date
Loan Default
If you look in the Dominican dictionary under the definition of loan, it clearly translates as:
Regalo : an item given to someone without the expectation of payment.
Regalo : an item given to someone without the expectation of payment.
ROFLMAO...this must be framed and put on sale, there is monies to be made out of it. Bright!
financieras are a great business in DR so clearly unpaid loans get recovered by the means of money payment or overtaking collateral. i know that it's normal that death of a debtor does not erase the debt and prestamistas take what's theirs from the inheritance. the most important part is a presence of a proper legal paperwork regarding the loan.
in any case, the most important issues for you to consider before taking any steps:
do you have proper legal paperwork for that loan?
is the money even recoverable, that is the debtor has cash, properties, land or anything of value?
in any case, the most important issues for you to consider before taking any steps:
do you have proper legal paperwork for that loan?
is the money even recoverable, that is the debtor has cash, properties, land or anything of value?
Was this person a good Dominican friend? Who know a lot about your what you have? Did they keep telling you I will pay you back ma?ana or next week? If you are not Dominican you chance of getting back the full loan went out the window the minute the money changed hand...Good luck.
DV8 That's very sound advice. The situation that exists is that I have one signed document done with notary type stamp. It describes the loan repayment period (1 year overdue) and interest. I also have my copy of the money order I sent for the amount. Unfortunately I am holding no titulo on any of the debtors property. This brings the other issue the debtor may have no property or is hiding what he has. Many people say taking legal action is good money over bad. And if I take other action it is unclear if I will be involved with DR authorities. Not a Dominican another foreigner. I am concerned about the time expired. This debt is getting real old.
This is the DR. The normal practices don't generally work and can be expensive and time consuming when lawyers get involved.
You don't say how much $$$ is involved here, and I assume you know where the debtor is. The locals will get themselves a "collection agent" and send them around to chat with the debtor and to exert as much moral suasion as is required to achieve the desired result usually for a percentage of the recovered amount.
It's not pretty, and you probably don't want to know the details of how the result is achieved, but the money will start to flow or the debtor will have to disappear. Persuasion experts are not hard to find and are not expensive.
You don't say how much $$$ is involved here, and I assume you know where the debtor is. The locals will get themselves a "collection agent" and send them around to chat with the debtor and to exert as much moral suasion as is required to achieve the desired result usually for a percentage of the recovered amount.
It's not pretty, and you probably don't want to know the details of how the result is achieved, but the money will start to flow or the debtor will have to disappear. Persuasion experts are not hard to find and are not expensive.
this is also a possibility. there are prestamistas and lawyers who "buy" debts. they asses the chances of recovery and they have their ways to persuade the debtor. they will, of course, pay only a percentage of the debt itself, depending on the situation. say, a person is owed 10k dollars, they may be offered anything from 8k to 3k in cash and the buyer does the recovery.
I'm glad I found your post. I was just trying to help a family member deal with a similar situation but I did not even know where to begin. I've called the involved banks a couple of times and I've gotten a different answer every time I've called. A relative of my husband owed money on several credit cards and a few loans here in the country and got his papers and went to Canada leaving his wife behind until he can establish himself and apply for a Visa for her and the kids. It has been a little over a month and the banks are calling her constantly asking for payment but she makes very little money and is unable to pay these things. She's unsure as to what will happen to her, the kids, and what little they have in their home. He left her the car so that she can get back and forth to work and take the kids to school but the only other thing she has is the furniture and basic necessities in the home. I've gotten so many different answers from the bank that I'm not even sure what to tell her and she is becoming ill and not sleeping having to deal with this. Her husband is useless because he's not even making any attempt to try to help her to deal with this. Does anyone know what happens in this instance? Will they come and take everything out of her home and take her car at some point or how does that work?
