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  1. #1
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    Default how to lend money

    Hi,

    a friend of mine asked me to lend him some money.

    What's a sure way to get it back later?

    I thought this might do it:

    My friend does not own any real estate, nor a car, so I cannot get a lien on property.

    I keep his cedula, and also I have him sign a debt acknowledgement, in presence of a witness.

    I'm trying to protect myself against a very classic "disappearing act", being that even if you know somebody's address and phone number, going on the hide in DR is so easy.

    Are these measures enough future trouble so that the person pays the money back?

  2. #2
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    Default

    That's not a real guarantee, in my opinion. He can get a replacement for his cedula.

    I don't believe there is a way to get an iron-clad guarantee of repayment, and it is preferable to assume there will be no repayment. By preferable I mean, it is better to expect nothing and get something than to expect something and get nada.

    In the words of Ben Franklin, "Neither a lender or a borrower be."

    Just my opinion.

  3. #3
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    Default

    What's a sure way to get it back later?
    In all honesty, you are looking at PURE TROUBLE lending money to a Dominican!

    The odds are probably 100% you are watching your money fly away, never to return.

    They will come up with reasons you never dreamed of as to why they are not paying you back. If you convert dollars to pesos for the loan, you will lose again if the exchange rate goes up, as they will repay (lol) in pesos.

    If you fail to specify a time limit, that gives them until forever to repay (lol) you.

    Those that do loans in the DR do so because they have the means to enforce repayments.

    Listen to CatcherInTheRye.


    Don SantiagoDR

  4. #4
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    Thumbs up banks in business

    If you are considering giving a loan, if it is to a dominican friend, depending on his/her economic status, most likly they would translate the word load, that is if you are a "extranjero" the translation would be Loan = Gift, thank you very much.

    If you are dominican and they he/she is dominican, and you are both on in the relative same economic class, then he/she would not seek a loan from you because he/she would know that first, most likly you do no have to load, second they would understand if they did borrow, it muyst be paid back and that you would be on their tail every minute until is is paid up.

    Bens earlier words, GOOD ADVICE!

  5. #5
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    Default

    Actually, catcherintherye, it was Wil Shakespeare who first penned that sage advice.

    "Neither a borrower nor a lender be;
    For loan oft loses both itself and friend,
    And borrowing dulls the edge of husbandry."

    Spoken by Lord Polonius in Hamlet

    IMHO, any money you "loan" to a friend or family member should be considered a gift. If you get it back it's a bonus

  6. #6
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    I heartily agree with the above posters. It doesn't do any good to lend money to people who are poor - it just puts them into debt.

    What I have done, is just say "yes" when and if I have the money to "give" and then say "Look I know that you want to pay this back but I just don't make loans. So what would be great is if you can "pay it forward" - in other words, don't think about giving the money back to me, but when you have it together, give the money to someone who really needs it."

    One family was so thrilled with this. and so proud that they were able to help buy a new zinc roof for some poorer neighbors.

  7. #7
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    Unless they are an employee and you can deduct it from their wages in installments, or they can repay you by providing some sort of service.

  8. #8
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    Default

    No solid collateral? No loan. That is pretty much how banks do it.

  9. #9
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    Default

    Quote Originally Posted by pierods View Post
    Hi,

    a friend of mine asked me to lend him some money.

    What's a sure way to get it back later?

    I thought this might do it:

    My friend does not own any real estate, nor a car, so I cannot get a lien on property.

    I keep his cedula, and also I have him sign a debt acknowledgement, in presence of a witness.

    I'm trying to protect myself against a very classic "disappearing act", being that even if you know somebody's address and phone number, going on the hide in DR is so easy.

    Are these measures enough future trouble so that the person pays the money back?
    He's not a friend.

    There is no sure way.

    He has no assets.

    He can laugh in your face and never pay you and you have NO recourse. He doesn't need to disappear.

    It's the law of tigueraje. Tell any lie, make any promise to get your hands on money. Then move on to the next challenge.

  10. #10
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    Default Don't lend money there unless you don't expect it back.

    Years ago my Dominican husband's younger brother, newly married at the time and still in graduate school, asked to borrow money to buy a car. He promised to pay it back within 2 years. We gave him the money, and when the two years were coming close we heard through the family that he and his (Dominican) wife had had a terrible fight about paying it back. She insisted that money lent between family and friends didn't have to be repaid. Unfortunately, that's not an unusual sentiment with Dominicans. (He did pay it back, they did get divorced, and he remarried a wonderful girl and has 3 gorgeous children.)

    Don't lend money there unless you don't expect it back. If you do get it repaid consider it a pleasant surprise.

    When we were there in March the caretaker of our property asked to 'borrow' 3500 pesos to buy something he needed for his house. (he's never done that before, and he's been with us for years). To him it was a lot of money, to us just $100. We 'lent' him the money, but consider it a gift.

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