Loan Default

Joe Boots

Member
Jun 16, 2008
353
14
18
Is there a statute of limitations on when a bad loan (not repaid) is unenforceable in court? If non payment goes beyond how many years does your ability to seek legal help expire? What are the general options in this situation?
 

Tamborista

hasta la tambora
Apr 4, 2005
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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.
 
Sep 4, 2012
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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.

ROFLMAO...this must be framed and put on sale, there is monies to be made out of it. Bright!
 

Joe Boots

Member
Jun 16, 2008
353
14
18
You know whenever I ask this question anywhere I get similar answers. I am beginning to see where this is heading. Yes it was an expensive lesson. Maybe I should be asking about DR criminal courts and assault charges next.
 

dulce

Silver
Jan 1, 2002
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You know whenever I ask this question anywhere I get similar answers. I am beginning to see where this is heading. Yes it was an expensive lesson. Maybe I should be asking about DR criminal courts and assault charges next.

This is in the legal section. Wait for a serious answer for DR1's expert lawyer.
 

dv8

Gold
Sep 27, 2006
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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?
 

miguel james

Member
Nov 6, 2012
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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.
 

Joe Boots

Member
Jun 16, 2008
353
14
18
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.
 

chic

Silver
Nov 20, 2013
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that means loaning a lady friend 5000K$ actually means its a gift....
i hope she never comes back for the 18k necklace i asked for as security.....haha
 

Cdn_Gringo

Gold
Apr 29, 2014
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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.
 

dv8

Gold
Sep 27, 2006
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I've run across a few lawyers in the past who offer this service. Many times just the appearance of a lawyer and implied threat of legal action does the trick.

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.
 

Joe Boots

Member
Jun 16, 2008
353
14
18
Thank you very much Mr Guzman. Perhaps I may stop by your Santo Domingo office and explore a legal remedy on this.
 

llapaglia21

New member
Dec 19, 2013
28
4
3
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?
 

CristoRey

Welcome To Wonderland
Apr 1, 2014
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Got to love these old threads. I'm not a lawyer but I think if the debt is large enough she'll be banned from leaving the DR until the debt(s) are repaid.