Posted by
Bay123
17 yrs ago
Out of good faith, I loaned a friend a big sum of money. Since then, we have had several arguments and are no longer in contact. I know that he has financial troubles and would be unable to pay me back.
However, I do have some belongings of his that if I were to sell it, it would equal to the amount I borrowed him.
My question is if I sell his stuff to get my money back, is that legal? I have found out that Small Claims tribunal is useless is getting owed money returned.
Thanks in advance.
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hi Loyd and MayC
Thx for the reply.
He promised to pay me back last month but has since disappeared. At first he denied that he even owed me money but luckily I had proof to back up my claim.
Then he denied those objects were his and says he has to give them back. Again, I had proof that they were indeed his.
There's no way I could trust him ever paying me back without a struggle. And forget about small claims court. It's all bark but no bite
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In short, you can't sell his stuff to set-off against the debt which he owes you. You are however entitled to claim a lien over his belongings (i.e. refuse to return them until you have been paid). You can't throw his belongings either. Your best option would be to go to small claims tribunal. It is relatively informal and there will be no lawyers present.
(A lawyer)
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Hi Kevamicki
I thought about going to the small claims tribunal. BUT, they are unable to enforce a judgement. It's even in big bold letters in the small claims tribunal.
I would have to pay a deposit and other charges for a security personnel to go to his house to try to recover belongings that would equal to the amount owed. These objects would be auctioned off somehow.
But the most laughable part is that they can not go into his house without him there or without his permission. AND if there is doubt that the property actually belongs to him, it will not be taken!! So in other words, he can just say what ever possessions in the house are not his and nothing can be done about it.
I lose my money PLUS the deposit I paid to have the useless security guards go visit him. I guess my only option is to keep his stuff until he pays me back.
To make things worse, I am suppose to leave Hong Kong permanently in two weeks!!!
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How much does he owe and is it really worth all the hassle ?
If it's not a grand sum I would cut my losses, give him a harsh piece of my mind and then move on
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Try the Small Claims Tribunal.
Out of good faith, I too, lent someone $12,000. After one year, I decided to ask for my money back even if was in stages it was OK. However, this person ignored me and changed phone numbers.
I went to file it at the Small Claims (very easy).
He turned up, talked, and had an agreement on how he was going to pay, and all before it was our turn.
People will try to get away with it, but once you enter a courtroom, and see a judge, they usually cave in.
good luck
BTW, I had no documentary proof of the loan to this person either. Give Small Claims a try
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hi, small claims is not what its worth...too troublesome. I would suggest u doing the same thing he is doing to you; deny that you have his stuff..or any stuff..
then walk away. and take it with you. then, its all good.
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Hey Everyone, Thanks for all your replies and suggestions. I loaned him $27K and I was thinking of going through a few steps to get my money. AS much as I would love to do JON_99's suggestion, I better go through the legal channels. I don't want to be arrested if I ever do come back to HK in the future ;)
1. I will try to settle it in Small Claims Tribunal. Even though I know that they are actually powerless to force a judgement, I atleast I will have the proper "legal" papers to prove that he does owe me money. So when he refuses to pay>>>>> Step 2
2. Hire a collection agency. I know that they are very keen and determined on getting money back for clients. I will have the proper papers for evidence for the collection agencies to take my case.
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small claims tribunal is easy. Fill in a simple form, and file.
The max amount is $50,000.
Make sure you supply his last known address and phone number. (I think they phone to check up to).
PRAY that he doesn't turn up.
when he doesn't show up, you get awarded and you can give it to the court bailiffs to handle.
When you file the form, the hearing is one month later. So before you file, make sure that you are in town during that time.
IT is an easy process.
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I'm an English-speaking Chinese lawyer. You can get him agree to pay you by his stuff and sign an agreement with him, and then you can sell his stuff legally. And you can contact me through13580502266
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I got my court date set in a few months. All I want is the judgement. I have read over the information regarding the bailiff and the process of getting him to pay if he doesn't. After reading it, the tribunal in fact has no power to enforce a judgement. They are not allowed to go into his home without his permission nor take his stuff without being 100% certain it is his. If there are any doubts, they won't take it.
In addition, I have to pay a deposit to the bailiff and security personnel to go to his house. And if they can't recover anything, I don't get my money back!!! how useless is that?!?!?!
Anyway, I just want the judgement. When I get it, I'm going to the credit agencies. They are the ones with real action.
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What are you so worried about? The guy owes you money...you have some of his stuff equal to the amount you lent him. Sell his stuff and be done with it. Forget about the legal aspects of this...just get your money back whichever way you can. He will not take you to court because it would be impossible to prove anything...same goes for you if you took him to court.
Never lend money to people. It will only cause trouble later on. If it were a small amount, ok, do it...but if you are talking about a large amount tell the friend to get a loan from the bank or ask his/her family for help. Mixing money with friends is never a good idea...especially when living abroad. Gotta look out for number one...
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Something like that happened to me a while ago, so I hope my story will give you some ideas.
After lending some money to a friend, she was always "short of cash" to pay me back. One fine morning I went to her office and told her, in a very sympathetic manner (don't forget smile always) that I would like to help her to pay me back, so I would talk to her HR department about a "payment plan" for her. She was blushed with the idea. Needless to say, I got my money back that afternoon.
Two words: Public embarrasment.
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Haha, very good one, Michael!
That would work with some people, I'm sure!
Bay, you should not only get your money backfrom this guy by selling his stuff, but also charge him for storing it for so long!!
Beware of the "agencies", though, they will take a share of the 27K... Although perhaps it's now rather a matter of principles than money?
Good luck, anyway
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