To Recovering $100 k personal loan

[pussywillo]

Hi All,
Just pondering this matter for somw time now and would appreciate if any kind soul can offer some kind advise. I have lent some $$$ (a lot la actually) to a "friend" and have problem to recover this $. The scenario is like this.

Brower owe me $ (friendly loan given with signed IOU's only) and stay in HDB bought by using HDB loan.
Suddenly borrower kena make bankrupt by several banks over CC dept ($20K plus) .I did not know.
Now HDB say want to sell flat as they own HDB 3 years errers.
My loan not paid .
My question: i willing to recover load and pay a comission but no lawyer or dept recovery even willing to help. They say good luck.

Any options for me.
Thank you for all comments

 

[wjchiang]

debt recovery:
http://www.asian-debts.com.sg/

as far as i know, if u hold an IOU signed by borrower with his name, IC no., acknowledging receipt of your interest-free loan (best with witness' details and signature, which i suspect u do not have), u should be able to make a claim for repayment through a lawyer within 5 or 6 years (can't rem, check with your lawyer) from the stipulated repayment date.

 

[pussywillo]

Hi wjcchiang,
yes there are signed witness to the loan, however the lawyers can only issue a Writ Of Seizure for the removable stuff and then wait .... wait... wait...
The law it seems cannot do more than make them a bankcrupt that they already are...
Then in that case the loan cant be repaid again back 2 square 1... sucks...