What can you do if someone own you money – legally
When it comes to money issue its quite a touchy thing, isn’t it? You have probably been on both sides of the coin as being a lender or a borrower by yourself. However, when you lend money to someone in Thailand and you think its time to recover your money then lets study the legal issue.
Lending out money is considered a civil action. Its not a crime to not repay your loan. So if you are fed up with following your borrower around you might consider taking legal action against your borrower.
But first thing first, in order to be able to take legal action you will need to have a written agreement on that loan.
Thai law requires lender to present written evidence that the borrower actually borrow your money. This applies to all lending transactions which are greater than 2,000 Baht ( Around 60 – 70 USD).
If you do not have in writing saying that who borrows your money for what amount then you can do nothing about it. Your borrower can just get away with it without having to pay you a dime.
In that borrowing agreement the important part is the signature of the borrower. It does not require the lender signature on it. Therefore, the content of the borrowing agreement should contain the borrower’s name, the lender’s name, the amount borrowed and the signature of the borrower.
If you lending out money regularly then you should consider obtaining money lending agreement form which you can buy from local book store. It will contain all necessary information regarding the lending issue. Keep your copy in a safe place and you can take legal action if they break the terms.
The legal proceedings will not guarantee that you will get all your money back. You may end up getting nothing at all. It depends on your borrower’s financial status. So before hiring a lawyer you may need to consider what you will get if you win the case.
Therefore, it is vital that if you are going to lend money to anybody you need a written document to prove that you actually lending out the money.