recovering loaned money from a "friend"

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Forums › Finance and wealth management › recovering loaned money from a "friend"

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Geektastic

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#1004827 13-Mar-2014 12:28

gundar: I took somebody through Baycorp last year, they charge $60 to initiate the process and 25% of recovered funds as a fee. It was painless and they know how to write very threatening letters. They also advised me how to write contracts for future trust issues I may have.

How much proof of the debt did they ask for before taking the job?

gundar

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#1004846 13-Mar-2014 12:47

Geektastic:
gundar: I took somebody through Baycorp last year, they charge $60 to initiate the process and 25% of recovered funds as a fee. It was painless and they know how to write very threatening letters. They also advised me how to write contracts for future trust issues I may have.

How much proof of the debt did they ask for before taking the job?

I gave them copies of the invoices and a filtered view of my bank account. That was it.

Up front, they asked for $60 registration and 25% of anything recovered, but offered to go the extra mile - court, sherriff etc if I opted, but at my expense since my invoices did not include the words "recovery at your expense".

To this end, I would advise that you pay $60 to register just to have somebody look over the technical clauses in your invoice wording, from then on, any unpaid invoices can be forwarded to Baycorp and they claim the recovery costs from the client. You can also include the wording "we hand over to Baycorp" on your invoices, so there is no legal doubt as to what's coming if they default.

Oddly enough the client asked me to keep trading with her, but I told her only if we make a new contract from scratch, which then I included my recovery fees and she took her business elsewhere.

To date, her website is still not running, last we spoke she told me she had found some students that would do the job for $20/hr. I told her it's a bargain if the work ever gets done.

I still own her domain name, so I know nothing has been done on this and she no longer receives email on her primary business domain name.

From now on, I don't help anybody unless I own and host the domain name outright and I include lots of words in the contract I never thought of before.

Batman

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#1004884 13-Mar-2014 13:18

you do one of 3 things

- never lend money
- if you lend money don't expect to get it back
- if you lend money to a friend don't expect to be friends for very long

mattwnz

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#1004919 13-Mar-2014 13:36

gundar:

I still own her domain name, so I know nothing has been done on this and she no longer receives email on her primary business domain name.

From now on, I don't help anybody unless I own and host the domain name outright and I include lots of words in the contract I never thought of before.

A bit off topic, but how do you 'own' her domain. When you register a domain, it must be registered under the name of the person to is for, not under your name. If they haven't paid for it, I beleive you can cancel the domain (you would need to check the DNC on this though). Otherwise if they ask for it, you have to give them the UDAI, if they request their domain name. I would check the NZ registry rules.

gundar

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#1004953 13-Mar-2014 14:04

mattwnz:
gundar:

I still own her domain name, so I know nothing has been done on this and she no longer receives email on her primary business domain name.

From now on, I don't help anybody unless I own and host the domain name outright and I include lots of words in the contract I never thought of before.

A bit off topic, but how do you 'own' her domain. When you register a domain, it must be registered under the name of the person to is for, not under your name. If they haven't paid for it, I beleive you can cancel the domain (you would need to check the DNC on this though). Otherwise if they ask for it, you have to give them the UDAI, if they request their domain name. I would check the NZ registry rules.

I bought it freely from a registrar so it belongs to me. Until it runs out or I get a reasonable offer to give it up, that will not change.

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