The client had always been the helpful one in his group of friends, so when the debtor needed help buying a car, the client lent him SGD$15,000 for the down payment. The debtor promised to repay him within six months once his new job stabilized. There was no formal agreement, just a verbal promise between friends.
Six months later, the debtor still hadn’t made any payments, and when the client asked about it, the debtor kept making excuses. He claimed that he was facing financial difficulties and needed more time. As months passed, the debtor started avoiding the client altogether, and it became clear that he had no intention of repaying the loan.
Frustrated and unsure of how to proceed, the client contacted JMS Rogers for help. The asset recovery team investigated the situation, confirming the loan through bank transfers and text messages. When they contacted the debtor, he admitted to owing the money but claimed that he was in no position to repay it. JMS Rogers negotiated a repayment plan that allowed the debtor to repay the debt over time without putting further strain on his finances. Over the course of a year, the debtor repaid the full amount.
This case highlights how financial disputes can arise even between close friends and the importance of having clear terms in place. With the help of JMS Rogers, the client was able to recover his money while maintaining a respectful approach toward the debtor situation.
What can we learn from this:
Set Clear Terms, Even Among Friends – This case shows the importance of having a formal agreement, even with close friends, to avoid misunderstandings and ensure accountability in financial transactions.
Effective Communication is Key – The debtor avoided the situation, making recovery harder. Open, honest communication can prevent further complications and make negotiations smoother.
Patience and Flexibility in Debt Recovery – JMS Rogers helped the debtor by creating a repayment plan that worked with his financial situation, ensuring full repayment without unnecessary pressure or conflict.
