Debt recovery Case Study #030: $60,000 Tech Startup Loan The client and the debtor had been close friends since their university days. When the debtor wanted to start a tech startup, he approached the client for a loan of SGD $60,000. The client, believing in his friend’s vision, transferred the funds without any formal agreement, trusting their longstanding friendship. Initially, the startup showed promise, and the debtor assured the client of repayment once the business stabilized. However, the startup faced multiple hurdles, including stiff competition and regulatory challenges. After a year, the debtor informed the client that he could not repay the loan, claiming that the money was an “investment” rather than a loan. The client felt betrayed and unsure of how to approach the situation without damaging their friendship. JMS Rogers stepped in to mediate the conflict. Our team meticulously reviewed the financial records and correspondence between the two parties, clearly establishing that the funds were explicitly given as a loan. JMS Rogers approached the debtor acknowledging the startup’s challenges but emphasizing the need to honour financial commitments. Our team also conducted multiple field visits to the debtor’s office and residence to underscore the importance of repayment. These visits demonstrated the seriousness of the matter and provided opportunities to negotiate terms face-to-face. The debtor initially tried to avoid contact, but our persistence and professionalism helped build trust. After several rounds of discussions, the debtor agreed to a repayment plan, spreading the amount over three years. JMS Rogers provided ongoing support throughout the repayment period, ensuring adherence to the agreed schedule. By the end of the process, both parties expressed relief at resolving the matter amicably. The client recovered his funds, and the friendship, though strained, remained intact. What can we learn from this? Friendship and Finances Need Boundaries: Lending money to friends can strain relationships. Formalizing agreements helps maintain clarity and trust. Clear Communication Prevents Misunderstandings: Ambiguity around financial transactions often leads to disputes. JMS Rogers’ expertise ensures clarity in agreements and resolutions. Professional Intervention Preserves Relationships: Involving a third party like JMS Rogers can help resolve disputes while maintaining personal bonds. Read more : https://www.jmsrogers.com/

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