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Panda
Joined: 25 Oct 2008
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 Posted: Wed Jun 19, 2013 4:45 pm Post subject: Will the police do anything to this man? |
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Hello everyone,
One of my Chinese girl friends lent her money ($70,000) to a Korean Canadian (Kyopo) 3 years ago.
And at that time they signed a contract which says he is going to pay the money + interest back in 2 years.
So after 2 years, the Canadian guy told her he couldn't pay her back, and they signed a second contract which says he pays her by the end of May, this year.
And when the deadline came, he managed to trick my friend to wait... and then he left Korea.
His phone is on but he doesn't answer.
So my friend is going to the police station.
I wonder if anyone here has ever had similar situation.
Will the Korean police be able to do any investigation if the guy is not in Korea.
Will her money be just gone?
Thank you. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jun 19, 2013 4:56 pm Post subject: Re: Will the police do anything to this man? |
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| Panda wrote: |
Hello everyone,
One of my Chinese girl friends lent her money ($70,000) to a Korean Canadian (Kyopo) 3 years ago.
And at that time they signed a contract which says he is going to pay the money + interest back in 2 years.
So after 2 years, the Canadian guy told her he couldn't pay her back, and they signed a second contract which says he pays her by the end of May, this year.
And when the deadline came, he managed to trick my friend to wait... and then he left Korea.
His phone is on but he doesn't answer.
So my friend is going to the police station.
I wonder if anyone here has ever had similar situation.
Will the Korean police be able to do any investigation if the guy is not in Korea.
Will her money be just gone?
Thank you. |
It is not a criminal matter.
A loan, with a contracted promise to pay, that was defaulted on is a civil matter.
The police will hmmm and haw.... but won't acknowledge it as a criminal complaint (there is no debtors prison in Korea).
Take it to court as a civil lawsuit.
Sue.
When she wins she can try to find assets to seize.
Chances are, however, that the money is just gone - you can't get blood out of a stone.
. |
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leibod1
Joined: 21 Mar 2010
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| Posted: Wed Jun 19, 2013 5:09 pm Post subject: |
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Wow, I don't know if your friend seriously lent that kind of cash to someone but if he left, it is out of the police jurisdiction. Even if he was in Korea, it would be notoriously difficult to reclaim the money. Contracts between individuals do not hold much weight in legal court here, maybe if he had used his dojang and it had been witnessed by a notary... but the point is moot. The only option I guess is to see if you can figure out where he went and tracked him down, or try to locate his relative(s) here. However, they are not liable for debt incurred by a different family member, so unless they are really nice, nothing can be done. You could report it but the police would simply tell you that they will investigate, and that's it. Never lend any sizable amount without collateral.
*Mod Note
Nationality has no bearing on the situation, and saying you should not lend money to a certain ethnic group/nationality, gender/ sexual persuasion is flat-out bigoted garbage. These type of comments wil not be tolerated on Dave's |
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Panda
Joined: 25 Oct 2008
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| Posted: Wed Jun 19, 2013 6:31 pm Post subject: |
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Yes, it is an ill-considered contract. My friend is naive and she is also very generous to her friends.
I heard a few years ago, a Kyopo well-known among foreigners' community in Busan took all his friend's money and run away, I am worried the same thing will happen to my friend (actually it did).
My friend is collecting all the evidence she has. But she is too poor to hire a lawyer now.
Sigh. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Wed Jun 19, 2013 6:41 pm Post subject: |
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At this point, she should hire a Canadian lawyer, preferably one located in the province where the individual now resides. $70,000 is worth it, hopefully she can negotiate a contingency arrangement (lawyer taking 33% of ultimate recovery) and only advance the costs of the suit. A lawyer will be able to advise her further.
I do not know how bankruptcy law works in Canada, but I presume that he can discharge the entire debt in bankruptcy. The only good news: a $70,000 debt may be worth a lawyer's time. She should spend as many hours as it takes to find a lawyer and not give up. It will be a long process. |
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Panda
Joined: 25 Oct 2008
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| Posted: Wed Jun 19, 2013 6:48 pm Post subject: |
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Thank you Kuros  |
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Kuros
Joined: 27 Apr 2004
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| Posted: Wed Jun 19, 2013 7:02 pm Post subject: |
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One more thing.
*the following is not to be construed as legal advice establishing an attorney-client relationship*
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| And when the deadline came, he managed to trick my friend to wait... and then he left Korea. |
Depending on what specifically happened, and how he 'tricked' your friend, there may be fraud allegations here. If his state of mind was such that he had no intention to pay, but entered into a subsequent modification of an agreement, then there may be fraud. A fraud count may be important because it could affect the dischargeability of debt in bankruptcy.
Once again, your friend must consult a Canadian lawyer and provide the lawyer with a complete presentation of the facts. |
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andrewchon
Joined: 16 Nov 2008
Location: Back in Oz. Living in ISIS Aust.
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| Posted: Thu Jun 20, 2013 11:44 am Post subject: |
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| There are many private detective agencies specializing in dept recovery. |
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Julius
Joined: 27 Jul 2006
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| Posted: Fri Jun 21, 2013 6:53 pm Post subject: Re: Will the police do anything to this man? |
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| Panda wrote: |
One of my Chinese girl friends lent her money ($70,000) to a Korean Canadian (Kyopo) 3 years ago. |
70,000 is not worth the hassle.
Some things you have to just let go.
If she is going to waste all her energy trying to recover this tiny sum then she'd be far better off using her time to learn how to say "no". |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Jun 21, 2013 7:18 pm Post subject: Re: Will the police do anything to this man? |
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| Julius wrote: |
| Panda wrote: |
One of my Chinese girl friends lent her money ($70,000) to a Korean Canadian (Kyopo) 3 years ago. |
70,000 is not worth the hassle.
Some things you have to just let go.
If she is going to waste all her energy trying to recover this tiny sum then she'd be far better off using her time to learn how to say "no". |
That was dollars... not won.... $70,000 is worth some hassle...
Just have to remember not to throw good money after bad...
Know when to chase it and know when to drop it... (it might be worth a call to Equifax ( http://www.consumer.equifax.ca/business/contact_us/en_ca ) and file with them as a collection agency - it never hurts to screw with someone's credit rating when they own you big money and if they do collect it would be worth the fees).
. |
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everything-is-everything
Joined: 06 Jun 2011
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| Posted: Fri Jun 21, 2013 8:39 pm Post subject: Re: Will the police do anything to this man? |
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| Julius wrote: |
| Panda wrote: |
One of my Chinese girl friends lent her money ($70,000) to a Korean Canadian (Kyopo) 3 years ago. |
70,000 is not worth the hassle.
Some things you have to just let go.
If she is going to waste all her energy trying to recover this tiny sum then she'd be far better off using her time to learn how to say "no". |
Please, for my own personal faith in humanity, tell me that your post Julius was a joke. |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Fri Jun 21, 2013 10:55 pm Post subject: |
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In collecting debt one should always act within the bounds of the law and NEVER, EVER, consider grey or illegal actions, despite the fact that they may be effective.
On the other hand, I do notice that people have a tendency to pay up to certain parties, especially those engaged in grey or illegal activities. Perhaps those parties have some sort of different incentive to encourage repayment of loans and losses. |
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Julius
Joined: 27 Jul 2006
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| Posted: Sat Jun 22, 2013 1:43 am Post subject: Re: Will the police do anything to this man? |
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| ttompatz wrote: |
That was dollars... not won.... $70,000 is worth some hassle.... |
ic, my mistake.
Be interesting to get the full background story on this ridiculous scenario.
| everything-is-everything wrote: |
| Please, for my own personal faith in humanity, tell me that your post Julius was a joke. |
Considering the massive density of money-grabbing foreigners in Korea its a pretty easy mistake to make. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sat Jun 22, 2013 1:57 am Post subject: |
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| I'm just wondering why on earth would you 'loan' someone 70k? That's a good chunk of change, unless your a multi-millionaire. |
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kimchipig
Joined: 07 Mar 2008
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| Posted: Sun Jun 23, 2013 1:41 pm Post subject: |
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| Kuros wrote: |
At this point, she should hire a Canadian lawyer, preferably one located in the province where the individual now resides. $70,000 is worth it, hopefully she can negotiate a contingency arrangement (lawyer taking 33% of ultimate recovery) and only advance the costs of the suit. A lawyer will be able to advise her further.
I do not know how bankruptcy law works in Canada, but I presume that he can discharge the entire debt in bankruptcy. The only good news: a $70,000 debt may be worth a lawyer's time. She should spend as many hours as it takes to find a lawyer and not give up. It will be a long process. |
Dream on. Trying to get a judgement in a contract that wasn't made in Canada would be next to impossible. Even if, by some miracle, a judgement were obtained, then collecting would also be next to impossible.
No lawyer is going to take this case without a good retainer, which would no doubt evaporate in a month or two. |
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