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Loaned 2.7M won to a Korean, can't get it back...What to do?
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Real Reality



Joined: 10 Jan 2003
Location: Seoul

PostPosted: Tue Jul 06, 2004 8:06 am    Post subject: Reply with quote

Bowden_PSM,

Good luck.

EFL-Law.com
http://efl-law.com/korea_home.html

Perhaps, this article is correct.

Foreigners Experience Difficulties in Living in Korea
An official in the International Cooperation Division of Seoul City admitted, "The same complaints regarding visas, transportation, education, and environment are raised every year without being solved, due to the lack of cooperation from government agencies involved and their passive attitudes."
http://english.donga.com/srv/service.php3?bicode=040000&biid=2004070522448
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Hollywoodaction



Joined: 02 Jul 2004

PostPosted: Thu Jul 08, 2004 5:36 pm    Post subject: Reply with quote

They are trying to pull a common scam. They'll give you a little bit of money to keep you hoping that you'll get what is owed, while they are only waiting for your visa to expire.

Last edited by Hollywoodaction on Mon Jan 17, 2005 6:29 am; edited 2 times in total
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Ryst Helmut



Joined: 26 Apr 2003
Location: In search of the elusive signature...

PostPosted: Thu Jul 08, 2004 7:31 pm    Post subject: Reply with quote

Hollywoodaction wrote:
They are trying to pull a typical hagwon owner's scam. They'll give you a little bit of money to keep you hoping that you'll get what is owed, while they are only waiting for your visa to expire.


If so, resort to Ryst Action....he'll feel better. Guaranteed for 2.7 million won, or your money back! Puh-romise.

!Shoosh

Ryst
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kimchi_pizza



Joined: 24 Jul 2006
Location: "Get back on the bus! Here it comes!"

PostPosted: Sat Jan 19, 2008 2:01 am    Post subject: Re: Loaned 2.7M won to a Korean, can't get it back...What to Reply with quote

Bowden_PSM wrote:
Here's and interesting one...

I came to my small isolated Korean town outside of Ulsan about 8 months and a bit ago. I have four months left. On my second day here I went to the nearest bar to my house and met a Korean woman and her friend who turned out to be the owners of the bar. We became instant friends and due to the lack of company in the town I would go there most nights of the week.

3.5 months in the women asked me for a loan because they were at their wits-end and had run out of options. They insisted it would be a short term thing (20 days repayment). I would give them 2.5M and get back 2.7M for my kindness. No contract was made because they were my closest friends in Korea and we are still relatively close.

Still, it has been four months and I have not been paid a dime. I have to leave in 4 months (or less) and am getting worried. I gave them a deadline which expires next Monday but am thinking they will probably give me another excuse.

I am not looking for criticism of an obvious bad move; I guess my natural generousity got the best of me. I was thinking they wouldn't dare try to rip off a foreigner and give Korea a bad name. I could end up being very wrong. Suppossing they don't pay, what would any of you who are more familiar with Korea do in such a situation.

Again...I realize it could be a big error so you don't have to remind me of that. However, I would be open to any suggestions, however creative. Drama always makes life a tad bit more interesting, but I am hoping to avoid a $3000 mistake.


Did you ever get your money back? Does that include interest? Too bad you didn't make "loan shark" your side job or you'd've made a kill'n.
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ryouga013



Joined: 14 Sep 2007

PostPosted: Sat Jan 19, 2008 9:20 am    Post subject: Re: Loaned 2.7M won to a Korean, can't get it back...What to Reply with quote

Yaya wrote:

Anyway, if they truly are your "friends," they should pay you back at least some amount of the dough to show good faith.


http://www.mrwiggleslovesyou.com/rehab436.html

Look at the part "family" in particular
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Curious_george



Joined: 25 Aug 2006

PostPosted: Sat Jan 19, 2008 10:38 am    Post subject: Reply with quote

gomurr wrote:
Stupid is as Stupid does

Me and every other person who read your post will be most surprised if you get even a third of your money back. Might as well take that one on the chin. Although on the night before I left I'd be tempted to torch the womans bar.


Hahah, torching the woman's bar, I like that.
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Curious_george



Joined: 25 Aug 2006

PostPosted: Sat Jan 19, 2008 10:43 am    Post subject: Reply with quote

Ryst Helmut wrote:
OP,

I agree that you will not be getting your money back, unless they feel the need to do so, as they've the money (could sell their car<s> to pay you back), but deem you as a tit.

I, like you, have lent people money in the past, and large sums, and only to friends. One k-niggit didn't want to pay me back $1000, and I was in a situation similar to you. I was leaving the country I was in soon, and needed to get that dosh back. So, I threatened him. Not with physical violence, but where it'd hurt. Do it 'tactfully'.

I suggested to my friend, that if I was going to be out $1000, he'd be out of that much and more. Since I was leaving, there'd be nothing he could do. Sue me? Get revenge? How?!

I simply stated that I vandalize things that he would have to pay out of his own pocket (that I knew insurance companies don't cover, i.e. car tires). I could flatten (cut the tips, so new tires must be bought) so often that he'd have to pay well over $1000 to get his car rolling again. I doubt Korean insurance companies cover claims of spray paint on vehicles or businesses. Hmmmmm. Glue the locks of their cars and business (super glue in the key holes). Do you have any idea how much inconvenience it is to have your car door locks removed and replaced, and the price? Especially if it's a good car! Lemon juice on the paint job, place eggs in inconspicuous places in the bar, and make sure they've sat in the sun for a spell...of course, there are better (ten-fold worse in smell concoctions <sp?>), but I'd have to find those recipes.

Too bad the "I just egged a truck" thread isn't about...I posted a lot more ideas....oh well.

If you've access to a photocopier, why don't you print out some right nice adverts for a woman (or owner of a cathouse that employs western women...that may get more hits - no pun) who 'knows how to please men, for bery bery cheap' with her name and home/cell/business numbers. Then, drop the pamphlets everywhere., especially her apartment complex.

That's enough for now...if you want more ideas...PM me.

shoosh,

Ryst


Whoa! Easy on the commas buddy. My eyes hurt.
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bellum99



Joined: 23 Jan 2003
Location: don't need to know

PostPosted: Sat Jan 19, 2008 1:44 pm    Post subject: Reply with quote

The first post was in 2004...and I remember this one. Yikes.
People post problems and then almost never post what happened.
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kimchi_pizza



Joined: 24 Jul 2006
Location: "Get back on the bus! Here it comes!"

PostPosted: Sat Jan 19, 2008 3:50 pm    Post subject: Reply with quote

bellum99 wrote:
The first post was in 2004...and I remember this one. Yikes.
People post problems and then almost never post what happened.


Ha! Busted! I was bored yesterday so I dug up this fossilized thread to see the kinds of responses it would get (Good one, George). A lotta familiar names in this thread from chiaa to Jognoguru. Did you check out guru's response? You'd think he was Consigliere to the Sopranos. Me? I'm just an enforcer. My induction into the Korean mob is next week.

I would be interesting to learn more of the hidden world of Korean gangs, loan sharks, prostitution, bar-maid money scams, blackmarket, etc. I know gangsters aren't as visible as they used to be a decade ago.

btw, I came across this interesting site: http://www.hbo.com/sopranos/mobspeak/
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spamghod



Joined: 26 Dec 2007

PostPosted: Sat Jan 19, 2008 4:37 pm    Post subject: Reply with quote

lush72 wrote:

Report them for what? There is no contract PLUS its the word of 2 Koreans over 1 foreigner. That was dumb advice. Are you sure you grew up here?


Talk about a stupid response! What a moron!


Last edited by spamghod on Sat Jan 19, 2008 4:43 pm; edited 1 time in total
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Young FRANKenstein



Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)

PostPosted: Sat Jan 19, 2008 4:38 pm    Post subject: Re: Loaned 2.7M won to a Korean, can't get it back...What to Reply with quote

kimchi_pizza wrote:
Did you ever get your money back? Does that include interest?

If you win a lawsuit, yes, you can collect interest on the amount the longer they fail to pay you. I believe it's more than 10% (maybe as high as 15%).
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Real Reality



Joined: 10 Jan 2003
Location: Seoul

PostPosted: Sat Jan 19, 2008 4:57 pm    Post subject: Reply with quote

kimchi_pizza wrote:
bellum99 wrote:
The first post was in 2004...and I remember this one. Yikes.
People post problems and then almost never post what happened.

I would be interesting to learn more of the hidden world of Korean gangs, loan sharks, prostitution, bar-maid money scams, blackmarket, etc. I know gangsters aren't as visible as they used to be a decade ago.
btw, I came across this interesting site: http://www.hbo.com/sopranos/mobspeak/

Underground Economy Accounts for 30% of GDP
By Park Hyong-ki, The Korea Times (January 17, 2008)
http://www.koreatimes.co.kr/www/news/biz/2008/01/123_17466.html
image Korea Times address
http://www.koreatimes.co.kr/upload/news/080117_p01_underground.jpg


Prostitution Increases After Anti-Prostitution Law
Korea Beat (October 30, 2007)
http://koreabeat.com/?p=423
Korea Beat: The web's only spot dedicated to Korean news articles translated into English!
[����]���Ÿ�Ư�������࿡�� ���Ÿ� ��� ����
���ý�|����Է� 2007-10-25 14:49
http://news.naver.com/main/read.nhn?mode=LS2D&mid=sec&sid1=102&sid2=253&oid=003&aid=0000617177

Republic Of Prostitution
Chosun Ilbo (February 7, 2003)
http://english.chosun.com/w21data/html/news/200302/200302060032.html
Quote:
The Korean Institute of Criminology released figures on Thursday stating that prostitution is a W24 trillion business in Korea, accounting for 4.1% of the country��s GDP. The figures serve as a warning as to how prostitution is no longer something that can be seen as an individual's moral corruption. All the while it was discussed only in whispers and we pretended it was barely there, this monster of a business has grown larger than electricity, gas, and water (2.9%), and to be as big as agriculture, forestry, and fishery (4.4%).

Most Prostitutes Made W3-5 Million a Month: Report
by Tak Sang-hoon, Chosun Ilbo (January 12, 2005)
http://english.chosun.com/w21data/html/news/200501/200501120027.html

(BOOKS IN BRIEF) The history of prostitution
By Chae In-taek, JoongAng Daily (September 8, 2007)
http://joongangdaily.joins.com/article/view.asp?aid=2880244

Sex workers head for U.S. after crackdown
By Lee Sang-il and Ser Myo-ja, JoongAng Daily (March 21, 2007)
http://joongangdaily.joins.com/article/view.asp?aid=2873653

Sex Buying Practices Still Rampant: Survey
By Kim Cheong-won, Korea Times (December 15, 2005)
http://times.hankooki.com/lpage/nation/200512/kt2005121517170211960.htm
(The above may not work.)
Quote:
... He has to meet his business partners, who are in charge of giving orders to Park's company, for yearend parties. He has to have dinner with them, drinking together and often singing together at karaoke bars.

But, that's not the end of the country��s unique "choptae" culture which means providing a treat or entertainment to business partners or authorities to get favors. Many times, they go to brothels, or massage parlors where they can "buy" sex, according to Park....

According to a survey of managers at 302 local companies across the country, more than 53 percent of the respondents said they visit quasi-brothels when they have the choptae meetings with their business partners while over 28 percent of them do the same thing after a company dinner.

Roh to issue pardons for 31 executives
by Kim Hyeon-kyeong and Shin Yong-ho, JoongAng Daily (May 13, 2005)
http://joongangdaily.joins.com/article/view.asp?aid=2568014

4.22 Mil. Pardoned on Liberation Day
by Kim Rahn, Korea Times (August 12, 2005)
http://times.hankooki.com/lpage/nation/200508/kt2005081217273111950.htm
The above link may not work
Quote:
Dozens of politicians and lawmakers involved in illegal fundraising during the 2002 presidential election have been granted amnesty on the 60th anniversary of Liberation Day, which falls on Aug. 15.

In a Cabinet meeting, the government decided to grant pardons to some 4.22 million people, including politicians. This is the fourth largest number of people who have been granted amnesty: 7 million in 1995, 5.5 million in 1998 and 4.8 million in 2002.

Alternative link with the above article at
http://www.theasianjournal.com/mystic/koreanews03.htm
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robot



Joined: 07 Mar 2006

PostPosted: Sat Jan 19, 2008 10:22 pm    Post subject: Reply with quote

Losing money lent in Korea is an all-too-common story.

My mother-in-law, who is not particularly weathly, lent $100,000 to her very good friend to open a business. When it went under, the friend split town with her family, and hasn't been heard from since.

As if that wasn't bad enough, my mother-in-law made the same mistake again, this time lending $200,000 to another acquaintance. Same story: the business (a room salon, of all sketchy things) failed, and the friend ending up jumping to her death from the 20th floor of her apartment. That one has been particularly hard for my mother-in-law to get over...

So it could be worse, OP. Just let these stories be warnings to any others who might let their trusting nature -- or the attractiveness of a little interest on money lent -- get them into a similar dilemma.
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JongnoGuru



Joined: 25 May 2004
Location: peeing on your doorstep

PostPosted: Sat Jan 19, 2008 10:37 pm    Post subject: Reply with quote

robot wrote:
Losing money lent in Korea is an all-too-common story.

My mother-in-law, who is not particularly weathly, lent $100,000 ...

my mother-in-law made the same mistake again, this time lending $200,000...

So it could be worse, OP.

Exactly. 2.7 mil.? Losing that *little* is almost a blessing from the average Korean's perspective.

Next time a Korean asks to borrow money, tell them

"1566-친구친구!"





As much as we might find these commercials annoying, they're a godsend for any foreigner getting hit up by Koreans for personal loans.
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earthquakez



Joined: 10 Nov 2010

PostPosted: Sat Apr 20, 2013 4:40 am    Post subject: Reply with quote

robot wrote:
Losing money lent in Korea is an all-too-common story.

My mother-in-law, who is not particularly weathly, lent $100,000 to her very good friend to open a business. When it went under, the friend split town with her family, and hasn't been heard from since.

As if that wasn't bad enough, my mother-in-law made the same mistake again, this time lending $200,000 to another acquaintance. Same story: the business (a room salon, of all sketchy things) failed, and the friend ending up jumping to her death from the 20th floor of her apartment. That one has been particularly hard for my mother-in-law to get over...

So it could be worse, OP. Just let these stories be warnings to any others who might let their trusting nature -- or the attractiveness of a little interest on money lent -- get them into a similar dilemma.


Yeah, I heard this kind of story more than a few times in Korea. From Korean adult students who had lent friends millions of won or their mother had lent a sister or brother in law or friend/acquaintance millions of won and they never repaid it.

The most shocking story I heard was from a foreigner who lived down in Jeollanam. I've heard from foreigners down there that in rough and traditionally poor towns like Mokpo, native teachers who have gotten close to Koreans, sometimes thru teaching a student and then meeting the family have been hit up for money.

In this foreign teacher's case they felt sorry for a student they taught at their school because the student was very bright and they came from a single parent family. They didn't know that at first - as the teacher said, if they'd known the student's mother was looking for money they would have made sure they didn't meet the family.

The mother kept pressing the kid to ask for financial help and sure enough, the foreign teacher ended up helping them move house twice w/fees and helped the kid to go to a hagwon. The teacher thought this was going to be a genuine friendship with Koreans, the Koreans kept ratcheting up the pressure for more financial help. The teacher got nothing out of this.

No contacts - a divorced woman in Mokpo from a low income family is not going to help a foreign teacher hear about work or life opportunities in Korea. No trips or similar things to give a foreign teacher the chance to see Korea with Koreans. The teacher didn't have a car, the mother of the student didn't have a car, and if there were family members who could have shown some hospitality to the teacher, they were never informed of it.

The worst thing tho for the teacher was when the kid finished school. They let the kid and mother know that they could not keep paying for a hagwon if they wanted more study for the kid and could not provide university fees. This was said politely. The teacher has not heard from that family at all. For 7 months now. Obviously they are not useful anymore. As the teacher said, what about just taking them out for dinner to say thank you for over 3 yrs of financial assistance? There wasn't even a card saying thank you for all you did.

Lesson of all this - if you are ever going to help Koreans financially, then make sure you get something out of it even if you don't expect them to pay you the money back. Low income Koreans from backgrounds of no social capital will suck up what they can, demand more and then cut you dead when you can't keep being drained.

I don't think that teacher deserved this treatment. They are an intelligent person but their mistake was in thinking that somehow those Koreans would show their appreciation for the financial help. If I'd lived down there I would have told them to cut these people before they asked for money the 2nd time.
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