A few days ago, someone asked about individual tracking methods, and the amount was as high as more than 100,000. But I don’t even have an IOU, and I don’t even know the other party’s address. After IG and WhatsApp were blocked, I immediately lost the way to contact the other party.

If considered objectively, this case combines almost all the factors that make chasing numbers difficult, including:

• The amount exceeds the upper limit of $75,000 for small debts. It is very complicated for people without legal knowledge to pursue recovery in the district court. It is not worth hiring a lawyer to spend tens of thousands of dollars.
• There is no documentary record showing the loan relationship. Although there are bank transaction records showing that the creditor has indeed passed the credit, there are too many excuses to evade it. For example, it is said that the money was used for business or purchasing. If it is a man and a woman, It can also be said that...
• I don’t even know the contact address of the other party. I understand that many times friends may not remember each other’s addresses, but if you don’t even have the address when collecting debts, I really don’t know how to follow up for you, and you don’t even know where to send the lawyer’s letter; and the court attaches great importance to you when you go to court. To effectively serve documents to the other party, at least the other party needs to have a "last known address", otherwise you won't even be able to initiate litigation.

To be honest, once money is lent out, it is hard to recover. So what we would like to share this time is that if you really have no choice but to lend money to someone, please be sure to reverse the above factors to make it difficult for the debtor to count. :

• Unless the debtor can provide collateral or you know that he holds property, you will have to stop borrowing 50,000 yuan. If it is more than 50,000 yuan, you will not be able to recover the small amount of money after the interest is calculated.
• Be sure to write an IOU! Then the IOU should state the repayment date and interest. The interest is not to make money from him, but to deter him and make him have to pay back the money. You should even write down the high interest rate owed, after all, this is a high-risk, low-return loan for you! According to the Money Lenders Ordinance, the upper limit of interest for the next year is 48%. The interest on delinquent accounts of many banks is also calculated based on the high monthly interest rate, so you can feel free to write it down. If the interest rate is high enough, the creditor may rather give up the credit card and give priority to repaying your loan, which will provide you with greater protection.
• Even if you don’t know your address, you must have a contact address, such as your work address or your parents’ address. This will help you convince the court that the court documents have been successfully served when you really have to go to court in the future. And just in case you really need help from professionals other than lawyers...
• If the other party is a company, you must provide the director's personal guarantee. Otherwise, if the other party's company is heavily in debt and wants to apply for liquidation, there will be nothing you can do to it.

If you have any legal questions, please send us a private message! We will try our best to give you a direction and hope to help you take the first step to solve the problem.