Debt recovery singapore
Case Study #032: $85,000 App Development Loan
The client and the debtor had been close colleagues in the tech industry for over a decade. When the debtor proposed launching a new app targeting small businesses, the client was intrigued. The debtor requested a loan of SGD $85,000 to cover development costs, promising to repay the client within two years once the app gained traction. The client agreed, believing in the debtor’s vision and their longstanding friendship. No written contract was drawn up, as both relied on mutual trust.
Two years passed, but the app failed to gain a substantial user base. The debtor claimed that the revenues were insufficient to cover both operational costs and the repayment. Meanwhile, the client began facing personal financial strain and pressed for repayment. The debtor argued that the money was an “investment” rather than a loan, leaving the client frustrated and disheartened.
Feeling trapped, the client approached JMS Rogers for assistance. Our team meticulously reviewed bank transfers, email exchanges, and other communications, uncovering clear evidence of the loan’s nature. To underscore the importance of repayment and to convey the seriousness of the situation, JMS Rogers conducted numerous field visits to the debtor’s office. These visits served as a tangible reminder of the client’s determination to recover the debt and highlighted the debtor’s accountability in the matter. The presence of JMS Rogers reinforced the urgency of resolving the issue.
Armed with evidence and strengthened by the impact of the field visits, JMS Rogers negotiated with the debtor, who initially resisted but eventually agreed to repay the debt in monthly installments over three years. The structured approach helped rebuild trust between the client and the debtor while ensuring the client’s financial recovery.
What can we learn from this:
Written Agreements Are Crucial Even with trusted partners, documenting financial arrangements is essential to avoid disputes. JMS Rogers ensures transparency and fairness in such cases.
Professional Mediation Resolves Misunderstandings By engaging JMS Rogers, the client avoided personal conflict and achieved a resolution efficiently.
Field Visits Reinforce Accountability JMS Rogers’ field visits underscored the importance of repayment and provided additional context for effective negotiation.
Read more :
https://www.jmsrogers.com/Debt recovery singapore
Case Study #032: $85,000 App Development Loan
The client and the debtor had been close colleagues in the tech industry for over a decade. When the debtor proposed launching a new app targeting small businesses, the client was intrigued. The debtor requested a loan of SGD $85,000 to cover development costs, promising to repay the client within two years once the app gained traction. The client agreed, believing in the debtor’s vision and their longstanding friendship. No written contract was drawn up, as both relied on mutual trust.
Two years passed, but the app failed to gain a substantial user base. The debtor claimed that the revenues were insufficient to cover both operational costs and the repayment. Meanwhile, the client began facing personal financial strain and pressed for repayment. The debtor argued that the money was an “investment” rather than a loan, leaving the client frustrated and disheartened.
Feeling trapped, the client approached JMS Rogers for assistance. Our team meticulously reviewed bank transfers, email exchanges, and other communications, uncovering clear evidence of the loan’s nature. To underscore the importance of repayment and to convey the seriousness of the situation, JMS Rogers conducted numerous field visits to the debtor’s office. These visits served as a tangible reminder of the client’s determination to recover the debt and highlighted the debtor’s accountability in the matter. The presence of JMS Rogers reinforced the urgency of resolving the issue.
Armed with evidence and strengthened by the impact of the field visits, JMS Rogers negotiated with the debtor, who initially resisted but eventually agreed to repay the debt in monthly installments over three years. The structured approach helped rebuild trust between the client and the debtor while ensuring the client’s financial recovery.
What can we learn from this:
Written Agreements Are Crucial Even with trusted partners, documenting financial arrangements is essential to avoid disputes. JMS Rogers ensures transparency and fairness in such cases.
Professional Mediation Resolves Misunderstandings By engaging JMS Rogers, the client avoided personal conflict and achieved a resolution efficiently.
Field Visits Reinforce Accountability JMS Rogers’ field visits underscored the importance of repayment and provided additional context for effective negotiation.
Read more : https://www.jmsrogers.com/
