Posted on: 08-10-09 19:39:30
Quote:
Originally posted by gopalpai
let me tell you something about friendship. It is like mango, sweet from outside but when you come to the seed it is sour.
And you call them friends?? what kind of friends you have? I am sure you are speaking from personal experience.
Quote:
Originally posted by gopalpai so be careful, since your money is hard earned.
And how would you know? May it was lottery or gift or inheritance?
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Chandresh
Advice is free – lessons I charge for!!
mr. chandresh, I am really sorry, it was nothing personal. I was just asking to take precautions. I never thought anybody would take persoanlly, otherwise I wouldn't have advised.
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The best way to find yourself is to lose yourself in the service of others.”
Mahatma Gandhi
Quote:
Originally posted by Fido
Hi ,
An acquaintance has asked me for some money ($25K) for putting in his business on which he would pay me some interest .
I wish to know what paper work I should do to protect my repayment and prove the transaction -- I would give a cheque but wondeirng if there s any format / stamp paper / witnessed statement which I can take to validate the transaction as a loan and the conditions of repayment .
Please advise .
One way that you can mkae sure that your loan is secure is to find a way of using your RRSP funds to make the loan.In this case--the interest rate will be decided based on say the five year mortgage rate or better.Your relative then makes the payments directly into your rrsp.The loan would have to be as a mortgage.You should check with your Bank to find out how this should be set up.This is one of the safest way to lend money>i have used this many years ago and it worked like a charm.Every loan was paid back !!
akar
Thanks all specially Akar and Gopalpai ..... I would look into this as well as contact a lawyer also ..... Any recommendations for lawyers who are reasonably priced and you / someone you know has had a good experience with .... Thanks in advance .
No suggestion is taken personally ... All welcomed ..
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Fido.
Sikder Law Office
2978A Danforth Avenue (2nd floor) Toronto ON M4C 1M6
Phone: 416-707-5065 Fax: Contact:
1620 Albion Road, Suite # 306 Toronto ON M9V 4B4
Phone: 416-740-2957 416-707-5065 Fax: Contact: Paltu Kumar Sikder, Barristor and Solicitor
sikder [AT] sikderlaw.ca
http://www.sikderlaw.ca" rel="nofollow">LINK
hope this helps.
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The best way to find yourself is to lose yourself in the service of others.”
Mahatma Gandhi
Quote:
Originally posted by Fido
Hi ,
An acquaintance has asked me for some money ($25K) for putting in his business on which he would pay me some interest .
I wish to know what paper work I should do to protect my repayment and prove the transaction -- I would give a cheque but wondeirng if there s any format / stamp paper / witnessed statement which I can take to validate the transaction as a loan and the conditions of repayment .
Please advise .
Always take a security against the loan ( any form like house , Gold etc )..
Loans secured will give you a lot of peace and brings a sense of responsibility to the guy who borrows from you..
Good Luck.
