bobthenob

Non Active Member
Lending Money Out
Ever since my terrible experience of lending money out to a person l helped some time ago and has never payed it back has made me think,what a Turkish guy said to me,was never lend money out,because you will never get it back.Unless if the person is asking for a loan from you and is genuine in paying you back,then he wouldn’t mind signing a legal debt instrument called a senet.

This document is a legal obligation to pay the lender back.lf he wishes to sign one of these documents then you know he is genuine and will keep to his word.
Many people that ask for money from you,wouldn’t expect you to know about this powerful legal instrument that does guarantee your money back if defaulted.So,if you do mention to them about this legal instrument called the senet to sign,they will be taken a back,because they don’t expect you to know this.And if they say now forget it,then they were out to dupe you.

So,please remember to always take out a senet when lending out money and see what reaction you will receive back.More likely they will give you the answer straight away.

If you do agree to a senet,make sure you have the correct address and name from the person you are lending the money to,because the notary are the one’s that signs the senet.lt is a legalized no nonsense binding contract between you and the loaner.lf he doesn’t pay you on the agreed time,then you have the right to go to his house,with the court bailiffs and take anything to the amount agreed you have lent out.

Also remember the senet can be sold to debt collection companies that will take on the responsibility of retrieving back the money,which does become their debt,but they will pay you less then what you can get from it,then if you have done it on your own with the court bailiffs.
 
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SuperBogs

I miss you Pebble
Lending Money Out
Ever since my terrible experience of lending money out to a person l helped some time ago and has never payed it back has made me think,what a Turkish guy said to me,was never lend money out,because you will never get it back.Unless if the person is asking for a loan from you and is genuine in paying you back,then he wouldn’t mind signing a legal debt instrument called a senet.

This document is a legal obligation to pay the lender back.lf he wishes to sign one of these documents then you know he is genuine and will keep to his word.
Many people that ask for money from you,wouldn’t expect you to know about this powerful legal instrument that does guarantee your money back if defaulted.So,if you do mention to them about this legal instrument called the senet to sign,they will be taken a back,because they don’t expect you to know this.And if they say now forget it,then they were out to dupe you.

So,please remember to always take out a senet when lending out money and see what reaction you will receive back.More likely they will give you the answer straight away.

If you do agree to a senet,make sure you have the correct address and name from the person you are lending the money to,because the notary are the one’s that signs the senet.lt is a legalized no nonsense binding contract between you and the loaner.lf he doesn’t pay you on the agreed time,then you have the right to go to his house,with the court bailiffs and take anything to the amount agreed you have lent out.

Also remember the senet can be sold to debt collection companies that will take on the responsibility of retrieving back the money,which does become their debt,but they will pay you less then what you can get from it,then if you have done it on your own with the court bailiffs.

There is a catch Bob, if the person can't be found or has no assets then your out the money. This is not a fail safe method.

Biker Bob
 

bobthenob

Non Active Member
Lending Money Out
l agree with you Bob,that does make sense in what you have stated.

But if you mention this powerful legal instrument called the senet to whoever is asking for a loan.Then they will not bother you again,because they will get the feeling you know more then they thought possible.They'll try someone less knowledgeable..like a tourist on the sauce
 

TURKISH BEGINNER

TURKISH BEGINNER
Lending Money Out
My Turkish partner sold his car to someone, they gave him a few thousand deposit up front and signed a senat for the rest.......He also did this to 10 or 12 other people, in the end no money and no cars....... RESULT fella is in prison but my partner still owed thousands...........
 

SuperBogs

I miss you Pebble
Lending Money Out
I have 150,000 worth of senet cheques that are not worth 5 cents. Nothing is 100% here.

Biker Bob
 

Akasya

Postless Pointer
Lending Money Out
Biker bob, whilst we are on the subject, and you happened to mention it... i could reallu do with 5 cents.

Steve.
 

PASH

Member
Lending Money Out
Any loan agreement should be accompanied by a photo copy of their ID and tax number - makes them easier to trace if you have to set the Baillifs after them
 

Sunny Seasider

Life is so precious
Lending Money Out
Any loan agreement should be accompanied by a photo copy of their ID and tax number - makes them easier to trace if you have to set the Baillifs after them

Great idea Pash, but as we know Turkey is a massive country and would they find them and would they care if there were xxx hundreds of miles away!!!
 

PASH

Member
Lending Money Out
Great idea Pash, but as we know Turkey is a massive country and would they find them and would they care if there were xxx hundreds of miles away!!!

Only mention it because i had a rentor skip on me owing 2000 YTL and my lawyer who set up the rental agreement got all these details. The rentor was picked up in Istanbul whilst using his ID in a government office. He was put in jail and then made to pay his debt by arrangement with the baillifs
 

saffie

Saffie
Lending Money Out
In principle these senets sound reliable but I would urge great caution.

I too have several of the darned things which were all properly signed and kept by the bank until the due date.

Date came and went and the bank wrote to the debtor who failed to respond,so I was told my only course of action was to seek legal advice. The three lawyers wanted an incredible amount of money upfront to pursue the case,and when finally caught up with the culprit he had simply transferred his assets to his cousin and put everything else in his brothers name.

End result was me out of pocket by a very considerable sum,and him laughing all the way to the bank. I also had to pay a very considerable sum of money for "tax stamps" on these senets in order to make them legal and "cast iron" so all in all.I lost not only the money,the tax,the fees and goodness knows how much on phone calls and visits in an attempt to pin the culprit down.

My advice........."neither a borrower nor a lender be". I wish I had listened to that advice earlier!!!!!!:slapme:
 

Valian

Let sleeping dogs lie
Lending Money Out
My advice........."neither a borrower nor a lender be". I wish I had listened to that advice earlier!!!!!!:slapme:

YEP!!!! WHY DIDN'T I LISTEN TO MY MUM - JUST SAY "NO"!!!

Perhaps Crashtester should do a Poll on who has lent money and not got it back? :boohoo:
 

Alan Fidler

Ceteris paribus
Lending Money Out
I had a friend who was desperate for money, i was asked if i could help and i was happy to help, it wasn't a huge sum of money, but was to some people a considerable sum.
This friend saw the money as a gift not a loan and didn't consider returning it...
in fact if i ever mentioned that I'd offered the money and they'd taken it, they considered it as me moaning about it and reminded me that in their eyes it was a gift.
I'll be more wary in future in who i offer to help.

Alan.
 

kale

Member
Lending Money Out
hi bob can you help do you know what this word means in english (VIRMAN)
thanks kale
 

SuperBogs

I miss you Pebble
Lending Money Out
Even though he had transfered the assets to others if they were in his name when the senet was signed then you can still get your money. It will take longer and cost more money from your lawyer but you can get it, depending on the amount is it worth it?

If the person moves to one of the other dozens of provinces in Turkey it may be hard to catch him unless you know which one as the system is not set up federally to find people. Your lawyer would have to write to each province to have a search done. Just a racket!!!!

Biker Bob

In principle these senets sound reliable but I would urge great caution.

I too have several of the darned things which were all properly signed and kept by the bank until the due date.

Date came and went and the bank wrote to the debtor who failed to respond,so I was told my only course of action was to seek legal advice. The three lawyers wanted an incredible amount of money upfront to pursue the case,and when finally caught up with the culprit he had simply transferred his assets to his cousin and put everything else in his brothers name.

End result was me out of pocket by a very considerable sum,and him laughing all the way to the bank. I also had to pay a very considerable sum of money for "tax stamps" on these senets in order to make them legal and "cast iron" so all in all.I lost not only the money,the tax,the fees and goodness knows how much on phone calls and visits in an attempt to pin the culprit down.

My advice........."neither a borrower nor a lender be". I wish I had listened to that advice earlier!!!!!!:slapme:
 

celtic

Member
Lending Money Out
Senet(bond) is actually a reliable credit instruct but due to the 'lacuna' and the lack of penal sanctions in the law, it can be misused by some malicious, dishonest people.

In case of any bad experience, I recommend to have the name of a -reliable- bailman on the bond, thus you can direct the execution towards him/her if the first debtor disappears or transfers all his assets to anyone else.

In addition, you shouldn't hesitate to bring an action to the court in order to establish the fictitious bargain in such circumstances that the debtor transfers his assets to others.

As I've said above, unpaid bond(senet) is really lack of penal sanctions and that's why I also recommend you to ask your debtor to draw a cheque(which is another commercial paper) rather than bond(senet), since a worthless cheque's drawer is to be inflicted 1-5 years imprisonment according to Turkish law.

Regards.
 

Valian

Let sleeping dogs lie
Lending Money Out
Now that is really interesting Celtic. I won't ever lend money again, but if I hear of anyone who is thinking of it (and won't be dissuaded!), I will certainly know what to advise now.
 

kaplumba

Member
Lending Money Out
That is interesting as when I was buying my house and the law allowing foreigners to buy was suspended. I was told that my seller had written a cheque for the amount I paid and it was being held by the emlak. At the time I really couldn't see how it would safeguard me but now I understand and I'm sure my seller wouldn't have wanted imprisonment.
 

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