Hi Forumosan,
so, yet another situation where a likely* scammer run away with the money. I have the promissory note (本票) and a written contract for that loan, and when the person kept finding excuses for not returning the loan (and agreed interests) I went to a lawyer with the 本票 and he… “registered it” so that it doesn’t expire, and I’ve been granted the right to access the debtor’s income statements so to initiate a forced payment**.
Now, the guy has 0 income, and 0 assets, of course, and I bet he’ll be in this situation forever and ever. How is this even possible? I mean, isn’t the tax office after him? As a Taiwanese adult citizen, are you allowed to declare 0 income and assets for years on end without trouble?
Many lawyers told me that the chance to win a lawsuit and see my money back are low, and the most frank even told me to forget about it altogether.
This said, practical questions:
can I at least report him to the tax bureau or similar?
any other general advice beside “don’t lend money to untrusted characters”?
Thanks a lot!!
*Either he is a terrible investor or a fraud, cannot exclude nor proof either.
**Sorry for the lack precision here, my Taiwanese wife took care of it, so I don’t know how to describe the procedure with proper terms. Hope the most Law-savvy among you know what I’m talking about.
Not cool to criticise someone for giving out personal loans. Sure, it’s risky, but it’s hardly rare and it’s certainly not “underground”
Much of the time, we approach friends or associates (and vice versa) and it’s caveat emptor if they are persuaded by you. Obviously, the OP didn’t do enough due diligence or was simply scammed. Unhelpful to single that out.
This situation will continue to happen to many of us. Hopefully, there’s some good advice to help those who come upon this in the future
Depends, as he did not give enough info. You do not know him/her so how would you know?. He may have been loaning with 5 interest or 200%. I was asking a first time poster you were judging.
If people post private things on public forums.i.have every right to ask. Ditto
As for making assumptions about people, we would like to maintain a welcoming atmosphere and not imply negative things about first time posters. Thanks for your understanding.
Guys, first of all, thanks for your input, overall I have a more clear idea of the situation here.
It happened a while ago, and I was in a sort of “yes man” stage. My instinct was itching badly, but the guy happened to be introduced to me by people I trusted. Plus a little greed on my side and my decision tipped on go ahead with it.
The whole thing was presented as an investment, and I trusted that the 本票, a written contract, and the Taiwanese law would be enough of a guarantee. How romantic I was!
I already knew that it was risky, the lesson has been on the Taiwanese legal system, actually. I wonder why isn’t everyone doing this trick to hide income and assets and just make every 本票 toilet paper, let alone non paying a dime on taxes.
I’ve lost money under similar circumstances. In my case I should have gotten a personal guarantee from all the directors.
My experience was not in Taiwan. And your experience has absolutely nothing to do with the Taiwanese legal system. It happens in every country.
In your case I would have expected that you could have gotten a personal guarantee from a spouse, or parent. Or some type of linen over real property. Scammers run when they hear you want these things.
In my experience, it’s simply not worth chasing it down, even though there was an element of fraud to it. But if you use this as a life experience, take responsibility, you will never make that mistake again. I never did make that same mistake.