Loan agreement to сollect money back from debtor

🔴 Subscribe to our channel: @TarasenkoVasily Legal services (Whatsapp, Telegram) 7-909-961-19-09 Website: 0:00 INTRODUCTION 0:12 WHAT IS A LOAN? 0:30 HOW TO DRAW IT UP 1:52 EFFECT 2:53 CAN YOU SIGN IT ONLINE? 3:10 CAN YOU GET YOUR MONEY BACK IF YOU DIDN'T ENTER INTO AN AGREEMENT? If you want to lend a significant amount of money to someone, it makes sense to enter into a loan agreement, which will help protect you in case of failure to pay back the loan. First, let's discuss what a loan is. It refers to a thing that is borrowed or lent for a while, that is, it can be not only money, but also some item of property. In this video, I'll tell about money loan agreements above all. HOW TO DRAW IT UP There is no strict form of this type of agreement, but be sure to include the personal details of the borrower and the lender, the amount of money that was borrowed and, correspondingly, the amount of money expected in return, and the signature date. In addition, it's also very advisable to specify the payment schedule and a certain penalty in case of failure to repay the debt on time. Unless otherwise stipulated in the agreement, for amounts less than 100 thousand rubles, no penalty will be charged by court; for amounts more than 100 thousand rubles, interest in the amount of the key rate of the Bank of Russia will be imposed. And by default the loan amount must be paid upon written request of the lender, whenever it is. In the document one can also provide for the method of loan payment, for example, to a certain bank account; and collateral, that is, an asset that is used as a guarantee of repayment (real estate, vehicles, or other goods). And other conditions at you discretion. The currency of the loan may be any at your choice, but if the borrower and the lender are from different countries or they're both in Russia, but the agreement provides for a foreign currency, it's worth clarifying which bank's rate you will use when transferring funds. EFFECT Note that it doesn't need to be certified by a notary – you can just print it out and sign. BUT in Russia, this document won't enter into legal force once both parties sign it - it becomes enforceable only after the transfer of the loan. That is, if the borrower refuses to pay back what's due to you, you'll be obliged by the judge to not only provide the agreement, but also prove the fact you transferred the money to that person. In case of bank transfers, it's easy – it's enough to provide a receipt from the bank (it will be perfect if you indicate the payment purpose “under agreement No. … dated …“). What about cash? Ask the borrower to write and sign a receipt that he or she was handed this amount of money. The same applies to the borrower if he or she repaid the money – it's strictly recommended to demand the lender to write an acquittance that the debt is cleared (especially if you paid in cash or with a crypto currency), and destroy the agreement itself. CAN YOU SIGN IT ONLINE? Russian law doesn't prohibit to sign contracts through the Internet (when one sends their stamped and signed contract, and another prints it out, signs and sends back its scan), but this must be provided for by your agreement. CAN YOU GET YOUR MONEY BACK IF YOU DIDN'T ENTER INTO AN AGREEMENT? It depends on whether you can prove that you actually transferred money to another person, and that it was a loan and not a gift or payment for any goods or services. If you send it to your ex-partner or ex-spouse, it would be extremely hard to convince the judge this wasn't a gift. In addition, with the help of an agreement you will be able to prove a scam if you concluded it with someone you met online (although I advise you to never send any fund to people you got to know, for example, on a dating site and haven't seen in person) Receipts are also important – as mentioned, such an agreement can be considered enforceable only after the transfer of the loan. And, important thing, disbursements in cases without an agreement can be much higher than with one. My advice is: no matter how close the borrower is to you, and how large the loan amount is (if it's large enough that it'd be a pity for you to lose it), you don't want to lend anybody money without an agreement. If you need help in drafting such a document, feel free to reach me. #loanagreement #loan #returnmoney