Really in need of some advice.

Sometime in 2019, I met a Singaporean guy on an online dating app and I ended up lending him $90k.

Fast forward to today, he has only paid $11,300 and has always delayed on repayments. He treats me like a fool, always committing to pay on a specific date but the repayments never ever comes in.

Should I:

(i) spend $5k to hire a lawyer to sue him (i have an IOU) and the legal costs can escalate to $30k with possibly nothing to recover cause he really seems broke

(ii) spend $4k upfront on a licensed debt collector and have them take 20% commission on every dollar repaid

What will you do? Really need some advise as I am sick and tired of chasing him for repayment month after month.

Netizens’ comments

I don’t know.. (ii) is often useless too. Cos I have friends who tried. Maybe do some digging first, like hire a PI. If he still has assets, I suggest going down (i) , see if can find a cheaper lawyer? Also, is he unwilling to pay or don’t have money to pay? If latter.. your 2 options don’t work. Perhaps work out a plan with him if he doesn’t have money to pay. Like instalment scheme or something.

Don’t use debt collector as the current laws make it very difficult for any debt collector to recover any debt.Instead send a letter of demand through a lawyer, few hundred dollars.Next apply to seize any assets, personal items at home , car, bank account , (1-5k)You need to have details about him. I presume you have his full name and his address. Bank account number as well? If not you need to do some research on him

I think you should seek legal advice, and if necessary, make him a bankrupt. That will adversely affect him when he wants to purchase a car, property or even apply for a credit card in the future. He is likely to have to declare his bankruptcy to his workplace too. The Official Assignee will then take over his bankruptcy estate and make him pay monthly contributions to creditors (you). Read more here: