Debt recovery singapore Case Study #022: Money vs Friendship The client and her long-time friend, the debtor, had always been there for each other during difficult times. When the debtor lost her job and was struggling financially, the client lent her SGD$15,000 to help cover her rent and living expenses until she found new employment. The agreement was verbal, with the debtor promising to repay the loan once she was back on her feet. As months passed, the debtor found a new job but became evasive when the client asked about the repayment. Their once-close friendship became strained as the debtor continued to avoid the subject, claiming she was still in financial difficulty. The client, upset but wanting to preserve the friendship, contacted JMS Rogers for help. JMS Rogers reviewed bank transfers and messages between the two friends, confirming that the money was clearly a loan. When approached, the debtor argued that she couldn’t repay the full amount due to ongoing expenses, but JMS Rogers facilitated a negotiation. After several discussions, the debtor agreed to a repayment plan that allowed her to repay the debt over two years in smaller instalments. This case demonstrates how financial issues can test even the strongest friendships. JMS Rogers’ intervention helped the client recover her money without further damaging her relationship with the debtor. What Can We Learn from This: Clear Communication is Key to Preserving Relationships Even when lending money to friends, it’s essential to clearly communicate expectations and terms. This case shows that verbal agreements, while based on trust, can easily lead to misunderstandings and strained relationships. The lesson here is to ensure both parties are on the same page about repayment to avoid future conflicts. Professional Mediation Can Help Repair Friendships In this case, JMS Rogers acted as a neutral third party, mediating between the client and her friend to avoid further emotional tension. By removing direct confrontation, professional debt collectors can facilitate a structured repayment plan that allows both parties to resolve financial disputes amicably, without escalating personal conflicts. Flexible Repayment Plans Support Financial Recovery Rather than pressuring the debtor for a lump-sum payment, JMS Rogers negotiated a manageable repayment plan that allowed the debtor to clear her debt over time. This demonstrates the importance of flexibility and patience in debt recovery, ensuring that debts are repaid without causing additional financial hardship, while also maintaining respect for personal relationships. Read more : https://www.jmsrogers.com/