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Investment not yet returned

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1 Investment not yet returned on Wed Aug 21, 2013 2:54 pm

zandro26


Arresto Menor
Hi Sirs/Ma'ams,

Im searching online for any legal advises on my situation and bumped into your forum website.

This is my concern:

I have a friend/classmate in graduate school who is a businessman/politician he is a town councilor in one of the towns in Surigao whom i invested an amount of 100K pesos for his microfinancing business adressed in Surigao. I invested last year around Feb 2012 with a paper proving i have invested this amount with 2% interest monthly. On the paper it states that the maturity is one year, and He (my friend) told me that i can get the money after a year. I recieved the monthly interest which he sends via money transfer entities and sometimes on my back account, this was though inconsistent because most of the times i have to text him to remind of the interests. Which most of the times are delayed.

Now a year had passed and am expecting him to give me the full amount of my investement which he promised and indicated in the paper i signed on.

However he told me that he has no money at that moment because it is 2013 elections and he was running for second seat. So i agreed via text messages though reluctantly. during this period im practically begging him i need the money for my child's medical needs. Since he was re-elected this May 2013 i never heard from him, he never replied and even answering my calls. Im so worried now that i may no longer get back the money which i hardly earned.

with this what legal actions do I need to do.

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2 Re: Investment not yet returned on Wed Aug 21, 2013 6:12 pm

karl704


Prision Mayor
send him a written demand letter first. if he fails to return your money after receipt your demand letter, you may file a case for estafa

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3 Re: Investment not yet returned on Thu Aug 22, 2013 1:03 pm

zandro26


Arresto Menor
Thanks, does it need to be signed by lawyer this early?

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4 Re: Investment not yet returned on Thu Aug 22, 2013 10:38 pm

karl704


Prision Mayor
no.it need not be signed by a lawyer.it may be a simple harmless letter demanding the return of your money.unless,you want to give him or her a clue that it is for future filing of a criminal case, or if you want to intimidate him in the hopes of making him or her return your money without going to court.

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5 Re: Investment not yet returned on Fri Aug 23, 2013 1:53 pm

zandro26


Arresto Menor
thanks Karl. will let you know how it will go.

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