Expert tip: how to pay off your friends’ debts

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They say: where money begins, friendship ends. In order to be sure that the debt will be returned, it is recommended to record in writing the fact of lending money. Such a certificate or agreement can be written by hand in free form. It is only important to indicate in it who loaned to whom and what amount is being discussed. It should be clear from this agreement that the money is not donated, so words such as “loan” or “loan” must be present in it.

Those who are embarrassed to ask a friend to draw up a loan agreement have another opportunity to insure themselves: the borrowed money should be transferred by bank transfer and the word “loan” should be written in the “appointment” (Verwendungszweck) section. In further proceedings, this document will testify that the money was not donated, but lent.

If they also want to receive interest for the loan data, then you should know that these interest rates should not be too high (sittenwidrig), namely, not more than double the interest rate currently accepted in the financial market. For large amounts, it is advisable to certify the loan agreement with a notary and agree on guarantees there.

Alex Gradov.

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