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Alpine Credit?

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Robert Mugabe

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Long story short. I loaned somebody money 6 years ago. They haven't paid me back. It is on my line of credit so I am being dinged monthly payments. They aren't paying that. They have made payments to me and borrowed back again. Now when I ask them their plan as to when I am getting my money back they kind of shrug.
They own property which has doubled in value over the six years. They have hundreds of thousands in equity.
I was thinking of marching them into Alpine Credit and forcing them to get a loan to pay me back. The amount they owe me is around $10,000.
Anyone heard good or bad things about Alpine Credit or any other lenders? How likely is the scenario to work out ?
 
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hockeyguy19

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I think the challenge would be to actually get this person to go.

Don't like saying what you should've done but the best thing would've been to register a lien against their property when you lent them the money.

I lent someone money once and told them that the only way I would do it is by registering the lien against their home. They agreed. It's the best leverage you can have and it allowed me to get paid back fairly promptly.
 
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jaycam

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Make sure you get as much of the issue documented in writing, even if it's text messages of them making excuses or empty promises.

File a statement of claim in small claims court, get a judgement, and slap a lien of their car or house.
 
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Robert Mugabe

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Thanks. I phoned the law line referral service and got a novice who wasn't that helpful. I fully intend to either get a lien on her house or go the small claims route. I have printed out all the statements from the line of credit for 6 years. The money I sent to her and the money she sent to me is all from TD so there is a paper trail from that standpoint.
 
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Darts

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"The amount they owe me is around $10,000."

Is $10,000 still small claim?
 
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Robert Mugabe

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Darts said:
"The amount they owe me is around $10,000."

Is $10,000 still small claim?
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I think so. I got kind of swerved on the advice I was seeking. $35,000 was mentioned as a minimum for some kind of figure to make a lien as actionable. It gets complicated quick. I will make a move tomorrow on getting this shit done.
 
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Doctor Zoidburg

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Aug 25, 2004
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This sounds like another story where you are going to have to .......................

 
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jaycam

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Just file it and send a process server with papers to her door.

For a reasonable person who owes money, that alone should be enough to motivate her to pay up right away to avoid the embarrassment of court. If she's not a reasonable person and lets it get into the court room - than that's proof you should have brought her to court years ago.
 
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LTO_3

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Do you have any signed paperwork/agreement for the loan including interest rate, payment schedule, what happens if payments are missed, etc? If you do and she's missed payments then your legal position for a lien or in small claims court will be improved.
My question of concerns; why loan them the money again that they've repaid? Why didn't she just go to her bank to borrow the money since she seems to have collateral to borrow against?

LTO_3
 
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farquhar

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LTO_3 said:
Why didn't she just go to her bank to borrow the money since she seems to have collateral to borrow against?
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Maybe she did go to the Bank and ask for a Home Equity Loan; but the Bank declined her based on income; credit score; or debt servicing ratio.

Fortunately for her, she had R. Mugabe Savings & Loan to turn to for financing.
 
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farquhar

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Robert Mugabe said:
Thanks. I phoned the law line referral service and got a novice who wasn't that helpful. I fully intend to either get a lien on her house or go the small claims route. I have printed out all the statements from the line of credit for 6 years. The money I sent to her and the money she sent to me is all from TD so there is a paper trail from that standpoint.
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All that paper trail shows is that you advanced money from your Line of Credit and that you made payments toward your Line of Credit; that's not a contract or a loan agreement.

TD doesn't care about this little arrangement you made with this woman. I don't know how much interest you charged this woman; but the interest that you have to pay to TD has increased significantly over the last year and a half thanks to the the Bank of Canada raising the Overnight Rate.

If she went to the Bank to get a loan, and the Bank turned her down before she came to you, there probably was a good reason for that....maybe she had a history of not making her loan payments on time??
 
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Darts

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Chalk it up to a life lesson.

Years ago, my next door lesbo couple broke up. The much younger of the two who contributed nothing got half the house.
 
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Robert Mugabe

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farquhar said:
All that paper trail shows is that you advanced money from your Line of Credit and that you made payments toward your Line of Credit; that's not a contract or a loan agreement.

TD doesn't care about this little arrangement you made with this woman. I don't know how much interest you charged this woman; but the interest that you have to pay to TD has increased significantly over the last year and a half thanks to the the Bank of Canada raising the Overnight Rate.

If she went to the Bank to get a loan, and the Bank turned her down before she came to you, there probably was a good reason for that....maybe she had a history of not making her loan payments on time??
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Well you may be right, but the TD transactions are from her TD account to my TD account. And from my TD account to her TD account. May not be a bloody glove for evidence but it does kind of show a back and forth. I never charged her interest.
 
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Robert Mugabe

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farquhar said:
Maybe she did go to the Bank and ask for a Home Equity Loan; but the Bank declined her based on income; credit score; or debt servicing ratio.

Fortunately for her, she had R. Mugabe Savings & Loan to turn to for financing.
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Which is why they have Alpine Credit. " own your own home? you're approved!"
Obviously it isn't lost on me that I might be fucked. But I am going to investigate the lien on her property option. If there is one.
 
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Robert Mugabe

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LTO_3 said:
Do you have any signed paperwork/agreement for the loan including interest rate, payment schedule, what happens if payments are missed, etc? If you do and she's missed payments then your legal position for a lien or in small claims court will be improved.
My question of concerns; why loan them the money again that they've repaid? Why didn't she just go to her bank to borrow the money since she seems to have collateral to borrow against?

LTO_3
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No signed papers. It was meant to be paid back in two months. She isn't exactly blue chip material. She got her mortgage by a certain amount of subterfuge.
 
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