answered on 03/05/2017
Potentially, you may want to engage a debt collection firm to collect the debt for you. However, you will need to have proof of the debt such as an IOU. You may also engage a lawyer to issue a letter of demand, although the same evidential barriers will apply. Further, legal proceedings must be initiated within six years from the stipulated repayment date. Please visit https://singaporelegaladvice.com/law-articles/how-do-i-recover-a-debt-from-a-personal-loan-made-to-a-friend-in-singapore-does-it-matter-if-i-have-an-iou/ for more information.