I entered into a forex business with 2 guys, promised to make 12% monthly for them for 6 months to 1 year and in the contract, i stated that they can request for their money back with a notification of 1 month in advance if they are not satisfied with the way i remit their profits to them every month.

About 6-7 months into the business, the business collapsed, i suffered a loss that took all the money away but prior to that time, i paid monthly to them. within this 6-7, they have almost earner almost close to what they invested if not much, i disclosed to them that the money has been lost but they want their initial investment back. Real money they invested was 300k, but they added like 2 month's profit to make it 400k.

I was able to pay 80k back about 3 months ago, but right now, i don't have money to pay them and one of them is threatening me with physical and spiritual harm. i have saved some of his text messages on my phone for fact and evidence purposes just incase anything happens. they want to collect interest for the months i didn't even trade even though i have told them months ago that the money has been lost.

Right now, i need an advise, do i really have to pay them back their money even though i don't have?
can i win a case with them if they decide to take this to court?
i have my own contract with me, they have their own copy and i don't think there's anywhere i "stated" that i was going to refund them if the account crash or the profit is lost, though i haven't taken this up yet because i have taken them as friends first, but the way things are going, should i inform them that i can't and won't refund them of the rest money?

I need advice from lawyers, police officer or anyone with similar issues before.

one more thing, can i be arrested by the police and jailed if i don't pay them? i promised them end of this month but right now, i don't think i can even raise 30% of the money, not to talk of paying them their money, all i need now is advice incase the one threatening me decides to go ahead with his threats.

Thanks

(I am in Nigeria so advice according to the locality)

Agreement is agreement. You can only appeal to them and hope for the best. There is nothing to 'take up'. These dudes lent you money without collat. at a high risk on trust. If they appear aggressive now, its because they are humans who naturally hate loss.
Keep appealing to them, strive to pay back no matter how long it takes.

Actually, they did not loan me money, they wanted profits hence we went into business. they didn't lend me the money.


Please read what i posted properly, they knew it was for forex and they invested into it, i didn't tell them i was loaning from them.

When you go to the bank to get a loan, the bankers know its for business and they perceive its profitable business too, yet they must get a collateral before the loan and you payback with interest, failure to do so, your collateral is sold off. Your friends 'gave' you the money without too much grammar, in the real world its assumed to be a 'loan' and you faltered. Appeal to them and stop 'proving over sabi'

^^^

  Please under what business law are you basing this on? when two people go into business deal, is that perceived as a loan too?

If i am a producer and you are an investor, i tell you i have a film to shoot and that it's likely going to give 10% monthly after its shot, you end up investing, after 6 months of returns, the film stops selling and no one buys again, does the producer have to pay back the investor his money? i am not trying to run away with the money here, rather the money was lost in the business so where does the "loan" aspect come into place here?

  There is no collateral here, there was no case of a "lender" and a "borrower" here, i just don't get it with the way you're trying to interpret it. anyways i am still waiting to hear from someone else for "note comparing",

We really cant advise you properly, if at all, unless u paste the full contents of "the Agreement" here.

Even if the said agreement contains holes you can exploit, you will end up loosing the trust/respect of these friends, and probably suffer physical damage too.

Your best bet is to renegotiate.

Even if you go to court and are found guilty, they will simply ask you to state a repayment plan that is convenient for you, even if its N1 monthly for 30 years.

My guy, get a lawyer and settle it in or out of court, on a new agreement, asap, to secure your life and property.

[s]You need to be preemptive and find a remedy before they start chasing you with police.[/s]

^^^^

Thanks for the advice, this sounds more direct and clearer. the issue here is that i am being threatened with death and all that, do you advise i report the threats to the police and a lawyer in advance or?

Get a lawyer immediately.

He'll advise you better and file a police report so that if something happens to you, they know where to look.

In fact, u should have saved dat 80k for legal fees.

Atleast he is also on the appeal side. Issues come up among and between friends, your ability to remain humble and have the right words to say is wisdom, go get wisdom. Your friend threatening death, do you think he can be that wicked to go that lane? Is he capable of killing a human?What he threatened is just out from an angry heart caused by the way you responded. Leave your high horse,go on bended knees and appeal to them. Its not too much to do if you are a true friend.

Gboliwe:

Atleast he is also on the appeal side. Issues come up among and between friends, your ability to remain humble and have the right words to say is wisdom, go get wisdom. Your friend threatening death, do you think he can be that wicked to go that lane? Is he capable of killing a human?What he threatened is just out from an angry heart caused by the way you responded. Leave your high horse,go on bended knees and appeal to them. Its not too much to do if you are a true friend.

if u read me well, you'd have seen that they are two involved here but only one is threatening me, meaning that one may be understanding while the other may not be, so what makes you think i have not done all the stuffs you're saying here? you just don't judge me by what you think from your side, if i hadn't been humble, then i should have been in real trouble by now. they are not the only ones being owed, just that this particular guy feels he should be that way. even that 80k was given to me by my elder brother to sort them.

Maybe i should make it clearer to you, the one threatening me is not really my friend, i knew him from the other one and they both came together to invest the money, does this change anything now?

what i really want to know from you is that, are you talking on an "investor" point of view, neutral or what exactly?



@yamakuza

Well i was thinking to that level too but i still want to go the normal way because of the other calm friend of mine, he is more understanding and i think he knows more about investment, business and risk than the other one who feels calling me names and threats is the way to go, the last text he sent, my response was harsh too because i couldn't take it again, he kept calling me a criminal and i also gave it back to him that he was also a criminal for wanting to gain and not ready to lose. gaining for 6 months and now that the money stopped coming, he's now acting as if he never gained from the biz.

thanks all the same, i am going to seek advise from a lawyer and a police officer if the threats continue.

curious33:

if u read me well, you'd have seen that they are two involved here but only one is threatening me, meaning that one may be understanding while the other may not be, so what makes you think i have not done all the stuffs you're saying here? you just don't judge me by what you think from your side, if i hadn't been humble, then i should have been in real trouble by now. they are not the only ones being owed, just that this particular guy feels he should be that way. even that 80k was given to me by my elder brother to sort them.

Maybe i should make it clearer to you, the one threatening me is not really my friend, i knew him from the other one and they both came together to invest the money, does this change anything now?

what i really want to know from you is that, are you talking on an "investor" point of view, neutral or what exactly?



@yamakuza

Well i was thinking to that level too but i still want to go the normal way because of the other calm friend of mine, he is more understanding and i think he knows more about investment, business and risk than the other one who feels calling me names and threats is the way to go, the last text he sent, my response was harsh too because i couldn't take it again, he kept calling me a criminal and i also gave it back to him that he was also a criminal for wanting to gain and not ready to lose. gaining for 6 months and now that the money stopped coming, he's now acting as if he never gained from the biz.

thanks all the same, i am going to seek advise from a lawyer and a police officer if the threats continue.

comments reserved. Goodluck!