$3000 value then and now...

VWCOOL 23 Windows of Awesome

5,158 posts · joined Jun 2003 · 21 Apr 2009, 8:36 am

#708148

I lent $3000 cash in 1996 or 1997 and (to cut a long story short) now I wish to get it back. With regard to normal economic inflation, what would $3000 in 1997 be worth now?

Pay your debts, CxxT

h fractals - an ever changing lifestyle

7,671 posts · joined Feb 2005 · 21 Apr 2009, 8:56 am

#708152

that all depends on what interest rate / inflation rate you decided on the loan
but really its like 12 -13 years ago.. surely its long gone..

fractal geometry; the inner most limits of mind altering abuse

Fantasy http://seventhchronicle.com

Z = Z2 + C1/r = 1/0 = infinity

Barrels www.barrelman.com.au

VW Workshop - aircooledgarage.com.au
allcooled.com.au

Phil74Camper Head in the Clouds

2,703 posts · joined Aug 2002 · 21 Apr 2009, 9:08 am

#708154

I think we are ignoring interest on the $3000, and asking what the buying power of $3000 in 1996 would be worth now?

The Reserve Bank has an online Inflation Calculator, based on the CPI. It works for all years between 1901 and 2008: http://www.rba.gov.au/calculator/calc.go

It says that $3000 in 1996 is the same as $4127.50 in 2008.

VWCOOL 23 Windows of Awesome

5,158 posts · joined Jun 2003 · 21 Apr 2009, 10:07 am

#708160

h wrote:that all depends on what interest rate / inflation rate you decided on the loan
but really its like 12 -13 years ago.. surely its long gone..

Cool! You'll be happy to lend me $3000, then...

A favour is a favour and I at least expected my money to be returned by now. I have waited patiently, twice listened to the 'Yeah, Next Week...' style of spiel and witnessed his spending in other 'disposable' areas so inability to pay is not an issue. Reasonable attempts at contact him in early 2008 about this and other matters appeared to fall on deaf ears and he has made no attempt to communicate with me (for any reason) for more than a year.

I am now completely out of 'good bloke' vibes but I need to determine a fair and equitable amount to ask for

Pay your debts, CxxT

colonel mustard Son of Jim - Creator of Good

2,829 posts · joined Feb 2009 · 21 Apr 2009, 10:44 am

#708166

Say 5k. Fair is fair.

h fractals - an ever changing lifestyle

7,671 posts · joined Feb 2005 · 21 Apr 2009, 12:38 pm

#708184

VWCOOL wrote:
h wrote:that all depends on what interest rate / inflation rate you decided on the loan
but really its like 12 -13 years ago.. surely its long gone..
Cool! You'll be happy to lend me $3000, then...

A favour is a favour and I at least expected my money to be returned by now. I have waited patiently, twice listened to the 'Yeah, Next Week...' style of spiel and witnessed his spending in other 'disposable' areas so inability to pay is not an issue. Reasonable attempts at contact him in early 2008 about this and other matters appeared to fall on deaf ears and he has made no attempt to communicate with me (for any reason) for more than a year.

I am now completely out of 'good bloke' vibes but I need to determine a fair and equitable amount to ask for

hey chill out man..
i agree waiting patiently and being reasonable etc etc etc
but honestly if its been that long and no payment has surfaced and a year of no contact.. well wake up and smell the coffee..?
honestly man do you really think that your money will ever come back ..
did you have a contractual agreement with this 'mate' ?? something that is enforceable but the rules of society we live in..?
maybe when you lent the coin your mate may of been a top bloke but as the years roll on he may not be as he was back then..
i hope you recover your money in some form or other i find it strange that someone would let a thing like this ride for sooooo long.. thats all
to any reasonable person this maybe a deal that is lost in the annals of time
btw im happy to lend you 3k with a great double digit interest rate that would make your credit card company look like a great deal..
however.. maybe a resolution you and your mate can come too is a payment installment scenario agreeable between the both of you, and if its only 3k you get back its still 3k in your pocket
maybe its time to roll up to your mates place with a 6er and sort it out..

fractal geometry; the inner most limits of mind altering abuse

Fantasy http://seventhchronicle.com

Z = Z2 + C1/r = 1/0 = infinity

Barrels www.barrelman.com.au

VW Workshop - aircooledgarage.com.au
allcooled.com.au

DirkHedde Slammed & Awesome Dubber

91 posts · joined Oct 2008 · 21 Apr 2009, 1:16 pm

#708196

i think the answer is pretty obvious. cut your losses and move on. its been far to long to even think about asking for something now. 12 or 13years? i think the moral of this story is dont give $3000 away. most people only need to learn this lesson once! you will know for next time

donn Wolfsburg Elder

3,515 posts · joined Nov 2005 · 21 Apr 2009, 1:27 pm

#708200

If you lend a friend $10 and you see neither again, consider it good value.

I dream of a day when a chicken can cross a road without being asked for it's motive!

squizy Thinking about another dub...maybe

4,082 posts · joined Dec 2002 · 21 Apr 2009, 2:58 pm

#708209

That's a hard one Glenn. I suppose it depends what your motivator is. If you really need the dosh in these tough climates, maybe a friendly final chat to your "mate" might get you something. Maybe not 3k, but something. If the driver is different, and other things are hinging on it. then obviously you need to get as much back as you can. If there is no motivator, then let it go. 12 years is a long time, and if they haven't paid up now, they never will. They've spent it over and over again and again already.

Bizarre Moderator The artist formerly known as blue74l

12,787 posts · joined Aug 2002 · 21 Apr 2009, 3:11 pm

#708210

I reckon Craig has been borrowing to buy VW;s 😀

Futue te ipsum!!!

helbus Administrator Mad fabricator, paint and body

7,386 posts · joined Sep 2002 · 21 Apr 2009, 6:24 pm

#708238

The start would be an amicable round table talk. Discuss what the past was, discuss where you want it to go. Let them talk about their view of the past, where they want it to go, and where they can work towards it's future. Discuss in polite terms what each wants, and then think if there is a middle ground and see if the other party can agree. This can come from either side. The final agreement has to have witnesses.

Examples I have made up.

Lets say you talk about the original $3000 and how it would be worth $4000 now, and if it was a personal bank loan it would have fetched $5000 in repayments, You want your $3000 back at a minimum.

They may return with $3000 original money, $3000 still owed and can pay $1500 cash now and that's it no more.

Then your counter offer is $2500 within 1 month or $3000 within 3 months.

They come back with $2000 within 1 month.

etc....

At the end, you may lose a bit, but gain a lot more than you have had since 1996

EJ22 into Bay Microbus - Finished project build thread- click on this spot here for info

colonel mustard Son of Jim - Creator of Good

2,829 posts · joined Feb 2009 · 21 Apr 2009, 6:32 pm

#708241

I'd serisouly ask for it all back. Its nice to get someone out of a spot and help out, but if he said he would repay you, he should. Men should stand by their word, always.

thugbug Wolfsburg Wizard

405 posts · joined Mar 2008 · 21 Apr 2009, 8:02 pm

#708262

A Letter of Demand c/o your solicitor, which normally carries the " unless finalised within 21 days further action will be formalised" sort of stuff. Maybe cost you 1 or 2 hundred but might jolt your "mate".

donn Wolfsburg Elder

3,515 posts · joined Nov 2005 · 21 Apr 2009, 8:10 pm

#708265

Sounds like one of those verbal agreements that arn't worth the paper their not written on.

I dream of a day when a chicken can cross a road without being asked for it's motive!

kroozzn63 Bishop of Volkswagenism

3,005 posts · joined Jan 2004 · 21 Apr 2009, 8:42 pm

#708287

yeah Glen i told you id pay you back!! im just going on a holiday for a week and taking the boat when i get back i promise ill pay you just been going though a rough patch and the kids private school fees are due but ill call you when i get back ..Thanks again

show us your gates

VDU.88A Officially Full-On Dubber

306 posts · joined Jun 2003 · 21 Apr 2009, 9:22 pm

#708306

A favour is a favour and I at least expected my money to be returned by now. I have waited patiently, twice listened to the 'Yeah, Next Week...' style of spiel and witnessed his spending in other 'disposable' areas so inability to pay is not an issue. Reasonable attempts at contact him in early 2008 about this and other matters appeared to fall on deaf ears and he has made no attempt to communicate with me (for any reason) for more than a year.

I am now completely out of 'good bloke' vibes but I need to determine a fair and equitable amount to ask for

Been in the same situation Glen Wasn't $3k but it was enough. What i did was turned up at his door TOLD him i wanted the money (no asking it was past that stage)Demanded he tell me when he could have it (just listen) then ignore what ever he said and told him he had a week and I would be back on the doorstep and would take whatever he had of value if he didnt have the cash.
It is quite funny how when you turn up on someones door with a few mates waiting in the car that money can be found an repaid.

Just a suggestion worked for me 3 years isnt too late to collect a debt.

matberry Moderator Go hard or go home

8,114 posts · joined Mar 2006 · 21 Apr 2009, 9:36 pm

#708309

A verbal agreement is still an agreement that would even stand up in court. I'd try for my 3 grand back!

Matt Berry Motorsports...air cooled advice, repairs and mods Ph 0408 704 662
OFF-ROAD,CIRCUIT,DRAG,STREET,ENDURANCE

kroozzn63 Bishop of Volkswagenism

3,005 posts · joined Jan 2004 · 21 Apr 2009, 10:13 pm

#708314

yeah at least try and get ya 3GS dont spook him/her with higher amounts just get what u can ,,then if nothing get the sheriffs on them "scumbag"

show us your gates

VDUBXTC Tea Bag

3,587 posts · joined Feb 2003 · 22 Apr 2009, 1:29 am

#708333

VDU.88A wrote:

A favour is a favour and I at least expected my money to be returned by now. I have waited patiently, twice listened to the 'Yeah, Next Week...' style of spiel and witnessed his spending in other 'disposable' areas so inability to pay is not an issue. Reasonable attempts at contact him in early 2008 about this and other matters appeared to fall on deaf ears and he has made no attempt to communicate with me (for any reason) for more than a year.

I am now completely out of 'good bloke' vibes but I need to determine a fair and equitable amount to ask for
Been in the same situation Glen Wasn't $3k but it was enough. What i did was turned up at his door TOLD him i wanted the money (no asking it was past that stage)Demanded he tell me when he could have it (just listen) then ignore what ever he said and told him he had a week and I would be back on the doorstep and would take whatever he had of value if he didnt have the cash.
It is quite funny how when you turn up on someones door with a few mates waiting in the car that money can be found an repaid.

Just a suggestion worked for me 3 years isnt too late to collect a debt.

Ahhh Good times 😂

Jasmine the 75 L Bug
56 oval, 2000 New Beetle

forry2000 Seriously Crusin Dubber

162 posts · joined Jun 2007 · 22 Apr 2009, 6:51 am

#708337

tell the 'mate' that you'll take the hoodjax back, after all the $3k was the only reason he used them in the first place.

Euro_67 Wolfsburg Wizard

690 posts · joined Oct 2003 · 22 Apr 2009, 7:04 am

#708338

In a situation like this, threaten legal action.
Be sure to point out that the court judgement includes compounding interest (interest on interest). In my situation it took 8 years for him to pay, but the interest he paid was greater than the principle debt (court enforced 10.5% in '98 when he finally paid). I thanked him very much as banks dont pay that kind of interest.

Be careful if confronting him, as these situations can escalate. It wouldnt look good for you if you were at his home, and he phoned the police and made allegations about you threatening him, etc.... Trust me on this one !

There are some good legal links on the NSW law courts site and most likely a standard letter of demand you could send him to initiate the legal action.

http://www.lawlink.nsw.gov.au/lawlink/local_courts/ll_localcourts.nsf/pages/lc_info_issueclaims

Good luck.

vw54 Administrator Always Waiting 4 Friday

16,723 posts · joined Aug 2002 · 22 Apr 2009, 7:32 am

#708341

I reckon Craig has been borrowing to buy VW;s

Barry that may be the nail LOL

I read it on FACEBOOK so it must be true

http://forums.aussieveedubbers.com/viewtopic.php?tid=91278&page=1#pid848630

http://forums.aussieveedubbers.com/viewtopic.php?tid=63561&page=1#pid624099

http://forums.aussieveedubbers.com/viewtopic.php?tid=4832&page=1#pid452603

http://forums.aussieveedubbers.com/viewtopic.php?tid=60650&page=1#pid574409

mac76 Learner Dubber

12 posts · joined May 2009 · 17 May 2009, 2:33 pm

#712954

ill get it back for you and take 30% commision!