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Somebody owes you money - what do you do?

by Vee (follow)
Relationships (205)      Money (148)      Finances (9)      Debt (4)     

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One of my sisters always laughs at me when I bring up a certain person who owes me money. It's not a large sum they owe, but that is beside the point. I know my sister understands because she beats me to it when I try to explain that "it's not about the money; it's about the principle".

What do you do if and when someone owes you money?

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Top Answers
I made a hard choice when very very young, never loan money.

I give it....but never loan it.

I would ask the person to tell you 'why' they can not pay it back.

It also depends on the amount.
Anything under $150-$200....I would forget about it if they are dirt poor.

But! I would never loan again, because that becomes a problem for them to lean on you and others again.

If they are family, I would let it go.
If a very dear friend let it go.

But! just never lend again, and we all learn from mistakes.

If you find you can not let it go....then small courts can help you with advice to recover it.

You also can ask that person to 'work' it off, but they have to be willing.

Keep communication open, but for me....I would walk away, and not deal with them again.

Some people do this kind of thing over and over to people, so you have to work it out 'if'
you wish to stay in touch with them later.

It is a hard problem.

My grandmother used to share an old proverb which I have always found to be good advice - "Never a borrower or a lender be."
My Mother would say it over and over to me....50 yrs ago, and I lived by that.
Unless one of my family....Then it is very different, depending on the amount.
But then again....I have never had much...lol....so good luck 'getting much from me'' :)
by jonaja
Yes, Gayle, those words were spoken by Polonius to his son, Laertes, in Shakespeare's play, 'Hamlet'.
by donjo
I have loaned a few times and not given it back but I know this was purely due to an oversight on my friend's part.

It was not huge amounts, and I really do not like asking for money back -I do ask for it back from my son as I loan them quite large amounts and have to nag to get it back.

I give them a lot of money (and indeed just gave them a near new car!) so out of principal I insist on getting money they borrow back. But a child is different anyway.

Friends have forgotten, but they are usually small amounts and it does not really bother me.

I will always lend friend's money as I figure if they need to ask, then I can afford to give.
by Finy
Aah, Finy, you mean 'principLe', methinks! Cheers!
by donjo
When I started work, my parents', who owned their own business, told me NEVER to loan money to ANYBODY, because you'll never see it again!

Many years' later my FinAdvr said 'if you are prepared to LOSE x $, then loan it, as you'll not get it back'.

If someone needs money NOW, how do they intend to pay it back in the future?

Recently had a friend ask me for xxxx $$$$$; I declined, gracefully.
I have owed and due to some rough time found it hard to pay it back. It was very embarrassing. Even though the person did not ask I felt guilty for owing. Because of this I am more lenient but I rather to just give it or forgive the debt especially for small sums. I rarely loan money out anyway.
by Gia
I have that situation at the moment.
I rarely ask for it -it is only $7 and she said to remind her but I feel petty reminding her so will not.

I do however remind my son constantly and repeatedly about the same amount! I give them a lot, money wise, and if they borrow, they need to learn they have to pay it back.
by Finy
I know, I often feel petty myself reminding people. It's like "remind yourself!" LOL.
by Vee
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