For some reason, money seems to be an awkward topic of conversation. Whether you don't make enough, or you make more than everyone else, no one wants to talk about their money situation. In fact, typically, the only time money is the topic of discussion is when someone needs a loan. If you have the money, and you have a close relationship, sometimes that loan is granted. What happens, however, when you are not paid back your money in a timely fashion? Do you forget about it? Do you ask for your money? What is the proper protocol? This article will help take you through the process of asking for money owed to you.
- Skill level:
- Moderately Challenging
Things you need
Call the friend or family member, or better yet, see them in person. The more contact you have with this person, the more he or she will be reminded of what is owed to you. More than likely, every time your face is shown, you will have a better chance of getting your money.
Ask how they have been doing. Talk about the weather, work, your kids, anything that is normal conversation for your relationship. Don't make the situation any more awkward than it already is. The visit should be as pleasant as possible, given the situation.
Ask if they ended up buying whatever they borrowed money to buy. For instance, if your friend borrowed money to fix his car say, "Is your car running any better than it did?" At this point, don't outwardly ask for your money. A simple mention is usually enough. In fact, many people can stop at this point because they will immediately get paid. If not, move to the next step.
Speak frankly to your friend or family member. Let them know you want your money back. The easiest way to say it is, "Do you have the money I loaned you yet? I've got a few bills that need to be paid." At this point you know that subtilty is not going to work.
Here's a line to use to confront the person more directly: "If you don't have all the money now, you can give me some now, and the rest in a week." This gives them a way of paying at least something now so your trip wasn't worthless. It also lets them know that you truly expect to be paid back your money.
Tips and warnings
- Loaning money is only OK if you have money to loan. If you depend on that money for rent, food, or transportation, you cannot afford the loan.
- Don't complain to other people about your owed money. This could also get back to your friend and perpetuate the problem.
- Do not loan money to someone with an un trustworthy credit history. If they really need the money, and you have it, giving the money without expectation of repayment is best. Otherwise, it could ruin your relationship.