At one point in time, we’ve all experienced having a friend or a colleague who borrowed an amount from us because of an emergency reason. We can all relate to these feeling, and we know how much difficult it is to remind the person about the debt. Thus, taking your money back is in a lot of ways uncomfortable in any aspect.
Yes, that’s your
hard-earned money. As much as you would like to be of help to others, you also
have to consider your needs, and the needs of your family to whom you are
working for — being borrowed with money once is fine for as long as the payment
is made on the agreed date.
But what if it has been numerous times and there are instances of delayed payment, or no payment at all? It is time for you to think about it before lending another amount.
You are a worker, not a multi-millionaire. Address your personal needs first before satisfying the needs of others outside your family. It is not selfish, it is correct to what you promised to do, and that is to prioritize the needs of your family.
You tried to make an exact budget every month but suddenly your money has been borrowed by a friend or someone closest to you. Because of your closeness, you cannot directly ask the way you are asking for something not related to money.
In this article,
I will be sharing with you some bits of information on how you could take your
money back from someone who borrowed it, the comfortable way!
1. Ask for the payment politely
Yes, this may not be the most comfortable way, but this is the most direct and straightforward way of doing so. In taking your money back be sure always to be courteous. He/she was the one who borrowed the money, why should I be the one courteous?
Well, this is for humanitarian reason. The person you’re dealing with may be experiencing financial difficulties, and you may want to be extra-sensitive about it by being polite.
Do not let this matter ruin my friendship just because you asked for the money rudely which at times lead to the humiliation of the borrower.
2. Look for an alternative way to equate the money into service
He/she may not
be capable of paying the money that he/she borrowed. The next thing that you
may do now is to think of what he/she is capable of doing. Is he/she suited for
a particular skill which you may need in your personal life or professional
Make use of such
expertise and equate the money into his/her service. If you need someone to
work as a transcriber or as a writer for you, then politely ask him/her if he/she
could do the job for you in exchange of the money that he/she borrowed.
3. 3rd tip to taking your money back is barter with actual goods
This may be
awkward, but there might be something in his/her possession which may be of
great use to you. If he/she cannot pay the money, then better ask him/her if
there is anything he/she could offer in exchange to it.
It may be in the
form of a gadget or an appliance, for as long as the amount and the actual
price of the goods that you are asking for are of equal worth or amount. Even
in this way, always be polite in dealing with him/her for he/she might get
4. Gently remind them of his/her debt
If he/she said that he/she’s using it for health reason, you might prompt a question regarding health if it is already time for payment. The thing is, by asking the simple conversational question, you should be able to communicate the idea that you still remember the debt and you are still taking your money back.
5. Cut out activities
If the friend
who borrowed money to you is asking you for a night out or an event that
entails spending, just decline the offer and state the reason that you are
trying to cut out some expenses because you need a certain amount.
If he/she can
invite you with such activity, it means that he/she has the means to pay
his/her debts. So, this shall also serve as a reminder for him/her to pay you
off first before spending for some leisure purposes.
6. Suggest alternative a payment plan
If it is a quite
huge amount of money and he/she cannot pay it at once, you may consider asking
him/her to have an alternative payment plan. For example, he/she might pay you
off a certain amount every payday until such time that he/she gets to complete
the whole amount.
He/she can also
suggest other payment plans like monthly basis payment or even weekly. The
things are, the goal here is to make him/her shell out the money that you lend
to him/her regardless of the scheme plan.
7. Show the urgency
Let the person feel the urgency of the matter. Tell him/her that you will also need the money for emergency purposes and that it shall be paid to you at a particular time.
In doing this, you have to explain your situation and how he/she could hugely help if only he/she will pay his/her existing debts.
8. Ask straight during a casual conversation
Striking the question “can I get the payment for your debt because…” is not awkward at all most especially if you are currently in an activity that entails spending.
It means that he/she will be forced to pay you that very moment since he/she has the amount right now. Just be casual about it and maintain a conversational tone.
9. Use a third party reminder
Request a common
friend who might be aware of his/her debt for a friendly reminder. Since they
are reminded by another person, they will in a way feel compelled to pay the
deficit since they are afraid of being known as someone who does not pay off
debt on time. This may be frank at some point but believe me, this is also very
useful in getting that money back.
10. Lastly, offer a possible credit card payment
Yes, you may ask
him/her to go with you and have the fee through credit card. Use it in spending
your grocery or paying your utility bills. Though this might incur some
percentage of interest, this will force him/her to pay you right away with
his/her available cash than to suffer the consequences of the incurred
Remember that in
the first place, you should not be afraid nor shy at all to get your money back
because that money belongs to you and you only lend it to him/her because
he/she needed it during that emergency time. He/she should be the one who
should feel awkward about it and should be the one to initiate the effort of
paying you off.
But if in case that it appears that he/she does not have any plan of complying with the agreed payment terms that you had before, then it is high time to apply one of these or even all of these ten tips of taking your money back, the comfortable way!
Do you use to do the above tips to take back your money? Share your experience below.