Comments on: How to Collect Money Owed To You

By: JP

JP — Tue, 17 May 2011 03:48:35 +0000

Anything over a hundo, will result in hospital bills for more than amount borrowed for the lendee. Would I punch a friend in the face? No. To me, being essentially stollen from is more of an offense.

By: florita

florita — Thu, 25 Feb 2010 05:13:20 +0000

My sister-in-law owed money from my sister for about $5000.00 the original was $12,000/
She promised she will pay her whithin 6 months. It already 7 years pass. My sister went from being nice and a lot ways of communication( phone, e-mail, text) no reply, lately my sister become aggressive until level of tolerance that she called her work office. She still is not paying. My sister barrowed this from her credit card that mount interest under her name.
What else my sister can do. Please help?

By: jack

jack — Thu, 17 Dec 2009 18:35:41 +0000

I have a similar situation. I lent my brother and sister in law $5000 about 4 years ago to help them avoid foreclosure. They wrote a letter saying it would be paid back in a year. When I asked for them to start making payments this year, my sister in law said the had to discuss it . Needless to say they haven’t paid back a cent. What makes it worse its that they continue to take trips to the Bahamas every year and still do.
What now?
I feel the relationship is damaged –possibly beyond repair.

By: Sean

Sean — Mon, 14 Dec 2009 20:31:05 +0000

Bryant, asking for money back from a friend is a very sensitive topic and it is not uncommon for friendships to be broken. If you lend money to a friend, especially a good one, it really puts you in a difficult spot, however, you do have every right to ask for your money back. Since you said that you were polite and sincere about it, your friend really should not be acting repulsive, he should be thankful and try to pay you back as soon as possible. Unfortunately, it seems like he has abused your friendship and your hospitality.

If I were you and have done everything I could to ask for my money back and yet he runs away and/or ignores me, I would just take it as a lesson learned and be thankful that I wouldn’t have to deal with him ever again. $500 is a cheap price to pay if I could get rid of some trouble in my life.

By: a bryant

a bryant — Mon, 14 Dec 2009 07:30:45 +0000

Recently friend borrowed $500 for move to a new address. New address is unknown. Was given old camera as a thank you for the loan and was promised a payback with a third pay check. I didn’t want the camera. Can hardly buy film for it anymore. I said I just want to be paid back. This old friend insisted so I took the camera. As an old friend I did not insult them by putting things in writing.

Three weeks before loan was due person called and said don’t know how to pay back. Not clear on terms. I reminded person but said nothing else and just listened. I expected a call with a payback plan but that never happened.

A few days after the loan was due I called and asked about pay back plans. Two more months needed.

With a family, bills, and a mortgage, and recent car trouble I suggested selling expensive toys and maybe not borrowing money in the first place. Person then said I was abusing them, was going to consider the camera as sold to me, that I was never to call again, that our friendship was over. The phone hung-up and I called back only to find an immediate block on my phone number. There was nothing I could do. Three days later person called to tell me to shut-up and listen and be reasonable. Every time I tried to speak, person just told me to shut-up and listen.
“I’ll pay you back when the recession is over.”
When I said the recession was over person screamed they would pay me back when they had the money. Then hung up.
As the boss of this person and I are on good terms and considers my old friend a very good friend I sent him an email of what happened. I asked him to respect the privacy of the friend but to pass on an email letter as a favor. I was firm and offered to accept payments. Boss passed on message.

I heard nothing from old friend. A few weeks later I sent another email and heard nothing. After searching the internet and finding email I sent some emails requesting to be paid back. Now ex-friend is threatening to sue me and file criminal charges of harassment against me. All this because I want to be paid back so I can give my family Christmas presents.

By: Robert

Robert — Thu, 12 Nov 2009 18:30:30 +0000

This is a tough topic. Loaning money to friends is never a good idea, especially if they are in debt themselves and don’t have a chance to pay it back. Money and friendships really don’t mix, but I think the second “softer” email was much more appropriate for the situation.

By: Taking a Stand: Five must read posts of September | Money Stand

Taking a Stand: Five must read posts of September | Money Stand — Thu, 01 Oct 2009 17:26:24 +0000

[...] Such a great idea which I will personally be taking on board is this post from Growing Money about getting money back from those who have borrowed from you. I’ve lent out more money than [...]

By: Greg McFarlane

Greg McFarlane — Mon, 14 Sep 2009 03:55:43 +0000

Yvonne sounds like a sweet girl but a pushover. She shouldn’t have to qualify her reminders as “friendly”. She’s essentially saying, “Gee, I hope I didn’t inconvenience you by impoverishing myself for you. I hope you don’t think I’m imposing by expecting you to pay me back.”

Any conscientious borrower should feel a relentless pang of obligation on his shoulders until he pays back his friend.

Do you really want to maintain a friendship with someone who owes you money (and ignores your requests to be paid back)? First of all, how are you going to socialize with this friend? If you go to a bar or restaurant, who pays? If Yvonne has to get to Tip #7 to get her money back, she might need to put her foot down a little earlier.

By: Simplyforties

Simplyforties — Sun, 13 Sep 2009 00:54:24 +0000

Might be better not to lend to friends in the first place!