We've all been in that situation where people you borrowed something or lent some money failed to pay back. Some paid back in a later date with apologies for not being prompt. That's very understanding. But there are those who borrow money from you and won't give you reasons why they haven't paid back. They just maintain silence mode. They use avoidance as a strategy to avoid payment. Worse still, they would even take offense when you remind them. Some would go as far as reporting you in town that you are harassing them over the small amount of money you borrowed them.
It's a good thing when you borrow from someone and pay back as at when you say you would. That's really commendable. It shows that you are credit worthy. It's easy to lend things to such people knowing that they would not disappoint as they always pay back. That's integrity. There are those who are not able to pay back when they say they would and they wouldn't leave you in the dark about it. They will remind you that they haven't forgotten their agreement as to the debt they owe but for issues or reasons probably beyond their control, they haven't been able to meet up with deadline and as such are asking for an extension of payment date.
Some other people are in the habit of borrowing and never paying back. They either feign they forgot or assume that you don't need it since you didn't ask. Like seriously, they expect you to ask them? That's not nice at all. Some others would just not prioritize their debt and just think that you would eventually forget and that sets them free from the bondage of their debt. That's a sign that such people are uncultured. They are not credit worthy. Some keep piling up debt and that has earned them a bad name over time.
I had this friend who was really close at a point in my life. We shared a lot. Lived in same neighborhood, worked in same organization and we did most things together. When ever I buy myself things, I usually buy a second pair because of her. Otherwise, she would take mine. I noticed that she always borrowed and when it's time to pay back, we usually end up angry with each other. Once she asked me for some money. I didn't have it. I had to borrow from the money I was given to keep by my elder sister. Month ended and I was expecting her to pay back but she just kept mute about it.
My sister needed her money back and I had to make up for the difference. I kept asking my friend about this money but she kept saying she doesn't have yet and she would pay. Like I don't understand. Month ended a few days ago and you just received your salary. She kept saying that she didn't kill someone. She only borrowed some money and she would pay back. Truth is, she just didn't prioritize this debt because she expected me to pay for it and that wasn't our agreement. She even had the guts to ask for some more money when she hadn't paid the previous debt. The issue lingered for about two months. It almost caused a strain in our relationship. I had to let go and made up my mind never to ask for the money any more. She eventually paid back the money after three months because she noticed our relationship was going down the drain. That wasn't nice.
When you borrow people money or any other thing, there are certain things you can do to make them either return it or pay back their debt.
1. Remind them. Some people because of the way their minds are wired forget things. They have carried this attitude into other areas of their lives. Some deliberately and others not deliberately. Note if it's that kind of a person in your case and remind the person just in case they've forgotten so they can prioritize it in their budget and pay back.
2. Forget it. There are people who you keep reminding and they keep apologizing and promising to pay but they never do. As a rule, don't borrow out anything to anyone that you can't let go in case they failed to pay back. Instead of letting your relationship go down with the person's habits and inconsistencies and have them smear your name on the mud, give out only what you are comfortable letting go. If they pay back, all good. If they don't, you won't be disappointed.
3. Give them part of what they asked for. This is what I do when it involves money debt. You are not the last option people have even if they try to sound so or make you believe so. Don't let anyone put you in you're my last option mode just to exploit you. I'm not saying that you shouldn't sympathize with people's situation. Put yourself in their shoes and help them as far as you can. They would appreciate you giving them a part as a gift while they go borrow the rest from someone else. That way, you'll keep them in your respect for a longer time rather than have a constraint in your relationship with them.
4. Take note. Take note of those people who have the chronic habit of borrowing and never pay back. For peace sake, don't borrow them if you are not willing to let that thing go. Give it to them as a gift if you can. That way, they will not be indebted to you.
In my upbringing, my sister specifically warned me against borrowing things and waiting to be reminded before paying back. People's things don't pass the night in her house beyond the stipulated repayment date. She just feels uncomfortable and that she's passed on to me. Overtime, it's become a part of my excellence culture. When you borrow things from people, no matter how small it is, never assume that the person doesn't need it. It's okay when you return it and they tell you not to worry, it's better than withholding it and expecting them to forget. Pay your debts promptly as planned. It's even great if you can pay back faster than you already told them. They would be more likely and more willing to lend you when you need it next time. Be credit worthy. You will be held in esteem.
Collecting debts from debtors who do not want to pay is one of the most difficult situation a creditor will ever face because sometimes the economy of country may not permit them to pay, sometimes it could as a a result of poverty or unprofitable business Which they invested in and it never yielded, however I've been fazed in such situations and I'll like to share a tips of how I handled the situation.
USE YOUR MONEY TO PURCHASE GOODS AND SERVICES FROM THEM; I was owed a large sum of money once by a person who borrowed money to invest in their business, however they paid just a little amount and refused to pay the rest, in that situation, I considered using the police to get back my money, but I saw that the police won't get back my money because the person in questions didn't have the money, but he sells food commodity, so I saw this opportunity and I recovered my money by buying goods and services and selling them out in a more cheaperin return to realise my money however I realised 75% of the money but it was better than nothing however this tip only works if the debtor can offer goods and services,
Give them the chance to do designated tasks for you as payment for the debts ; sometimes I hardly allow my money get lost really so when I see a debtor who is unwilling to pay, I give them tasks like writing an assignment for me, doing my works or even my chores at home for a designated peroid, however this one works when the money is little and ghetto debtor is your friend.
SPLIT THE MONEY INTO PARTS FOR THEM TO PAY; if the money is big this method works for example you can involve a lawyer, get the debtor to sign that he or she will pay the splitted amount maybe into ten places and give them a period of one year to sign the deal and the terms and condition subject to prosecuting if they violate the rules and by this a large sum of money can be paid when it's splitted, this way you've helped them pay it instalmentaly which is considerate and easy.
Depends on the sum of money in question. Whether or not you have legal recourse depends your ability to prove that you have lent the money but have not been paid back as agreed. If the sum is small then you can let it go and make a mental note to never lend money to that person or engage in any kind of transaction that requires trust with them ever again. You can also warn other people. But if you can't prove a loan ever existed and they can prove that you have been telling other people that they have refused to pay back a loan to you, they can say you're lying and they could even sue you.
I will never lend any significant money to anyone I don't have grounds to fully trust without making papers with the terms of the loan spelled out and signed by both parties.
I loaned cash to a companion and collaborator one time and will never do it again. It was excessively upsetting. He was an outstanding person, we cooperated, I trusted him, never figured I would have an issue getting it back. He did in the end pay me after right around a year, however I think it simply wasn't a need and possibly he pondered it. It relatively destroyed our fellowship. A few people have no aim of paying it back. Perhaps they think the provider has a lot of cash and needn't bother with it back. Getting something in composing and with a due date appears to encourage a bit. Refusal likewise plays into it much like putting those bills that come via the post office into a cabinet and disregarding them. Obligation of different types can be overpowering and discouraging and simply profit owed to companions is obligation.
Here are a few things to attempt: If you can live without the whole sum owed go to the individual or individuals and disclose to them you will acknowledge either An a lesser sum that is owed or B-an administration to you that is of equivalent esteem (clean the house, keep an eye on child, paint the parlor, settle the auto, cut the grass) rather than the money. Or then again C-have them buy the new sofa-bed you've been looking at that is presently at a bargain, or some other thing that you've been needing.
Starting now and into the foreseeable future, don't loan individuals cash, simply offer it to them and in the event that you can't do that simply say " I don't have it
Intriguing question! It is always confusing the action to take when someone doesn't want to return borrowed money.
You can push too hard and never get it back or you can not push at all and yet be taken for granted.
The nature of the debt can affect your action because it can be formal or informal. The society you find yourself can also be an influencing factor because in this part of the world, you can't really penalize a debtor you can only keep asking for your money. We even have a local saying that goes "I no go gree na wetin dey cause fight" meaning: there is a problem only when the person denies the debt otherwise be patient no matter how long "
While in college, I had a friend that loves the good life and looks for all means to get comfortable in fact, too comfortable. I mean, when you're in college you manage what you can get but this guy was living the dream even when he had no funds.
Any advise I gave him whenever he wanted to buy another irrelevant toy fell on deaf ears. Most times when real problems come up he runs to me to borrow him and I hated being the "I told you" friend so I borrowed him money regularly. At first he always paid back then later on, he started getting relaxed and held back my money, since I was working and studying simultaneously he always felt I had too much money to spare. I kept on demanding for my money all to no avail.
I reasoned and developed a scheme to get back my money. My college always gave deadline to pay school fees along with other bills and defaulters get to repeat that class. There was no accepted excuse not to pay up school bills. Anytime my friend ask me for money, I warn him that it is money meant for my school bills and when he doesn't pay back as agreed I'll run to him and tell him unless he wants me to repeat that year, I need the money back to pay my school bills and it always worked sometimes, he even has to borrow from someone else to give to me.
It might not work on some other persons that are really hard hearted but I guess I was lucky.
A simple tip when borrowing out money is NEVER BORROW OUT MONEY YOU CANNOT GIVE AS A GIFT. If you cannot forget about a particular amount, do not I repeat do not borrow out such money so you don't get into conflict. This way when the person refuses or dallies to pay up you'll not be too affected.
First thing is that if you have borrowed money to someone against a collateral then you are not at all at the receiving end, no matter whether the borrower willing to return it or not but if the loan is given by you without any collateral and just with good understanding then you are at the receiving end and it is likely to be painful for you. Money is valuable resource as as its management, so it is one your part to make its proper management.
Lending and borrowing is not at all bad, rather it is the best way to make the market place better and it is the way to utilize the resource so that you as an individual and the person who is taking money from you as loan can benefit simultaneously with value addition to the ecosystem, as you are making the people resourceful to contribute it in a positive way. But sadly there are some ill elements also exist to abuse these thing and put all their malicious effort to swindle money and to put a barrier to this sort of thing it is essential to provide loan against a collateral.
Now what happens when some one is not returning the money or not willing to return it. What should you do?
Simply communication. There can be slippage to a due date and that is not at all a fishy thing, it could happen when a person plan for something and that does not go as per his plan and that could be a reason for delay of payment or a missed payment. So the best way out is communication and in those cases the borrower should communicate you at least before the scheduled date, so that it will bring more clarity and transparency of his willingness and commitment to the loan contract and both of you will be in good understanding with each other about the loan.
If the borrower does not make any communication then simply you push an email or a message by any other means to the borrower and clearly write that you have failed to make the payment and within next 30 days if you are not going to make the payment then your collateral shall be liquidated and the loan amount shall be recovered and if you don't have any collateral for the loan contract then simply tell him that if he fails to make the payment then the law will take its own course of action and also tell him that you are bound by the legal procedures along with penalty of late payment.
If the borrower requests for additional time then just allow him those time and also for that you may take additional interest for the extended period and I am sure any borrower is always willing to pay the additional interest for the extended period.
Thank you and Have a great day.
This is applicable to all human beings, we have a lot of them out there in which the money you borrow or led them became stagnant to them, I have so many experience like that in which I borrow a friend some huge amount of money and he refuses to pay back the money, instead for him to pay my money he went ahead to buy a car and living large and don’t even bother to pay back my money. The only solution to such is to go through he Police or sue him to court for such act.