How do you handle borrowers?

[DeathAngel]

If someone owes you money and is not repaying it, there are some steps you can take:

Communicate: Start by reaching out to the person and kindly remind them about the debt. Give them an opportunity to explain any reasons for the delay in repayment.

Set clear expectations: If the person acknowledges the debt and agrees to repay, establish a clear repayment plan. Discuss the repayment schedule, including dates and amounts, and ensure both parties are in agreement.

Put it in writing: To make the agreement more formal and legally binding, consider drafting a written agreement or promissory note that outlines the terms of repayment. This can help protect your interests and provide evidence if legal action becomes necessary.

Be persistent: If the person fails to repay as agreed, follow up with polite reminders. Keep a record of all communication and documentation related to the debt.

Mediation or arbitration: If the debt remains unpaid and the relationship is becoming strained, you could suggest involving a neutral third party, such as a mediator or arbitrator, to help facilitate a resolution. This can be a more amicable way to address the issue and find a solution that works for both parties.

Legal action: As a last resort, you may need to consider taking legal action. Consult with an attorney to understand your rights and options for pursuing legal remedies, such as filing a lawsuit or pursuing debt collection procedures.

Remember, each situation is unique, and the best course of action may vary depending on the amount owed, the relationship with the person, and your own comfort level with pursuing legal action.

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[sunsilk]

The trick is to dress like a homeless person and drive an old car, then nobody asks you for money. It works for me pretty well. Although I’m not sure how much longer I’ll be able to pull that off given my desire for a Tesla.

I have been doing this for years and even though I am not very rich at all. This is effective that someone wouldn't come to approach you whenever they're in need and only will catch up when they need you.

Well, I wonder how you're going to hide it all when the market becomes better and you'll be cashing out some profits.

I wouldn’t call people borrowers though. You should never loan money to friends or family, only give it to them.

Proven and tested, you don't give them loan but if they ask you then you should be willing to just give if you've got some spare at the amount you're thinking that's gone and unpaid forever.

[BADecker]

The trick is to dress like a homeless person and drive an old car, then nobody asks you for money. It works for me pretty well. Although I’m not sure how much longer I’ll be able to pull that off given my desire for a Tesla.

I have been doing this for years and even though I am not very rich at all. This is effective that someone wouldn't come to approach you whenever they're in need and only will catch up when they need you.

Well, I wonder how you're going to hide it all when the market becomes better and you'll be cashing out some profits.

I wouldn’t call people borrowers though. You should never loan money to friends or family, only give it to them.

Proven and tested, you don't give them loan but if they ask you then you should be willing to just give if you've got some spare at the amount you're thinking that's gone and unpaid forever.

Regarding owning a Tesla and good clothes and a mansion, when they ask you to borrow, you can always tell them that you are so deeply in debt that you don't have anything for them to borrow.

[sunsilk]

~snip~

Regarding owning a Tesla and good clothes and a mansion, when they ask you to borrow, you can always tell them that you are so deeply in debt that you don't have anything for them to borrow.

Well, I've got relatives that mostly tell this when they're being approached. That's a good excuse if a person do really insists to borrow money from you and they're picking an argument that you can afford those things.

Another good answer is to say that they're not part of the budget and thus, you're able to afford those things because you've planned it very long and worked hard for it until you've got left nothing in cash.  

[yazher]

As for me I only lend my friends some money that I think they can easily pay me back and also I don't mind losing it because sometimes those people don't return back the money they borrowed because they might already forget it or they just don't really care to pay back again and when that happens when they want to borrow money from me, I will tell them I don't have any money. I'm not lying about this but what I meant to say is, I don't have any money to lose anymore because I'm working so hard to get that money and they promised to pay me but they didn't do it at all.

[348Judah]

How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you.

Learn this first lesson from the school of thought, don't borrow people money you cannot afford to loose, instead of borrowing them, try to give then the little you could afford to help them, lending people money will just compound some people's problem because they will never have enough to use and will not as well be grateful that you lend them money later, only few managed to make refundment of the money they once borrowed from others.

How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

I don't usually borrow people money, when am being asked to lend them, i only give out what i can afford to freely help them with it, i chose to use this kind of method after several encounters on being disappointed by people especially those so close to me.

[Frankolala]

How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you. How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

The best thing to do is to give them the amount that wouldn't be a problem to you,so that if they can't pay back,you wouldn't be who worried about it. Another way is to set a trap for them by borrowing them whatever amount of money that they asked. If they can't pay you back,then you can use the previous unpaid debt as an excuse.

I have borrowed some money from a friend but each time I think of my debt, it baffles me and the moment I get paid,I will quickly pay them back and if it is a huge sum,I will pay part of it. Borrowing is not good for someone who wants to have financial stability. I know of a friend that lives his life on borrowing and paying back with interest,but he is not living a comfortable life because he uses majority of his income to clear part of his debts as the interest keeps on increasing.

[Rockstarguy]

As for me I only lend my friends some money that I think they can easily pay me back and also I don't mind losing it because sometimes those people don't return back the money they borrowed because they might already forget it or they just don't really care to pay back again and when that happens when they want to borrow money from me, I will tell them I don't have any money. I'm not lying about this but what I meant to say is, I don't have any money to lose anymore because I'm working so hard to get that money and they promised to pay me but they didn't do it at all.

This is the same thing I do, if I want to give money I give the amount which I know if I don't get it back I won't be bothered about it, and getting the money back will determine if I'll still give out  money to the person. People who borrow money and choose not to pay back don't know the harm they are  doing to themselves because they may be in serious problem that can lead them to the person where they borrowed money but because they didn't pay back they won't be given the same opportunity this time around. It is always good to have integrity when it comes to money.

[BADecker]

How do you handle borrowers?


Remember one major thing. With regard to you, they aren't borrowers until they have borrowed something. And then it is too late.

[Gozie51]

The best thing to do is to give them the amount that wouldn't be a problem to you,so that if they can't pay back,you wouldn't be who worried about it. Another way is to set a trap for them by borrowing them whatever amount of money that they asked. If they can't pay you back,then you can use the previous unpaid debt as an excuse.

These two ideas are good and the first seem to be the general concensus about the way people treat the issue of borrowing money but the second which is letting go of the money they want to borrow as trap but that is dangerous depending on how much is involved and your strength to forfeit it. If the sum is huge, it will be difficult to do as a trap except it is still within your reach to forfeit it. I still prefer the first one to be used especially if you know the person will not be able to repay how much is involved.

[BADecker]

When they ask for money, tell them you can't loan it to them. When they ask why not, tell them that you heard a really good sermon at church, that all about how Jesus said to give to those who asked from you, and to not turn away from those who want to borrow from you. And that the sermon was so good that you are giving the money to the church, instead of loaning it.

[Jenwi]

Only lend out what you can afford to lose.
I think that is the best thing to do, if you are not ready to loose it. Don't lend it.

[SmartCharpa]

How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you. How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

We can't put family issues aside, so no matter how you try to help someone when you're not wealthy enough, it will undoubtedly cause problems for you. The way I handle people who used to borrow money and never pay it back is that I give it to them when they come to me for the first time and tell me about the problems they need the money for, knowing that I might need it myself too. However, I make sure that doesn't happen twice if the person didn't pay back. When someone asks to borrow money from me again and shows no signs of returning it, I won't question where about the previous one he borrowed, instead, I'll just tell him that I don't have any more and that my problems are too big for me to handle.

If you keep giving them, they'll start to take advantage of you and keep borrowing money for their problems without making the repayment, which is really frustrating.

[Essential10]

How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

Avoid putting yourself in a difficult financial situation by overextending yourself to help others. It is important to be careful when lending money to others. It is better to lend money to people you trust. But I once lent money to my friend but he couldn't pay back on time when I was in dire need. Later my relationship with him got destroyed. Later I realized, when I needed money he had no money his financial situation was very bad. One thing I have learned since that incident is that if one has to lend money to the nearest person one must check his financial background.

[Hewlet]

How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you. How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

rule number one is never to disclose how much you're earning to your relative. It will remove any form of entitlement from them because ones they know how much you re earning, it's going to be very difficult to refuse giving them money since they already know you have the money.

But if you've already given them the money, it's always very difficult to take it back because most of them wouldn't even want to give you back. Whenever I give a relative money, I just convince myself that they won't be paying the money back. If they pay it back, it's good but if not, I meuve

[Mate2237]

Op this issue you brought to this forum is what has happened to some my family members. I really hate when financial deal has been made and the other party refused to accomplish his or her parr of the agreement. When you have borrowed money from someone and when the due date has reached and you are still postponing it and the owner of the money need the money to settle some of his problems at home. Last 4 months, my elder sister took $200 as of then and to pay back last month but the time comes, she postponed it to the ending of this month while I need money to buy things in this Christmas.

Frankly speaking it is not good to borrow money to someone you know very well. They will disappoint you.

[Miles2006]

In the aspect of lending money I can't relate, I don't agree with the of lending money to an unknown person, have seen several occasions when two people fought just because of dept and I'm not ready to fight with some else just because of dept so the best option here is to withdraw yourself from such act, sometimes the reason why some people can't pay back their dept the interest rate is just too high, I don't know how things are done in your area but here every month the interest rate keeps increasing if the deptor can't pay before the time so this are common reasons why people can't pay back their dept.

Concerning the family issue if you don't have the money to help that's fine but in a situation where the person has enough home and can't help maybe due to family needs and personal issue I will not also blame the person, it's best to employ if you have a company or finding a job for the person I think that's the best way cause when the person is financially stable there's no point disturbing you.

[jrrsparkles]

Be clear that you never lend money to your family and friends, if you want to help then consider it as donation and never expect it to be returned cause if they has the ability to pay back then they could get a personal loan from their bank which means they are not in the position to pay you back and you still considering helping them then consider it as a complete loss.

[passwordnow]

While it's hard to lose people, this is one way for you to get rid of the ones you hate. Whether you hand them their loan or not, they'll still dislike you after that. I don't know what's with these people that know how to borrow but when it's about paying, they seem to be forgetful or they start to have dementia.

No problem if the amounts are just like a few bucks that you can just buy some snacks of yours. But these people are also demanding a lot and more than hundred bucks equivalent to whatever purpose they're going to reason out. The point is if you're able, give them the exact amount they want but never ever think that they'll pay you back. Usually, they're comfortable because you are friends with them and they're not going to talk about it later on.

If you've dealt with such people, that's how it goes so choose wisely if you'll lend them or not because no matter what you do, you'll still bad in their eyesight after it especially when you give them the loan and asks to pay back.

[Richbased]

How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you. How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

Well, in life you can never satisfy everyone even yourself because there are times when we needed something for ourselves but we prefer to assist others and deprive ourselves. Is quite unfortunate that in the society we are no matter how you help people they will still complain that you didn't give them much help then how about those that didn't get help at all. Borrowing money to people more especially relatives can be very stressful because they'll feel that since you're their relative you ain't gonna bother them so for me, any money I borrowed to a relation I consider that I have forgotten about it but if they still return it fine but if they don't I just allow the money to go.