Eps 123: I'll pay you back as soon as I can
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Host
Greg Dean
Podcast Content
After all...you lent someone money--they promised to pay you back. You cannot even lend money to somebody and then never say you expected them to pay back. You clearly cannot give money to someone and then someday decide that you want to get it back. If your friend wants to get their money back faster than you can pay it off, think about offering something in return -- electronics that you own or services that you can offer.
If you borrow money and discover that you cannot repay, it is important to keep your relationship intact until you are able to pay off your debt. When someone owes you money, it is easy to quickly end up in the business of collecting debt personally, even when you did not intend to. When someone keeps forgetting to pay you, or just plain refuses to pay, things can get frustrating fast. If you are evading friends, making excuses, spending frivolously, and failing to repay your debts, it would not surprise anyone at all if you lost the relationship forever.
If you want to get your friend to pay you back for money that you loaned him, send him a text message or call him and arrange to meet up in person. Consider telling your friend the meeting will focus on the money you loaned to them, so that they will be ready when they arrive. Then, when you do meet them, remind them of the money you loaned to them, and let them know why you want to get that money back.
Before lending a friend money, make sure that you are comfortable asking to see the money back - and that you are OK with maybe not getting it back. While it may not feel comfortable to approach someone and tell them that you are still waiting for payment, there are ways to keep this conversation free of tension for both parties. Even if you do not get back, I am going to be confident someone is going to cover the difference. If you will just sit tight, and I will come back and sign your payment slip.
If you have committed to paying this off in one lump sum, and just cannot afford it, suggest making a lump sum debt payment instead. If you take out a $10,000 loan for making interest from the day you draw money on the line of credit to when you repay the loan in full.
In return, banks will charge interest on the balances that you do not repay immediately. Banks do not mind you taking time to pay off debts, so long as you are making at least minimum payments toward the debt, because that is what they are in business to do. While it is almost identical in some cases to paying, Stressed Payback pays off the equivalent of a lump sum payment, in either type or dollar amount.
Take the fight to your loans, using one or more of these tricks to keep your loans shorter and paying less interest. These tricks will not dramatically harm your finances, but they could have a major impact on the overall amount of interest you will pay over the life of a big loan, and they could help you get out of debt quicker. With carefully applied techniques, you can repay the mortgage, car loan, credit card debt, and any other debt you are carrying more quickly than you thought possible.
A good way to shorten your loan term is to focus on earning more money, with the intent of making additional payments toward your loan. It is important to note that refinancing makes more sense if it helps you to pay off the loan faster.
There are three ways that people can and do shift their debts between theirs, and if your dead-beat debtor takes advantage of them, you will pay off the debt sooner. If the person owing you the money is not a total dork, they will see you are serious about collecting on what you are owed and making a good-faith effort to make payment.
You will have to produce your documents and show proof that the other person owes you money and has ignored you or refused to pay. Service means a court officer will locate the person owed money and serve official notice on him that you are the defendant.
Simply tell someone they are liable for paying you, and that you are going to pursue collection. Someone will pay you then and there -- it happens almost as often as politicians keep promises, so do not hold your breath. It may be difficult to prove your case if you have talked about a loan in words, given them the money, and do not have any records about discussing paying back the money. There is also the mental burden of knowing that you are possibly owed tens of thousands of dollars, and will have a big loan coming due in years.