When someone owes you money, don’t worry… Just do these
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After reading this article, you will learn how to get your money from someone who owes you.
When someone owes you money. While having a debt to someone might be difficult, having a debt to someone else can be much more distressing. It might be upsetting to consider the money you lent someone and how long it will be before you get it back. There are actions you can take to get your money back, so the situation is not hopeless. What to do when someone owes you money is explained here.
1. Communicate with the borrower
The first step is to communicate with the borrower. If the borrower hasn’t paid you back yet, send a polite message or a call asking when they plan on returning the money. Sometimes people forget about it, and a gentle reminder can be enough. If the person is genuinely struggling with finances, see if you can work out a repayment plan that is reasonable and doable.
2. Follow up regularly
It’s essential to follow up often if the borrower doesn’t pay you back within the predetermined time range. Never be hesitant to contact or send a message every week or so to inquire about the status of repayment. By doing this, you demonstrate to the borrower that you are committed to getting your money back.
3. Put it in writing
If the borrower agrees to repay your money on a specific date, it’s essential to put it in writing. A written agreement can help avoid confusion or misunderstandings and give you some leverage if you need to take legal action in the future.
4. Consider mediation
If the borrower is unwilling or unable to pay you back, you can consider mediation services. A mediator is a neutral third party who can assess the situation and work with both parties to come to a mutually acceptable solution.
5. Take legal action
If everything else fails and the borrower still won’t pay back the money owing, you could think about filing a lawsuit. Small claims court actions are quicker and less expensive than other forms of cases for you to bring against them. Another option is to work with a collections agency, although this might be pricey.
In conclusion, lending money might be dangerous, and if the borrower doesn’t pay back, you can find yourself in a difficult situation. Yet, you may improve your chances of receiving your money back by having a clear plan and good communication. Don’t forget to document everything and, if necessary, seek legal counsel. When someone owes you money, do these.
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