My mum always said dont lend any more than you can afford to lose and I have stuck by that adage all my life. How do you ask for money back from someone who owes it to you? Have you ever had a really bad experience? Or do you owe anyone money?
2006-11-06 23:15:38 · 31 answers · asked by ? 7 in Business & Finance ➔ Personal Finance
Yeah, when I was 14 I had a job at a local restaurant. I made quite a bit and had no bills, so I had a good amount of savings. My mom convinced me to loan it to my unemployed brother. To this day Im out $3000. I know I'll never see any of it, but it really steams me that they took advantage of me at that age.
2006-11-07 02:18:16 · answer #1 · answered by wrf3k 5 · 0⤊ 0⤋
There are many people out there who owe me various amounts of money & each time I say I will not do it again but,usually do.I suppose it`s a question of what would I do in a similar situation if I had to ask someone for a couple of hundred? Would the lendee know I would pay back or could they afford to write it off?Yes,bad experience I lost out to £undisclosed sum but it runs into thousands & although I still talk via email to that person I do not expect to get back any of it.But it does mean of course that other people who may in the past have been able to borrow will lose out as the bad experience was a wake up call.I do not lend cash at all now.
2006-11-06 23:33:55 · answer #2 · answered by edison 5 · 0⤊ 0⤋
Catch 22 this one...... never borrow....... never lend...... its a great way of thinking that you will never owe money and no one will owe you, if they cant afford something themselves then they shouldn't ask to borrow it, if you have lent money to some one and they haven't given you it back then legally there is nothing can be done, just take it on the chin and learn from that lesson, if you are thinking about lending money, then don't, You always find that if a person who has borrowed the money and paid it back within a stated time that both of you agree then you know you can trust them again, but if they don't even mention it to you then you know that they have ripped you off and the chances of ever getting the money back are slim to non existant.
2006-11-06 23:35:52 · answer #3 · answered by ojay 2 · 0⤊ 0⤋
Shakespeare said "never a lender or a borrower be" and it makes sense. I have lent and not been repaid in the past and it left me feeling cheated and betrayed. Your mum is right to say only lend what you can afford and even then, I suggest thinking about who you are lending to and why. Sometimes its best to consider a lend as a gift and then you won't be disappointed if someone ignores you. It can help to lose undesirable friends in this way, but nobody likes to be abused.
2006-11-06 23:33:31 · answer #4 · answered by I'm Sparticus 4 · 1⤊ 0⤋
I once made the mistake of lending over £100 to a close friend. He didn't pay me back when he said he was going to and it resulted in me having to borrow money from a family member to pay for part of a holiday that I had booked.
In the end the loan was a costly one as it ate away at the friendship. I also had to force the money outta him using guilt tactics. The friendship was never the same after that.
These days I've learnt my lesson, I will never see anyone stuck but I also don't lend large amounts of money to friends, family or spouse!
2006-11-06 23:32:05 · answer #5 · answered by JOANNE C 3 · 1⤊ 0⤋
Your Mum's right.. Lending to a friend is the easiest way of losing one. But here's an little tale: My Navigator in the RAF during WW2 always lost at Poker, a game I never played. Regularly before payday he'd ask me for a loan. At the time of parting company he owed me £3. That was in 1945, so I wonder what it's worth now? (Are you there, Jimmy?!!)
2006-11-07 09:07:21 · answer #6 · answered by Malcolm 3 · 0⤊ 0⤋
No I don't lend money to people unless I'm really good friends with them and know I'll get it back - not usually more than bus fare home or a fiver for a couple of pints til they can get to cash point though!
Don't worry about being tactful when asking for it back - just ask if they've got that money to give back as you're really short yourself. Chances are they've forgotten and will be emabarrassed when you remind them anyway! If they don't have it on them at the time you ask, ask them when exactly and keep asking til you get it.
2006-11-06 23:31:17 · answer #7 · answered by bumblebee 3 · 0⤊ 0⤋
If you loan money to a friend, be prepared to lose the money or the friend, or both. I'd avoid it when possible. If you want to help someone out with money, do it, but be prepared for adverse consequences. Even if you're okay with it, sometimes the person who owes the money to you starts to resent you. It doesn't seem logical, but it happens.
2006-11-07 00:56:04 · answer #8 · answered by Adios 5 · 0⤊ 0⤋
A friend of mine was out of work and her husband was a lazy bum. She had two kids to feed. She asked me to borrow money to buy groceries. She said she would pay me back. The only payment I received is $25 of the almost $200. I had a child to feed at the time to so it made it hard on me to but I didn't want her kids to go hungry. After all was said and done, I found out from her brother that she bought beer and whiskey with it instead of groceries. She and her husband have good jobs now and she has never bothered to pay me back. I see her almost everyday.
2006-11-06 23:29:45 · answer #9 · answered by Donna 6 · 1⤊ 1⤋
Always difficult to ask a friend to return money they owe you so best not to lend it in the first place if you can avoid it!!
2006-11-06 23:22:21 · answer #10 · answered by Fun Guy 2 · 2⤊ 0⤋