How do you motivate a friend to pay you the money they owe you? Is there even a way? They keep saying they'll pay you back but it's been years and it gets bigger and smaller depending on their current situation. Is it a lack of priority for them? I know it's bad management skills. What would you do?
2007-01-14 16:27:05 · 9 answers · asked by Gist 4 in Business & Finance ➔ Personal Finance
I'd like to keep my friend, who has always had problems with money. I think it's a personal fault that I want to help with, but not at my own expense.
2007-01-16 19:05:04 · update #1
First of all, tell them you need the money now. If it isn't in writing and the friend is a deadbeat, you will be very lucky to get some of the money -- if not all -- back.
Small claims court: If you did not have them sign anything when you loaned money it to the friend, you can take the friend to small claims court but it will be your word against your friend's. Maybe if you had a witness to the loan the judge might believe you if the friend later denies borrowing the money. Might say you gave it to him/her. If friend did sign a loan agreement, there should be some arrangement for payment specified. That would be easier.
Moral: Never casually loan money you can't afford to kiss goodby -- unless you are in the loan shark business, but then you would have signed loan documents to support the transaction.
2007-01-14 16:38:09 · answer #1 · answered by Lynda 7 · 0⤊ 0⤋
The same thing happened to me so you can take my advice or ignore it. I was taking taxis everyday and begging people for rides. I was so ashamed that I decided to go to a roadside dealer that did in house financing (my credit was messed up) I got the car and it turned out that the car was a lemon, so I had to spend money fixing it, paying insurance, paying car payments and taking a cab while the car was in the shop.Owning a car became more expensive than taking a cab The car was repossessed since I couldn't afford to keep fixing it and paying off the loan. Since then I told myself I would never take a loan for an automobile. I recently got a year 2000 chevy cavalier for $1,900. I have no car payments, insurance payments are low and the car is fuel efficient. I wish I had this knowledge before I bought that lemon. My credit is ALL messed up now So good luck in whatever decision you make. Try to save money every month to put towards the purchase of your car, and make sure to give your friend gas money so she wouldn't think that you are using her. REMEMBER to try to find a cheap car that you can pay for cash instead of going for the more expensive ones that requires a monthly payment. I saw a car for $800 once in NY so I know you will have luck once you are finished saving the money Everything will work out for you, just use these hard times as a learning experience. One day you will be in a BMW and you will remember this question you posted on yahoo answers and laugh.
2016-05-24 03:57:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I ended up having to take an old friend to small claims court, where he promised he would pay back everything he owed in monthly payments. After 6 months of him not making a single payment, I sold the judgment to a collection agency who took 30% as their fee and liquidated his bank account for the rest. That is an extreme case. I lent another friend money and after three years I lied and told her I was really in a jam for money and she paid me in full.
2007-01-14 16:36:56 · answer #3 · answered by socialwork2010 2 · 0⤊ 0⤋
$50.00 and small claims court if you have a written loan agreement ! If it was a verbal agreement/loan you will have a hard time collecting.
Never LEND money unless you can afford to never see the money again and another way of looking at it.....for the amount of money you lent to said person, he or she will never ask you again.
I would cut all ties...you don't need friends like that and by the sounds of it, that person will need you before you need them...they lose !
2007-01-14 16:36:57 · answer #4 · answered by Samantha A 2 · 1⤊ 0⤋
Being a creditor gives you a legal right to access their credit file. Get an IOU in writing, to CYA in case you ever have to prove you're a creditor. Once you access the credit file, you will find all kinds of ways to motivate them. Even the suggestion that you might access the credit file might be enough motivation.
2007-01-14 16:37:58 · answer #5 · answered by x4294967296 6 · 0⤊ 0⤋
Yup. Unless you're willing to try and take them to court, or enlist the help of someone with a middle name of "the" like Vinnie the Knife or Mickey the Blade, you're pretty much screwed.
2007-01-14 16:35:36 · answer #6 · answered by tranquility_base3@yahoo.com 5 · 0⤊ 0⤋
Baseball bat
2007-01-14 16:29:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Never loan them money again.
Not a cent.
They'll get the hint.
2007-01-14 16:30:03 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Break a leg or arm or finger
2007-01-14 16:30:22 · answer #9 · answered by dmv_rebel2 1 · 0⤊ 0⤋