Having friends owe you money is never fun. Having to chase them down for them and actively get them to pay you back is even less fun. Your friend might have genuinely forgotten, or could simply have a very selective memory…either way, you can be left feeling pretty decently uncomfortable when you’ve got to remind your friend that he owes you that couple hundred bucks you loaned him a few months back. Especially when you find yourself needing the money. The first thing to remember is to be as polite and gentle as possible. But be direct. If you lent your friend money, you should be close enough to be able to be direct in asking for it back. You shouldn’t have any reason to feel uncomfortable asking for your friend to pay you back money.
If the debt should have already been paid back and you’ve been generously allowing your friend to be lazy with repayment, then you definitely have the moral high ground. Pointing out the fact that you’re only asking because you need the money is another strategy that can help your friends pay you back easily. If they understand that you’re not hassling them because you just want to squeeze them for their cash, they might very well be more likely to help you out. Especially if you do a good job framing your request in such a way that makes them feel like they are helping you out by paying you back. Another great way to back this strategy up is to point out the fact that you helped your friend by lending them the money in the first place.
Hopefully they’ll understand that one good deed deserves another. Since you can’t always predict your friends behavior or financial situation, a great way to make sure the money you lend comes back to you is to keep your donation limit very, very reasonable. Don’t give away money in amounts that you might seriously miss later. If a friend needs a very reasonable amount of cash, then go for it. But large loans, if you find yourself repeatedly dealing with difficult in the repayment area, might be something you should eliminate from your list of options. This will also make it clear to your friends that you have financial limits to which you’ve got to adhere.
If you make it clear that your own financial stability is your first priority, they should get the message loud and clear, understanding that you’re primarily interested in guaranteeing your monetary safety. In any case, if you have a hard time getting a friend to pay you back, forgiving and forgetting might not be your best course of action. Forgiveness never goes out of style, but forgetting about bad loan repayment habits can wind up costing you. If a friend isn’t as good for their loan as they say they are, you might do well to keep this in mind. Don’t lend money to individuals who have a hard time paying you back. If a friend needs fast cash now, resist the urge to bail them out — especially if that friend hasn’t done a great job of paying you back in the past.
