Asking friends to return the money they owe you can be quite stressful. Using the tips in this guide can make the process a lot easier and less embarrassing.
There’s nothing worse than having to ask a friend to lend you money when you’re short on cash… except maybe asking someone for the money you lent them.
Asking friends for money can be quite awkward. But as much as you squirm, it’s definitely not as bad as running out of money when you’re already struggling to make ends meet.
With that in mind, we’ve put together some tips on how to ask your friends to pay off their debts.
Should you lend money to friends?
If you have already lent your friend money, it may seem a bit late to discuss it now. However, consider these as suggestions for the future (or skip below for tips on getting your money back).
Before lending money to friends, consider the following factors:
Table of Contents
1. Have you tried other ways to make money?
We’re stating the obvious here, but borrowing money from friends isn’t the only solution to a money crisis.
Your friend has a few options. Refer them to your university’s financial advisory service. They may be eligible for funding from the university’s hardship fund or even some grants and scholarships that they were previously unaware of.
You should definitely avoid salary advance loans. There are alternative financing options that can help you get your bank account back into shape without the risks associated with high-interest loans.
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2. Do you trust them to pay you back the money?
Since these are friends, you probably automatically believe that you can trust them to pay you back…because they are your friends.
But keep in mind that someone who is particularly bad with money could find it very difficult to keep their money promises.
Do you know if you have already borrowed money from friends? Did you pay them back? Think about it before committing to anything.
3. Can you afford to lend someone money?
Lending money to friends can be especially difficult if you’re a college student. It’s hard enough making a living on a student loan without helping others. Don’t feel pressured to hand out money if you don’t have the budget to do so.
If you haven’t agreed on a repayment period, you don’t know exactly when your spouse will be able to pay you back. You need to be sure that you are in a situation where you can go without this money for a relatively long time.
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4. Why do you need the money?
We can all agree that lending your spouse a few pounds to help pay the rent is probably okay. But is that why they ask you for money?
If you only want to spend the money for one night or for new clothes, you should seriously consider whether it is worth your money. This is especially true if you are already in trouble.
5. Think about why you are lending the money
If the only reason you want to lend your spouse money is to show them that you care about them, value their friendship, and want to make sure they are doing well, we don’t recommend it.
Even if that’s incredibly decent of you, don’t make it the primary reason for lending. Unless you can honestly say that if you never saw your money again, you wouldn’t regret it.
Imagine a situation where your friend is unable to pay you back and you have to keep asking him to do it. This could put pressure on your friendship and have a negative impact. Think about the risks involved.
get your money back
Here are the best ways to request a refund:
1. Don’t be argumentative
If you really value your friendship, then don’t argue when you ask for your money back. You may resent it coming to this, but if you are rude, you may lose your friendship and your money.
You obviously have a good heart and a compassionate nature if you even offered to lend the money. Remember this because if you can keep your cool, you are far more likely to emerge unscathed from the situation.
2. Ask them to take half of the account.
This is a bit of a cheeky one, but it can work as a treat.
Next time you go to a bar or restaurant with your debtor, we suggest that you ask them to pay your half of the bill because they owe you money. This applies not only to eat in the restaurant but also to buying drinks in the evening or cinema tickets.
Just put it there in case you don’t have any cash on you and since they owe you money anyway, would they be happy to pay you your share? Caution!
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3. Get your money back in writing
Depending on how you prefer to handle such situations, sometimes it can be easier to talk about loans and money lending if you do it via text or email.
That means you can wriggle out of embarrassment in the safety of your computer or phone screen. But you will also have everything in writing, how much money goes through your hands and when it will be paid back.
You can also try sending a money request through PayPal or, if you have Gmail, by clicking the currency icon at the bottom of the message (which connects you to Google Wallet).
4. Make suggestions for money needs
Nobody likes to ask for money, and it’s safe to say that nobody likes to be asked for money either. While you may not see it that way, it’s equally taxing on both sides, and the less pain you can make the better.
Instead of going straight out with the “give me my money back” bombshell, start by throwing in a few hints here and there. Something like, “Sorry, I can’t come to the pub tonight, I’m too skinny”.
If your friend is smart enough, they’ll take your suggestions and you can avoid the dreaded conversation altogether. It is worth a try!
5. Examine your financial situation
Similar to the previous point, you can make your friend more aware of your situation and encourage them to show a little more compassion.
If you’re both students, I’m sure they’ll understand that surviving financially isn’t easy for you either.
6. Be flexible with the repayment
Depending on the circumstances of your situation, For example, the amount of money your friend originally borrowed from you, suggesting that you pay back the money in multiple installments may ease things a bit.
That way you can see at least some of your money back. And it will show your friend that you really empathize with their situation. Advantageous.
7. Adding a sense of urgency
If you add a touch of urgency to your request, your friend will understand that you are in a difficult financial situation after lending him the money.
Phrases like “I’m sorry to ask this of you, but I really need the money to pay a utility bill by the end of this month” would work well. However, don’t set the deadline too early or your friend might panic.
Give them a deadline so they can scrape together the money sooner.
8. Ask her parents
This is the last resort, so to speak. However, if you are desperate and think the amount you are owed is high enough, contacting the parents of the guilty party might solve the problem.
Nobody wants to be known as a traitor. But when someone owes you hundreds of pounds and shows no signs of paying back (or at least no signs of trying), they deserve a rebuke.
It could permanently damage your friendship (if it still exists at this point), and there’s no guarantee it will work. But hopefully, her parents can reason with her (or better yet, give you the money themselves).
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How do you tell someone they owe you money without being rude?
Be polite and always use polite language when reminding someone of their debt. (even if you really thought you just wanted the money back). Just ask if they remember their debts and when they can pay them back. A good example is something like, “Hey, remember I loaned you money last month?
Is it rude to ask your friends to pay you back?
It’s important to remember that sometimes people just forget to return the money, so don’t feel guilty about claiming your money back. Many people appreciate memories!
How do you politely ask someone to pay?
The most polite way to ask for payment is to email an invoice as a gentle reminder. Companies receive them regularly and accept them as part of life. Send a simple email requesting payment, followed by another if the late bill isn’t paid. Always be polite in your communication.
What to say to someone who won’t pay you back?
What to say: “I hate to bother you with this, but I really need a refund for last month’s drinks. I’m not sure what’s going on, but can you just send me Venmo right now? (A great way to if the interview is in person.) “Hey, when we were talking the other day, you said you would pay me back the money on Friday.
What is a nice way to say you owe me money?
Bring up the topic when there’s a bill to pay. Can you say something like, “If you want to collect the check, you don’t have to do anything for me afterward?”. It’s a subtle way to remind them that they owe you money.
How do you tell someone to not pay you?
Thank you for the offer, but sorry I don’t do it for money”. You should say thank you for the offer and apologize for not being able to take it. Save this answer.
How do you politely ask a friend for payment via text?
I have attached an invoice for the work I have done. As we have discussed, the total amount is [Cost] which you can pay through [Payment Options]. If you have any questions, please don’t hesitate to contact me. Thank you and please let me know if there is anything I can do for you in the future.
When should I ask my friends to pay me back?
“Try to get the money back as soon as possible,” Andrea Woroch, a consumer savings expert, told Bustle. “Otherwise, the promissory note can put a strain on the relationship, and friends or family could forget about it, making you uncomfortable asking for it. He also says you should never feel guilty about asking someone to repay you.
Is it rude to not pay someone back?
One of the worst habits is borrowing money from friends or family and not paying it back. According to Kimberly Palmer, personal finance expert at NerdWallet, this is true even for small amounts of money.
How do you text someone who owes you money?
You can say something like, “I was happy to give you the money last month to help you, but I was hoping you could pay me back before the rent is due.” This will remind them that the money was given and confirm that it was a loan in case they mistook the loan for a gift. Be direct.
