Suggest the envelope budgeting system if it looks like he is having a difficult time staying within budget. In this way, you both can see how much he can afford to pay you back each month. If he does not manage money well, suggest that he make a budget or help set it up. If your friend or family member is willing, help him review his finances. When deadlines are clear, it’s easier for your friend to be held accountable to them. Establishing structure to the loan will benefit both of you. Sit down with him and write out the terms and conditions for the payments, including how often and how much. If your friend wants to pay you back, but cannot pay the entire lump sum at once, suggest a payment plan. However, make sure you communicate how important it is to you to be repaid. If your friend or family member has a good sense of humor, make a joke out of getting your money back. Consider sending an email or visiting him. Perhaps the person has so much on their mind that they forgot about the loan. Ways to Get Your Money Back from a Friend So what do you do? How do you get your money back and maintain the friendship? Here are nine ways to deal with a friend or family member who won’t pay you back. Yet, you don’t want to harm the relationship.
You are nervous about asking for the money, but you really need it back. After all, you’ve known your friend for years and trust him, and you wouldn’t expect any less.īut as the months go by, you still don’t see a dime come back. Being the loving and caring friend that you are, you immediately loan the money, confident it will come back in due time.
Here is a common scenario: a friend asks you for money for the down payment on a car and promises to pay you back as soon as he can.
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