How to Politely Claim Borrowed Money
Borrowing money from a friend or family member can be difficult. You want to help them out, but you don’t want to sour the relationship if time passes and they don’t repay the debt. If you find yourself in that situation, there are some things you can do to tickle their memory without damaging your relationship. Here are five suggestions on how to politely claim borrowed money.
Don’t Wait Too Long
If you wait a significant amount of time before touching base about the loan, they may feel you have forgotten about it, or have forgiven it. They may feel like they have been released from their obligation to pay you back.
Don’t Be Confrontational
Come on too strong, and you might damage your relationship. One of my favorite phrases I use to introduce a potentially touchy subject is, “Hey, just a gentle reminder.” Hear what the person has to say, determine what your next move might be, and then move on to a different subject.
Optimally, a timeline would be agreed upon when the money was lent. That way, you can simply mention the time passed and ask for an update. But if that didn’t happen, creating a repayment timeline together is a great way to get things moving again.
Ask About The Reason They Borrowed Money
When someone asks to borrow money, they will undoubtedly feel the need to tell you what they need the money for. Asking if everything is OK with whatever the money was used for is a casual way of reminding someone they owe you money. The hope is that will stimulate a conversation about repayment.
Give Them A Digital Option
Nonchalantly giving someone who owes you money your Venmo or Paypal ID for whenever they’re able to repay reminds them of the debt. It also gives them a convenient way to send the money. Also, they avoid a face-to-face encounter reminding them they had to ask a friend for money.
If you try these suggestions for how to politely claim borrowed money and still aren’t repaid, you have a decision to make. Either you be a little more direct or you may contemplate letting the debt go. The best rule of thumb is to never loan someone money you expect to get back. Some relationships are worth more than money.
How about you, Clever Friends? Have you ever had problems being repaid money lent to a friend or family member? How did it turn out?
Check out additional articles on CleverDude:
- 8 Rules to Borrowing Money To Friends and Family
- What is Peer to Peer (P2P) Lending?
- Factors That Affect your Credit Score
Brock is a software engineer by day and personal finance blogger at night. He is a fitness junkie and enjoys grilling and smoking meat. Married with two children, Brock strives to improve his skills as a husband and father, and is always on the lookout to stretch his family’s budget as far as he can.