You've been anticipating this moment for weeks. You've moved on. It's time to remind that person that you owe them money, and the sooner they pay, the better!
There are several ways to remind them of their debt, whether they have forgotten to pay you back or simply do not want to pay it.
There are numerous ways to remind the person of their obligation to you. Some are more passive than others, but all will eventually work to recover your money.
So here are fifteen steps you can take to ensure that the person remembers they owe you money.
How do we do this without coming across as rude?
You can't simply say, "Hey! In over three weeks, I haven't seen $20. Pay up!"
There are ways to gently remind someone that they owe you money without sounding like a jerk.
If you want to keep good relationships with people and be paid promptly, you should politely remind them to pay you back.
If your debtor is late or refuses to pay you at all, pick up the phone and call them right away. The sooner they realize they owe you money, the better. They are more likely to return your call or reimburse you.
Don't get upset if the debtor does not answer the phone. Call them again in a few minutes to ensure that someone answers the phone on their end.
If no one answers after calling twice, leave a voicemail message explaining why you called and providing your phone number.
If they don't return your call within a few days, send them an email with the same information as your voicemail message: why you're calling and how they can reach you.
You might also mention that if this isn't resolved soon, it will be turned over to a collection agency or a lawyer.
If you haven't heard back from the debtor, send them another email inquiring about payment status. Make it friendly and casual, as if you're just checking in to see how things are going.
You should include a copy of the check that they made out to you as well as your original invoice with all of your contact information.
If the debtor does not respond to your email, send it again. This time, inquire about their lives and be supportive, as if you care about how things are going for them (even if you don't).
You might want to remind them that they have a debt that needs to be paid off. You must learn how to effectively ask for money by reminding someone to send you text messages.
If you haven't heard back from them after a week, call them again and leave a message on their voicemail. Include the same information as in the first two messages: what's going on, your phone number, and the reason for your call.
How should we approach someone who has forgotten they owe you money?
Remind them of their debt and how important it is to you. They should understand why it's so important by now, but if they have any doubts, remind them again!
You don't have to be rude, but you should be assertive and firm when asking for what you're owed.
Don't be rude, but always ask for what you're owed. You don't want the other person to believe they can walk all over you because they will take advantage of you in this and other situations.
You have to remind someone that they owe you money as it is extremely important that they pay up as soon as possible or else they’ll have to deal with negative consequences like legal action and a bad credit rating. If they’re really struggling with money, you can recommend them some internet loans. They’re able to provide them with financial ease as they navigate your way through unplanned expenses.
If they are really in need of money, you can recommend some internet loans to them. They can provide them with financial comfort as they navigate your way through unexpected expenses.
If you speak to them incorrectly, they may become irritated and refuse to repay you at all.
This will not end well for you because they will avoid paying you and you will have to deal with their negativity as well as the debt that they owe you.
What if the debtor is related to one of my relatives?
If this occurs, inform them that it is not a big deal to you and that you simply do not wish to be reimbursed. It would also be nice if they could assist their sibling in some way, whether through words or money.
This may be awkward for them, so if they refuse to assist their sibling in any way, offer them $50 instead.
What should I avoid doing when dealing with a debtor?
Do not disparage the debtor or put them down in any way, as this will only create unnecessary drama and may harm your relationship with the other person.
You must be firm but never mean to the debtor. Be assertive while remaining professional. There is no need to bring emotions into this situation because it will only complicate matters.
To avoid losing your hard-earned money, you must know how to remind someone who promised you money.
Here are a few pointers:
If they owe you money, don't be afraid to remind them. Be assertive while remaining polite and non-aggressive! Being assertive can never go wrong!
When asking for payment, give the person options: ask if they can transfer the amount of their debt or pay it in cash. Some people may prefer one over the other and thus have the option to choose.
Be patient: they may need a gentle reminder to pay you, and it may take some time for them to gather the funds! Allow them some time before concluding that they will not be paying up after all.
If necessary, carry out your threats (withholding goods or services). You're not being mean; you're asking for payment because they owe you money and it's your right to do so.
If all else fails, see if anyone else is interested in purchasing what the person owes you: sell their debt so they can pay up! You'll feel better about yourself; someone will benefit, and you'll get paid!
Continue to follow up now that you've made your request. Send them a text or phone call every few days to remind them of the debt and how much they owe you.
If they don't respond to texts or phone calls, send them an email as well! They may require one more push to be able to cough up the cash.
Keep in mind that it may take some time for them to repay you, so don't let this prevent you from remaining friends with your friend or family member!
After all of your hard work in recovering your payment, make sure you don't give them another chance to collect the debt.
Don't lend or give cash without expecting something in return! This ensures that they have no reason not to repay you.
If everything else fails, use your "good intentions" as leverage.
Telling someone you're trying to help them with their finances and need the money will probably make them reconsider not paying what they owe - but be careful: you might be biting the hand that feeds.
Allow the person to choose whether they want to pay in cash or transfer money from their account.
If they don't appear to be likely to repay you, don't lend them money or give them cash without expecting something in return. This will reduce the likelihood of the debt recurring!
Don't wait too long before they pay you back. Make a point of reminding them that it is not acceptable to wait months or years!
No matter how you bring up the subject, politeness is essential.
We frequently lend money to friends and family; some do so without hesitation, while others do so with caution. In any case, we need to know where we're putting our money.
And lending money to someone who does not return it, even someone you trusted to return it for you, is extremely frustrating.
Particularly if you are in desperate need and the other person is still flaking out. But, hey, you don't want to appear impolite, do you?
What should you do when you ask someone to repay you?
You don't always need an excuse or a reason, but if they owe you and are on good terms with your friend, now is the time to include one!
Suggest that they get something in exchange for the money they owe you, and if not, ask for something in return.
If they continue to refuse to pay what they owe, remind them about it every few days until it's paid!
The more you pursue their failure to repay what is owed to you, the less likely it is that this will happen with your other loans.
Remind them to pay up as soon as possible, and if you're feeling extra nice, give them more time to repay!
If everything else fails, remind them that this is their responsibility, not yours. They are responsible for repaying the debt; this debt will not be considered again.
What should you include in your request for funds?
A personal message could go a long way: perhaps remind them how they are missing out on your happy times due to the debt. That might be enough for you!
If that doesn't work, try putting "pay me back" or something similar in the subject line of an email (make sure to include their name). You might be able to persuade them to pay.
What does it mean to have "good intentions"?
It is not always necessary to want the person's money because they owe it; sometimes you are assisting them and require their funds for that purpose.
It could also be a loan rather than an investment or gift (even though you are still expecting to be paid back).
Your good intentions to assist them will most likely make them reconsider not paying what they owe - but be careful: you may be biting the hand that feeds.
You don't always need an excuse or a reason, but if they owe you and are on good terms with your friend, now is the time to include one! Suggest that they get something in exchange for the money they owe you, and if not, ask for something in return.
Mention it in your message if you are lending someone money because it is beneficial to you!
What should you do once you've asked for the money?
Don't be disheartened if they don't respond. Follow up with them on a regular basis and remind them of how much they owe while remaining polite!
Remember that it may take some time before you see your money, so don't let it stand in the way of you and your friend or family member!
If they start paying, make sure to stop them and don't let them back in on this debt.
If all else fails, dismiss the notion that they don't want to repay you (even if this is true) and remember everything you've learned about yourself in this situation!
How should you follow up with reminders?
Make an effort not to wait too long before requesting payment. This will make it less likely that you will be ignored! Make it clear to them what they are missing out on if they do not pay back.
It's a good idea to set some reminders in your phone or elsewhere just in case.
Emailing is a great way to spread your message! If it appears on their smartphone or computer, they are more likely to see it.
Use a subject line like "pay me back ASAP!" to avoid asking for requests and instead remind them about the money!
When you communicate in person or over the phone, you are more likely to receive an immediate response. When they may be able to pay back immediately, this is the best time to do so (if they have just gotten paid, for example).
All you have to do is explain that you need your money back as soon as possible. Remember to explain why you require it by mentioning a special event, occasion, or time when the payment was used.
Remember to be polite and not to be too pushy! Nobody enjoys being repeatedly asked for money.
This is fine if you're more comfortable talking on the phone than saying it in person! Some people may find it easier to hear over the phone.
You can also contact them if they are in a good mood or if their wallet is full of cash (or cards). Tell them why you need the money now and how much they owe you.
If they don't pay, what should you say?
It's understandable if they put off paying you back because bothering someone about debt is inconvenient.
Just keep in mind that this is their responsibility, not yours! Remind yourself of all the good things in your life and go about your business as usual!
If they do show up and begin to pay back the money gradually, don't let them off the hook too easily. Continue to remind them of what is owed until it is all paid off!
If they try to reduce the payment amount or repay less than agreed, politely decline.
How long should you wait for the money to come through?
Carry on with your life until another payment arrives or they ask you if you can come up with the cash for them.
If you wait too long to ask, they may forget about the debt! Waiting is not a good idea because they may never return it.
You can ask, "Could you please pay me back by Friday?" Or simply tell them why this is important and come right out with it!
If you are shy, keep it brief and to the point. Try not to go into too much detail because it may appear that you are scaring them into paying.
Give them a reasonable deadline:
If it's been a week and they still haven't paid you back, anticipate their forgetfulness and suggest a time frame that might work.
Not in the "Hey, pay me back by this date or I'll put a mob hit out on you" kind of way, but in the more forgiving "I'm chill, but pay me" kind of way.
For example, message them and say you don't mind if they pay you back once they've been paid. Alternatively, you can wait another week or so if they need to organize their finances. At the very least, you're giving them some leeway.
The greater your comprehension, the better! The person may be embarrassed and may need some time to come up with the funds that they owe you, so just give them a chance so that their debt does not come up again.
What if they don't return your texts or phone calls?
Send an email reminding them of the debt and the amount they owe you. If they are still not responding, send a text or call every few days!
They may require one more push to cough up the cash. It may take some time for the person to repay what they owe, so don't let that stand in the way of your relationships with family or friends!
Continue to follow up and remind them about the debt; it is your right to demand payment!
After all of your efforts to get them back on track with payments, make certain that they have no opportunity for this debt to resurface.
Never lend money without expecting something in return. That way, when it comes to you, they will keep their promise of repayment.
Be Patient with Procrastinators:
Persistence is required to recover money from people who never complete their work on time. It is not a good idea to lend money if you know the person will simply put it off; this can lead to a slew of problems.
This includes cancelling engagements or giving them the opportunity to spend your money on something else. Make sure they don't have any excuses!
If they do not pay, it may be necessary to disconnect them. You have every right to demand payment because you contributed to the completion of the task at hand and the provision of a valuable service or product for them!
What if I don't receive my money after completing these steps?
If you are having difficulty getting your money back, contact a lawyer and explain your situation.
If the debtor refuses to pay you back, you may be able to sue them in small claims court and win your money.
Allow a professional to handle it from here, such as a lawyer or another third party who can assist you in resolving your problem. You don't want to go about things incorrectly because that could result in you losing even more money.
Be persistent with those who are not repaying you. You have every right to demand their money because that is what they agreed to when you made this deal!
If you give up on them, they may never pay you again, so keep your guard up and be ready for any excuses.
Give them as little wiggle room as possible, and make sure to ask for the money in a way that will not offend them. If necessary, follow up weekly or biweekly to ensure they don't fall through the cracks again!
This blog post was written to assist people who find it difficult to request repayment from others. Because money is not a topic that everyone is comfortable discussing, it is critical to remember how to keep your cool and work through any difficulties that may arise.
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