What Do You Do When Someone Borrows Something and Wont Give It Back?

When someone borrows something from you, it can be hard to know what to do. Many times it comes with a promise that they’ll give it back. However, they fail to follow through. If you find yourself in this situation, it’s important to have a plan in place. Whether you need to write a letter, take legal action, or just wait for them to pay it off on their own, there are ways to get your money back.

The first thing to do is make sure you have the right documentation to back up your claim. The best proof of a loan is a signed IOU or contract. Also, a written or verbal promise of payment is a good idea. You may even need to have the other party sign off on the deal, and it’s always a good idea to keep records of your transactions.

Putting things in writing is not only a low-cost method of getting your money back, but it also shows that you’re serious about it. This is especially true if you’re in a legal dispute. It also makes the other person feel that they are being treated with a bit more respect.

If you can’t find a written document, you can ask them to post-date a check or send a friendly email. Alternatively, you could ask them to sell the item for you. Either way, it’s important to take your friend’s needs into account. Consider how much they’ll need to pay off the loan. If they need to use the item, you might want to add a few installments. In the same token, you’ll want to consider the value of the item.

You might be tempted to just say no, but you’ll want to make sure that you don’t get a negative reaction. As the saying goes, “It’s not what you do, it’s who you do it with.” Be respectful of your borrower’s needs. Make sure you understand why they’re not paying back the money they borrowed. They might have a problem with the amount they owe, or they might be making questionable decisions.

It’s always better to do a little research and learn what you can about the topic before you get involved. For example, you might wish to call your friend’s parents and ask if they have any advice. Or, you might visit your friend in person to explain your concerns.

Taking the time to research is the best way to ensure that you’re getting the most out of your relationship. While it may seem like a hassle, you’ll be glad you did when you discover that you actually have more in common with the person who lent you the money than you thought. Moreover, you’ll be able to help your friend by helping them create a budget and giving them gentle reminders about their repayment schedule.

Depending on your relationship with the borrower, you might be able to negotiate your way out of the mess. Ask for a reasonable amount of time to pay the debt off. Otherwise, you might have to file a lawsuit, which is a risky move.