Asking for money back from someone you loaned money to should never be but, can be a traumatic experience. So how exactly do you get your cash back without losing your cool or getting crashed by the verbal onslaught from the errant borrower? Here are 3 things you can do
1. Choose the Right Moment
Talk to the person face to face when you are both not rushing off to the next appointment or are not standing at a queue with many other people around you. Get the borrower to meet you somewhere and say to them (politely)
“I was happy to lend you the money I did but, now I would like the money back.”
Be specific by giving a deadline say, by the end of the day, week or month. Once you have honed in on a date, let the borrower know that you will send them a message or call on the agreed date.
Call or message them on that agreed date, not before and not after. The right moment could be the line between getting your money back or not.
If they do not answer your call or message then there is a problem.
2. Offer A solution
If you can and are willing to wait a little longer for your money offer the borrower a solution. Say to them,
“Would you like more time to pay me back?”
“Would paying me back in instalments be better for you?”
“Would you prefer to barter the amount for goods or a service?” If the borrower responds and picks an alternative hold them to it.
The goal here is to get some of or all of the money back so a different route if jointly acceptable is way better than no money at all.
3. Give the Money a Face
If you want your money back it is useful to mention a demand in your life. Say,
“My son is going to a new school and the money will come in handy for school supplies and fees.” Or some other pressing matter in your life so that the borrower empathizes with you the way you did with them when they came to you for money. Sometimes people you lend money to will think you have more where the first lot came from. They may even think you do not need it back even though you clearly said you want it back. They tend to focus on their problem.
Real life pressing problems increase the likelihood of your getting the money back and usually you will find the person feels some remorse.