When someone owes you money, you can quickly find yourself in the personal debt collection business even though you don’t want to be.
There are so many companies out there helping people escape their responsibilities. I figured it was time to help you make sure nobody skips out.
After all…you loaned money to somebody – they promised to pay you back. You lived up to your side of the bargain – they didn’t.
Before trying anything else, offer them a debt payment plan. If that doesn’t work, take these steps to start collecting money you are owed:
1. Understand the Dynamics
The person who owes you money has broken his/her word. They’ve broken a boundary – not you. Don’t worry about being nice. Don’t worry about what they think or say about you.
The facts are that you did someone a favor and they’ve taking advantage of you. Get a little angry and stay that way. You are no longer friends and nothing you or they do from this point on is going to change that.
This doesn’t mean you have to pull out the heavy artillery. There are plenty of ways to collect without hiring an attorney.
2. Remind Them About the Debt
Remind them of the circumstances. They asked about borrowing money…not you. They asked for a loan and you gave it to them.
Remind them what they promised to do. Be specific about the amounts and dates they agreed to.
Ask if you have it right or if you’ve made any mistakes about the date, the amount or the promise. One of three things will happen:
A. They’ll pay you right then and there – this happens about as often as politicians live up to their promises, so don’t hold your breath. Click here to continue reading
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