Yesterday was the International Youth Day. It is the day to commemorate the potentiality of youth as significant contributors to today's society. Youths shoulder a big responsibility and that is to help the nation reach pinnacle of success. But what if they themselves are entangled in financial problems due to their friends? What should they do at that time? Should they forget about the money and try to do their bit to help the country move forward?
Honestly speaking it is tough to think about the country when you're in financial problems due to your friends. For once your bestie was in a bad situation, and asked you for help. Sensing urgency, you gave money to your friend on the condition that he would pay you back within a certain time. The deadline has been crossed long time ago but there's still no hint about payment from your friend's side.
You're getting frustrated day by day. You need the money but your bestie is least bothered about payment. So, what should you do in this kind of a situation?
Check out the 5 ideas that can help young guys like you to receive payments from your friends.
1. Reconfirm that it was not a gift from your end: Your bestie might have considered the loan as a financial gift from your end. In fact, borrowers have a tendency to fabricate a wonderful story about the loan and regard it as a gift.
Be bold and give a reality check to your friend. Give him a call and tell that you wish to discuss about the loan. Remind him that he had promised to pay back the loan, but you have not received a penny yet.
After having a talk with your friend, you might realize that your friend was splurging money as he thought it was a gift. Once you finish the discussion, meet and take him to the nearby ATM.
2. Sign a good faith agreement with your pal: It is best to have a written agreement regarding the payment plan. Even if you didn't make an agreement, then also it is not that late now. Write down the payment plan on a piece of paper and also the scheduled date. Make sure both you and your friend sign the agreement. This document would help you in the following ways:
- It would re-establish the fact that you're serious about the loan
- It would create a mental pressure upon him.
3. Establish a professional relationship: Is your friend jobless? Is this the reason why he is unable to pay you back? If yes, then you can give him an employment opportunity to repay the loan. For instance, if you're a new mother, then ask him to work as a baby-sitter for a few days. Discuss the working hours and hourly rate amicably. Break down the total number of hours he has to work to repay the loan. Note down all the facts and figures in a spreadsheet. This way both of you can check it out anytime.
4. Show him the ways to make money: Perhaps, your friend is really helpless. He is in financial problem but doesn't have any solution. He is emotionally numb and completely clueless. What should you do in this situation? Step forward and show him the ways to make money. For instance, your friend has a few valuable things. He doesn't need it much. So, you can ask him to sell a few of them and pay you back.
5. Announce the loan details publicly: So your friend is not interested to pay off the loan. You know he is wealthy, but there's no hope for getting back your money from him. You have called him several times and tried to talk about it, but he simply avoids the topic. Finally, you have lost your patience and decided to be so friendly now.
Now that you've decided to be not so friendly, you can share the loan details publicly. For instance, you can post it in your Facebook profile and tag your friend. Your common friends will come to know about it and they'll mock your friend. Public embarrassment is a big thing. When your friend will see that his dirty little secrets have been exposed in public, he will repay the loan as soon as possible. Make sure you use this idea only when there is no other option.
If you find that your friend doesn't have financial means to pay off the loan, then it doesn't mean that you should sit quietly. Don't give up without any fight. If your friend also happens to work for you, then don't give him a pay hike until the loan is paid off. If he is just your friend, then charge some money for every favor you do for him till the debt is satisfied.