We have probably all been a victim to loaning family and friends money because they promised to pay it back, only to find out that you will never see it or them again.  Some have advised that if you can do without the $50 or whatever the amount, then just give it to them, as too many times family and friendships have been destroyed for lack of payback of loaned money.

Today on the Top 5 at 7:45, I'll highlight what some say are a good way to try and rescue your loaned money from a well-meaning friend or family member, that has failed to pay you back.

  1. Legal Or Loss - Either just write it off as a loss, or if it is a huge amount, you could take the matter to court. Of course, we hope it never comes to this.
  2. I Don't Want To See You - If, after 3 months, you still don't see the money, you may want to let them know that you don't want to see them or visit with them until they pay. Of course this could be the end of the relationship.
  3. Be Firm - Have a firm talk with them that this is serious, remind them of their commitment and tell them to shut off their cable, stop buying cigs and liquor, or whatever until they pay you back.
  4. Deadline - Make sure there is an agreed deadline on when the loan will be paid back. Don't be afraid to let them know that you expect this from them.
  5. A Friendly Reminder - Let them know in a friendly way, that they borrowed money and that you really need this back as soon as possible.

The Top 5 at 7:45 airs weekdays with me, Gary Freeman and sponsored by First Education Federal Credit Union.

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