It's happened to all of us: that awkward moment when you are dining out with a friend, and when the bill arrives your friend informs you that he has conveniently left his wallet at home or has forgotten to stop off at the ATM. At this point the only way to avoid the dine-and-dash is to pay the bill in full yourself.
You might not think it’s a huge deal to pay for someone’s lunch from time to time, but if you lend money to a friend, you have every right to expect your friend to pay you back. You shouldn’t feel bad about asking your friend to pay you back, but that doesn’t mean it’s not an awkward conversation to have.
Here are a few tips on getting your friend to pay you back the money he owes you as un-awkwardly as possible.
Use Technology to Get Your Money Back Right Away
The longer your friend owes you money, the more difficult it becomes to get your friend to pay you back. So, have your friend pay you immediately with a person-to-person payment service such as Popmoney®. Your friend may have forgotten his wallet, but as long as he hasn’t forgotten his smartphone (and who forgets that these days?), he can send you money electronically through an email or text.
Popmoney® is conveniently located within our Mobile Banking App; however, your friend doesn’t have to bank with 1st Mariner to enroll in and use Popmoney®. As long as your friend has the funds available in his bank account, person-to-person payments are a great way to get paid immediately.
If your friend doesn’t have the funds available, keep reading.
Give Friendly Reminders
If your friend tells you he doesn’t have the money right now, but he will on Friday when he gets paid, give him a friendly reminder on his payday. You can send him a request through Popmoney® to avoid giving the awkward reminder yourself. If your friend was being honest and fully intended to pay you back, chances are this friendly reminder is all he will need. Otherwise, move on to the next step.
Have a Serious Talk
Now you have passed the point in which your friend should have paid you back. If you want your money back, it’s time for the awkward conversation. Sit your friend down, make sure there are no distractions around, then ask him why he is having a hard time paying you back. You can offer him options such as making staggered payments or give him an extended deadline, but make it clear that you do expect your money back. If this doesn’t work, you are pretty much down to two options.
Forget the Debt or Consider Persuing Legal Action
Ever heard the saying, “If you lend someone $20 and never see him again, it was probably worth it”? If it was only a small amount of money that you lent, it might be easiest to just forget about the money and reconsider the friendship.
If your friend owes you a large sum of money, you may want to consider pursuing legal action. This option isn’t right for everyone, so make sure you do sufficient research to make sure it would be worth it to go down this route.
The last few options are not fun ones, so I recommend using Popmoney® to get your money back instantly!
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