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Are you Owed Money? Here’s how you could get it back.
There are times in life when lending money is the correct way to behave. If a lifelong friend, a sibling, neighbor, or a relative gets into financial difficulties and we have the means to fix them – then why wouldn’t we do that? Unfortunately, this process of lending money where it’s needed has seen many people have their fingers burned. Not everyone is as conscientious as you are about repaying their debts.
Therefore, this article is aimed at all of you out there who are owed substantial amounts of money and who don’t know how to get it back.
I Loaned Someone Money, and they Ghosted Me.
This is a story we hear every single day. Friends or family members give another friend or family member money and never hear from them again. It’s particularly true of large lump sums of cash. There may be some ways to get your money back, but first, let’s talk about how you secure a loan made between friends in the first place.
When you agree to loan someone money, you should record the exact wording of the agreement. Both parties must sign and date this paper. It is hard for them to deny later that you loaned them money if you have their signature on a piece of paper. Making a loan to someone is all about the paper trail. You should be able to trace when you loaned them the money, how much it was and at least have a rough outline of when you expect them to pay you back.
If you don’t have these things and the person refuses to pay you back, here’s what you can do before getting a debt recovery lawyer involved.
What to do when Someone has your Money?
Here are a few things to try before you call in the big guns.
1 – Talk to Them
Try to trace them down. Try to find where to move to. Call, text them, email them, message them. But whatever you do, give them a chance to explain to you why they have reneged on their debt. Offer them an opportunity to repay you at a rate that suits them. And don’t press too hard because there are links between suicide and debt.
2 – Write to Them
If talking to them hasn’t worked, then writing to them is the next step. Find their address or email address and send them a message explaining what you’re unhappy about and asking when they can repay it. At this stage, you may want to tell them that you’re about to involve a lawyer. Keep copies of this letter for your records.
3 – Call in the Lawyers
A debt recovery lawyer is a specialist who can recover these debts for you. Your debt recovery lawyer will likely issue a letter of demand to those who have borrowed money from you. And 75% of all cases, this is enough for the money to be repaid. And the other 25% of cases. The client then enters into negotiations. To try and formulate a repayment plan.
Will I Get my Money Back?
The odds are in your favor. If you choose not to involve a lawyer, then the answer is no. But, on the other hand, going down the legal route has a high chance of success.
