Owed money by a Friend – What can you do?
Being owed money by a friend is always going to be a difficult situation to deal with. Very often this friend can turn into an ex-friend as people view the non payment of a debt owing to them as a betrayal. It is hard not to take it personally when somebody deliberately doe snot pay you what they owe however if they simply can’t then that is another matter.
If you have lent a friend money, you should expect to have it repaid in accordance with the initial agreement. It is highly recommended that any ‘loan’ is always documented, usually best by written agreement signed by both parties.
The information and advice detailed in this article is also beneficial if you are owed money by an ex-partner.
Regardless of what happens to your relationship, there is still a debt due and legally owing. Ordinarily, the money is paid back by the friend and all is well. That does not always happen though and friendships can sour for whatever reason.
Under laws in England and Wales, there has to be an intention for the monies owed to be paid back. If you are the owed party, within civil law – there has to be reasonable certainty that a debt is due.
Even where a written agreement is not in place, evidence of a transaction taking place is quite often sufficient evidence. Proof that monies have left your account and entered your friends account are normally satisfactory.
Frustrations can boil over when somebody is owed money by a friend and you may feel taken advantage of. The old saying is be neither a lender or borrower be but life is not always that easy.
If a friend owes you money and does not have the means to pay it then you need to be patient. Maybe consider a revision of the original agreement as a good friend will always pay their dues to you. However, if you know they have the means to pay but simply are not, then this is a different scenario altogether.
It is recommended to make the normal requests for payment via a phone call or verbally. If these are not adhered to and your patience is wearing thin, consider a more formal approach. Send a letter outlining the situation and politely request your money to be paid. Retain a copy of this as it may come in useful. You could send the letter recorded delivery so they have to sign for it.
If you are still not making any progress and you know they have the means to pay, it may be time to solicit the help of Professionals. Being owed money is one of the most frustrating things in life and has ruined many friendships and relationships.
Another common scenario is where a ‘friend’ has simply just disappeared. We can help in this instance and trace many gone away people every day on behalf of our clients. We use pro active tracing strategies to track don those who try to avoid payment of their debts.
Our friendly New Business team is highly experienced in such scenarios and can help advise you. We can also advise on the best possible solutions to resolve the situation. It is important yo know that you are not alone as we have helped thousands of people out in the very same situation.
We do not just specialise in Personal Debt Collection matters, we also help Self Employed people who are owed money and Small Businesses across the UK. If you are thinking of using a Debt Collection Agency, then you need to be using Frontline Collections. Our Local and Nationwide Debt Collection specialists recover millions every year.
Call our Help line today on 0333 043 4425 for a confidential chat about your problem. If you are owed money by a friend and want it back, – If we cannot help, nobody can!