Owed Money by a Friend – What Can You Do?Last modified: December 20, 2023
Owed Money by a Friend – What Can You Do?
Owed Money by a Friend
Being owed money by a friend or family member is always 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 that is owed to them as a betrayal.
It is hard not to take it personally when somebody deliberately does not pay you what they owe. In some cases, it can affect you, and many people are put into a place where they are at risk of any form of financial difficulty themselves.
It is very common for people to lend money to their friends or family members. If you have lent money to a friend, 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 are 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 that is legally owed to you. Most cases that involve being owed money by a friend are resolved by having a short and polite conversation.
That does not always happen though and friendships can sour for whatever reason.
With any financial matter, it is always best to agree on the terms of the agreement with a document such as a formal letter. 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 friend’s account is normally satisfactory.
Owed Money By A Friend? Let the Experts help
Frustrations can boil over when somebody is owed money by a friend and you may feel taken advantage of. There are many circumstances in which a private debt like this could begin.
For example, a friend may ask to borrow money from you in order to purchase something. If a friend owes you money and does not have the means to pay it, it is better to be patient and wait
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 and 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.
Owed Money by a Friend? Instruct a Debt Collection Agency
We use proactive tracing strategies to track down those who try to avoid payment of their debts. Our friendly debt recovery 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 you know that you are not alone, since our opening in 2005, we have helped thousands of people out in the very same situation.
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 Helpline today on 0333 043 4425 for a free pre-action assessment of your debt. If you are owed money by a friend and want it back, speak to our debt collection experts today.