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Somebody owes you money - Page 2

post #16 of 26
10/22/08 at 1:53am
I follow very wise advice, and don't ever lend money to family or friends, but I will give them money if they need it. We call it a loan so that the recipient can save face, but it is really a gift. This is especially true of family. Of course, all members of the family are expected, even obligated, by tradition and loyalty and honor, to do the same, and to not abuse the privilege and the responsibility, so it usually balances out in the end.

The closest I ever come to accepting a loan is to say "let's tally up at the end of the month", when we have regularly scheduled business transactions at that month's end.
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post #17 of 26
10/22/08 at 1:57am
Thread Starter 
Yeah I just wrote it off as a loss. I m just here to hear other stories.

You lending a coworker in need some money is philanthropically investing though. Mine was just a failed business transaction.
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post #18 of 26
10/22/08 at 3:11am
Sorry to hear about that incident brother. I still appreciate you going out of your way when I purchased that pair I bought last year, and you did send the shoe to my aunt's house with nothing but a promise my payment was sent. Whoever he is, I hope he finds it in his heart to do the right thing. Anyway, I have also lent large sums to friends. I usually do this if there's an emergency or valid excuse like a kid needing medical attention. My wife and I have this policy with lending money to friends- be ready to write it off.
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post #19 of 26
10/22/08 at 3:56am
Quote:
Originally Posted by sho'nuff View Post
Yeah I just wrote it off as a loss. I m just here to hear other stories. You lending a coworker in need some money is philanthropically investing though. Mine was just a failed business transaction.
Legal measures? Small claims? Maybe he lost everything and is dodging bills. Doesn't absolve, I'd pursue.
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post #20 of 26
10/22/08 at 9:05am
Lent money to both brother and sister, thinking I wouldn't get it back. My brother paid me back, my sister didn't

In business, I've had several cases where distributors have not paid money owed. Usually I have used letters of credit, but with well estavblished distributors, you ease up on that. I have been stiffed a hundred K once, and once almost 500 K. The second time was a huge mistake of a subordinate, but I should have cought it.
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post #21 of 26
10/22/08 at 9:13am
Quote:
Originally Posted by Xericx View Post
Legal measures? Small claims? Maybe he lost everything and is dodging bills. Doesn't absolve, I'd pursue.
How?
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post #22 of 26
10/22/08 at 12:03pm
A buddy of mine borrowed a few hundred dollars from me over a year ago trying to start a business online. He is pretty much a walking sterotype...private undergrad and MBA paid for by parents, lives at home and has never worked a real job. He is now doing financial analyst type work as a temp for one of the big companies...its not a great life but with OT and having NO DEBT and virtually no expenses he is just banking thousands of dollars a month. I have not been too diligent in asking, but I think that the guy should pay up at this point.
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post #23 of 26
10/22/08 at 1:24pm
Thread Starter 
Quote:
Originally Posted by samblau View Post
A buddy of mine borrowed a few hundred dollars from me over a year ago trying to start a business online. He is pretty much a walking sterotype...private undergrad and MBA paid for by parents, lives at home and has never worked a real job. He is now doing financial analyst type work as a temp for one of the big companies...its not a great life but with OT and having NO DEBT and virtually no expenses he is just banking thousands of dollars a month. I have not been too diligent in asking, but I think that the guy should pay up at this point.

i d ask this guy for your borrowed money back if he is indeed your buddy
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post #24 of 26
10/22/08 at 4:02pm
I guess when you don't have a lot of money yourself you don't loan out money or take risks with it. I think the worst that's happened to me is a buddy of mine said he'd pay me for covering a hotel and gas bill about a year ago. He still hasn't paid me back but I figure that over the time he's covered a portion of it with things such as drinks at bars and whatnot so it's not a big deal at all.

I've needed some help when I first started out of college and into the real world. My parents gave me $3000 to help me get on my feet. They never said anything about me paying them back, but once I started working I made sure to give them $1000 each month until it was paid off. It just makes sense to cover your debts, no matter who they are owed to.
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post #25 of 26
10/22/08 at 11:52pm
I consider paying money back a testament to someone characters. If I borrow money from a friend for lunch I have this weird habit of reminding them that I owe them money every time I see them. Knowing someone owes me money and them never mentioning anything about it just eats away at me. Some people forget that I owe them money and when I repay them they are usually surprised and happy because to them the money was written off as a loss.
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post #26 of 26
10/23/08 at 12:28am
Quote:
Originally Posted by furien View Post
I consider paying money back a testament to someone characters. If I borrow money from a friend for lunch I have this weird habit of reminding them that I owe them money every time I see them. Knowing someone owes me money and them never mentioning anything about it just eats away at me. Some people forget that I owe them money and when I repay them they are usually surprised and happy because to them the money was written off as a loss.
It says a lot about their character...
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