How to ask for loan money back?
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Anonymous
| At the beginning of the school year I lent my mom almost $600 dollars for my brothers books, with a promise that my brother's dad and her would be paying me back ASAP. I made it clear it was not a gift but a loan. She has been going through a rough time lately (it seems like she always is) but I'm not sure how to nicely ask her when she will at least start working towards paying me back because I'm going through a rough time too. I'm just starting to get the feeling I will never get paided back. My mom can be moody at times and I'm not sure how to approach the subject. |
Anonymous
| You can ask all you want. You aren't likely to ever get paid back though. You've probably just learned the hard way to never loan anything you can't afford to not get back. |
Anonymous
|
Well firstly you should never lend to family. Secondly, you should never lend money to anyone if you really need it back, or anticipate really needing it back.
To answer your question more directly, tell your mom, "Hey, I know you're having a rough time, but I'm going through a rough patch too and really need you to start repaying that money I lent you in Sept/Aug for Larlo's books. Can you swing $50 each pay period? No? Well what works for you? What was your plan to pay me back when you said you would ASAP?" Also OP, I don't know how old your brother is, but if he's 15 or older, have HIM pay you part, if not all. They're HIS books. |
Anonymous
| I really hope that I will get my money back. My brother just turned 18 and he's too lazy to even get a job. He still calls me for money all the time. He's used to everything being handed to him. |
Anonymous
|
OP - since when do school books cost $600?
No more loans to your mom or brother from now on. |
Anonymous
|
"Hey mom, I know things are tough but I am going to need to know how you plan to pay me back for Bro's books. I have some plans I need to make."
Period. |
Anonymous
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All financial planners say not to loan money to relatives, you only gift money.
If you must loan, have it in writing and make it official. |
Anonymous
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Think of it as spending $600 in exchange for a very valuable life lesson.
As pp said: firstly you should never lend to family. Secondly, you should never lend money to anyone if you really need it back, or anticipate really needing it back. |
Anonymous
He is taking classes full-time.... |
Anonymous
| I hate to say this but it would really rub me the wrong way if I was just never payed back....I took that money out of my savings that I'm using to try and build my future with. Mom or no mom I'll be really hurt. I'm gonna try and talk to her. |
Anonymous
OP, if you can be calm and approach this without accusations ("You took my money and didn't pay me back!" etc.) it will go better. Tell your mom kindly that you helped her and brother out and now need to discuss repayment, but you are willing to work with her on paying you back very gradually. Tell her that you know she is having a tough time and you understand how hard it is to save up money, because you are in that boat yourself, so you are suggesting that she (and/or brother - even a full-time student can try to get a little work at the holidays--?) pay you back perhaps in small installments such as $10 a week -- something she and/or he can manage. Yes it will take a long time, and it will be a risk for you, frankly; I predict that you may never see all your money and that they may pay you a few times at first, slack off, maybe start to pay every few weeks instead of weekly. A lot depends on how much you want to remind them to stay on top of this. Might be too much like hard work, but an offer of gradual weekly repayment might show your mom that you both understand her bind, and you are serious about expecting your money back. Or it might backfire and you'll end up madder, but at least you will have tried to get your money back on terms they can handle. And never, ever lend money to family again - consider it a gift, period. Never lend what you can't afford to lose. |
Anonymous
*paid |
Anonymous
| If they cared about you, they would absolutely be trying to pay you back. I wouldn't mince words. Also, the minute db asks for money hang up or walk away. Don't treat him with kids gloves or enable. |
Anonymous
| Don't loan money to anyone. The chances of being paid back even a dime are slim. If you want to help you give it. Then no Hirt feelings. If you can't afford to give it you say I'm so sorry I can not help you but I'm struggling as well. |
Anonymous
I spent close to that some semesters 20 years ago. No problem believing they cost that much now. |