How do you handle borrowers? - page 6.

paxmao

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Quote from: Queentoshi on July 13, 2023, 04:37:55 PM

How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you. How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

I guess you don't give money and the problem shorts out itself eventually? The question is asking yourself why are you lending or giving that money away? Is is a religious matter? Is it your family? Friends? Perhaps you need to consider restricting the amount progressively so they understand that it will eventually dry-out so they start looking for alternativess.

uchegod-21

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Quote from: OgNasty on July 14, 2023, 01:52:55 AM

The trick is to dress like a homeless person and drive an old car, then nobody asks you for money. It works for me pretty well. Although I’m not sure how much longer I’ll be able to pull that off given my desire for a Tesla. I wouldn’t call people borrowers though. You should never loan money to friends or family, only give it to them.

Buy a Tesla and coat the exterior like an old car Grin

It is true that when you don't show up, people wouldn't know how much you worth and they will not come asking for financial assistance.
This has done me bad thanks good that my money in people's had is much. They don't return at due time and I also do not have the ability to take extreme measures in order to reclaim my money and that is where my problem lies.

What I have implemented is what Jerome Tash said, I don't lend anymore. I give what I am able to lose and I do not expect refund.

OgNasty

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The trick is to dress like a homeless person and drive an old car, then nobody asks you for money. It works for me pretty well. Although I’m not sure how much longer I’ll be able to pull that off given my desire for a Tesla. I wouldn’t call people borrowers though. You should never loan money to friends or family, only give it to them.

blockman

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Quote from: Queentoshi on July 13, 2023, 04:37:55 PM

How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you.

If they're asking for a certain amount of money, give at least 1/8 or 1/4 of it or any amount that you think is fine for you. In that case, you're able to get rid of them and they won't come to you asking money again. That's going to save you a lot of money and stress from them when they're trying to poke you that you've got money and you're not allowing them to borrow. And the money you'll give to them is no longer a loan but a willing give so they won't approach again in the future.

Quote from: Queentoshi on July 13, 2023, 04:37:55 PM

How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

There's no helping in the future to them if ever they'll be in need. They think that they're able to escape from asking them for a payment but I am thinking that they will never get close to me ever again.

o48o

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Quote from: Queentoshi on July 13, 2023, 04:37:55 PM

How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you. How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

Luckily i don't have that kind of family. I provide for my kids but that's it, even they aren't demanding money from me. My friends can be broke but they don't accept charity or debt. I might offer them drinks etc but giving too much is embarassing for everyone. And i totally understand why it's hard to accept even free given money. It leaves this feeling of debt. And after that every time we see they would need an excuse why they haven't paid, so they will start to avoid me.

Debt has ruined friendships, just like hiring your friends and being their boss. It ruines a balance of equality. It shouldn't but it easily does.

LTU_btc

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I don't have much experience with such situations because I barely get requests from someone that I would borrow money them. And there isn't that big circle of people that I would lend money and have my trust. You know, when things comes to money, people often change into bad side. And if I would get request to borrow really significant amount of money, something like $5000 - $10 000, then I would suggest him to go to bank.
So, usually I get requests from friends to borrow something like $1 or $2 when they don't have cash and want to take coffee from vending machine

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Ultegra134

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Is denying it out of the question? I understand that you may want to assist them and that them asking you is putting you in a difficult position, but it's not you who is going to solve their financial issues. I've also lent money to a few people in the past or done similar favors for them, such as ordering them something from the internet, without having received the money beforehand. The latter got me in trouble twice, but I learned my lesson.

I had a so-called close friend who took over a year to repay me. I still had the goods he ordered, but they were worthless to me. The only people I've borrowed money from were in my immediate environment and couldn't avoid me forever if they had such intentions. You shouldn't be ashamed to say no; you're not to be taken advantage of. Help only those that you trust; if you're having second thoughts about someone, just say deny. You're also working your money; it didn't grow on trees.

JeromeTash

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Only lend out what you can afford to lose.
In the past, if someone whom I am not certain about came to me asking for Financial assistance, I would only give them the amount am comfortable losing in case they don't repay. For the case of family members or very close friends, I give them without expecting it back.

If I feel like I can't afford to lend out the money I have, i just simply tell them that I don't have anything I can lend out at that moment. If they offer any form of tangible collateral, then well and good.

Ojima-ojo

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Quote from: Queentoshi on July 13, 2023, 04:37:55 PM

How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you? How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

It depends on the part of the world you are from because 80%+ of the population of a developed country are financially sufficient and do not border others and if anyone is looking to get a loan then he can visit the bank and pay some interest but for personal loans, I think that is near zero chances.

But that doesn't eliminate the place of gifting others if you have and you really know their in need of that money also instead of borrowing from people, only gift them what you can afford to let go that way you won't be hurt if they never pay back the loan because most people won't pay back such loans.

Queentoshi

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How do you deal with the situation where people who you are close to like family and friends are constantly demanding for one kind of financial assistance or the other. It is not possible to help everyone, so how do you handle it and make sure that giving and trying to help people do not turn into a problem for you. How about people who borrow money from you and never return it or even show any effort to make payment back to you, how did you go about the situation?

Topic: How do you handle borrowers? - page 6. (Read 1109 times)