Borrowing from relatives, friends, acquaintances or lending money is a common thing for Russians. It's easier than borrowing from a bank.
About a year ago, one of our clients was contacted by an old friend who had been successfully in the auto business for many years and specialized in the resale of expensive sports cars. Through him, our client has repeatedly sold and bought cars for the family. The auto dealer lacked about 5 million rubles to buy out “an almost new Mercedes S500, which was urgently sold at a big discount,” and he offered our client to participate in the business by lending the missing amount. The car is in demand, should leave at a good price within one or two weeks, so 5 million will quickly return with an addition of 700,000–900,000 rubles, the principal reasoned, accepting a tempting offer. But the car dealer did not return the money either in a week or a month.
The debt was issued by a simple receipt for money, written in hard-to-read handwriting; subsequently it had to be literally deciphered. At the same time, it did not contain the date of transfer of money, the repayment period, interest on the loan, but simply recorded the receipt of the amount. The debtor successfully hid for several months. I had to go to court, which only recently ruled in favor of our principal.
In order not to find yourself in a similar situation, helping relatives or acquaintances, you need to think in advance about some formalities that are a guarantee of debt repayment.
Receipt or contract
Most often, drawing up debt relations, citizens are limited to a receipt - out of ignorance or with faith in the decency of the borrower. But often debtors, apparently not initially planning to return the money, write it illegibly, incorrectly indicate passport data, and so on. Explicit fraud with the aim of subsequently challenging the transaction - someone else's signature on the receipt. Many debt documents look completely laconic - on a piece of paper: "I, Ivan Ivanovich Smirnov, borrowed 5,000,000 rubles." Of course, such a paper is also a document confirming the existence of a debt, but it is extremely imprudent to seriously count on collecting it even in court.
The receipt is valid if it contains the full name of the lender and the borrower, passport details and registration addresses of both, the amount of the debt (preferably in words), the purpose of the transfer of money, confirmation of the fact that the debtor received it, including his signature with a transcript, as well as the date and place of their transfer, the period for which the money was lent. It is better if it is written by the debtor in his own hand in the presence of the lender, who will first check the debtor's passport data and the validity of the passport on the basis of the FMS. It is useful if the receipt contains the signatures of witnesses who were present at the transfer of money and, if necessary, will be able to confirm this in court. The absence of at least one of these elements weakens the legal force of the receipt and makes it possible for an unscrupulous borrower to challenge the debt.
If the debt is small and you are potentially ready to accept the loss of it, you can issue a transfer of money with a simple receipt. If not, then I recommend contacting a notary and signing a loan agreement with him. This is the same as a receipt, only with more guarantees. The notary will definitely not forget to indicate all the necessary conditions in the contract, check the debtor's passport data and make sure that it is the debtor who signs the contract. There is only one minus of this procedure - the notary will take (usually from the borrower) a certain percentage of the loan amount. Approximately 12,400 rubles. with a loan amount of 800,000 rubles, 27,000 rubles. on a loan of 8 million rubles, 91,000 rubles. on a loan of 80 million rubles.
A correctly drawn up receipt is almost equivalent to a notarized loan agreement. With the exception of one thing - the signature on the notarial contract is almost impossible to challenge, a forensic examination in this case is unlikely to be carried out, which means that the creditor will save time when recovering.
In addition, classical instruments can guarantee the repayment of a loan: inclusion in the receipt (agreement) of a condition for the debtor to pay a fine for late repayment of the debt, a guarantee from a third party, a pledge of the debtor's property (for example, a car or an apartment).
Pretrial measures
If the money lent to a friend or acquaintance was not returned on time, it is worth moving on to active actions, not paying attention to oaths and assurances.
To begin with, having studied debt documents, it is worthwhile to soberly assess the prospects for collection. Then send a pre-trial demand to return the debt with interest in free form by registered mail with a notification and a list of investments to the debtor's registration address. An effective argument would be a warning about the firm intention to go to court for debt collection with the imposition on the debtor of legal costs and lawyers' expenses. In general, we always advise our principals to move from verbal demands as soon as possible to sending well-written substantiated documents to opponents.
An additional incentive to repay the debt may be letters prepared to the partners, contractors or employer of the debtor. In our experience, familiarizing the debtor with them is more effective than sending them out. For example, quite recently we have prepared a letter to the bank, which served the entrepreneur - the debtor of our client, with a proposal to buy the monetary rights of claim that our principal has. Less than an hour after the debtor received the draft of this letter by e-mail, he called the lender and arranged a meeting to resolve the issue. Of course, this doesn't always work, but it's worth a try. Maybe it is at this moment that the bank approves a large loan for your debtor.
Going to court
If the scenarios described above do not help, then the only legal way is to go to court. To do this, the easiest way is to resort to the help of a lawyer, but you can act on your own.
First of all, you need to prepare a claim with the calculation of claims, interest, fines, as well as make copies of the receipt and claim. It is important to correctly calculate and pay the state duty (the procedure for its calculation is established by Article 333.19 of the Tax Code of the Russian Federation). For example, with a claim value of 800,000 rubles. the state duty will be 11,200 rubles, and at 8 million rubles. - 48,000 rubles. The claim is filed with the court at the place of residence of the debtor.
As experience shows, in 80–90% of disputes, debtors, seeking to delay the trial, ask for a forensic examination of their written receipt (conducted at their own expense). In the Moscow region, the cost of handwriting research ranges from 10,000 to 50,000 rubles. per sheet. But if the receipt was written by the debtor with his own hand and at the time of its writing he was capable, then he has no chance to escape financial responsibility.
On average, a debt recovery litigation, with active opposition from the debtor, can drag on for 8–16 months. This period includes 2-3 months for handwriting expertise.
You should not think that dragging out a lawsuit is a panacea for a debtor and he can safely use borrowed money, and then simply return it by a court decision. The law allows you to recover from an unscrupulous borrower, in addition to the amount of the principal debt, also interest on the use of other people's money, losses, court costs and lawyers' expenses.
What to do if there are no documents
Sometimes in our activities we are faced with the fact that money is lent without documents at all - on parole. It would seem that in case of non-return the situation is stalemate. But practice has developed an effective way to resolve disputes in this case as well.
It is worth starting again with a pre-trial written claim. If the debtor confirms the debt in response and is ready to pay, then the lender has a document with which he can apply to the court. We had a case in our company when the debtor sent such a response by e-mail. On our advice, the lender notarized the receipt of this letter and presented it to the court as evidence of the debt, which was calmly accepted by the court.
If the debtor does not respond to the claim, you will have to contact the police. In a statement to law enforcement agencies, it is worth describing the situation in as much detail as possible, setting out all the circumstances of the transfer of money, including the place, time, amount, agreements, data of witnesses and refusal to recognize the debt. As evidence, along with testimonies, it is worth preparing copies of electronic correspondence, sms messages, audio, video recordings, etc.
I recommend sending the finished statement to the police to the debtor with a request to comment on the situation. The threat of criminal prosecution and even just the prospect of giving explanations as part of the pre-investigation check are good tonic. There is a high probability that the debtor will come out with the initiative to repay the debt or sign a loan agreement. If this does not happen, submit a set of documents to the police. There, do not forget to get a coupon for KUSP (crime reporting book), which is the starting point for starting verification activities.
As part of the pre-investigation check, law enforcement officers will take explanations from the debtor, witnesses, and possibly additionally from you. Often at this stage, debtors acknowledge the fact of receiving money, refer to existing civil law relations and try in every possible way to remove the dispute from the criminal law plane. Many seek opportunities and repay debt. But even if this does not happen, the interrogating officer, after the expiration of the time established by law, is obliged to issue a decision on the refusal to initiate a criminal case, in which all the circumstances will be described in detail. With this decision and the materials of the pre-investigation check (their copies will be given to the applicant by the police), you can safely go to court and collect the debt.
The opinions of experts of banks, investment and financial companies presented in this section may not coincide with the opinion of the editors and do not constitute an offer or recommendation for the purchase or sale of any assets
The transfer of money for temporary use (loan) in most cases is carried out between acquaintances and close people who do not burden themselves with the legal execution of the transaction. However, this approach is a strong risk for the lender, who, firstly, has no guarantees that he will be able to receive funds at the agreed time, and secondly, loses legal protection in case of non-repayment.
We tell you how to act and how to lend money correctly, so that you will definitely return the transferred funds back, and the borrower will compensate not only for their use, but also honestly answer for possible deviations from the terms of the transaction.
1. State your position
Everyone has probably heard about cases when a relative or friend borrowed money on parole, and then delayed the return or disappeared altogether. Of course, this does not always indicate the original malicious intent, because a person can really face very difficult circumstances. But you don't want to part with your money either. Therefore, always require a receipt from the borrower or draw up an agreement. This disciplines him, and gives you guarantees. Do not be afraid of misunderstanding or quarrel. First, you act sincerely and simply protect your interests. Secondly, you have nothing to lose in case of refusal. This is the primary point in the question of how to properly lend money.
2. Reinforce the transfer of money
The simplest document confirming the transfer of money from one person to another is a receipt. However, it is not a loan agreement and does not replace it completely. In some cases, even if it is available, the money may not be received.
Experts and lawyers say that a receipt is the best document to support small loans, and when borrowing large amounts, it is better to spend time and effort on drawing up a loan agreement. In it, you can determine in more detail the interest, the procedure and schedule of payments, late fees, collateral, suretyship and other points.
3. Competently draw up a receipt
How to lend money in a small amount? To arrange a loan between two individuals in small amounts (from 10 to 100 thousand rubles), as a rule, a written execution of the transaction (receipt) is sufficient. If it is not there, attempts to recover money in court often fail even if there are witnesses confirming the fact of the transfer (there are chances, but the process becomes much more complicated). If there is a receipt, these indications become significant.
Written agreement in the presence of witnesses - high chances of a refund through the court
Surname, name, patronymic and passport details of the parties;
the exact amount of the loan, both in numbers and in words;
the fact of the transfer of funds;
interest and return conditions;
the date by which the debt must be paid;
sanctions in case of delay in return;
the date on which the document was drawn up;
signature of the parties.
The receipt must be written by the borrower by hand. This makes it impossible to state that he did not participate in the preparation of the document, and the signature was forged. When manually filled out, the lender will be able to confirm the legality of the transaction with the help of handwriting examination.
Receipt sample
Important! By law (Article 317, paragraphs 1 and 2 of the Civil Code of the Russian Federation), all monetary obligations in the Russian Federation are expressed in rubles. Foreign currencies can only be specified for equivalent expressions.
The transaction can be made even more reliable by conducting it in the presence of witnesses who can confirm the fact of the transfer of funds. But remember that witnesses do not take responsibility for the debtor.
4. Determine percentages
In accordance with Article 809 of the Civil Code of the Russian Federation, individuals, like banks, can lend money at interest. It is necessary to establish a clear procedure for paying money - one in which, in case of violation of the terms of the transaction, the borrower, bailiffs and the court will be able to figure it out. Any interest can be determined by law, but if they are too high, the court can cut them to the level that is usually used for such loans (and the contract can be invalidated due to onerous conditions). You need to keep this in mind so that you know how to properly lend money if you are going to lend it at interest.
Starting from June 1, 2018, amendments to the Civil Code of the Russian Federation regarding the calculation of payments under contracts and receipts with unspecified interest are in force:
Loans up to 100,000 rubles are considered interest-free, unless otherwise prescribed by the terms of the transaction;
Loans in excess of RUB 100,000 are calculated at the key rate of the Central Bank (set during the period when the borrower used the loan).
Please note that the law provides for a reduction in interest in the event of early repayment of debt.
Example. You loaned a friend 150,000 rubles for 1 year at 10%. He returns the full amount to you after 6 months. In such a situation, according to the law, the borrower can pay only 5% in excess of the loan amount, that is, not 15,000 rubles, but only 7,500 rubles.
In the terms of the transaction, it is possible to determine not only interest, but also fines that are imposed on the borrower in case of delay in payment. You can set a fixed or conditional fine:
You lend 60,000 rubles at 9% with a fine of 5,000 rubles in excess of interest in case of non-repayment within 3 months.
You lend 70,000 rubles at 7% with a doubling of the interest rate if the borrower does not return the funds within 6 months.
You can also define a penalty that increases according to the length of the delay. For example, if the borrower has not repaid the debt by December 31, 2018, from January 1, 2019, the use of the loan will cost 1% per day.
If you're afraid of conflict or rejection of a deal, think rationally about it. The borrower will have an extra incentive to repay on time. And in case of failure to fulfill obligations on time, you will receive compensation for the nerves and effort spent in court. A conscientious borrower should not be embarrassed by such conditions if he really plans to return everything on time.
If the terms of the receipt do not specify a fine, and the debtor does not pay on time, it is possible to increase the amount of the debt by interest for the delay even without this condition. According to Article 395 of the Civil Code of the Russian Federation, the borrower is charged interest for non-repayment on the agreed terms, equal to the key rate. They are charged on the amount transferred for use.
6. If the case went to court
The law establishes that it is possible to write an application to the court regarding the delay the very next day after the return period has expired. This rule applies to transactions, in the receipt and the contract, for which a specific return period was indicated. If the parties have not determined it, Article 810 of the Civil Code of the Russian Federation says that the funds must be returned within 30 days after the first request. A registered letter addressed to the debtor serves as confirmation that the claim has been sent to the court.
The statement of claim in case of non-return must be made in three copies: one for you, the second for the court, the third for the borrower. Each copy of the application must be supplemented with a copy of the receipt. Keep the original for yourself - it will be useful for the trial. For timely processing of the application and the start of office work, do not forget to pay the state duty and attach a receipt.
7. Types of loans and a large amount of money
How to lend a large amount of money? A more reliable document than a receipt is a loan agreement. It is made up by borrowing large sums. The exact amount is not specified in the legislation, but lawyers advise relying on a threshold of 100-150 thousand rubles. In the contract, as well as in the receipt, interest, conditions and procedure for return, terms, fines and penalties are indicated.
For the correct drafting of the contract, you can download a template on the Internet or contact a lawyer. The second option is more reliable, since a professional will help you arrange an extremely safe transaction, taking into account current legislative nuances.
Important! When drawing up both contracts and receipts, be sure to check the information specified by the borrower in the contract for compliance with primary sources.
The lender may indicate in the contract his preferences in the choice of court in case of non-return or dispute. Since the contract is not drawn up in writing, it makes sense to require the borrower not only to sign, but also to write the full name, surname and patronymic by hand. This information can be used to conduct a handwriting examination. The presence of witnesses is welcome.
Please note that when receiving a debt or part of it, the borrower has the right to require a receipt from the lender.
If necessary, you can also conclude an agreement for the following types of loans, which will also allow you to understand in more detail the question of how to lend money correctly:
Target. It is issued for spending money for specific purposes specified in the contract. According to Article 814 of the Civil Code of the Russian Federation, the lender has the right to control the use of the loan. In case of misuse, he may require early payment of the debt and interest (requires an indication of the term in the contract). It is important that the goals are not vague, like "promoting business" or "improving health." This wording will create great difficulties for early return.
Under the pledge of property. When establishing a pledge on movable property, all of its data (brand, model, size, color, serial number) must be indicated, including the value as assessed by the parties. The property remains with the borrower, but he cannot dispose of it until the debt is repaid. When establishing a pledge on real estate, a written conclusion of a mortgage agreement (with state registration) is required.
Under surety. The guarantors assume responsibility for the performance of the obligations of the borrower. As a rule, the liability of the debtor and the guarantor is joint and several, that is, they repay the debt jointly, but partial liability can also be indicated in the terms of the contract. According to Article 365, paragraph 1 of the Civil Code of the Russian Federation, the guarantor has the right to demand from the borrower the amount that he spent on the fulfillment of his debt obligations.
To borrow money, to give, even to give back, you also need to be able to. There are many signs associated with a loan and repayment of finances that you should get acquainted with.
When not to lend and how to lend
Many are known signs that will make you rich, attract money. They will be very useful for those who are going to borrow funds.
- It is not worth transferring a loan to a waning moon, it is better to transfer this event to a growing one. This compensates for the temporary separation from savings. The transfer of funds to the decreasing Moon favorably affects the giver, and to the increasing one - to the one who borrowed the funds.
- It is not recommended to carry out any transactions with money if it starts to get dark. After sunset, the energy of wealth will become entangled in the darkness, at which time evil forces begin to work actively, which will not bring anything good.
- If the transfer of funds can only be carried out in the evening or at night, light a lamp or lantern, symbolizing the luminary, put the money on the ground, from where the borrower will raise it.
- Do not pass from hand to hand. If this happens, and at the same time you are richer than the borrower, do not touch his hands, otherwise you will attract the energy of poverty.
- Banknotes are given with the right hand, taken with the left.
- A bad sign is to give funds to someone from whom he previously borrowed (quarrels and monetary losses await).
- Keep the money unrolled during the transfer. This demonstrates that you are not stingy, give them with all your heart.
- A bad sign is to look into the eyes of a person when transferring funds. This situation will become commonplace.
If a person regularly borrows from you and you want him not to apply again, give a little more than he needs. Take the change, if not, have him change whatever banknote you have in your wallet. Keep the exchange in your wallet until the funds are returned. When this happens, taking advantage of any situation, give the person the change received during the exchange.
When transferring savings, be sure to repeat protective whispers that will help not only return everything back, but also enrich yourself.
“Not at a loss, but at a profit, now I give, then I will double it. Exactly!"
“I borrowed (a), didn’t give (a), you attacked the wrong one, (name of the debtor), attacked (a)! Bring it back, bring it yourself! May it be so!"
Unsuitable time to transfer funds to someone: Monday, Sunday and Tuesday. Otherwise, the giver will live in debt. On Thursday, Wednesday, Friday, you can part with banknotes without any fear.
Another sign - you should not borrow an amount in which there is a two and a zero. For example, 2,000, 20, 220. There is a high probability that nothing will be returned to you.
How to borrow money - signs
You need to take banknotes only with your left hand. Count them immediately and put them in your wallet. Important: you can know in advance what wallet do you need so that the funds multiply (attract wealth and repay the debt faster).
From an energy point of view, it is right, first of all, to ask relatives and relatives to “borrow until payday”. After all, family members have similar energy. But if you start attracting a stranger, it can shake your own balance of energy in the house.
Funds are transferred to you - mentally say:
So that you always have, and I multiply.
When returning banknotes, fold them in half. In a similar way, show that you have retained the energy given to you.
With the onset of darkness, it is impossible to take on manipulations with funds. It is especially not recommended to repay the debt after dark, on the first, second, last day of the week. Money given on this day will attract poverty. Wednesday, Saturday, Friday, Thursday are the best times to transfer funds. On Good Friday, Clean Thursday, any church holidays, money transfers should not be made.
Debt superstition
Borrow the amount you are willing to lose. If you want more - better take a receipt, draw up a contract.
It is better to give funds than to ask for them. On the energy level, the one who asks demonstrates that he is weaker, unable to attract wealth. Therefore, use various conspiracies for enrichment that will help get rid of financial problems without outside help.
If the funds were given in smaller banknotes than received - a good sign for the debtor, he will increase finances. This will negatively affect the recipient of the debt - losses are possible. The modern way out is to transfer funds to a bank card.
Listen to these tips in order not only to make a deal, but also to attract wealth.
In the life of every person there are times when a loan of money from friends or relatives is necessary. Sometimes it is morally difficult to do this, and it is especially difficult to live with the realization that a “debt” hangs on you.
How to borrow money correctly so that you are not painfully ashamed? And how to tactfully negotiate with those who help us?
Start with the main
If you understand that you just need money and you can’t avoid a loan, get down to business energetically. When you call your friends, don't mislead them by asking, "How are you?" or offering to meet for no reason. It’s better to say directly: “I have business with you. Can you lend me some money?" Do not use language like “Could you...”, “Would you mind borrowing?” - they immediately provoke a refusal. In general, it is better not to contact people who, as you know, are stingy. Choose a borrower not on the principle of “rich”, but on the basis of the wording “not stingy”. Sometimes it's easier to ask from a person with limited means, who may well enter into your position.
Set deadlines
Do you know how to ask for money so that anyone would be happy to borrow you? You need to immediately name the dates when you can repay the debt. The request may sound like this: “Loan me a thousand rubles until Monday”, “Lend me five hundred rubles until the fifth day”, and so on. Then it is immediately clear to a person that you are not carelessly approaching the issue of a loan, but you are counting when you can repay. This characterizes you in a good way. Another trick: explain the seriousness of your plans, what you borrow. For example, you urgently need to buy boots for your child, you need to repair a washing machine. The person you care about doesn't care. After all, he gives you money that he could already spend on himself. Suspicions that you will spend them on nonsense are undesirable.
Tell me about your plans
Well, you borrowed money, spent it, and now you have only one task - to return it on time. Alas, the psychology of a person is such that he often considers borrowed money as some kind of "crazy". When the time comes to give them away, something becomes a pity. And why? Yes, because we do not treat borrowed money as our own. And that's the only way to treat them! Immediately, having borrowed a certain amount, deduct it from your future salary. Then it will not be so difficult for you to part with money later.
The second point is to give on time. It is very important! If you violate the agreements, then no one will borrow you later, no matter how much you promise to “pay back from your salary”. So if you suspect that you will not have time to return it on time, inform the person EARLY and apologize. If he can't wait, reborrow. It is very important!
Give beautifully
When we need to intercept money, we are ready to go for them anywhere and at any hour. But often, when repaying a debt, people begin to set conditions for the one from whom they borrowed. Today I can’t, but let’s you drive up there and so on.
Without exaggeration, we call it an ugly act. The best way to show gratitude to the person who helped you out is to give him the money on time, having arrived at the right time, at the appointed hour, and also say thank you. Aerobatics, if you have improved your financial situation, add some trifle to the envelope. For example, a box of chocolates. Then the person will understand that it is pleasant to deal with you and, most importantly, you can be trusted.
Give and take no more!
No matter how you observe the etiquette of the loan, it is still unpleasant. How to make it so that you no longer have to borrow? The answer is simple: you only need to spend what you have, and not a ruble more! If you run out of money, you simply stop spending it, switching to hay and straw. True, it is advisable to track in advance when the money began to run out so that you do not have to borrow for bread. It is clear that you cannot live without food, without paying for transport, for the phone. But it is quite possible to save on a gift to a loved one if you are not with money. Or even on new winter boots, if the old ones have not fallen apart yet. It's better than going into debt.
How to save money?
If you suddenly find that you have the last thousand left in your wallet, there must be some kind of stash. Take care of this in advance. As soon as you receive your salary, break the whole amount into small parts - for household, for vacation, just in case, etc. Sometimes a five hundred hidden somewhere can save the day. In addition, when starting a new stash, you kind of get a signal that there is less money and you need to be careful. When they lie in a large heap, it seems that there is no end to them, and therefore a person can spend money.
Number
10 percent of income should be set aside every month so that you never have problems with money. You need to put this money in a place where it is not easy to get it. For example, you can open a bank account.
Irene S. Levine, a PhD in Psychology and author of TheFriendshipBlog.com, advises first of all to suppress the guilt that arises when the person asking is in despair, or when you yourself think that you will be a bad person if you do not give money. on credit.
If you lend money without being completely sure that you want to do it, you run the risk of feeling offended, and your relationship with a friend will deteriorate even before he repays the loan and can thank you.
Refusing to lend money will not turn you into an egomaniac and a bad friend. On the contrary, this is how you can save a good relationship.
Gently decline: "I'd love to help, but right now I don't have any money." If you feel that you must explain your refusal, add a reason: you have unexpected expenses, you are saving money for something significant (education of children, an apartment, a car).
Think about how you can help a friend in this situation. Perhaps you have ideas where you can borrow or earn the necessary amount. A true friend of you for any help. If he is offended by you, then it is all the more good that you did not lend money.
Rule number 2. Give as much as you are willing to lose
Your friend or family member can be as trusted, financially stable and reliable person as you like, but no one is immune from force majeure situations.
Imagine how tension will grow between you and your best friend or relative if you urgently need the money that you borrowed, and he, for reasons beyond his control, will not be able to return it on time.
Byron Ellis, a financial planner, recommends borrowing only the amount of money you're willing to say goodbye to, and it won't affect your personal financial goals and savings.
Rule #3: Set strict debt maturities
Often we say: "Return when you can." After all, it is strange to demand from a friend or relative the return of a debt just in time. But imagine the situation: you gave a few hundred thousand to your sister to buy an apartment. She promised to return them as soon as she got back on her feet. But several years have passed, and the money is not visible. They have already depreciated with inflation.
Byron Ellis advises discussing the conditions "ashore": after what time, with what interest and in what parts you will be repaid. So you will not find yourself in limbo, not understanding when this money will return to you and whether it will return at all. And the borrower will understand that he is obliged to return the money on time, and will not allow himself.
Rule #4: Always have a written contract
Priorities change, memories are erased, and now your debtor assures that you agreed in a completely different way ... Another advantage of a written contract: by signing it, the person borrowing money is aware of the seriousness of this step and that he must repay the debt within the specified time frame.
If the borrower missed a payment, there is always a paper that you can refer to in a dispute. Friendship is friendship, but the obligations to which he subscribed must be fulfilled.
Byron Ellis, financial planner
For small amounts, you can draw up an agreement yourself, but when it comes to a large loan, it is better to involve a lawyer.
Priyanka Prakash, a former business attorney and now a finance specialist at Fit Small Business, says the contract must specify the date and amount of the loan, the maturity of the debt in full, the payment schedule if the debt is paid in installments, agreed late payment interest, full contact details of the lender and the borrower. Both parties must be signed.
Rule #5
It is a big mistake to forgive a late payment and not even try to find out why the borrower is delaying it. If the due date is advisory rather than mandatory, your friend will happily continue to ignore it.
Again, the contract comes to the rescue. Set a penalty for late payment. Naturally, your friend, signing the contract, must understand what he is getting into. And it remains to be hoped that such a tactic will save you from having to send payment reminders and you will not regret that one day you decided to play banker.
Ellis advises setting a five-day period during which the borrower can make a payment without penalty: after all, situations are different. However, if the delay is longer, and a friend ignores calls and reminders, then it makes sense to think about going to court.
If you lent money for a long time and agreed on a one-time repayment of the payment, then a month before the expiration of the term, remind the borrower of the agreement.
You may think that such rules are too strict when it comes to helping friends and relatives. In fact, this is how you can maintain a good relationship, not overshadowed by understatement and resentment associated with finances.
