What To Do When Someone Owes You Money

Posted April 13, 2021 by in Lifestyle

When we lend someone money, we all like to think and hope that we are going to get that money back on the date agreed upon. The same happens when we send an invoice for works carried out or products that have been supplied. You expect to get the funds when you need them, right? However, things do not always go to plan, and if you find yourself faced with the prospect of not getting your money back, you may be wondering what you can do.

With that being said, let’s take a look at some of the steps that you should take if someone owes you money:

Person holding money over marble table.

  1. Contact the person who owes you money – This is the obvious place to start. Speak with the person who owes you money. Try to approach the situation in a sensitive manner. Yes, you want your money back. Yes, it is your right. However, it could be that the person is struggling at the moment and they don’t have the money. It is better that you know the truth. Therefore, by approaching the conversation in a calm and kind manner, you’re much more likely to get an honest answer. You can then take it from here. Perhaps you could come up with some sort of repayment agreement? The reply may not be the one you want to hear from the individual in question, but at least you will know exactly where you are and you can take it from there. 
  2. Consider using a skip tracer if you cannot find the individual – If the person in question seems to have disappeared off the face of the earth, you may want to consider investing in a skip trace. Skip tracers have the required tools and experience to helpfully find individuals who owe debts and have gone missing. They will give you the best possible chance of finding the person you are looking for and recovering the funds that they owe you. 
  3. Look into the possibility of taking the person to court – The final step to consider is taking the individual to court. This is not always going to be possible, as it really does depend on the circumstances. However, the best thing to do is get in touch with a legal expert and they will be able to provide their expert advice on whether or not you could make a successful claim. If so, they will be able to help you navigate the claims process so that you have the best chance of getting the settlement that you are happy with.

So there you have it: some of the different steps that we recommend taking if someone owes you money. We know that it can be difficult to approach someone when they owe you funds, but it is important to remember that the money is rightfully yours. Follow the advice and steps that have been mentioned above and we hope that it will enable you to get your funds back!

*Photos by Karolina Grabowska