Politely Ask for Money Owed to You

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You have probably heard of the phrase, “lend only the money you can actually afford to lose” and that’s something that we agree with at Cobra Financial. When friends or family approach you asking for some money, you are likely to give it to them without much thought, assuming that they will pay you back in due time to preserve your relationship. But, what happens when they don’t return the cash?

When you lend someone money, you can’t leave anything to chance, and it can become awkward if you have to repeatedly hound a friend or relative to pay back what they owe you. Knowing how to politely ask for money owed is key, and it’s not something that you should shy away from.


How to Ask Someone for Money They Owe You

There are a lot of ways to ask someone for money they owe you, but it’s important to keep things friendly and polite. Here are some ways to approach the matter:


A Polite Reminder (Or Two)

It’s perfectly normal for someone to forget that they owe you money, especially when it’s only a small amount. In this case, a simple reminder may be all that’s needed. Be straightforward, yet polite. Be courteous and understanding, using friendly and informal language to remind your friend, associate or loved one that they owe you money. Give them a few days at least to comply with your request.


“So, What Did You Use the Money For?”

People tend to borrow money for a specific reason, and they will usually tell you what it’s for. You can remind them of the money owed by asking about what they used it for. If they don’t bring up the subject themselves, you can ask them in a “by the way” manner to let them know that you’re patiently waiting on the payment. For example, if someone asked you for money to buy a bike, you can ask them how the bike is running or what it’s like to ride.


Be a Little Flexible

If someone is unable to pay you according to what was agreed to, then you might want to offer them flexible terms and let them pay the debt back in instalments. Unpaid debt can really put a strain on relationships, especially if it’s a large amount between friends or family members. So, consider extending the term or at least offer to let them pay you back in smaller amounts.


Send Them a Text Message or Email

A quick search of ‘how to ask for money politely’ will bring up a lot of advice, but sending the person a text or email is one of the easier options. This may not be the best approach if you run into the person often, but if they are away from you for several weeks or months at a time, you could send them a message or email.


Asking for money back text message sample – “I hope this email finds you well – if you recall, I lent you a sum of… and I was wondering when you can pay it back”.


The Next Round is On Them

How to ask for money politely depends on how much is owed, and this route can work remarkably well for small debts. You can always ask your friend, associate or co-worker to pay for the next meal or round of drinks when you’re all out. This highlights that they owe you money, and it gives them a suggestion of how to repay you. They should be happy to oblige as it will reduce their debt. Of course, you will want to be as polite and gentle about it as possible!


If You Don’t Want to Politely Ask for Money Owed to You

If you have lent someone £1000 or more, and you haven’t had much luck with the above methods, then it might be time to get in touch with a debt recovery agency, such as Cobra Financial. Our polite, approachable and professional debt recovery agents can handle things, so you don’t have to.

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