Muendelezo wa elimu yetu juu ya Mikopo kwa marafiki.
How to lend to friends successfully
Anyone who’s ever seen a real-life small claims court will know that they are full of former best friends and estranged family members fighting over whether money was a loan or gift.
That’s why it’s so important to have a formal agreement set out between the lender and borrower before anyone parts with cash.
So the golden rule for lending to friends is to write up an agreement. How long will the debt last and what’s the repayment plan?
Draw up a signed, written agreement and even consider asking someone to witness the contract, especially if it’s for a large amount.
Never hand over a substantial amount in cash, you’ll want a record of the transaction in case the debtor claims they never received it. A simple bank transfer will mean there’s a paper trail.
Finally, make sure you keep track of any repayments. It can be all too easy for the debtor to think they’ve paid more than they have, or for the lender to miss a repayment. This can lead to a conflict that puts the whole arrangement, and friendship, in difficulties.
If this all sounds far too formal or you’re worried that you’d insult your friend by insisting on it then think hard. Would it be easier asking for a formal repayment plan before you lend the cash, or once they’ve failed to make a repayment and are avoiding your calls?
Debt-collecting support
Just under a fifth of the people surveyed by O2 had loaned money on five or more separate occasions.
It’s tough being that person, especially if money is tight. But if you’re organising the bills for a shared house, planning a trip away with friends, or arranging a group-bought gift, it’s too easy to end up out of pocket.
But there are online services that chase and collect money on your behalf, like Payumi. It sends out payment requests and reminders, and keeps track of who’s contributed, so you don’t have to be the bad guy and chase people.
How to lend to friends successfully
Anyone who’s ever seen a real-life small claims court will know that they are full of former best friends and estranged family members fighting over whether money was a loan or gift.
That’s why it’s so important to have a formal agreement set out between the lender and borrower before anyone parts with cash.
So the golden rule for lending to friends is to write up an agreement. How long will the debt last and what’s the repayment plan?
Draw up a signed, written agreement and even consider asking someone to witness the contract, especially if it’s for a large amount.
Never hand over a substantial amount in cash, you’ll want a record of the transaction in case the debtor claims they never received it. A simple bank transfer will mean there’s a paper trail.
Finally, make sure you keep track of any repayments. It can be all too easy for the debtor to think they’ve paid more than they have, or for the lender to miss a repayment. This can lead to a conflict that puts the whole arrangement, and friendship, in difficulties.
If this all sounds far too formal or you’re worried that you’d insult your friend by insisting on it then think hard. Would it be easier asking for a formal repayment plan before you lend the cash, or once they’ve failed to make a repayment and are avoiding your calls?
Debt-collecting support
Just under a fifth of the people surveyed by O2 had loaned money on five or more separate occasions.
It’s tough being that person, especially if money is tight. But if you’re organising the bills for a shared house, planning a trip away with friends, or arranging a group-bought gift, it’s too easy to end up out of pocket.
But there are online services that chase and collect money on your behalf, like Payumi. It sends out payment requests and reminders, and keeps track of who’s contributed, so you don’t have to be the bad guy and chase people.
It’s free
to use for individual payments of £20 or less, but you’ll pay a fee of up to £2
a time for higher repayments. If you’re confident that you can keep track of
the cash on your own then you may decide to avoid these fees and collect
payments yourself.
Never a lender or borrower be?
It’s easy to scoff at people who lend money and then never get it back. But it can be hard to say no when a loved one needs help.
The most important rule when lending cash is to only offer what you can afford, and ideally what you could afford to lose if they fail to repay. After all, it’s little use to anyone if you end up in difficulties too.
Never a lender or borrower be?
It’s easy to scoff at people who lend money and then never get it back. But it can be hard to say no when a loved one needs help.
The most important rule when lending cash is to only offer what you can afford, and ideally what you could afford to lose if they fail to repay. After all, it’s little use to anyone if you end up in difficulties too.
Na hapa ndio mwisho wa elimu yetu juu ya mikopo.
Tanzanian Shilling Exchange Rate