Lending and borrowing money is always a tough situation, especially between friends. Consider what would happen if you never get the money back. Always have written records when lending or borrowing money because that keeps both parties accountable.
If your friend brushes you off or delays the payments, you need to have a face to face conversation with your friend about the loan. This is better than over the phone and certainly by email. Set up a time to sit down and discuss. Share your feelings and be sensitive to his or her space. If he feels backed into a corner, it is hard to create positive action. Propose a repayment schedule that you think is fair and and a back-up strategy if it doesn’t work (i.e. talking to his parents, going to the small claims court).
Here is a website that presents the info relatively easy and not too boring:
http://www.alberta-mortgages.com/articles/credit-bureau.html
Also, you can get a free credit report at http://www.consumer.equifax.ca/home/en_ca.
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"Lending and borrowing money is always a tough situation, especially between friends. Consider what would happen if you never get the money back. Always have written records when lending or borrowing money because that keeps both parties accountable. If your friend brushes you off or delays the payments, you need to have a face to face conversation with your friend about the loan. This is better than over the phone and certainly by email. Set up a time to sit down and discuss. Share your feelings and be sensitive to his or her space. If he feels backed into a corner, it is hard to create positive action. Propose a repayment schedule that you think is fair and and a back-up strategy if it doesn't work (i.e. talking to his parents, going to the small claims"
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April 10, 2012 in 