Owe money and cannot pay? Here is what you should do

What to do when you owe money and cannot pay

Sometimes even the most frugal of us can be in a fix and need financial help from friends. Not to mention financial emergencies and unforeseen expenses. Owing money is a bad place to be, it takes a toll on your confidence and bad for your self-esteem. Not to mention it puts a crack on relationships. Most relationships never recover from it. Also, it not only puts a strain on the borrower but the lender as well. As a rule, I have decided never to lend out money I CANNOT afford to lose.
Never lend out money that is not yours, no matter the need of the person asking except you are ready and able to pay back should the borrower default. Never put your integrity on the line because of debts it is never worth it. Nothing sucks like having to pay back the money you did not spend.

So if you are reading this and you owe money that would take you later than the agreed date to pay, here’s what to do


Trying to sneak past the friend or colleague you owe is straight up disrespectful and sneaky. Trust me they know you are trying to avoid them. Nothing escalates a debt situation like a lack of communication. It sucks don’t do that just DON’T. Admit to yourself you need help: find trusted friends you can explain your predicament to and hold you to accountability.

Stop buying flashy and unnecessary things

Do you owe money? you might want to hold off getting ice-cream, eating out or getting new clothes till you payback. Not only would holding off on luxury help you pay back your debt faster, but it also shows you are responsible and your debt is a priority. It is not fair to go get a new phone meanwhile you are yet to settle your debt.

“People lend money because they feel you need the money more than them at the moment and rarely because they do not need it, do not make them regret it”

Be Honest

The saying “Honesty is the best policy” works best in this situation. Do not give repayment dates you know is not feasible. Its always advisable you politely request for a little more time than give a date and bail. Discuss with the lender on your challenges in repaying and figure out a plan that works.

Take up a second job or gigs

You might want to consider increasing your income source and getting paid gigs to enable you to cover your debt. Try to create additional sources of income. You can try freelancing, taking home lessons and a lot of other available options to boost your cash flow.

Be thrift

Try thrifting and also sell some of the stuff you owe. Selling clothing items like shoes, dresses, shirts, suits you can afford to let go is also a suitable way to pay back what you owe.

What not to do

Never borrow money with the intention of not paying back

Doing this might seem smart but it takes a toll on your credibility as a person. I know of someone who owed a friend some money and refused to pay. The friend went to the debtor’s workplace and called him out. The matter escalated and the HR department was involved. The fellow was later fired from work after investigations for being dishonest.

Do not be rude

A rude attitude is huge no, I know some people can act some type of way when they are owed that is not very nice. However, that does mean you should react the same way. Explain yourself as politely as possible and try to reach an agreement with the lender.

Do not feel entitled

Deliberately postponing repayment or outright refusal because you think the lender has more than enough and would not miss the money owed is very WRONG. Unless you are told to keep the money ensure to repay money owed. It is the right thing to do.

We all have needed help one time or another and are grateful for friends that help(ed) us out. It is therefore pertinent we maintain the right attitude and carry out proper actions so as to maintain our relationships and not lose our friends to debts.

I do hope this post proves useful to you.

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