How to get people to pay you back what they owe in school

Got those hostel or course mates that just walk up to you or text to ask for a loan, then never pay back when they said they would? It can be very frustrating when someone who owes you money doesn’t pay up on time or at all. So, we compiled some simple ways that can help you
get your funds back easily and on time, whenever you loan someone money:

1. Give within your comfort

Never lend money that you can’t afford to spare. If someone asks you for a loan above your means or budget, kindly decline such request to avoid
stories that touch.

2. Agree on a date of payment

Don’t lend money to anyone without both agreeing on a set date when you want it back. Make the agreement written if possible and involve a
third-party as a witness.

3. Follow up

A friendly reminder is needed for your debtor(s) about a week or days before payment, depending on the agreed date. This is to confirm that your debtor is aware and prepared to pay back on that certain day agreed earlier.

4. Be more assertive

Communication is important when speaking with your debtors. Be nice but also firm and clear when demanding for your cash, especially when its past the
agreed payday.

5. Consider an alternative payment

Your debtor might not have the cash available anytime soon, so accepting another means of payment like books or other items you really need can save both of you the stress of dragging the payment out.