Someone owes me money

It happens all the time – you loan some money out to someone, either as a loan or you pay for things whilst you are out together, and they forget to pay you back. You really want your hard earned money back, but it can be awkward to bring it up. You get into a cycle of leaving it for ages, then it becomes an even bigger issue. If you're thinking ‘someone owes me money' and you want your money back, here are some ways to go about getting your money back from a friend or family member.

Someone owes me money – Can they afford to pay you back?

When someone owes you money, the first thing you need to consider is whether they can afford to pay you back.

If you know that they are facing financial hardship then you might want to consider whether it is right to ask them for the money back.

That is a call that only you can make based on your own financial situation, how much money you loaned out and your relationship with this person.

When somebody owes you money – just ask!

This seems so simple, but if some time has past then your friend might have forgotten that they owe you some money, or they feel too awkward about bringing it up again. You can ask them outright for the money, either face to face, with a text message or email.

Someone owes me money text message examples

An easy way to ask someone to repay the money they owe you is via text message.

Here are some examples that you can use, and just edit to your situation.

You loaned someone money

“Hey, I'm just wondering when you might be able to pay back the money I lent you last month? If you need my payment details they are ABC.”

“I need to pay for X this weekend, could you send me back the money I loaned you? Details are ABC.”

“My budget is really stretched from that loan I gave you, please can you repay me what you can ASAP.”

“I know you're still struggling, is there anyway you could make a small repayment for that loan?”

You paid for something specific

“Since I paid for the flights (£300) could you please book the hotel? Let me know how much it comes to and we can settle the difference.”

“I'd love to get coffee and lunch. Could you get this one since I paid for the cinema last time?”

“Just checking my banking app and realised I bought those tickets, your share is £100 – let me know how you'd like to pay for it. You can either transfer me the money or if you'd prefer you could book the hotel and pay for the petrol.”

“My credit card payment is due, could you transfer the £150 for the hotel ASAP please.”

“You get this one”

If you aren't comfortable asking them directly for the money then learn to love the phrase “you get this one”. This works well for something like a movie ticket, a coffee or a meal out. By simply reminding your friend or family member that you got the last one and asking them to get this one means that no money needs to change hands and you don’t need that awkward conversation. If you are worried that this will put them on the spot whilst queuing to pay then mention it when you make the plans.

Set a time limit

If you have an upcoming holiday, a large bill is due or Christmas is approaching then this gives you the perfect excuse to set a due date for your payment, and it is ever so slightly less awkward than asking outright for the money.

It reminds your friend that the money was a loan and it gives you both expectations. If your friend doesn't think that they can pay the full amount by that date then set up a repayment agreement between yourselves.

Set up a repayment agreement

Paying back a large amount of money in one go can make a massive dent in a weekly or monthly budget, so consider having a repayment plan. Utilizing a credit builder app could also help manage payments effectively.

Set an amount that your friend can realistically pay back, but also an amount that means the payment will be made in a suitable time frame. Being repaid £10 every week for 10 weeks is much better than never seeing your £100 again. You should encourage them to set up a regular BACs or PayPal payment so they don't forget too. 

If you have any great tips for getting cash back when someone owes you money, then please leave a comment below, I would love to hear your suggestions. 

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