Your colleague does not return the money? Here is what you need to do

Your colleague does not return the money? Here is what you need to do

New Delhi: Often we lend money to our office colleagues. Some return them on time but some people do not refund. In such a situation where your coworker does not refund the money, it becomes difficult to ask. There are two ways to deal with such a situation, either write off the amount or find a better way to get your money back. You can deduct the amount and forget about it if the person is really in a financial crisis. But if you notice that he is a regular borrower, you need to be a little careful before you lend.

Before you lend money to anyone, save only as much as you can and write it off in case the odds of a return are low. This way, even if the borrower does not repay the money, you would not face a financial crisis.

If there’s the slightest possibility that the coworker forgot to return your money, give them a quick reminder. It might help you get your money back. But if your coworkers have given a deadline to repay the amount, wait until then. Remind him that this particular date is missing.

Instead of the textual medium, approach him and speak one-on-one. It is a futile exercise to write an elaborate email, to sing text messages or to ask him. Make your approach short and direct. Ask him for a concrete deadline. Keep calling him back until he pays you back.

If you find that your coworker is going through a serious financial crisis, wait a while. You can offer them post-dated checks as installments or ask them to make installment transfers through mobile wallets on a set date each month. If he really can’t get in cash then you better forget. He might return to you in the future whenever he will be able to repay.

Now, if you’re in an emergency and need your cash right away, pass the same on to your coworker. Ask him to return your money to you with immediate effect. If it is a huge amount, enlist the help of your friends or other coworkers to add a sense of urgency on your behalf so that they understand your problem.

You can opt for a barter system. Try to bargain with him for something he has that you really want. In fact, you can ask it to make certain payments on your behalf. This way you will be able to get your money back.

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