After the COVID Period I loaned my friend and his wife $5,000 to help them cover an unexpected medical bill. We agreed on a payment plan, and I trusted them to follow through. Initially, they made regular payments, but soon the amounts dwindled, and the payments became sporadic.
I tried to be understanding, thinking they were facing financial difficulties. However, I later discovered they had taken a luxurious vacation and bought a new car. I felt betrayed and frustrated. Our friendship began to suffer, and I regretted loaning them the money.
I realized that I should have set clearer boundaries and consequences for non-payment. Eventually, I had to confront my friend, and we worked out a new payment plan. Although our friendship was strained, I learned a valuable lesson about setting clear expectations and prioritizing my own financial well-being….
2 Responses
Your friend no try at all, my pastor will always say always borrow an amount you can let go,, cos how people don’t value friendship and let money ruin it, it’s crazy. Sorry for that experience.
This indeed is a very painful experience, however I have learnt over the years that when making deals with very close friends, it is better you do it with what you can easily let go of without feeling very sad and hurt wether you are repaid or not, but if you must LOAN TO A FRIEND in such critical case as above, you must get rid of Emotions, make it formal and legal by getting a lawyer involved, have a clear pay back system with penalties attached if there be a delay. But don’t worry dear, Your money will all get back to you and you will smile again. Thank you.